Economic and fundamental developments 09-02-20224

9 Feb 2022 10:41 AM
  • Despite the Petroleum Institute reporting a decrease in oil crude inventories by about 2 million barrels, oil prices fell. The decline came amid the continued talks between the US and Iran to revive the nuclear agreement. Today, the US Energy Information Administration will announce its weekly report with the expectations for an increase in inventories of about 1.5 million barrels.
  • US stock indices rose yesterday with the support of the technology sector, as the Nasdaq index of major US technology companies rose about 1.28%. Yesterday, the US House of Representatives passed legislation low to fund federal government agencies through March 11th.
  • Like their US counterparts, most Asian stock indices rose as stocks rose due to a drop in US bond yields from their highest levels since 2019. Ten-year US government bond yields fell from the highs of 1.96% towards 1.93% today, Wednesday.
  • Gold prices rose, benefiting from geopolitical tensions between Russia and Ukraine, while the dollar's decline today helped push the precious metal higher. Gold prices traded on Wednesday during the Asian session near the $1,829 an ounce.

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