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US new home sales rise unexpectedly

Economies.com
2022-11-23 15:40PM UTC

US new home sales rose to 632 thousand in October, while analysts expected a drop to 570 thousand units from 588 thousand in the previous reading. 

US manufacturing and services PMIs slow down

Economies.com
2022-11-23 15:38PM UTC

US services PMI tumbled to 46.1 in November from 47.8 in the previous reading, while analysts expected 48.

 

US manufacturing PMI also slid to 47.6 this month from 50.4, while analysts expected 50. 

Wall Street climbs ahead of Fed's minutes

Economies.com
2022-11-23 15:35PM UTC

US stock indices rose on Wednesday after a batch of data and ahead of the Federal Reserve's meeting minutes. 

 

As of 19:00 GMT, the Federal Reserve will release the minutes of the November 1-2 meeting, at which policy makers voted to increase interest rates by 75 basis points for the fourth time in a row to 4%, the highest since December 2007.

 

US durable goods orders rose 1% in October, beating estimates of 0.4%, and up from 0.3% in the previous reading.

 

US unemployment claims rose to 240 thousand in the week ending November 19, missing estimates of 225 thousand, and up sharply from the previous reading's 223 thousand. 

 

As of 15:33 GMT, Dow Jones rose 0.3%, or 115 points to 34,214, while S&P 500 rose 0.6%, or 22 points to 4,026, as NASDAQ shed 1%, or 112 points to 11,286. 

Nickel surges over 5% despite demand concerns

Economies.com
2022-11-23 15:28PM UTC

Nickel prices rose on Wednesday as the dollar declined against a basket of major rivals despite concerns about demand. 

 

It comes after the Chinese government announced plans to tighten Covid 19 restrictions even more as more infections spread.

 

Authorities also revealed last week the first two deaths from Covid 19 in over six months.

 

As restrictions mount in China, activities slow down and it impacts demand on metals.

 

China is the world's foremost importer of metals including nickel, therefore prices are impacted by economic events there.

 

Nickel is used extensively in steel manufacturing and electric batteries for cars. 

 

The dollar index fell 0.6% to 106.6 as of 15:16 GMT, with a session-high at 107.2, and a low at 106.3. 

 

Nickel spot futures rallied 5.2% to $25.7 thousand a tone as of 15:17 GMT.