CBRE maintains composure within $81.17 to $83.05 range

Published: January 26 2023, 00:36 GMT+0

CBRE maintains composure within $81.17 to $83.05 range

Yesterday at a glance: a tough start to the session saw price action reach a low of $81.17 before closing at $83.05.

This uncertain state for CBRE Group is reflected by published market data as highly important Crude Oil Inventories data from United States beat analyst expectations of 971,000 with a reading of 533,000. United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories released yesterday at 15:30 UTC with a figure of 4.27 million, while the previous figure was 3.65 million.

Meanwhile, mixed performances were seen by other real estate stocks as American Tower Corporation (REIT) traded at $218.66 after closing yesterday's trading day at $215.17 (up 1.62%). ProLogis closed at $125.69 (down 0.56%).

Data to be released today might clear up some of the market fog as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of 0.1%. New data is set to be published today at 13:30 UTC. United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC. United States Core PCE Price Index (MoM) (Dec) is scheduled for tomorrow at 13:30 UTC.

The stock has been trending positively for about 3 months. The US real estate bellwether has managed to gain 6.07% so far this year despite trading at lows around $67.51 previously.