Gold, oil up on mounting Gaza tensions amid hospital bombing | MarketTalk: What’s up today? | Swissquote

Show notes

US retail sales beat expectations, fueled Federal Reserve (Fed) hawks and bets of another rate hike in December – or January – yesterday. The US 2-year yield spiked to a fresh high since 2007, and the 10-year yield spiked above the 4.80% mark regardless of mounting tensions in Gaza – reminding those who seek protection against geopolitical tensions that the US sovereigns’ safety is limited by potentially sharp reaction to economic data, a crowded issuance calendar, the possibility of a further belt-tightening from the Fed and concerns about US deficit in an environment where the US is not only expected to help Ukrainians, but finance the Israeli war in Gaza, as well.
Gold spike above its 200-DMA defying mountains, and the rising US yields. Crude oil spiked to the highest levels since the beginning of tensions in Gaza. Stocks fell as a big selloff in chip stocks – on further export curbs to China – led major US indices lower. Bank results were mixed.
On the economic data front, Chinese growth beat expectations, inflation in Canada eased, wages in the UK grew slower than expected, but British inflation didn’t fall as much as expected.
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