Economic and fundamental developments 31-03-2022

31 Mar 2022 11:58 AM
  • Asian stock indices fell today, weighed down by fears of a slowdown in the Chinese economy. Economic data showed a contraction in the Chinese manufacturing sector, as the purchasing managers' index fell from 50.2 to 49.5, and the non-manufacturing sector index showed a decrease from 51.6 to 48.4 points.
  • Oil prices fell, extending losses for the week despite the EIA report showing a bigger than expected drop in crude oil inventories by 3.4 million barrels. the latest news of the release of 180 million barrels of US strategic emergency reserves weighed on crude as markets await OPEC+ nations meeting today to decide the oil production plans
  • Gold prices fell to touch during the Asian session today's lowest at 1918 dollars an ounce. Silver prices also fell to $24.55 an ounce.
  • The dollar stabilized against a basket of currencies after declining for two consecutive sessions. Today, the markets will be eyeing the release of the PCE inflation index from the US, which is an indicator preferred by the US Federal Reserve to assess the inflation rates in the United States.


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