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Gold stabilized Friday after its first 5-day gain ahead of the US nonfarm payrolls report. The Iran explosion might offer additional support.
Oil prices surged Thursday, driven by supply concerns amid disruptions in Libya and heightened Israel-Gaza war tension, extending a strong rally.
Asian stocks fell as Wall Street closed lower on 2024's first trading day. The 10-year Treasury yield surpassed 4.000%, dampening rate-cut optimism.
November job creation remains robust, with nonfarm payrolls up by 199k, surpassing the 190k estimate and outperforming October's gain of 150k.
In 2023, oil prices plunged by 10% due to geopolitical turmoil and global concerns over major producers' output levels, marking a tumultuous year.
The "Magnificent 7" ruled investments last year, with a combined market value almost matching Canada, China, Japan, the UK, and France combined.
Oil prices rebounded after a 3% drop on Friday as more shipping firms prepared to resume Red Sea routes, alleviating supply concerns.
Global stocks hit a one-year high, and the dollar reached a five-month low on expectations of early interest rate cuts by major central banks.
Asian oil prices dropped after a 2% gain, with major shipping firms like Maersk and CMA CGM resuming operations in the Red Sea.
During Christmas, Asian stocks traded flat; many markets closed. US stocks ended mixed on Friday due to lower-than-expected inflation.
Gold hit a 2-week high on lower Indian demand. It rose for 2 weeks as the dollar and yields fell, driven by rate-cut expectations.
Thin holiday trading weighed on the dollar. Attention shifts to US PCE data are unlikely to halt the ongoing bearish trend.
Thursday's oil price drop, driven by rising US crude inventory, outweighed Middle East tensions' supply disruption impact, raising demand concerns.
Boosted by rising oil prices and a weaker US dollar, the Canadian dollar stood strong on Wednesday, hitting a 4.5-month high in the prior session.
