Fears of Economic Recession Resurfaced, S&P Fell for Five Consecutive Days

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Market News Fears of Economic Recession Resurfaced, S&P Fell for Five Consecutive Days

Markets News

Fears of Economic Recession Resurfaced, S&P Fell for Five Consecutive Days

TOPONE Markets Analyst

2022-12-08 09:30:00

Hot spot tracking

Putin says risk of nuclear war rising

EU announces ninth round of sanctions

Bank of Canada hikes rates by 50 basis points as expected

Product Hot Comment

Forex

As of 08:00 (GMT+8), the U.S. dollar index fell 0.360% to 105.14, EUR/USD rose 0.075% to 1.05123; GBP/USD rose 0.073% to 1.22085; AUD/USD rose 0.036% to 0.67289; / Yen fell 0.178% to 136.361.

📝 Review:The dollar fell on Wednesday on concerns that rising interest rates could push the U.S. economy into recession, and the Peruvian sol fell after Peru's Congress voted to impeach President Pedro Castillo in Wednesday's trial. At session lows, the sol was down more than 2 percent against the dollar.

🕵️ Operation suggestion:long EUR/USD at 1.05126, and the target price is 1.05942
Gold

As of 08:00 (GMT+8), spot gold rose 0.048% to $1786.94/oz, and spot silver rose 0.035% to $22.705/oz.

📝 Review:Gold rose nearly 1% on Wednesday, helped by a retreat in the dollar and U.S. Treasury yields, as investors expected the Federal Reserve to slow the pace of rate hikes at its policy meeting next week.

🕵️ Operation suggestion:go long at 1787.30, the target price is 1804.04
Crude Oil

As of 08:00 (GMT+8), WTI rose 0.203% to $72.682/barrel; Brent fell 2.778% to $77.523/barrel.

📝 Review:Oil prices fell to their lowest level so far this year on Wednesday, giving back all the gains made since Russia invaded Ukraine, a war that has exacerbated the worst global energy supply crisis in decades. The world's most-traded commodity surged to nearly $140 a barrel in March, near record highs, since Moscow launched a "special military operation" in Ukraine.

🕵️ Operation suggestion:go short at 72.705, the target price is 71.522
Indice

As of 08:00 (GMT+8), the Nasdaq index fell 0.561% to 11481.300 points; the Dow Jones index fell 0.042% to 33568.6 points; the S&P 500 index fell 0.239% to 3930.300 points.

📝 Review:The S&P 500 and Nasdaq ended lower in volatile trade on Wednesday, as investors struggled to find a clear direction as they weighed how the Federal Reserve's monetary policy tightening might be transmitted to companies.

🕵️ Operation suggestion:long Nasdaq index at 11496.900, and the target price is 11684.400