Today’s Announcements & News
Australian markets closed for Australian Day on Thursday.
Wall Street finished higher amid a Tesla-fuelled tech rally and greater-than-expected US GDP. The US Q4 GDP growth printed at 2.9% annually, higher than an estimated 2.6%, but slower than the third quarter of 3.2%. Despite an insistent tech rally, the economic outlook stays gloomy as the US GDP growth seems to lose momentum.
Gold futures slid as the US dollar strengthened and bond yields held up. From a technical perspective, the precious metal faces a potential pullback risk as a bearish divergence surfaces from an overbought territory in the RSI.
Crude oil climbed higher following the Chinese markets’ return as China’s reopening continued to boost the demand outlook. The recent outage in the US refineries has also pushed up the price, while better-than-expected US GDP may have encouraged the commodity markets in general.