🌏🌏Macro Update: Daily Global Market Update
1. Oil : Oil prices fell in early Asian trade on Thursday on weaker-than-expected Chinese manufacturing data, but investors maintained caution ahead of an OPEC+ meeting where production cuts are expected.
Brent crude futures fell 28 cents, or 0.3%, to $82.90 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 24 cents, or 0.3%, to $77.68 a barrel.
2. Dollar : The dollar climbed from more than three-month lows on Wednesday after data showing the U.S. economy grew faster in the third quarter than initially reported helped investors consolidate positions following four days of losses.
The greenback rose against the euro and an index of six major peers, but remained on track to post its biggest monthly decline since November 2022 on growing expectations the Federal Reserve will cut interest rates in the first half of 2024.
3. Stock Market : Asian stocks were poised to clock their strongest performance in 10 months at the end of Thursday's trading, even as most regional stock markets opened listless after mixed messages from the Fed and a similar struggle in U.S. stocks overnight.China's manufacturing PMI shrinks further in Nov, misses expectations.
Overnight, S&P 500 ends lower on mixed Fed messages, PCE on deck.
4. Gold : Spot gold edged up 0.03% to reach $2,045.29 an ounce.Rupee battles persistent dollar demand in face of dovish Fed outlook.
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