Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Chief Investment Officer
Summary: Stocks trade softer after the Nasdaq 100 briefly broke the February closing record while bank gains led the S&P 500 Index to a fresh three-month high yesterday. Bond yields and the dollar both rose after U.S. private payrolls showed fewer job losses than expected. In Germany Chancellor Merkel's government sealed a EUR 130 billion stimulus package while the ECB later today is expected to announce a boost to its rescue program. Crude oil trades lower as a US fuel glut highlights weak demand while an agreed OPEC Plus production cut extension hit a roadblock with emerging unease about compliance. Gold once again managed to find support below USD 1700/oz following the biggest slump in a month.
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