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: Recession risks continue to weigh on markets

19:01 7 December 2022
  • Major European indices extended recent losses, with DAX closing 0.57% lower as investors continued to weigh persistent fears of a global recession, while disappointing Chinese trade data overshadowed Beijing's moderation of Covid restrictions. 
  • On the data front, revised Q3 GDP reading showed that the eurozone economy expanded more than previously estimated, but the block is  expected to fall into a recession at the beginning of 2023.

  • Wall Street indices are swinging between gains and losses in a volatile session as uncertainty around Fed future actions and recession concerns keep traders on edge. The chief executives of America's biggest companies, including JPMorgan Chase CEO Jamie Dimon, are feeling increasingly sour about the health of the US economy as it deals with the twin shocks of inflation and rising interest rates. 

  • On the data front, Labor Department data showed that productivity in Q3 topped estimates, while unit labor costs were significantly lower. 

  • Oil prices fell over 2.0% on Tuesday to the lowest level since the beginning of the year as rising demand concerns overshadowed a bigger than expected drop of US crude stocks and potential new EU sanctions on  Russian energy and mining sectors. Brent dropped below $78.00 level while WTI tested $72.25 mark. 

  • Precious metals rose amid a weaker dollar. Gold gains over 1.0% and is testing major resistance at $1790 per ounce, while silver bounced off key support at $22.00 currently oscillates around  $22.75 level.

  • This dollar's weakness was seen across the board, with some of the most pronounced selling activity against the Euro and the British Pound. The USDCAD pair briefly dropped below support at 1.3600 after BoC lifted interest rates by 50 bp to 4.25$ as widely expected, however does not rule out further increases. Currently NZD and GBP are the best performing currencies while USD and CAD lag the most.

  • Negative sentiment also weighed on major cryptocurrencies. Bitcoin retreated below $16800 level, while trades around $1230 mark.

GOLD is once again testing major resistance at $1790 per ounce, which is marked with previous price reactions and 200 SMA (red line). Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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