CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. 76% 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: Tech shares slide, TRY surges after CBRT hike

18:59 24 August 2023
  • Wall Street indices launched today's trading higher but has later on gave back gains and now all major US benchmarks are trading in negative territory

  • Nvidia opened with a big bullish gap today following the release of a solid earnings report yesterday in the evening. However, strong profit-taking began after launch of the cash session and it has dragged tech sector lower

  • S&P 500 trades 0.8% lower, Dow Jones drops 0.7% while Nasdaq and Russell 2000 are down around 1.2% each

  • European stock market indices finished today's trading lower - German DAX declined almost 0.7%, French CAC40 dropped 0.4% while Dutch AEX traded 0.9% lower. UK FTSE 100 was outperformer with 0.2% gain

  • Fed Harker said that US central bank should keep restrictive stance for a while and that Fed has probably done enough

  • South Africa's president said that Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates will become full members of BRICS-bloc in 2024. Brazil's president Lula said that Brics will work to trade currencies without the dollar

  • TRY gained after the Central Bank of the Republic of Turkey delivered a 750 basis point rate hike. The main 1-week repo rate was increased from 17.50 to 25.00%

  • US durable goods orders plunged 5.2% MoM in July (exp. -4.2% MoM) while orders excluding transport were 0.5% MoM higher (exp. +0.2% MoM)

  • US jobless claims came in at 230k (exp. 240k) - the lowest reading in 3 weeks

  • US and European natural gas prices dropped following reports that preliminary agreement was reached with Australian gas sector workers to end strike

  • However, US natural gas prices recovered from losses later on after EIA report showed a smaller-than-expected inventory build of 18 bcf (exp. 35 bcf). NATGAS is trading 2% higher on the day at press time

  • Cryptocurrencies are trading lower today. Bitcoin drops 1.2% while Ethereum and Dogecoin are down 1.1%

  • Precious metals traded mixed today - gold gained 0.1%, silver dropped 0.7% and platinum added 0.6%

  • USD and CAD are the best performing major currencies while NZD and AUD lag the most

A massive rate hike from CBRT triggered a surge in TRY market. EURTRY is down around 6.5% on the day and trades at the lowest level in 2 months! 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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