Even Saudi can’t save the bulls as focus shifts to weaker outlook | MarketTalk: What’s up today? | Swissquote

Show notes

This week could hardly be better in terms of economic, political, and geopolitical news. The US inflation slowed more than expected, the US politicians inked a short-term deal to avert a shutdown. On top, the US retail sales fell last month, but fell less than expected, the initial jobless claims rose, and the US unemployment benefits reached the highest level in almost two years, factory production fell more than expected and homebuilder sentiment fell to the lowest level for the year.
US yields continued to fall, the major stock indices consolidated gains, but small stocks and Chinese stocks sold off. The Biden-Xi summit couldn’t calm investors’ nerves, and Alibaba announced that it won’t spin off its cloud unit due to the chip war. Ouch.
In the FX, the US dollar remains under pressure, gold extends gains as crude oil tanks on global slow down worries. Unfortunately for the bulls, Saudi could hardly come to their rescue as the market focus remains heavily on the weakening demand outlook.
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