Author: tyschryer4485

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May wins key Brexit revisions from EU on Irish border ‘backstop’

Gold slumped as much as US$20/oz amid a turning point of the Ukraine crisis. Russian President Putin said he was pulling his troops back from the border and called on pro-Russian separatists to postpone a referendum of independence. Investors were relieved although NATO the White House found no evidence of Russian pullback. Fed Chairman Janet Yellen delivered a dovish speech before a congressional panel.

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Gold Tumbled as Russia Claimed to be Pulling Back Forces from Ukraine

With a light economic calendar, the market focus was on RBNZ’s rate hike decision and the West’s reactions over the upcoming referendum in Crimean on Sunday. Investors remained cautious and profit-taking continued in the US market. Wall Street was under pressure in the morning session but losses were pared later in the day. Gains in US crude inventory also pressured crude prices.

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Market Sentiment Weighed Down by Geopolitical Uncertainties, Crude Prices Plunged as Inventory Soared

Besides the central bank meetings, the market’s focus was on Russia-Ukraine relations last week. Indeed, the geopolitical tensions in the region have triggered world involvement. With the Crimean parliament voted to join Russia and called for a referendum on March 16, the US and the EU have strongly condemned Russia and pledged to heighten the sanctions, if the first round proves to be insufficient to restore sovereignty integrity of Ukraine.

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Weekly Fundamentals – Debates over Lifting US Natural Gas Ban Re-emerge as Ukraine Tensions Heightened

Wall Street soared despite downside surprise in US data. The S&P 500 index, while adding +0.62% yesterday, has gained +6.31% from the year-to-date low made earlier in the month. The DJIA has also been up +5.65% from the 2014 low made a few weeks ago. Commodities also climbed higher with the front-month contract for WTI crude oil snapped the drops over the past 2 days and added +0.61% while the Brent crude contract gained +0.72% during the day.

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Market Shrugged off Disappointing US, Chinese Data, Impressed by German IFO

Stock markets weakened in the Asian session amid concerns over China’s growth as the central bank drained liquidity. Investors shrugged off the G-20 meeting held in Sydney although financial ministers pledged to create more than US$2 trillion in additional output over 5 years.

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G-20 Pledged to Raise Global Economic Growth by Keeping Monetary Easing

WTI crude oil remains firm ahead of the US session while the Brent crude contract eased a tad after the rally yesterday. Heightened geopolitical tensions should continue to support prices in the near-term. Gold price retreated modestly amid profit-taking as price had risen for 7 consecutive days.

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BOE Pledged to Keep Policy Rate Low Despite Falling Unemployment Rate

Brent crude oil remained under pressure in European session as the nuclear deal between the five permanent members of the UNSC plus Germany and Iran has paved the way for the increase in oil supply. Meanwhile, news that production in Libya increases and a Buzzard oilfield in the North Sea would soon resume operations pressured price.

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India Oil Import Might Increase as Libya Resumes Production, Gold Smuggling Soared on Trade Restriction

Market sentiment deteriorated amid concerns over rising market rates in China and ECB’s announcement of some details of next year’s Asset Quality Review (AQR) of the 128 largest lenders in the Eurozone. Sentiment was also damped as Bank of Canada removed its previous tightening bias. Wall Street dropped with the DJIA and the S&P 500 indices losing -0.35% and -0.47% respectively. Asia shares also traded lower in the morning session.

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Sentiment Dampened amid Concerns over China’s Tightening, ECB’s AQR