CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daily Summary: Oil slumps after OPEC+ meeting, GOLD eyes monthly close above $2,000

18:55 30 November 2023
  • Wall Street indices trade mixed during the final session of November. S&P 500 drops 0.2%, Nasdaq trades 0.8% lower, Dow Jones rallies 0.8% and small-cap Russell 2000 adds 0.2%
  • Gold is on the way to book the first monthly close above $2,000 per ounce in history
  • Cryptocurrencies traded mixed today - Bitcoin dropped 0.1%, Ethereum gained 0.6%, Dogecoin jumped 3.7% and Ripple dropped 0.7%
  • CAD and NZD are the best performing G10 currencies while JPY and EUR lag the most
  • European stock market indices finished today's trading higher and booked the best month since January. German DAX gained 0.3%, UK FTSE 100 and Dutch AEX moved 0.4% higher, French CAC40 jumped 0.6%, while Italian FTSE MIB gained almost 0.2%
  • OPEC+ agreed to cut output by an additional million barrels per day. Saudi Arabia will also extend its voluntarily 1 million barrels per day output cut. New cuts announced are for Q1 2024
  • However, oil prices slumped after OPEC+ announcement of additional output cuts as they will be voluntarily and will be announced by countries individually, raising concerns that the cartel failed to agree on anything definitive
  • According to Energy Intel report, Brazil is set to join OPEC+ group, starting from January 2024. Brazilian officials said that the country is considering membership
  • Fed Daly said that it is still too early to know if Fed is done raising rates
  • Fed Williams said that Fed is at or near peak for interest rate target, but warned that if inflation pressures persist, Fed could hike again
  • BoE Greene said that she is concerned a soft landing might go wrong in the United Kingdom and that policy is less restrictive than Bank of England thought
  • ECB Nagel said that it is far too early to discuss rate cuts
  • According to US Energy Information Administration, US oil output increased 1.7% in September and reach a new monthly record of 13.24 million barrels per day
  • US PCE inflation slowed from 3.4 to 3.0% YoY in October (exp. 3.0% YoY), while core PCE inflation slowed from 3.7 to 3.5% YoY (exp. 3.5% YoY)
  • US jobless claims came in at 218k (exp. 220k), while continuing claims came in at 1927k (exp. 1865k)
  • Flash CPI inflation in euro area decelerated from 2.9 to 2.4% YoY in November(exp. 2.7% YoY), while core CPI decelerated from 4.2 to 3.6% YoY (exp. 3.9% YoY)
  • Chicago PMI jumped from 44.0 to 55.8 in November (exp. 45.5)
  • US pending home sales declined 1.5% MoM in October (exp. -2.0% MoM)
  • EIA report showed an unexpected 10 billion cubic feet build in US natural gas inventories (exp. -8 bcf)
  • Atlanta Fed GDPNow forecast for Q4 2023 dropped from 2.1% to 1.8%

WTI (OIL.WTI) erased daily gains as OPEC+ output cut announcement lacked details. Oil is now trading lower on the day but off the daily lows. Source: xStation5

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