WTI Tests 4-Month Lows As API Reports Across The Board Inventory Builds
WTI Tests 4-Month Lows As API Reports Across The Board Inventory Builds Oil prices plunged to four-month lows (WTI with a $72 handle, Brent below $80), smashing through all key technical levels, as algos were shocked into full-send mode as OPEC+ unexpectedly signaled plans to return some supplies to the market later in the year. CTAs have […]
Dems Want You To Check Your Brain At The Door
Dems Want You To Check Your Brain At The Door Authored by Frank Miele via RealClearPolitics, “Do you accept the verdict of the New York jury that found Donald Trump guilty on all 34 counts?” That will be the question asked of every Republican from now until the presidential election in November, and if Republicans […]
Silver Falls 3% Amid Market Sell-Off
Today’s market sentiment reflects a broad sell-off, with silver witnessing a notable decline of over 3% as it dips below the $30 threshold. Amidst a flight to safety across various asset classes, precious metals, which have been strong performers recently, are experiencing a overdue correction. This downward movement in silver’s price signals a potential pullback […]
Global Bond Markets Surge Amidst Softening US Job Openings
The recent softening of US job openings data has fueled a global bond rally, prompting Treasury yields to drop for the fourth consecutive day, hitting 4.32%, the lowest since mid-May. The decline follows a significant slide in April’s JOLTS job openings, signaling a potential cooling of the US economy. Traders are now factoring in higher […]
Jobs Data Shows Jobs Decreased for Second Month in a Row
According to the Bureau of Labor Statistics’ latest Job Openings and Labor Turnover Survey, the number of job openings in the US shrank for the second month in a row, setting a new three-year low. As of April, there were an estimated 1.2 available jobs for every job seeker, the lowest ratio since June 2021.
ECB Rate Cut Hopes Diminish Amid Strong Economic Data
Expectations for ECB rate cuts are weakening due to strong economic data, persistent inflation, and hawkish comments from ECB officials. While some economists still predict gradual reductions, robust euro-zone output and rapid wage growth may limit monetary easing. Traders have adjusted their expectations, influenced by cautious signals from ECB members who suggest fewer cuts might […]
Central Bank Gold Purchases Surge to 33 Tons in April
Central banks increased their gold purchases in April, with net acquisitions totaling 33 tons, a significant rebound from the 3 tons recorded in March. The rise in gold reserves was driven by broad buying from emerging market banks, despite minimal sales. This trend follows questions about whether central banks would adjust their buying behavior amid […]
Goldman Sachs Sees Bearish Outlook from OPEC Meeting
Goldman Sachs analysts view the recent OPEC+ meeting as bearish, highlighting the plan to phase out extra voluntary production cuts as a key concern. Despite various production cut extensions, the gradual unwinding of additional cuts signals potential challenges in maintaining low production, posing downside risks to Brent crude prices within the $75-90 range.
Poll: Two-Thirds of Middle-Class Americans Struggle Financially
A poll by the National True Cost of Living Coalition reveals that nearly two-thirds of middle-class Americans feel financially strained and do not expect improvement. Despite strong economic indicators, many households face financial insecurity, with 65% of those earning over $60,000 and even 25% of higher-income earners expressing concerns about their financial stability.
Fed’s Kashkari: Public Prefers Recession Over High Inflation
Minneapolis Fed President Neel Kashkari shared that through recent discussions, he has learned that people would prefer a recession over enduring high inflation. Speaking on the Financial Times podcast, Kashkari emphasized the deep aversion to soaring prices, a sentiment he noted from conversations with labor groups and workers.