Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy. Bullion traded below $3,340 an ounce in early Asian hours, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June. San Francisco Fed President Mary Daly said she still thinks it's reasonable for policymakers to plan on two interest-rate cuts this...
European stocks closed mostly lower on Monday as markets assessed the level of US tariffs against major trading partners. The STOXX 50 dropped 0.4% to 5,305 and the STOXX fell 0.4% to 542. US officials said negotiations with major partners such as China and the European Union are making progress, while Canada scrapped its planned Digital Services Tax following President Trump's announcement over the weekend that he would terminate all trade discussions with Canada. Monday also marked the official start of the UK-US trade deal that was brokered last month. On the data front, inflation in...
US stocks were firmly higher on Monday, extending the sharp gains from the previous week as the softer stance on tariffs by the US government allowed markets to focus on signs of multiple rate cuts by the Fed this year. The S&P 500 and the Nasdaq 100 advanced around 0.5% each to reach new record highs, while the Dow added over 200 points. White House officials announced that the US and China had formally reached an agreement to prevent the return of tariff exchanges that topped levies at 145%. Additionally, President Trump noted that he is open to extending the July 9th deadline for...
The Hang Seng fell 212 points, or 0.9%, to close at 24,072 on Monday, down for a third straight session as all sectors declined. Sentiment was weighed down by a third straight monthly decline in China's manufacturing sector in June, ahead of similar results from a private survey due on Tuesday. Financials led the decline, followed by property, technology and consumer discretionary. Significant losers included Bank of China Hong Kong (-5.5%), Li Auto (-3.3%), Meituan (-2.9%) and Tencent Hlds. (-1.5%). On the positive side, Laopu Gold surged to a record high, buoyed by high gold prices, even...
European stocks opened in the green on Monday, with the Stoxx 600 index up 0.1% in early deals, building on last week's gains. Global sentiment appears broadly robust, with Asia-Pacific stocks turning mixed but U.S. futures remaining higher. In Europe, sectors are mixed, with autos down 0.6% and banks slipping 0.25% as financial services gain 0.6%. Beneficiaries of the U.K.-U.S. trade deal, which took effect this morning, are slightly higher, having already notched strong gains on the previous announcement. Those include engine-maker Rolls-Royce, up 0.6%, and German automaker BMW,...
Japanese equities rose for a fifth day after trade negotiator Ryosei Akazawa's extension of his US visit spurred hopes for a deal. Sentiment was also supported by the S&P 500 Index, which reached a new record on Friday. Topix Index climbed 0.4% to close at 2,852.84, just 2.6% below its previous all-time high set in July 2024. SoftBank Group Corp. contributed the most to the Topix Index gain, increasing 4.3%. Out of 1,681 stocks in the index, 897 rose and 705 fell, while 79 were unchanged. Nikkei advanced 0.8% to 40,487.39. The Topix Index rounded...
Japanese stocks rose after a decline in US consumer spending spurred expectations of a possible rate cut and improved investor sentiment as the S&P 500 Index reached a new high. The Topix Index rose 0.9% to 2,865.00 as of 9:33 a.m. Tokyo time, while the Nikkei advanced 1.4% to 40,719.74. SoftBank Group Corp. contributed the most to the Topix Index gain, increasing 5.2%. Out of 1,681 stocks in the index, 1,292 rose and 317 fell, while 72 were unchanged. Exporters such as machinery and precision instruments gained. Domestic demand-related shares such...
Asia-Pacific markets rose Monday as investors parsed a slew of data points, including South Korea and Japan's industrial output figures for May and China's purchasing managers' index readings for June. Japan's benchmark Nikkei 225 climbed 1.13% in early trade, while the broader Topix index advanced 0.77%. In South Korea, the Kospi index added 0.63%, while the small-cap Kosdaq was flat. Over in Australia, the S&P/ASX 200 started the day 0.3% higher. Futures for Hong Kong's Hang Seng index stood at 24,182, pointing to a weaker open compared to the HSI's last close of...
US stocks closed at record highs on Friday driven by optimism over pending trade agreements and rising expectations for interest rate cuts, as investors looked past President Donald Trump's comments about halting trade talks with Canada. The S&P 500 gained 0.5%, closing above its February peak, while the Nasdaq 100 also advanced 0.5% to a new high. The Dow Jones rose by 432 points. Earlier in the day, markets surged on encouraging news of trade progress with key partners, including a framework agreement with China. Although Trump's unexpected remarks on Canada briefly dented sentiment,...
Gold (XAU/USD) is extending its decline on Wednesday for a second consecutive day as the US Dollar (USD) and US Treasury yields firm ahead of the release of the Federal Open Market Committee (FOMC)...
Oil extended declines after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.
Brent...
The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks....