Tesla Inc plunged 18.3% and was set for its worst day in nearly six months after the electric-car maker was excluded from a group of companies being added to the S&P 500.Still, market participants said they did not expect a prolonged sell-off against the backdrop of an accommodative monetary policy by the Federal Reserve, which last week indicated a higher toleration for inflation rising above 2%. … [Read more...] about Slump in Tesla, Apple hits Wall Street as tech rout deepens
USDCAD moved down yesterday due to broad weakness in the US dollar on concerns about President Donald Trumps immigration policy which continued to generate risk aversion. The pair plunged below 1.31 levels yesterday but gains were capped on weakness in Oil prices. Overall, the pair declined more than 150 points to close at 1.3150 last week. Markets participants are also seeing investment opportunities in Canadian dollar due to uncertainty in US markets as Oil prices stabilize above $50. … [Read more...] about Loonie edges up amid uncertainty in Trump‘s policy
The story for copper remains intact currently given that Chinese demand is picking up and niggling supply risks (Strikes in northern Chile) still remain, which would keep prices higher at least for a little while longer. However the reflation trade, at least in the US, seems to have a hit a wall, with investors uncertain about policy and administration under Mr. Trump. We expect the prices to hit a consolidation phase or even tend slightly lower, to digest the rise in the last two months but over the longer term, we remain firmly bullish on Copper. … [Read more...] about Copper shines in reflation trade
Oil prices surged to multi-week highs today amid OPEC hinted at optimism over its deal to curb oil production. WTI crude April futures were trading at $54.50 per barrel (1:30AM) and yesterday the previous month contract expired at the highest level since Jan, 3, hitting a 19-month high in intraday trade. OPEC secretary general said that January data showed that the conformity from member countries participating in the output cut had been above 90% and oil inventories would further slide this year.However, market participants are closely watching the release of inventory numbers from the US, to be released by the AMI to be followed tomorrow by government data. Bloomberg survey of eight analysts expects crude stock to rise by 3.325 million barrel at the end of this week. A stronger dollar is also putting some pressure on prices but apparently not enough to keep the current momentum of prices in check.In the days ahead, oil prices are likely to break out of their recent range and head … [Read more...] about Is Oil headed higher?
Wall Street ended higher yesterday amid hopes that US President Donald Trump would elaborate more on his spending and tax plans, in his speech to the Congress scheduled later today. The Dow Jones Industrial Average yesterday ended up by 15 points to 20,837 and closed at a record high for a 12th straight session, its longest streak since 1987. US equities markets have rallied since Trumps election victory in November, on the hopes for further tax reform, looser regulation and fiscal stimulus plans. … [Read more...] about Dow Heading To More Record Highs?