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 rose ahead of key US inflation data and a monthly report from OPEC that will provide a snapshot on the market. Brent increased near $73 a barrel after a slight gain on Tuesday, while West Texas Intermediate traded above $69. Consumer price index figures for November are due later Wednesday and will provide clues on the path forward for monetary policy ahead of the Federal Reserve's meeting next week. Meanwhile, the Biden administration is considering new sanctions on Russia's oil trade, a move that could tighten the market and drive up prices. Details of...
Gold Futures Rise as Markets Await US CPI Data Gold futures rose 0.3% to $2,725.60 a troy ounce ahead of key US economic data. Investors are positioning themselves ahead of the release of Consumer Price Index data on Wednesday, ANZ Research analysts said in a note. The figures are expected to confirm the Federal Reserve's decision on a December interest rate cut, ANZ said. While markets are pricing in about a 90% chance of a rate cut, signs from the CPI data that shake that belief could be a drag on non-yielding bullion. The precious metal is also supported by safe-haven demand amid...
The dollar strengthened against European currencies on Wednesday ahead of a highly anticipated reading on U.S. inflation, also boosted by a Reuters report that China is considering allowing a weaker currency next year, which has caused the yuan and other Asian currencies to weaken The euro was last down 0.18% at $1.0508, a day before a European Central Bank meeting, and the pound fell 0.16% to $1.2752 as traders awaited U.S. CPI data, due at 1330 GMT. Economists expect headline and core consumer prices to rise 0.3% in November from previous increases of 0.2% and 0.3%,...
Gold fluctuated around $2,690 per ounce on Wednesday, halting a two-day rally, as investors repositioned ahead of key US inflation data due later in the day. This data is crucial, as it could either strengthen or weaken the likelihood of a third Federal Reserve rate cut next week. A rate cut would support gold by lowering the opportunity cost of holding non-yielding assets. Despite the pause, gold remained near two-week highs, underpinned by expectations of loose monetary policies from other major central banks and increased demand for safe-haven assets. The ECB, SNB, and BoC are all...
Silver (XAG/USD) prices extended its gains for the third straight session, trading around $32.00 during Asian hours on Wednesday. The demand outlook for precious metals, including Silver, in the world's largest raw material consumer has improved following news of potential economic stimulus from China. The Politburo announced plans to adopt a "moderately loose" monetary policy and a "more proactive" approach to fiscal stimulus next year, marking a shift from the more cautious tone of the past decade. Silver prices are getting support from the increasing odds of the US Federal Reserve (Fed)...