The Nikkei 225 fell 2% to below 40,000 and the broader Topix index fell 1.8% to 2,895 on Monday (August 4), with both indexes hitting near two-week lows as Japanese stocks followed Wall Street's sharp decline. The sell-off followed US President Donald Trump's massive retaliatory tariffs of 10% to 41% on several trading partners, alongside a weaker-than-expected US jobs report that deepened economic concerns. Domestically, investors awaited the minutes of the Bank of Japan's latest policy meeting for clues on the timing of its next interest rate hike. Technology stocks led the decline, with...
The USD/JPY pair edges lower to near 157.30 during the Asian trading hours on Friday. The verbal intervention from the Japanese authorities provides some support to the Japanese Yen (JPY). However, the uncertainty surrounding the Bank of Japan's (BoJ) policy outlook might cap the JPY's upside. Markets in Japan are closed for the rest of the week. Traders brace for the US ISM Manufacturing PMI for December, which is due later on Friday. Traders will closely monitor any potential foreign exchange (FX) intervention by Japanese officials to prevent the JPY from depreciating. Japan Finance...
Gold prices retreated from a three-week high on Friday, pressured by a robust dollar, while markets braced for potential economic and trade shifts under U.S. President-elect Donald Trump. Spot gold eased 0.3% to $2,649.29 an ounce, after hitting its highest level since Dec. 13. Bullion is up about 1.1% for the week so far. U.S. gold futures were down 0.2% at $2,663.70. The new president's agenda that supports higher tariffs has boosted the dollar and created significant underlying pressure on metal markets, said Nitesh Shah, commodity strategist at WisdomTree. The dollar index was set...
Gold prices (XAU/USD) moved higher in the European session on Friday ahead of the United States (US) ISM Manufacturing Purchasing Managers' Index (PMI) data for December, due to be published at 15:00 GMT. The Manufacturing PMI was seen steady at 48.4, indicating that activity contracted at a steady pace. The precious metal has outperformed in 2024 with a gain of over 27%, the metal's best annual return since 2010. The sustained rally was driven by strong safe-haven demand amid persistent geopolitical tensions in the Middle East and the ongoing Russia-Ukraine conflict. According to three...
Oil prices were little changed on Friday after closing at their highest in more than two months in the previous session, amid hopes that governments around the world could step up policy support to revive economic growth that would boost fuel demand. Brent crude futures edged up 1 cent to $75.94 a barrel by 0720 GMT, after settling at their highest since Oct. 25 on Thursday. U.S. West Texas Intermediate crude also rose 1 cent to $73.14 a barrel, with Thursday's settlement the highest since Oct. 14. Both contracts were on track for a second weekly gain after investors returned from...
The Australian Dollar (AUD) continued its gains for the second straight session against the US Dollar (USD) on Friday. The AUD gained support following a Financial Times report that the People's Bank of China (PBOC) is expecting a timely interest rate cut this year. As a close trading partner, any fluctuations in the Chinese economy are likely to affect the Australian market. The National Development and Reform Commission (NDRC), China's state planner, expressed confidence in achieving a sustained economic recovery by 2025. In a statement on Friday, the agency highlighted plans to...