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...
Gold is heading for one of its biggest annual gains this century, with a 27% advance that's been fueled by US monetary easing, sustained geopolitical risks, and a wave of purchases by central banks. While bullion has ticked lower since Donald Trump's sweeping victory in November's US presidential election, its gains over 2024 still outstrip most other commodities. Base metals have had a mixed year, while iron ore has tumbled, and lithium's woes have deepened. The varied performances over 2024 highlight the absence of a single, over-riding driver that's steered the complex's...
Gold price (XAU/USD) recovers its recent losses from the previous session, although trading volume is lighter on Monday than usual ahead of the New Year holiday. The safe-haven Gold gains upward support as markets anticipate signals regarding the United States (US) economy under the incoming Trump administration and the Federal Reserve's (Fed) interest rate outlook for 2025. The safe-haven demand for the yellow metal could increase as the potential Donald Trump's tariffs and trade policies could trigger trade conflicts, increasing the risk aversion sentiment. However, the outlook for fewer...
The Japanese yen traded around five-month lows on Monday against a dollar underpinned by rising U.S. yields as thin year-end liquidity kept most currencies in tight ranges. The yen was changing hands at 157.71 with only the risk of Japanese intervention preventing another test of the 160 level last seen in July. The dollar index measure against major rivals was flat at 107.98. The euro stood at $1.0429 , not far from recent troughs and in a holding pattern in holiday trading. The currency is heading for a calendar-year drop of roughly 5.5% on the dollar. Rising U.S. Treasury yields have...
Gold edges higher in early Asian trade in thin holiday trading. Prices for the precious metal will likely be volatile in the near term, Zhengxin Futures says in a research note. U.S. Treasury yields have been on an upward trend, weighing on the non-interest-bearing precious metal. However, gold could continue to rise in the medium and long term as global central banks have started cutting rates and geopolitical tensions remain heightened. Concerns over the trajectory of U.S. inflation will likely rise after Donald Trump takes office in mid January, Zhengxin adds. Spot gold is 0.1% higher at...
Oil slipped in quiet end-of-year trading, as the market focused on the outlook for 2025 while monitoring Middle East developments. West Texas Intermediate traded near $70 a barrel after rising 1.6% last week, and Brent was below $74. There are widespread expectations that the market will be oversupplied next year, which is likely to make it harder for OPEC and its allies to revive idled production. Oil is heading for a modest loss this year, with trading confined to a narrow range since mid-October. The market has been buffeted by bearish and bullish signals,...