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Saturday, November 2, 2024
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Markets Face Initial Hurdles as New Trading Year Begins

Global stock markets faced a mostly downward trend on the first trading day of the new year, accompanied by a surge in oil prices due to heightened tensions in the Red Sea.

Investor Optimism Despite Initial Setback

Despite the initial stumble, investors are optimistic about potential gains in 2024, anticipating a series of interest-rate cuts by central banks as inflation cools.

Record Highs in 2023 and Anticipated Profit-Taking: Markets Face

Stock market records achieved significant gains in the final months of the previous year, with New York, Frankfurt, Paris, and Tokyo experiencing a rally fueled by expectations of rate cuts. Analysts note the anticipation of profit-taking following the parabolic advance in stock markets.

Divergent Market Sentiments in Asia

The start of the year in Asian markets saw little fanfare, with Hong Kong and Shanghai extending last year’s losses. Chinese President Xi Jinping’s speech on the economy had minimal impact, and observers caution about the need for confidence-boosting measures, particularly in the property sector.

Oil Prices React to Red Sea Tensions

Oil prices initially rallied over two percent due to supply concerns in the Red Sea, driven by Iran’s response to the US Navy’s actions. However, the focus later shifted to money markets and yields, leading to a reversal in oil prices.

Bitcoin Surges on Optimism: Markets Face

Bitcoin broke $45,000 for the first time since April 2022, buoyed by optimism about potential wider trading in the United States. Analysts anticipate a significant year for crypto, with the potential approval of a spot Bitcoin ETF that could enhance Wall Street’s presence in the industry.

Also Read

Kareena Kapoor and Saif Ali Khan Infuse New Year Celebrations with Royal Elegance

Indian Rupee Declines Against UAE Dirham in Morning Trading Session

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