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Mid-Market Update: Stocks fluctuate awaiting geopolitical updates, Hawkish Fed Speak
The end of another long week has Wall Street bracing for another rollercoaster ride as investors digest President Biden’s crucial call with Xi and await to see if any possible pathways emerge for ending the conflict in Ukraine, all while roughly $3.5 trillion of single-stock and index-level options expire.  The days of seeing all the sectors in S&P 500 being green appear to be long gone. It could be a choppy ride as investors continue to rotate out of financials as the Treasury curve flattener t
18-03-2022 12:11 GMT by Edward Moya
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Oil gains ground, gold edges lower
Oil higher as OPEC+ falls further short of targets In a further sign that calls for OPEC+ to raise output further are a wasted effort, IEA reported that compliance with pandemic-agreed cuts rose to 136% last month, up from 129% in January. In other words, the group is not only failing to hit its quotas, it's missing them by an estimated more than one million barrels per day.
18-03-2022 10:11 GMT by Craig Erlam
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Caution into the weekend
Investors are opting for caution at the end of another strong rebound week, with equity markets a little lower as we near the close. The rebound we've seen over the last couple of weeks has been nothing short of extraordinary. So much so that I don't think it's unfair to suggest we're seeing an unhealthy amount of complacency creeping into the markets. I'm not sure what exactly is more appealing about equity markets right now.
18-03-2022 10:07 GMT by Craig Erlam
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Oil powers upwards, gold declines
Oil prices spike higher once again Oil prices, like so many asset classes, went their own way overnight. Improving sentiment around markets being ignored as oil stage another massive rally in thin liquidity conditions.
18-03-2022 04:47 GMT by Jeffrey Halley
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US dollar retreat continue
Ukraine talks weigh on the US dollar Currency markets had a volatile session overnight, with most of the majors trading in quite large ranges. The intraday volatility is a symptom of a market that is searching for a unifying theme and finding it difficult to nail one down.
18-03-2022 04:42 GMT by Jeffrey Halley
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Asian equities are mixed
US data sends Wall Street and Asia higher Asian equities are mixed after strong US economic data saw Wall Street sharply reverse to a positive finish. Overnight, the S&P 500 rose 1.20%, the Nasdaq by 1.28% and the Dow Jones by 1.18% as the stock markets find their buy-the-dip legs again.
18-03-2022 04:34 GMT by Jeffrey Halley
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Chasing tails
It was another messy session overnight with energy, equities, precious metals and currencies trading in wide choppy ranges, diverging in price direction, with no unifying sense of theme emerging. Markets are trying to make sense of a hawkish FOMC that announced a dovish rate hike and believes it can tighten aggressively while maintaining growth.
18-03-2022 04:18 GMT by Jeffrey Halley
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Oil back above USD 100, gold rallies
Oil prices edge higher Crude prices have come down enough and seem poised to stabilize above the USD 100 a barrel level until energy traders have clarity over geopolitical developments in Ukraine and with Iran nuclear deal talks.  Not enough crude demand destruction has happened to warrant prices falling below the USD 90 level and with inventories continuing to decline, this oil market will likely remain tight for quite some time. WTI crude seems poised to continue to edge higher if no major p
17-03-2022 15:39 GMT by Edward Moya
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 Stocks maintaining post-Fed rally, bitcoin struggles
US stocks are still holding onto their post-Fed gains as investors await developments with Russia/Ukraine negotiations. There is too much short-term geopolitical and economic growth risk that the rally in stocks appears like it will be capped soon.
17-03-2022 15:34 GMT by Edward Moya
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Oil rises on Ukraine, gold extends gains
Oil rises after Kremlin comments and IEA report Oil prices are rising once again today, with Brent and WTI now back above USD 100. It has been pushing higher throughout the day after the Kremlin pushed back against reports of substantial progress in ceasefire talks.
17-03-2022 14:20 GMT by Craig Erlam
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Premature optimism
Stock markets are edging lower on Thursday, paring back this week's gains as the Kremlin denies substantial progress in talks and the Fed begins its aggressive tightening cycle. As ever, we need to take commentary coming from the Kremlin with a pinch of salt, both good and bad, but the latest comments have come as a blow to the markets. We've seen cautious optimism building in the markets this week as the two sides appeared to be making progress, even if it was occurring against the backdrop of
17-03-2022 14:15 GMT by Craig Erlam
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EUR/GBP - Can it break the downtrend?
Or are we heading for pre-Brexit vote levels again? The euro has been performing relatively well against the pound recently after a prolonged downward spiral going back to late 2020, but can it keep it up? The pair was given another boost by the Bank of England on Thursday, despite the MPC agreeing on a third consecutive rate hike taking the base rate to 0.75%. What weighed on the pound - and therefore lifted this pair - was the fact that one policymaker, Deputy Governor Jon Cunliffe, voted ag
17-03-2022 13:28 GMT by Craig Erlam
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British pound slips after BoE rate hike
GBP/USD is down 0.28% on Thursday, trading just above the 1.31 line in the North American session. BOE raises rates but sterling falters The Bank of England raised rates by 0.25%, as was widely expected. This was an unprecedented third straight hike from the BoE, but the new record failed to impress investors, as the pound rose steadily prior to the hike, only to fall by 0.8% after the rate move. Why the sour grapes from the markets after a rate hike?
17-03-2022 10:22 GMT by Kenneth Fisher
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Australian dollar punches above 73 line
The Australian dollar has posted strong gains for a second straight day. In the European session, AUD/USD is trading at 0.7338, up 0.65% on the day. We continue to see strong volatility from the Australian dollar.
17-03-2022 09:18 GMT by Kenneth Fisher
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Asia, once again, buys the oil dip
Oil prices held steady overnight, led by the perception of diminishing Ukraine risks and a positive meeting between the leaders of Saudi Arabia and the United Kingdom. The platitudes handed out to Boris Johnson in Riyadh conveniently overlook the fact that the Saudis are committed to OPEC+ and are not able to unilaterally boost production within that framework.
17-03-2022 06:28 GMT by Jeffrey Halley
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US dollar bashed by Ukraine hopes
US dollar falls on China, Ukraine In behaviour reminiscent of equity markets overnight, the US dollar staged a full retreat as stimulus hopes out of China, and an apparent Ukraine agreement inching closer to reality saw a mass exodus out of haven positioning and into full risk-seeking mode. The dollar index fell 0.62% to 98.40 where it remains this morning.
17-03-2022 05:35 GMT by Jeffrey Halley
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Asian equities rallying sharply
Positive vibes out of Ukraine boost equities Equity markets ignored the warning signs from the bond market post-FOMC overnight, piling back into long positions after the FOMC held no surprises in its mind. Assisting things along were positive signals around Ukrainian talks and the huge rally in China stocks that also lifted their ADRs to huge gains in New York.
17-03-2022 04:09 GMT by Jeffrey Halley
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A lot of information to unpick
So much information has been thrown at financial markets over the last 24 hours, it is quite a challenge to unpick it all and draw conclusions. Sitting here in front of my computer digesting it all has left me feeling like I have had a solid hour (or two), of “communicating with Mrs Halley.
17-03-2022 04:01 GMT by Jeffrey Halley
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