Economic and fundamental developments 29-03-2022

29 Mar 2022 11:58 AM
  • Oil prices fell yesterday as Brent crude contracts lost more than 8%. The drop came after authorities in Shanghai, the most populated Chinese city, announced restrictions to tackle the increasing covid-19 infections.
  • Gold prices fell yesterday and are trading today during the Asian session near their lowest levels for this week. The rising interest rates expectations in major central banks in the world negatively affect the precious metal; in addition, US 10-year government bond yields touched their highest since May 2019, which hurt the bullion.
  • US stock indices rose yesterday with the support of the technology sector, and many Asian stock indices rose today. Tesla shares rose more than 8%, pushing the US indices higher.
  • The dollar rose to a 6-year-old high against the Japanese yen during yesterday's trading, touching 125.00 yen per dollar as Bank of Japan moved against rising Japanese bond yields. The spread between Japanese and US 10-year bond yields settled above 223 basis points in favor of US bonds


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