FOREX NEWS & BLOG

US stocks slump to the lows of the day

US stocks slump to the lows of the day

January 2, 2025 7:17 pm |

The early optimism in US stock markets has faded.

The S&P 500 is down 35 points, or 0.6% with all the selling coming in the past hour. Particularly notable are the declines in Tesla (6.8%) and Apple (-3.1%). Tesla had poor sales numbers while Apple is discounting prices in China.

I don’t think that tells the whole story with either as there is an incentive in the US tax system to wait until after the turn of the year to recognize big capital gains. That pushes the tax burden out an additional year and we saw something similar last year as Apple sank to $180 from $192 at the close of 2022.

Normally, it doesn’t take long for this kind of selling to fizzle but uncertainty around the new US administration and high valuations could keep the sellers in control.

This article was written by Adam Button at www.forexlive.com.

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WTI Crude Oil: Elliott Wave Analysis and Forecast for 27.12.24 – 03.01.25

WTI Crude Oil: Elliott Wave Analysis and Forecast for 27.12.24 – 03.01.25

January 2, 2025 7:12 pm |

Major Takeaways Main scenario: After the correction ends, consider short positions below the level of 78.88 with a target of 61.50 – 53.60. A sell signal: the price holds below 78.88. Stop Loss: above 79.20, Take Profit: 61.50 – 53.60. Alternative scenario: Breakout and consolidation above the level of 78.88 will allow the asset to continue rising to the levels of 83.75 – 94.97. A buy signal: the level of 78.88 is broken to the upside. Stop Loss: below 78.50, Take Profit: 83.75 – 94.97. Main Scenario Consider short positions below the level of 78.88 with a target of 61.50… Read full author’s opinion and review in blog of #LiteFinance

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XTB Announces Jan Byrski Stepping Down as Supervisory Board Chairman

XTB Announces Jan Byrski Stepping Down as Supervisory Board Chairman

January 2, 2025 6:36 pm |

Warsaw-based brokerage firm XTB S.A. announced on January 2,
2025, that Jan Byrski has resigned from his position as Chairman of the
Supervisory Board. The resignation, attributed to personal reasons, will take
effect on January 15, 2025, according to the company.

Professional Summary of Byrski

Byrski has been a key figure in overseeing XTB’s governance,
contributing to its growth in the competitive online trading market. The
company has not disclosed plans for his succession but is expected to address
the vacancy promptly to ensure operational continuity.

Byrski has held various positions in academia, law, and
regulatory sectors. At Krakow University of Economics, he has been an Associate
Professor since October 2019, following an earlier role as Assistant Professor
in the Civil and Business Law Department from 2011 to 2019, with a total tenure
of 14 years.

In the legal field, Byrski has been a Partner and
Attorney-at-Law at Traple Konarski Podrecki & Partners since 2011, after
serving as an Associate Attorney from 2004 to 2011.

Byrski is also a member of the Personal Data and Blockchain
Working Groups at the Ministry of Digital Affairs since June 2018 and
participates in the FinTech Working Group at the Polish Financial Supervision
Authority.

Regulatory Approvals in Indonesia and UAE

Meanwhile, XTB
has expanded its international presence with two new regulatory approvals.
It received a PALN license in Indonesia for its subsidiary, XTB Indonesia
Berjangka, enabling the offering of stocks and ETF investment services starting
in the first half of 2025, as reported by Finance Magnates.

Additionally, XTB secured a Category 5 license from the UAE
Securities and Commodities Authority, allowing the company to expand operations
beyond Dubai. XTB’s Middle East operations showed a 44.7% revenue increase in
Q3 2024, and further product innovations are expected in 2025.

This article was written by Tareq Sikder at www.financemagnates.com.

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US 30-year fixed mortgage rate edges up to 6.91% from 6.85%

US 30-year fixed mortgage rate edges up to 6.91% from 6.85%

January 2, 2025 6:21 pm |

Optimism is high for many sectors of the US economy in 2025 but one area that’s slumped since the election is home builders. That’s co-incided with better economic data since September and rising 30-year bond yields.

There is a psychological barrier at 7% that scares away US home buyers and we’re perilously close to that now.

