Market News - Gold, Oil &amp; Forex

Stocks

Analyst Favorites: Vale Ranks As a Top Metals Pick

A study of analyst recommendations at the major brokerages shows that Vale SA (Symbol: VALE) is the #8 broker analyst pick, on average, out of the 50 stocks making up the Metals Channel Global Mining Titans Index. The Metals Channel Global Mining Ti

Economy

Household worries over finances hit highest level since July 2022, New York Fed survey shows

While the central bank's monthly survey showed the inflation outlook mostly unchanged, the general perception of conditions deteriorated.

China's LNG Imports Hit Highest Point Since Iran War Began

China's state-controlled energy giants are buying and importing the highest volumes of liquefied natural gas since the war in Iran began as the world's top LNG importer prepares for peak summer demand and heat waves. Private buyers are also stepping up purchases and China looks to replace the loss of Qatari gas. Chinese LNG importers are now taking between 7 and 10 cargoes per month to replace Qatar's deliveries, traders told Bloomberg on Monday. Part of Qatar's LNG that was loaded on cargoes...

Escalating Strike Action at Australian LNG Sites Could Hit Supply

Workers at Australian LNG export facilities of Japanese energy firm Inpex have voted to escalate the strike action at all three sites to work stoppages of up to 8 hours per day, up from 4 hours currently, from June 11, which could further tighten the global gas markets amid the crisis. Dissatisfied with how Inpex has handled months-long negotiations over pay and work conditions, the Offshore Alliance trade union said early on Monday that "We're ready to step up and take INPEX on, and are...

Forex

Bank of England Preview – On Hold Amid Growing Policy Divide

We expect the Bank of England on hold, but hawkish voices are growing louder. Data has come in on the soft side since the April meeting, but the inflation risks remain pronounced. Data releases ahead of the meeting could push more votes back in the hawkish camp but are not likely to change the hold […] The post Bank of England Preview – On Hold Amid Growing Policy Divide appeared first on ActionForex.

U.S. Gasoline Inventories Are Falling at a Record Pace

U.S. gasoline inventories aren’t at record lows, but they are falling fast. The distinction is important. The current level of inventories does not point to an immediate shortage. But the speed of the drawdown suggests the fuel market has been burning through its cushion at an unusual rate just as the summer driving season begins. For the week ending May 22, gasoline inventories stood at 211.6 million barrels, according to the Energy Information Administration. That level is below the...

Eurozone Fuel Sales Fall 3.5% as Iran War Sends Prices Surging

Automotive fuel sales in the Eurozone slumped by the most in two and a half years in April as drivers reduced gasoline and diesel purchases as prices jumped in the wake of the Iran war. Sales of automotive fuel in specialized stores declined in the Eurozone by 3.5% in April from a year earlier, while the EU sales of motor fuel fell by 2% year over year, data from Eurostat, the EU statistics office, showed. The flop in Eurozone fuel sales was the steepest since October 2023, and was the first...

Forex

Nasdaq: The beginning of the Correction?

Stock indices reacted negatively to the Fed’s rate hike. The dollar was once again boosted by escalating geopolitical tensions. The US dollar has benefited from the escalating geopolitical situation in the Middle East, increased demand for safe-haven assets and an improvement in the US labour market. Employment growth of 172K in May and upward revisions […] The post Nasdaq: The beginning of the Correction? appeared first on ActionForex.

Markets Find Relief as Iran Ends First Wave of Strikes. But What About the Second?

Markets breathed a sigh of relief on Monday after Iran’s military declared its first wave of attacks against Israel complete, helping Brent crude retreat from above $98 to below $95. Yet the pullback in oil may be telling only part of the story. While investors rushed back into risk assets, crude prices remain firmly above […] The post Markets Find Relief as Iran Ends First Wave of Strikes. But What About the Second? appeared first on ActionForex.

Brent Climbs to $94 as Houthis Target Israeli Vessels in Red Sea

The Middle East's largest remaining oil export corridor came under renewed pressure on Monday after Yemen's Houthis announced a complete ban on Israeli shipping in the Red Sea, risking a further widening of the shipping crisis beyond the Strait of Hormuz. The announcement comes as the Red Sea has assumed a far larger role in global oil trade following months of disruption around the Strait of Hormuz. Saudi Arabia has increasingly relied on its East-West Pipeline system and the Red Sea export...

Forex

Will Bitcoin’s Historic $60K Support Hold?

Market Overview The crypto market capitalisation has lost 12.5% over the past seven days. However, the sharp sell-off that began in June paused on Friday near the $2.05T level, and the market has now rebounded to $2.16T at the time of writing. At the end of last week, Bitcoin fell below the 200-week moving average […] The post Will Bitcoin’s Historic $60K Support Hold? appeared first on ActionForex.

China Delays 500,000 Bpd Of Refining Capacity As Hormuz Disruptions Deepen

The disruption of Middle Eastern crude supplies through the Strait of Hormuz has forced Chinese refiners to delay or indefinitely postpone 500,000 barrels per day of refining capacity, creating one of the first major downstream impacts of the Iran war outside the Gulf region, Reuters reported on Monday. The delays affect a 300,000-bpd refinery being developed by Huajin Aramco Petrochemical Co. in northeastern China and a planned 200,000-bpd restart at PetroChina’s Dalian refinery. Both projects...