US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Oil was steady in the first session of the new year after an industry report indicated shrinking US crude stockpiles. West Texas Intermediate traded near $72 a barrel, while Brent closed below $75 on Tuesday. Nationwide inventories dropped by 1.4 million barrels last week, the American Petroleum Institute reported, according to a document seen by Bloomberg. If confirmed by government figures later Thursday, it would be a sixth straight weekly draw. Oil has been stuck in a narrow range since mid-October, with WTI ending 2024 little changed and Brent posting a modest...
Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year. Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel. U.S. West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel. At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65. In September, Brent futures closed below $70 a...
Gold prices were set to end a record-breaking year on a positive note on Tuesday as robust central bank buying, geopolitical uncertainties and monetary policy easing fuelled the safe-haven metal's strongest annual performance since 2010. Spot gold rose 0.4% to $2,615.00 per ounce, while U.S. gold futures gained 0.4% to $2,627.30. As one of the best-performing assets of 2024, bullion has gained more than 26% year-to-date, the biggest annual jump since 2010, and last scaled a record high of $2,790.15 on Oct. 31 after a series of record-breaking rallies throughout the year. "Rising...
Brent crude rose to $74.50 a barrel on Tuesday, extending gains for a third straight session, boosted by signs of economic recovery in China, the world's largest crude importer. Chinese factory activity expanded for a third month, boosted by recent stimulus measures. However, despite the current momentum, Brent is on track for a slight annual loss after months of trading in a narrow range. Looking ahead, the market faces significant uncertainties, including the risk of oversupply, geopolitical tensions and potential changes in oil policy under the incoming Trump administration. Source:...
Gold prices rose above $2,600 an ounce on Tuesday, marking one of its strongest annual performances since 2010 with a 26% gain in 2024. The surge has been driven by U.S. monetary easing, ongoing geopolitical tensions and record central bank purchases. Despite a slight dip following Donald Trump's election victory in November, gold's annual gains have outpaced most other commodities, including a mixed year for base metals and sharp declines in iron ore and lithium. Looking ahead to 2025, investors are weighing the impact of U.S. monetary policy uncertainty, potential challenges under a Trump...