- Oil rebounds from yesterday's declines and climbs more than 4% for Brent and WTI. Funds point to covering short positions and profit-taking pressure after prices fell to 4-month lows. In addition, some support for the bulls comes from news of U.S. sanctions on more Russian suppliers.
- The U.S. has imposed sanctions on maritime companies and ships for transporting Russian oil sold above the G7 price ceiling, potentially restricting oil supply. This fact impacted positively oil prices but US stock market remains strong
- Wall Street stock indexes are defending against a potential correction. The US30 is trading down 0.05% today, but the US500 and US100 are gaining about 0.1%
- Palantir soars to new one-year highs after Wedbush Securities analysts rated the artificial intelligence company's stock as a potential big beneficiary of their expectation of a continued tech stock market rally in 2024
- Higher-than-forecast revenue and earnings per share are supporting GAP shares, with the company trading up more than 28% today and among the strongest risers in the US stock market today
- The European stock market closed the session in positive sentiment. The CAC40, FTSE and DAX gained around 1%, and the WIG20 closed the session 0.5% higher, although Allegro shares deepened yesterday's sell-off by losing more than 1%
- UK retail sales came in below forecasts, falling 2.7% y/y versus -1.5% expectations and -1% previously. On a monthly basis, it fell 0.3% against an expected m/m increase of 0.3%. The core index fell 0.1% at a time when the market expected a 0.4% increase. The weaker data has increased pressured British pound sterling and indicates that the BoE will probably not raise interest rates anymore. GBPUSD gains near 0.3% today
- Volvo Car AB shares were one of the weakest on the European stock exchange session on Friday, with more than 11% loss following the decision of Zhejiang Geely Holding Group to sell approximately 100 million shares of the company
- Statements by Fed members indicate that US interest rates have probably already peaked (Fed Barr) but could still be raised in response to stronger data (Fed Daly). Daly also stressed that there is no certainty of a further sustained decline in inflation to 2%
- US dollar futures (USDIDX) are losing 0.46%. At the same time, EURUSD gains nearly 0.5% and climbs to new local maximums
- Precious metals are flat today with gold prices at $1980 level despite weakening US dollar
- Cryptocurrencies are trading in mixed sentiment at the end of the week, but Bitcoin managed to stem the downward wave and the price is currently at the level of $36,400
OIL is approaching price levels from before yesterday's huge sell-off, and now at 80 USD per barrel, strong supply could potentially restart. On the other hand, a further breakout above $81 could create a slightly more bullish technical picture for OIL. Source: xStation5
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