JPMorgan Cautions Investors: Stock Market Troubles Not Over Yet
Published: Tuesday, 23 April 2024 12:38 | 
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JPMorgan suggests that the recent stock market rebound does not signal the end of a sell-off, with the potential for further declines. The market outlook is dimmed by persistent inflation, a potential shift from expectations of Federal Reserve rate cuts to a realization of sustained higher rates, and stock valuations still above historical averages. Chief market strategist Marko Kolanovic indicates that while stock prices may stabilize in the short term due to earnings reports, the overarching market sentiment is one of caution. Kolanovic points to overconfidence in equity valuations, unyielding inflation, adjustments in Federal Reserve policies, and potentially too optimistic profit projections as reasons for his concern about the market's future.
ZeroHedge: Speculative Froth Departing Gold as China Tightens Trading Conditions
Published: Tuesday, 23 April 2024 11:15 | |
| ZeroHedge reports a shift in the gold market as China implements stricter trading regulations, indicating a departure of speculative trading interest. While the consistent physical demand from central banks and Chinese retail buyers offers a stable base for gold prices due to their less price-sensitive nature, speculative traders—who are indifferent to the commodity and focus solely on profit—are exiting. This speculative group, likened to overexcited children, is known for rapid and volatile trading behaviors driven by trends rather than fundamentals.
Gold Futures Fall as Easing Geopolitical Strains Diminish Safe-Haven Appeal
Published: Tuesday, 23 April 2024 10:33 | |
| Gold futures saw a notable decline to their lowest value since early April, with June contracts on the New York Mercantile Exchange dropping 1.4% to $2,313.5 per troy ounce. This drop reflects eased tensions in the Middle East, diminishing the metal's appeal as a safe haven. From an all-time high of $2,448.8 on April 12, gold has retreated by 2.9% over the past week but is still up 12.5% over three months. Ole Hansen of Saxo Bank regards this downturn as a healthy correction that could test the market's confidence in gold's upward momentum, suggesting the upcoming price movements will reveal the true demand for gold amidst potential sell-offs by hedge funds.
U.S. Oil Falls as Fears of Iran-Israel Conflict Recede, Trading Below $81
Published: Tuesday, 23 April 2024 10:25 | |
| U.S. crude oil prices dropped below $81 per barrel, a dip not seen since March, signaling the market's limited concern over potential new sanctions on Iranian oil. The West Texas Intermediate (WTI) crude has fallen beneath its 50-day moving average for the first time in several months, down from the year's high of $87.62. This decrease in price reflects the easing of geopolitical tensions as Iran and Israel move away from the prospect of a broader conflict, despite the recent exchange of strikes.
Historic $72 Million Coin Auction Set a Century After Magnate's Will
Published: Tuesday, 23 April 2024 09:56 | |
| The heirs of Danish businessman Lars Emil Bruun are set to sell a rare coin collection valued at US$72 million, a century after its initial inheritance due to the stipulations of Bruun's will. Despite attempts to contest the will, the collection of 20,000 pieces was preserved intact as per Bruun's wishes. The sale, to be conducted over several years by Stack’s Bowers, an auction house specializing in coins, is scheduled to begin this fall. The revelation of this vast and untouched collection has astonished numismatic experts, including Vicken Yegparian of Stack's Bowers.