Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Washington's move, associated with tightening oversight and enforcement of sanctions on Russian oil shipments, is viewed by Moscow as provocative and could worsen relations between the two countries. Russia views these actions as an attempt by the United States to suppress Russian energy exports and strengthen its dominance in the global oil market. Meanwhile, Washington argues that these measures...
Oil was largely steady in choppy trade on Thursday with global benchmark Brent still below $70 a barrel under pressure from tariffs between the U.S., Canada, and China, and OPEC+ plans to raise output. Brent futures were up 8 cents, or 0.1%, at $69.38 a barrel by 1:40 p.m. ET (1840 GMT), while U.S. West Texas Intermediate crude futures eased 6 cents, or 0.1%, to $66.24. Brent hit $68.33 on Wednesday, its weakest since December 2021, after a larger-than-expected build in U.S. crude inventories added to the bearish news earlier in the week of OPEC+'s hike in output quotas for the first time...
The US Dollar Index (DXY) is extending its losing streak on Thursday as fresh labor market and trade data put additional pressure on the Greenback. Job cuts surged dramatically, while weekly jobless claims showed a mixed picture of the labor market. Meanwhile, the European Central Bank (ECB) delivered a widely anticipated rate cut, with President Christine Lagarde emphasizing the need for heightened vigilance in uncertain economic conditions.US Dollar down after an additional round of soft labor data, ECBThe latest Challenger Job Cuts report for February revealed a sharp rise in layoffs,...
Gold prices fell about 1% on Thursday as investors booked profits after a three-day rally, with markets eyeing US jobs data for clues on the Federal Reserve's interest rate path amid rising global trade tensions. Spot gold, which was down 0.5% at $2,904.51 an ounce by 1211 GMT, has gained more than 10% this year. It hit a record high of $2,956.15 on Feb. 24. US gold futures also fell 0.5% to $2,912.10. "Gold appears to be seeing some profit-taking as investors watch tariff developments with prices trading near $2,900 ahead of the nonfarm payrolls report," said Lukman Otunuga, senior...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, faced a significant shift in its trading regime this week. The index was trading near 104.00 at the time of writing on Thursday (06/03). Several banks and traders reported that large clients were repatriating their offshore US Dollar-denominated investments back into their domestic currencies. This may mean that those volumes will not return anytime soon, the FT reported. The repatriation comes after weak US economic data that has left markets worried about the potential...
Oil prices were steady on Thursday after falling for the past four sessions as U.S. tariffs on Canadian crude supplies are likely to be eased, but investors remain wary of remaining tariffs on Mexico and major producers' plans to increase output. Brent crude futures were trading up 42 cents, or 0.61%, at $69.72 a barrel by 0144 GMT, while U.S. West Texas Intermediate (WTI) crude was up 40 cents, or 0.6%, at $66.71 a barrel. Brent has plunged 6.5% in the previous four sessions, falling to its lowest since December 2021 on Wednesday, while WTI has dropped 5.8% over the same period to its...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
European stock indices closed marginally lower on Wednesday as equities took a breather from their recent strong momentum, while investors continued to assess the outlook for the ECB's policy this...
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds.
Equity markets...