Donald Trump's announcement that he will run for president in 2024 has sent shockwaves through the political world. Trump, who was sworn in during the 2016 elections, has a history of moving markets with a single tweet, until he was eventually banned from the platform. Some of Trump's policies include tough immigration restrictions, a close relationship with Israel, and a high-tension trade dispute with China dubbed "trade wars".
In his speech on Wednesday, among many others, Trump promised capital punishment for drug dealers, changed the COVID mandates that fired several state workers, and put a stop to transwomen in women's sports. While it remains to be seen if Trump will be successful in his bid for the presidency, one thing is for sure: he is sure to shake up the political landscape in the months to come.
Target (NYSE: TGT) fell 16% on opening as the counter reported less than satisfactory earnings for Q3, while its competitor, Walmart (NYSE: WMT), jumped 5% on Tuesday after the Q3 earnings report was higher than forecast. Retailers are expecting a plentiful spending period in Q4 as sellers flock to buy Christmas and new year's gifts.
Oil prices fell on news that the missiles that killed two people and injured others in Poland were actually stray missiles fired by Ukrainian forces in retaliation for Russia's bombardment. The incident almost triggered NATO Article 4, which is one step before full military action.
The EURUSD is consolidating into a triangle pattern as market participants are holding and uncertain. Euro CPI data is set to be released today and is forecast to be 10.7%, higher than the previous 9.9%. US building permits and initial jobless claims are set to be released on the same day.
Gold prices have surged to 1786 since the non-farm payrolls report was released on 4th November. However, the market has been on a sell-off spree since then, with prices Correction are not expected to rest until it tests its support level at 1727.
The G20 leaders have come together to denounce the war in Ukraine, despite being divided on the issue. They have released a joint declaration condemning the war and calling for a thorough investigation into the incident in Poland that led to the conflict. They also talked about food and energy security, which is a pain point for many countries.