Market Bizzz

Oil prices are not changing significantly, yet they are expected to drop by 3% for the week due to concerns over fuel demand caused by the unexpected interest rate hike in the UK and the anticipation of US rate hikes. Brent crude futures dipped by 0.1% to $74.07 a barrel while US West Texas Intermediate reduced by 0.2% to $69.40 as of 0026GMT. Despite an unanticipated decline in US oil stocks, the UK rate hike inflicted more damage on the global commodity market, prompting fears of economic slowdown and reduced fuel demand.

The world’s largest asset manager, BlackRock’s announcement to create a Bitcoin ETF had pushed the Bitcoin to rally for a third straight day, reaching $30,755, the highest level since mid-April. EDX Markets, back by Citadel Securities, Fidelity, and Schwab, had just started a crypto exchange operation, as the global cryptocurrency sector faces the U.S Securities And Exchange Commission scrutiny over securities law violations. Senior market analysts warned that cryptocurrencies need good news from the SEC to maintain long-term sustainability. Ether, the coin linked to the Ethereum blockchain network, also rose 4.8% to $1,877.70.

Asian shares started tentatively on Thursday after Federal Reserve chair Jerome Powell maintained his hawkish tone, increasing speculation about the future rate policy path from the US central bank. MSCI’s Asia-Pacific shares index outside Japan was marginally lower. The index fell more than 2% during the week, ending its week-winning run. Futures indicate a third of a percentage point fall for Japan’s Nikkei. The Bank of England’s decision on a widely expected hike, as the UK posts inflation rates at their highest since 2008, will be watched closely. The oil price remained largely stable while the Turkish lira suffered a slide to record lows.

Gold prices remained steady after reaching a three-month low following statements from U.S. Federal Reserve Chair Jerome Powell indicating the possibility of further interest rate hikes. Powell noted that if the economy maintains its current direction, further rate increases are a “pretty good guess” of where the bank is headed. The opportunity cost of holding non-yielding bullion rises with interest rate hikes, and the possibility of such an increase caused the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, to fall 0.19% on June 20th.

Golden Cross is an important technical indicator of bullishness. It occurs when the short-term moving average crosses over the major long-term moving average on the upside

​But it was known for a really long time. I think I first wrote about in 2017 when a large number of promoter entities of the Essel Group, the promoter group of Zee had taken on loans from a lot of mutual funds through bonds.

China’s widely expected decision to cut key lending benchmarks in an effort to support its slow-growing economy weighed on market sentiment, with oil prices mixed on Tuesday. Brent crude remained stable at $76.12 a barrel, while West Texas Intermediate was unchanged at $71.29. With no settlement in the US due to a public holiday, markets lacked direction and liquidity. Demand could potentially be further reduced if US policymakers increase rates or if Russia increases seaborne diesel and gasoil exports, outweighing any previous cuts by the Organization of the Petroleum Exporting Countries.