Here is what you need to know on Wednesday, November 23:

Equity markets continued the upbeat mood on Tuesday with more gains for the main indices. The drop in bond yields helped as did some recent retail earnings which continued to show resilience from the US consumer. The volume though was light in this shortened week, and that will remain the theme today. We are likely to see some profit-taking ahead of the long weekend and some headwinds could add to this. News from China is not positive with more covid lockdowns putting the reopening trade under pressure.

Oil has spiked as The Wall Street Journal's report was denied by the Saudi government. This is inflationary although it has since fallen as the EU looks to put a low cap on Russian oil. The EU gas cap is put at a very high level. Apple (APPL) looks to be in trouble with reports of major disruptions and protests at its Foxconn-owned supplier factory. Finally, we will get FOMC minutes later. Given how hawkish Powell was in the press conference, there is no reason to expect the minutes to be much different. 

This morning sees oil continue its rocky ride back below $78 now. The Dollar Index is just a touch lower to 106.96. Gold is trading at $1,735, and Bitcoin has risen to $16,500.

See forex today

European markets are quiet, the Eurostoxx is -0.3%, while all others are flat.

US futures are all trading flat.

Wall Street top news 

EU rumoured to put a cap of $65 to $70 on Russian oil.

Apple (AAPL): Reuters reports protests at Foxconn factory.

Deere (DE) posts strong earnings.

HP (HPQ) announces large job cuts.

Manchester United (MANU) up on talk of selling the club.

Guess (GES) down on weak outlook.

Credit Suisse (CS) down on capital raise plans.

Reuters headlines

Nordstrom (JWN): The company said on Tuesday net sales at its eponymous retail stores fell 3.4% in its third quarter

ConocoPhillips (COP) & Sempra Energy (SRE): Sempra Energy said on Tuesday that ConocoPhillips will buy five million tonnes per annum of liquefied natural gas (LNG)

Alibaba Group (BABA): Debt-laden Chinese conglomerate Fosun International is seeking to offload a minority stake in Alibaba Group's logistics arm Cainiao.

Berkshire Hathaway (BRKB): The investment company owned by Warren Buffett has sold 3.23 million Hong Kong-listed shares of electric vehicle maker BYD for HK$630.33 million, a stock exchange filing showed. 

Tesla (TSLA) Chief Executive Elon Musk said that South Korea was among its top candidate locations for a factory it plans to build in Asia for making electric vehicles (EVs), according to South Korea's presidential office.

Upgrades and downgrades

Source: Nasdaq.com

Economic releases

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to modest gains above 1.0500

EUR/USD clings to modest gains above 1.0500

EUR/USD clings to modest daily gains above 1.0500 heading into the American session as the US Dollar struggles to find demand following Monday's rally. The modest improvement in market mood seems to be helping the pair edge higher amid a lack of high-tier data releases.

EUR/USD News

GBP/USD gains traction, climbs toward 1.2250

GBP/USD gains traction, climbs toward 1.2250

GBP/USD gathered bullish momentum and advanced toward 1.2250 during the European trading hours on Tuesday. The positive shift witnessed in risk sentiment makes it difficult for the US Dollar to preserve its strength, helping the pair stretch higher.

GBPUSD News

Gold advances to $1,780 as US yieds edge lower

Gold advances to $1,780 as US yieds edge lower

Gold price gained traction and climbed to the $1,780 area on Tuesday. Following Monday's 2.5% increase, the benchmark 10-year US Treasury bond yield is down nearly 1% on the day at around 3.55%, fueling XAU/USD's rebound.

Gold News

Jim Cramer urges investors to sell crypto holdings, says XRP, Cardano, Dogecoin and MATIC could go to $0

Jim Cramer urges investors to sell crypto holdings, says XRP, Cardano, Dogecoin and MATIC could go to $0

Jim Cramer is an American TV personality and host of the Mad Money show on CNBC. Cramer urged investors on December 5 to sell their crypto holdings before it is too late. 

Read more

Preparation week ahead of Fed, ECB, BoE

Preparation week ahead of Fed, ECB, BoE

This week will prepare markets for the last key events of the year: policy meetings by the Fed, ECB and BoE on 14-15 December. It looks like the dollar's long positioning has now completely faded.

Read more

Forex MAJORS

Cryptocurrencies

Signatures