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The preliminary figures for the UKs November services and manufacturing PMIs will be released in ten minutes.Statoil has signed a 10-year gas supply agreement with the Czech Republic.November 21st - Surveys show that Eurozone business activity grew steadily in November, with the services sector expanding at its fastest pace in a year and a half, but weak demand caused the manufacturing sector to contract again. Despite persistent global uncertainty this year, the Eurozone has shown resilience, and improved business confidence suggests this momentum is likely to continue. The Eurozones preliminary composite PMI for November fell slightly to 52.4 from a more than two-year high of 52.5 in October, slightly below the expected 52.5, but this marks the 11th consecutive month the index has remained above the 50 threshold, indicating continued economic expansion. Cyrus de la Rubia, chief economist at Commerzbank Hamburg, stated, "The Eurozones services sector is a ray of hope. While business activity in Germany has slowed significantly, service providers in France have resumed growth. Overall, the Eurozone continues to maintain a relatively robust pace of expansion. Although manufacturing dragged down overall growth, the Eurozones overall growth rate in the fourth quarter was faster than in the third quarter due to the high weight of the services sector in the overall economy."The Eurozones November manufacturing PMI preliminary reading came in at 49.7, a five-month low; the Eurozones November services PMI preliminary reading came in at 53.1, an 18-month high; and the Eurozones November composite PMI preliminary reading came in at 52.4, a two-month low.The Eurozones November services PMI preliminary reading was 53.1, below the expected 52.8 and the previous reading of 53.

Due to the Fed's hawkishness, gold prices fall below $1,700, while copper prices rise

Haiden Holmes

Oct 11, 2022 11:31

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On Tuesday, gold prices remained above their yearly lows after a precipitous drop in response to hawkish Fed signals, while copper prices soared on the expectation that Chinese demand will sustain despite recent challenges.


Spot gold increased 0.1% to $1,669.76 per ounce at 20:20 EDT, while gold futures rose 0.1% to $1,675.25 per ounce (00:20 GMT). Both slumped almost 2% on Monday, their steepest decline in more than two weeks.


Lael Brainard, vice chair of the Federal Reserve, emphasized the need for a restrictive monetary policy and indicated that the economic impact of previous rate hikes is not yet known.


She said that the bank will hold off on major rate hikes until there is "confidence that inflation will decline," providing no indication that its hawkish stance will shift.


Her statements lifted the currency and caused a widespread selloff. In addition, this year's rising interest rates will increase the prospective cost of holding the yellow metal, which will increase the pressure on gold.


As the Russia-Ukraine war intensified, the dollar also strengthened. Gold has not been a safe haven this year, with the exception of the conflict's early stages.


As rising interest rates reduced metal demand, the price of gold declined from its yearly highs. Along with the Federal Reserve, major central banks in Europe and Asia are seeking to limit inflationary runaway.


In the foreseeable future, this should impact gold and other precious commodities.


As China returned from a week-long vacation on Monday, copper prices increased 1.5%.


Copper futures remained flat at $3.4410 per pound on Tuesday, following a strong opening.


In spite of sluggish economic growth, the demand for copper in China has remained stable as domestic consumers have stocked up.


Copper has declined significantly this year because to fears that a sluggish global economy will have a negative impact on demand. However, China, the largest copper importer in the world, shows no indications of reducing its demand.


Later this week, Chinese trade data may offer further information about copper imports.

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