Home builders can accept lower margins and that’s slowly happening now but there is some reluctance and no one likes to see home prices fall. This is a dynamic that’s worth watching because it’s a big part of the economy and it’s been percolating for awhile. Much of the buying in the past two years was predicated on rates coming down later but that’s no longer looking as likely.

This article was written by Adam Button at www.forexlive.com.

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XAU/USD: Elliott Wave Analysis and Forecast for 27.12.24 – 03.01.25

XAU/USD: Elliott Wave Analysis and Forecast for 27.12.24 – 03.01.25

January 2, 2025 6:19 pm |

Major Takeaways Main scenario: After the correction ends, consider short positions below the level of 2728.40 with a target of 2418.82 – 2304.21. A sell signal: the price holds below 2728.40. Stop Loss: above 2735, Take Profit: 2418.82 – 2304.21. Alternative scenario: Breakout and consolidation above the level of 2728.40. will allow the asset to continue rising to the levels of 2792.47 – 2880.00. A buy signal: the level of 2728.40 is broken to the upside. Stop Loss: below 2720.00, Take Profit: 2792.47 – 2880.00. Main Scenario Consider short positions below the level of 2728.40 with a target of 2418.82… Read full author’s opinion and review in blog of #LiteFinance

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Gold shines to start the new year after a disappointing December

Gold shines to start the new year after a disappointing December

January 2, 2025 5:59 pm |

December is historically a very strong seasonal time for gold but prices fell in the month for the first time in eight years. The December decline was mild from $2653 to $2623 but it was a disappointment after the month began with China’s central bank announcing that it resumed gold purchases for the first time since May.

The latest round of Chinese data will be released around January 7th and that should be another market mover. A poor start to 2025 trading for Chinese stocks is also a driver as domestic investors give up on the idea of real stimulus, especially on the consumption side.

Elsewhere, eyes are on interest rates and the dollar. US yields are down 1-3 bps across the curve today but the US dollar is strongly higher. To get a repeat of the big gold gains of 2024, we will need a turn in the US dollar.

For now though, the usual period of seasonal strength runs through January and with today’s $30 gains, gold is now fractionally higher since the start of December.

Technically, the climb above the late-December high along with a series of higher lows is constructive. There isn’t too much resistance until the $2720 level.

This article was written by Adam Button at www.forexlive.com.

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EIA weekly crude oil inventories -1178K vs -2800K expected

EIA weekly crude oil inventories -1178K vs -2800K expected

January 2, 2025 5:56 pm |

  • Prior was -4237
  • Gasoline +7717K vs +314K expected
  • Distillates +6406K vs -52K expected
  • Refinery utilization +0.2% vs +0.2% expected

These are some bearish numbers, particularly on the product side. WTI crude oil was at the highs of the day ahead of the report at $73.53, up $1.79.

This article was written by Adam Button at www.forexlive.com.

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US November construction spending 0.0% vs +0.3% expected

US November construction spending 0.0% vs +0.3% expected

January 2, 2025 5:42 pm |

  • Prior was +0.4% (revised to +0.5%)
  • Construction spending at $2.152T annual rate, unchanged from October
  • Private construction +0.1% m/m to $1.651T
  • Public construction -0.1% m/m to $501.9B
  • YoY growth +3.0% vs +6.5% prior

Segments:

    Residential: +0.1% m/m, up 3.1% y/y
  • Nonresidential: flat m/m, +2.8% y/y
  • Manufacturing: -0.2% m/m but still strong at +11.3% y/y

Construction spending holding steady but losing momentum compared to earlier in 2024. If I had a wish for the US in 2025, it would be rules to make construction easier and move more-quickly. The contrast with China is stark and depressing.

This article was written by Adam Button at www.forexlive.com.

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Elon Musk Defends Cybertruck After Explosion at Trump International Hotel

Elon Musk Defends Cybertruck After Explosion at Trump International Hotel

January 2, 2025 5:41 pm |

An explosion that rocked the entrance of the Trump
International Hotel in Las Vegas today (Wednesday) has raised serious security
questions. Early investigations revealed the blast, involving a Tesla
Cybertruck, may have been intentional, according to local law enforcement.

