A calm start after a week of mixed signals

Energy commodities are pulling back, while gold is breaking above a major resistance level

By Farah Mourad | 19 February 2024

Market open

Last week ended with markets cooling off after higher-than-expected PPI inflation, with the S&P 500 holding above 5000 points and the dollar seeing reduced gains. Today, there's a lack of major economic data releases, likely leading to sideways movement in markets as we head into European session. With it being Presidents' Day in the US, domestic markets are closed for a long weekend, potentially setting a lackadaisical mood for other regions as well.


During the first trading session of the week, indices in the Asia-Pacific region mostly traded higher, while Nikkei saw a slight drop. Chinese indices traded mixed after the week-long Lunar New Year holiday.

Total spending during China's Lunar New Year holidays saw a significant increase year-over-year, while the number of trips also surged compared to last year and even pre-pandemic levels.


Major currencies are subdued, trading within narrow ranges, reflecting the indecisive picture painted last week. We continue to see pressure on USD while AUD is the best performer.


Energy commodities are pulling back, while gold trading higher breaking above the resistance of 2015 per ounce.

Top news to watch this week includes the interest rate decision from the Central Bank of the Republic of Turkey on Thursday, as well as the release of preliminary February PMI data from France and Germany, and Nvidia's earnings report scheduled for Wednesday, which could significantly impact sentiment in the technology sector and broader stock market.