Weekly Markets Snapshot: Global Markets Dance to Mixed Tunes

London: 16 February 2024 (TraderMade): This week's market action painted a picture of contrasts. While European indices waltzed higher and select currencies shone brightly, gold dimmed under the spotlight of inflation worries. Buckle up as we navigate the key movers and shakers:

Key Takeaways

• The South African Rand and Norwegian Krone were forex market champions.
• Nikkei leads the charge in Asian markets.
• European markets were optimistic this week, boosted by easing inflation concerns and positive economic data.
• Brent and WTI Crude face minor declines, but Natural Gas remains cautious.
• Gold stumbled under the weight of inflation worries.
• All eyes are on upcoming economic data that could sway markets next week.

Forex

Top Performers

The South African Rand (ZAR) danced to a 2.09% gain against the USD, fueled by easing energy prices and domestic optimism. The USDZAR pair was 18.8893 at press time.

The Norwegian Krone (NOK) joined the party, rising 0.75% on oil's upswing and economic cheer. USDNOK was 10.5406.

Losers

The New Zealand Dollar (NZD) felt the blues, dropping 0.8% amid falling dairy prices. The Swiss Franc (CHF) also sat this round out, losing 0.7% with geopolitical tensions simmering.

Asian Markets

Japan's Nikkei (JPN225)

Climbed a respectable 5% this week, reaching a three-month high on hopes of an economic recovery. After surging to 38877.5, the index was last at 38681.

Hong Kong's Hang Seng (HKG33)

Managed a small gain of 0.3%, but regulatory concerns and a weak property market kept the party subdued. The Hand Seng was last at 16354.5.

European Markets

FTSE 100 (UK100)

Led the charge with a 1.9% advance, celebrating stabilized inflation and positive earnings reports. The index was at 7715.2998.

CAC 40 (FRA40)

Followed closely by a 2.0% gain, swayed by upbeat economic data and renewed optimism in the region. (Currently at 7766.7002).

DAX 30 (GER30)

Joined the rally with a 1.5% climb, thanks to eased inflation concerns and strong corporate earnings. (Currently at 17128.5996).

US Markets

S&P 500 and Nasdaq

Stepped to a modest beat, slightly gaining as market participants awaited key economic data releases next week. SPX500 was at 5020.7998, and NAS100 was at 17864.3008.

Dow Jones

Remained flat, playing it safe before the upcoming data deluge. (USA30 Currently at 17128.5996).

Energy Markets

Brent Crude

Traded sideways, ending slightly lower for the week on global economic uncertainties. Brent Crude (UKOIL) was at $81.95 a barrel.

WTI Crude

Echoed Brent's path, experiencing minor fluctuations before concluding flat. WTI Crude (OIL) was at $77.35 a barrel.

Natural Gas

NATGAS stayed put on the low side, with prices remaining subdued.Natural Gas (NATGAS) was at $1.6515/MMBtu.

Metals

Gold

Lost its luster, dropping over 1.8% as rising inflation expectations dimmed its appeal. Gold (XAUUSD) was at $2000.797/ounce.

Summary

Global markets saw a week of mixed emotions. While Europe and select currencies celebrated, gold felt left out in the cold. Investors now wait with bated breath for next week's data releases, hoping for clues about the future market direction. So, stay tuned for the next episode of this ever-evolving market drama!