Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
Announcements on technology company reports
The latest earnings reports of the 2 software giants Oracle and Adobe are expected next week. The state of technology spending by large companies will be tracked on hints by investors.
This year, Oracle's stock has fallen in value by almost 15% and Adobe's stock has fallen by more than 30%. Both companies have decreased along with the rest of the technology sector and the larger market.
However, analysts expect strong growth in sales for both companies. Adobe is expected to grow by almost 15% over the previous year, and Oracle is predicted to grow by almost 20%.
The third-quarter earnings flow from the technology sector (expected in October) will be guided by the results of Oracle and Adobe as a preliminary indicator. If the results of these 2 companies are stable, then Microsoft (MSFT), SAP (SAP), IBM (IBM) and other cloud software companies will look up to them.
Salesforce (CRM) has been cautious about predicting on its own and recently made a profit. Daniel Morgan, senior portfolio manager at Synovus Trust Company, says this could be a warning sign for both companies. In addition, the rising dollar could severely reduce profits from international operations, which could also have a negative impact on Oracle and Adobe.
More than 40% of both companies' sales are generated outside of the United States.
Recommended
Energy and Precious Metals Market events for February 2-3, 2023
Last year recorded an increased demand for gold up to the levels of 2011
Exxon Mobile is criticized for $56 billion profit
White House Supports Alaska Oil Project
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
Latest news
Last year recorded an increased demand for gold up to the levels of 2011
1 February
Exxon Mobile is criticized for $56 billion profit
1 February
The White House expressed a negative assessment of the record profit of Exxon Mobile in 2022. The company earned $56 billion, and it’s a maximum for both itself and the whole oil industry of Western countries.
White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
Japan was buying aluminum at a surcharge. Shipments from January to March were at $85-86 per ton, which is 13-14% less than in the previous quarter. Resources report weak demand and strong reserves of aluminum.