- Majority of European indexes finished today's session slightly below the flatline, dragged down by poor performance of mining and oil sectors.
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China reported its first Covid deaths since May lockdown in Shanghai, which also weighed on market sentiment.
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ECBs Holzman supports a 75 basis point hike if situation stays the same
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The Dow Jones and the S&P 500 eased early losses and are hovering around the flatline in the evening, after Fed's Daly warned that too much tightening could be unnecessarily painful for the economy ahead of the FOMC minutes release on Wednesday. Nasdaq is trading 1% lower, dragged down by Tesla, Amazon and Apple. The US bond market will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.
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WTI oil pared losses to trade above $80 per barrel, after falling more than 5% to the lowest level since the beginning of the year, after Saudi Arabia denied news of a potential oil output increase. Earlier, the WSJ reported that Saudi Arabia and other OPEC producers were discussing an increase of up to 500,000 bpd.
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NATGAS price jumped over 7% on Monday, extending last week’s rally as forecasts of an early start to colder winter weather ramped up demand.
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Precious metals retreated slightly amid a stronger dollar. Gold tested $1735 level, while silver traders around local support at $20.80. Currently CAD and USD are the best performing major currencies while AUD and JPY lag the most.
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Major cryptocurrencies pulled back amid controversy regarding the largest cryptocurrency trust Grayscale, which refuses to share proof of reserves due to ‘security concerns’ and many investors worry that this may be a sign of more severe problems. Bitcoin fell 2.05 and broke below major support at $16000.00, while Ethereum lost nearly 4.0% and is approaching recent lows at $1070 level. Ripple is one of the worst performers with 7.0% decline.
Ethereum extends downward move at the beginning of the new week. If sellers manage to push the price below low from November 10 at $1,070, the sell-off may intensify even further. In this case, next support to watch can be found around $885 (low from mid-June 2022 ). The key resistance is located at $1250. Source: xStation5
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