🌏🌏Macro Update: Daily Global Market Update
1. Oil : Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts.
Brent crude futures gained 33 cents, or 0.4%, at $82.01 a barrel. U.S. WTI crude futures climbed 45 cents, or 0.6%, to $76.86 a barrel. Both benchmarks gained about 2% on Tuesday.
2. Dollar : The dollar slid across the board to hit a more than three-month low against its major peers on Wednesday. Fed Governor Christopher Waller - a known hawkish and influential voice at the central bank - on Tuesday flagged a possible rate cut in the months ahead, feeding market expectations that U.S. rates have peaked.
The dollar index bottomed at 102.46. The index was eyeing a nearly 4% loss for November, its worst monthly performance in a year.
3. Stock Market : Asian stocks briefly made one-week highs on Wednesday, bonds rallied.
Overnight, U.S. stocks ended with modest gains on Tuesday as investors parsed conflicting remarks from Federal Reserve officials, with upbeat consumer data providing some lift. All three major U.S. stock indexes lost momentum as the session progressed, but ended the range-bound session in the green.
4. Gold : Gold hit a seven-month high above $2,051 an ounce. Rupee to inch up on dovish Fed comments, dollar slump.
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