1. Gold Prices Rise Amid Global Growth Concerns
Gold prices started 2019 on a bullish note as investors turned to the safe haven asset amid concerns over the outlook for global economic growth. Specifically, spot gold rose 0.04 percent to $1,285.49 an ounce as of 8:00 GMT, reaching a six-month high. It is important to note that global stock markets started the new year in the red after the release of more disappointing economic data from China, the world’s second-largest economy.*
2. Oil Opens 2019 In The Red
Oil prices dropped by more than 1 percent on Wednesday, pulled down by a surging U.S. output and concerns about an economic slowdown in 2019 after the release of some rather bleak data on factory activity in China, the world’s biggest oil importer. International Brent crude futures (CL_BRENT) were last seen at $53.30 per barrel at 8:00 GMT, down 50 cents, or 0.9 percent, from their final close of 2018; while West Texas Intermediate (USOIL) futures were at $44.93 per barrel, down 49 cents, or 1.1 percent.**
3. Yen Gains Amid Growth Concerns
Safe-haven currencies such as the yen rose against the dollar on Wednesday, as investors maintained a cautious stance on the first trading day of the year amid concerns over global growth. What is more, the threat of a U.S. government shutdown and a slower pace of Federal Reserve rate hikes kept the USD subdued. The USDJPY dipped more than 0.5% against the dollar to last trade at 109.14 as of 8:00 GMT.***
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*Source: Investing Jan 2, 2018 2:48 AM ET
**Source: Forbes Jan 2, 2018 5:53 AM ET
***Source: CNBC Jan 2, 2018 03:07 AM ET
