NAGA Weekly Recap August 19 - 2024 – August 23 - 2024

This week, financial markets have shown stability amid mixed economic signals and upcoming central bank speeches.

Gold prices are hovering near their record high, supported by key psychological and technical levels. Meanwhile, the euro has been steady, with mixed economic data from the Eurozone. The services sector has seen positive growth, driven by events like the Paris Olympics, while manufacturing has faced some challenges.

This backdrop sets the stage for potentially significant moves in the coming days as policymakers outline their economic outlooks.

*It is important to remember to assess your financial situation and risk tolerance, before engaging in copy trading. Past performance and forecast are not reliable indicators of future results. 

**Data is sourced from publicly available information on NAGA Feed at the time of preparing this material and may be subject to change.

Stocks rise ahead of Powell’s key speech

Stocks edged up as traders await Jerome Powell’s highly anticipated speech at the Jackson Hole symposium, with speculation swirling around potential hints of interest rate cuts from the Federal Reserve Chair.

Futures for the S&P 500 climbed by 0.4%, while Europe’s leading equity indices also showed modest gains. The 10-year Treasury yield held steady at 3.84%, and the dollar retreated, with the yen strengthening following hawkish remarks from Bank of Japan Governor Kazuo Ueda.

Powell’s speech later on Friday has been a focal point for the markets throughout the week.

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Nestlé shares drop after CEO's sudden departure

Nestlé shares plummeted on Friday morning following the unexpected exit of CEO Mark Schneider, with company veteran Laurent Freixe stepping into the role.

The shock announcement, made late Thursday after a board meeting, ended Schneider’s nearly eight-year tenure as the first outsider to lead Nestlé in almost a century.

Investors, who had grown increasingly uncertain about Schneider over the past 15 months, reacted strongly. Shares of the maker of KitKat and Nescafé fell nearly 4% as trading commenced.

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Gold near record highs as Silver holds steady

Gold prices remain close to the record high of $2,531.00 per troy ounce, buoyed by the psychological $2,500.00 level and the August trend line at $2,481.00.

Silver has been trading sideways recently, but recent buying interest suggests underlying support. To shift back to a bullish sentiment, silver needs to break above this week’s high of $29.97 per troy ounce. A successful breakout could target the June 21 high of $30.85.

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Euro edges lower on mixed Eurozone PMI

As of Friday morning, August 23, the euro remains steady. At the start of the European session, EUR/USD is trading at 1.1136.

Eurozone PMIs delivered mixed news, offering insights into the services and manufacturing sectors. The services PMI rose to 53.3 in August, up from 51.9 and surpassing market expectations. This marks the highest expansion level since April, largely driven by the Olympic Games in Paris. Additionally, inflation fell to its lowest point since April 2021. Meanwhile, the manufacturing sector saw a decline.

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This concludes our weekly recap. Have a great weekend and see you next week! 👋