All articles tagged with #chinese data
Gold prices rebounded from three-week lows as the dollar weakened following positive Chinese data and a stronger euro. Investors are now focusing on the upcoming Federal Reserve meeting for guidance on interest rates. Gold held above the $1,900 level, indicating resilience and investor interest. Other precious metals, including silver, platinum, and palladium, also saw gains supported by positive Chinese data.
Oil prices dropped over 1% as concerns about the Chinese economy grew, compounded by fears that Beijing's recent rate cut was insufficient to revive the country's post-pandemic recovery. Sluggish Chinese economic data, including industrial output and retail sales, intensified pressure on faltering growth, prompting authorities to cut key policy rates. Supply cuts by Saudi Arabia and Russia have supported a rally in oil prices, but both Brent and WTI fell for two consecutive sessions. Analysts warn that China may struggle to meet its growth target without more fiscal stimulus, and Barclays has lowered its forecast for China's 2023 GDP growth. Additionally, Fitch Ratings warned of potential downgrades for US banks, including JPMorgan Chase, if the operating environment for the industry deteriorates further.
Asian stocks opened cautiously on Monday as US earnings season gets into full swing, while a raft of Chinese data will offer insight into how the world's second-largest economy is recovering. Markets have also seen a mood shift on the outlook for US interest rates, with futures implying an 80% chance the Federal Reserve will hike by a quarter point to 5.0-5.25% in May.