The incident has already claimed one life, left seven
injured, and ignited concerns about a potential connection to another violent
attack earlier that day in New Orleans, CNN reported.

Details of the Incident

The explosion reportedly occurred around 8:40 a.m. Wednesday, just moments after the Tesla Cybertruck arrived at the hotel. Clark County Sheriff Kevin McMahill said the truck pulled up directly to the hotel’s glass entrance doors before the blast.

Tesla provided video evidence that captured the
Cybertruck’s route and revealed no mechanical faults, leading investigators to
suspect external explosives. Elon Musk confirmed this theory on social media X, describing
that large fireworks and gasoline canisters in the truck bed caused the
explosion and were unrelated to the vehicle itself.

First responders discovered seven people with minor
injuries, two of whom were hospitalized. Tragically, the individual inside the
Cybertruck perished in the explosion.

A Broader Context

This incident followed a horrifying attack earlier in
the day on New Year’s Eve revelers in New Orleans. There, a rented pickup truck adorned with an ISIS flag reportedly drove into a crowd, killing 15 and injuring over 30 before police neutralized the driver.

Notably, both vehicles, the Cybertruck in Las Vegas
and the New Orleans pickup were rented through Turo, according to NBC News. The
explosion prompted a swift response from federal and local agencies.

FBI Special Agent Jeremy Schwartz assured the public
there was no ongoing threat, but heightened security remains in place at
high-profile Trump properties, including Trump Tower in New York and the Trump
International Hotel in Chicago.

Authorities continue analyzing the blast scene, hoping
to uncover what ignited the fireworks and gasoline in the truck bed. Sheriff
McMahill urged the public to remain patient during the investigation, adding
that this could be an isolated incident.

This article was written by Jared Kirui at www.financemagnates.com.

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Bybit Ends $150 Million Sponsorship as Red Bull Faces Shifts for 2025

Bybit Ends $150 Million Sponsorship as Red Bull Faces Shifts for 2025

January 2, 2025 5:39 pm |

Red Bull Racing is facing significant changes ahead of the
2025 Formula One season. One of the most notable developments is the end of its
partnership with Bybit, a cryptocurrency exchange. The sponsorship deal, valued
at $150 million over three years, concluded unexpectedly, leaving a gap in Red
Bull’s sponsorship portfolio, according to SI’s online report.

Bybit Departure Impacts Red Bull

In terms of its driver lineup, Max Verstappen has secured
his fourth Formula One driver’s championship in 2024, further solidifying his
position as one of the sport’s top drivers. Verstappen has also shown interest
in changing the team’s livery, preferring a departure from the matte finish
used in recent years. In Red Bull’s ‘Talking Bull’ podcast, he acknowledged
Sergio Perez’s role in the team, despite the performance gap that ultimately
led to Perez’s departure.

Perez, who joined Red Bull in 2021, had a disappointing 2024
season, finishing 285 points behind Verstappen. As a result, Red Bull decided
to cut his contract short. Liam Lawson, who previously raced for Red Bull’s
sister team, will replace Perez for the 2025 season. Lawson’s previous
experience within the Red Bull family brings fresh energy to the team.

The end of the Bybit sponsorship adds further challenges for
Red Bull. The loss of this significant revenue stream means the team will need
to adjust its financial strategies for the 2025 season.

Bybit Ends Operations in Malaysia

Meanwhile, Bybit
has ceased its operations in Malaysia following an order from the
Securities Commission Malaysia (SC). The SC flagged Bybit for operating without
local registration and held CEO Ben Zhou accountable for ensuring compliance,
as reported by Finance Magnates.

The SC had previously added Bybit to its “Investor Alert”
list in 2021 for operating a digital asset exchange without registration,
alongside other unregistered platforms, including some crypto exchanges and
CFDs brokers.

The order, communicated to Bybit on December 11, 2024,
required the exchange to disable its website and mobile apps in Malaysia within
14 business days. Bybit was also instructed to stop all advertising and close
its Telegram support group for Malaysian users. The SC cited concerns over
compliance with local regulations and investor protection.

This article was written by Tareq Sikder at www.financemagnates.com.

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