DGCX G6 Currency Futures Register Surge in September Trading Activity
During the month of September, the Dubai Gold and Commodities Exchange (DGCX) has registered a strong monthly Average Open Interest (AOI), totaling to 154,629 contracts. The AOI indicates the total number of futures contracts held by market participants at the end of the trading day. Such increase exhibits growing investor & market participant appetite in trading with the gulf’s largest trading exchange.
MACROECONOMIC DATA ANALYSIS
Indian conglomerate Future Group announced that it terminated a franchise agreement with the popular 7-Eleven convenience store franchise, to develop and operate its stores in the United States. The reason behind the non-fruition of the agreement is because the deal was not able to meet franchise-fee payments and store opening targets initially set & agreed.
The property sector of China is suffering from deeper wounds, with property developers triggering credit rating declines amid growing worries that the infamous China Evergrande is facing one of the nation’s largest debt restructuring in history with over $300 billion in liabilities.
The U.S. dollar edges higher towards one-year highs against its major currency rivals, as investors keenly and optimistically await the non-farm employment change of the United States to be announced later on in the week. The dollar index jumped 0.26% to 94.025; its highest figures since late September of last year.
Gold prices continue to stumble, as investors are optimistic about the American non-farm employment change figures to be announced later on this week, driven by a stronger U.S. dollar greenback. Continuous inflation concerns, however, are limiting the decline of the precious metal value, currently trading at $1,750 per ounce.
Crude oil prices traded higher for the second session this week, as The Organization for Petroleum Exporting Countries (OPEC) and its allies decided to stick to its planned 400,000 output increase per day, up until April 2022 at least. Brent oil futures escalated 1.83% to 82.75 a barrel, while WTI oil added 1.96% to its gains from previous session, pricing at $79.14 per barrel.
USA: S&P500 +1.16%, Dow Jones Industrial Average +1.17%, Nasdaq Composite +1.19%
Europe: FTSE 100 +0.93%, DAX +0.82%, CAC 40 +1.22%
Asia: Nikkei 225 -2.19%, Hang Seng +0.28%, CSI 300 +0.67%, Nifty 50 +0.74%