MARKET ANALYSIS 12/04/2017 major swings seen in oil and gold

Today’s highlights: Gold and oil keep climbing while global markets remain lower
·         Global tension felt in US markets: Wall Street closed lower yesterday as the tension surrounding the situation in Syria continues. However, President Trump has said that the US will not be joining the war in the Middle-Eastern country.

 

·         United Airlines stock crashes: Following the scandal in which a passenger was forcibly removed from a flight, United Airlines’ stock continues to show losses, losing as much as 4% yesterday. The drop caused the airline’s biggest shareholder, Warren Buffett, to lose some $23 million.

 

·         Gold keeps climbing: With volatility felt around the world, safe-haven asset gold continues to climb, reaching a five-month high in early trading this morning.

 

·         Oil recovery continues: After registering several winning sessions, oil prices are continuing to climb, this time fueled by talks of Saudi Arabia seeking to extend the OPEC-led production cut. Oil prices could also be affected by the weekly US Crude Oil Inventories Report, to be released at 14:30 GMT.

 

·         Asian markets lower: Markets in Asia followed Wall Street’s lead this morning, with major markets showing losses. The Nikkei was down more than 1.35% at a certain point.

 

Expect volatility in the CAD today
The Bank of Canada will be announcing its monetary policy and rate decision today at 14:00 GMT, followed by a press conference at 15:15. Later, BoC Governor Stephen Poloz will be testifying in front of  the House of Commons Standing Committee on Finance at 20:15.

 

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