Stress In Crypto Market Continue | Global Recession Fears
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Market sentiment is fragile on uncertainty regarding whether China would make a U-turn on its Covid reopening plans.
Oil
Recession fears were already weighing on fragilized oil on Monday morning, when news that OPEC+ would increase oil production by half a million barrels per day on the upcoming December 4th meeting wreaked havoc yesterday.
The barrel of US crude tanked to $75 per barrel, below the September dip. Later, Saudi denied the report and we are back to $80 this morning.
Forex
In the FX, the US dollar index bounced higher after getting very close to the 38.2% retracement level on 2021-2022 rally, and mixed Fed comments tilt the balance to the upside for the greenback.
Cryto
In cryptocurrencies, news that Genesis warned investors that it could file for bankruptcy further weighed on sector sentiment.
Watch the full episode to find out more!
- 0:00 Intro
- 0:22 China Covid worries fuel global recession fears
- 1:53 Oil dips on China worries, OPEC rumour
- 3:57 US dollar gains, equities fall
- 5:14 Should you sell Tesla because you don’t like Elon Musk?
- 7:39 Disney up as ex-CEO returns
- 8:30 Bitcoin slips below $16K on FTX contagion, Genesis warning
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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