Wall Street's major indexes rose on Tuesday, with the S&P 500 and Nasdaq hitting record highs, gaining 1.1% and 1.4% respectively, after July's inflation data largely met expectations. The Consumer Price Index increased 0.2% month-over-month and 2.7% year-over-year, easing concerns about rising prices amid ongoing trade tensions. This bolstered expectations for a Federal Reserve rate cut next month, with traders pricing in about a 90% chance of a 25-basis-point reduction in September. The Dow climbed 483 points, supported by easing trade tensions after President Trump extended a 90-day...
Gold consolidates in early Asian trade, but potential profit-taking may weigh after front-month gold futures settled at a fresh record high overnight. The recent uptrend in the precious metal coincided with negative signs over the future of economic activities and the labor market in the U.S., XS.com's Samer Hasn says in an email. These sources of uncertainty have added to those prevailing globally such as concerns over trade conflict between the U.S. and the rest of the world, the senior market analyst adds. Spot gold is little changed at $2,952.39/oz. Source: Marketwatch
GBP/USD was volatile on Monday (24/2), surging to a fresh 10-week high before slumping back to the day's opening bid near 1.2630. Cable failed to reclaim the 1.270 handle, and price action has fallen back below the 200-day Exponential Moving Average (EMA) near 1.2660. A resurgence in US inflation figures late last week sparked a fresh round of risk aversion. Investors will be focused on the upcoming US Personal Consumption Expenditure (PCE) inflation data due later this week. Traders are hoping that the early-year uptick in key inflation data from the US will recede quickly and not turn...
Oil prices edged up on Monday as new U.S. sanctions on Iran and a commitment to compensate for excess production by Iraq added to concerns about a short-term supply squeeze, helping the market recover some of Friday's steep losses. Brent crude futures rose 45 cents, or 0.6%, to $74.88 a barrel by 1:39 p.m. EST (1839 GMT), after closing at their lowest since Feb. 6 on Friday. U.S. West Texas Intermediate crude futures rose 43 cents, or 0.6%, to $70.83, recovering from their lowest settlement so far this year in the previous session. The U.S. Treasury Department imposed a new round of...
Gold prices surged during the North American session after hitting a record high of $2,956 as the greenback weakened and US Treasury yields fell. At the time of writing, XAU/USD was trading at $2,949, up 0.49%. Uncertainty kept Bullion prices firm as investors weighed US President Donald Trump's proposed trade policies. Geopolitics continued to be in the second stage as the Ukraine-Russia conflict appeared closer to being resolved, while rising tensions in the Middle East fueled demand for Gold. Gold prices have been on the rise for the past eight weeks, driven by the most significant net...
Oil prices steadied on Monday as investors awaited clarity on talks to end the war in Ukraine and weighed up the prospect of a resumption in crude exports from northern Iraq. Brent futures were down 6 cents, or 0.1%, at $74.37 barrel by 1302 GMT while U.S. West Texas Intermediate crude futures declined by 14 cents, or 0.2%, to $70.26. Both Brent and WTI dropped by more than $2 on Friday, registering weekly declines of 0.4% and 0.5% respectively. All eyes remain on efforts to end Russia's war on Ukraine, which enters its fourth year on Monday. Officials said on Sunday that European Union...