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 prices fell by more than 1% on Friday and cemented weekly losses as analysts projected a supply surplus next year on weak demand despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026. Brent crude futures settled at $71.12 a barrel, shedding 97 cents, or 1.4%. U.S. West Texas Intermediate crude futures settled at $67.20 a barrel, falling $1.10, or 1.6%. For the week, Brent prices lost more than 2.5%, while WTI saw a drop of 1.2%. A rising number oil and gas rigs deployed in the United States this week, pointing to rising production from the...
Gold traded higher mid-afternoon on Friday as treasury yields fell after the United States added more new jobs than expected last month. Gold for February delivery was last seen up US$10.40 to US$2,658.80 per ounce. The U.S. Bureau of Labor Statistics reported the country added 227,000 new jobs last month, above expectations for a rise of 214,000 according to Marketwatch and well higher than the unusually low rise of 36,000 jobs a month earlier. The unemployment rate rose to 4.2% from 4.1% in October. The data shows the the U.S. labor market remains solid, easing pressure on the Federal...
Gold prices after the latest U.S. data showed the labor market bounced back in November. Futures are flat at $2,649 a troy ounce, after rising 0.5% earlier in the session. Fed officials are still expected to cut interest rates by 25 basis points at their next meeting, but the job data could make it easier for them to leave rates on hold if inflation data comes in warmer than anticipated next week. Friday's nonfarm payrolls report "matches the message from some of the alternative indicators suggesting that conditions in the labour market are stabilizing at a healthy level," Capital...
Oil prices fell on Friday, with weak demand in focus after the OPEC+ group delayed a planned increase in supplies and extended deep production cuts until the end of 2026. Brent crude futures were down 20 cents, or 0.3%, at $71.89 a barrel by 0910 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $68.16 a barrel. For the week, Brent was on track to fall 1.5%, while WTI was on track to gain 0.2%. The Organization of the Petroleum Exporting Countries and its allies on Thursday delayed the start of oil output increases by three months to April and extended a full...
The current price action is likely part of a consolidation phase, most likely between 0.6435 and 0.6475. In the longer term, the risks to the AUD have shifted to the downside; the 0.6380 level is expected to provide significant support, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. After the AUD fell to a low of 0.6399 two days ago, we highlighted yesterday that ‘AUD weakness could retest the 0.6400 level before stabilisation is likely.' This should remain below 0.6460, with minor resistance at 0.6445. Our view remains unchanged, as the AUD traded within a 0.6422/0.6455 range,...