Gold price advances during the North American session on Friday as the US Dollar weakens, with traders booking profits ahead of the weekend. Additionally, a Fed Governor's comments turned more dovish than expected, supporting a rate cut in July. At the time of writing, the XAU/USD trades at $3,353, up 0.43%. The market mood is upbeat after the University of Michigan (UoM) revealed that Americans have become optimistic about the economy and expect inflation to edge lower. Recently, Fed Governor Christopher Waller suggested that the central bank should cut interest rates at the upcoming...
European markets closed higher Thursday, with luxury stocks soaring on strong results from Cartier owner Richemont The regional Stoxx 600 index provisionally ended the day 0.93% higher, with most sectors in positive territory. Retail stocks pared earlier gains to fall 0.2%. Luxury sector bellwether Richemont jumped 16% after reporting a better-than-expected 10% increase in fiscal third-quarter sales, while France's LVMH, Kering and Christian Dior all rising. Retailers Moncler, Burberry, Swatch and Hermes also crowded around the top of the Stoxx index. Technology stocks closed 1.9% higher,...
US stocks rose slightly on Thursday, with the three major indexes up about 0.1%, following strong gains the previous day. Traders digested the latest economic data while remaining optimistic that the Federal Reserve has room to implement further interest rate cuts this year. Retail sales rose less than anticipated last month and initial claims came in above estimates. Tech stocks such as Nvidia (1.5%) and Super Micro Computer (2.7%) rose, supported by a positive outlook from Taiwan Semiconductor Manufacturing. Meanwhile, earnings season continued with Bank of America shares rising 0.1%...
The STOXX 50 rose 0.9% and the STOXX 600 gained 0.6% on Thursday, in line with a rise in global equities. The rally was driven by optimism following the U.S. CPI report, which reinforced expectations that the Federal Reserve has room to continue cutting interest rates this year. Meanwhile, traders were also focused on corporate results, with Richemont shares jumping more than 15% after the luxury company reported a 10% jump in Q3 sales. The luxury sector received a boost from the news, with LVMH (8%), Kering (9%), Moncler (7.6%) and Hermes (5.1%) surging. ASML Holding (3.5%), L'Oreal (2.6%)...
The Hang Seng rose 237 points, or 1.2%, to close at 19,523 on Thursday (16/1), marking its third straight day of gains after a strong session on Wall Street on Wednesday, amid growing bets on a potential Fed rate cut this year following a slowdown in U.S. core inflation. The index was at its highest in a week after dropping to a nearly four-month low last week, boosted by reports from Chinese state media that the central bank may cut RRRs for commercial banks before the Spring Festival in late January, providing more liquidity for the economy. Traders shrugged off news that the U.S....
Japanese stocks rose after the close on Thursday, as gains in the Banking, Services and Electricity/Machinery sectors helped stocks advance. At the close in Tokyo, the Nikkei 225 gained 0.32%. The best performers on the Nikkei 225 were Hino Motors, Ltd. (TYO:7205), which rose 9.49%, or 48.40 points, to trade at 558.60 at the close. Meanwhile, Furukawa Electric Co., Ltd. (TYO:5801) gained 7.68%, or 507.00 points, to close at 7,110.00 and Dainippon Screen Mfg. Co., Ltd. (TYO:7735) rose 5.48% or 550.00 points to close at 10,585.00 in the last trade. The worst performers on the session were...
European markets are expected to open in mixed territory Thursday, retreating from gains in the previous trading session as traders cheered a cooler-than-expected inflation print in the U.S. The U.K.'s FTSE 100 index is expected to open 9 points higher at 8,306, Germany's DAX down 26 points at 20,595, France's CAC down 15 points at 7,475 and Italy's FTSE MIB up 8 points at 35,705, according to data from IG. Trading updates are set to come from Whitbread, Deliveroo and Richemont, while Rio Tinto releases its latest operational review. Data releases include German inflation figures and...
Shares in Hong Kong soared 319 points or 1.7% to 19,594 on Thursday morning session, holding their bullish momentum for the third session following an overnight rally on Wall Street on the back of an unexpected decline in US core inflation figures for December and robust bank earnings. Markets reached their highest level in a week, rebounding from a near 4-month low, touched last week, buoyed by robust gains across sectors. Li Ning surged nearly 3.0% after reclaiming the official sportswear partnership with the Chinese Olympic Committee. Additionally, UBTech Robotics climbed over 2% after...
Asia-Pacific markets climbed Thursday, after U.S. markets soared on the back of an unexpected decline in core inflation numbers in December and strong bank earnings.Korea's central bank surprised market watchers by keeping benchmark rates unchanged at 3%. Economists polled by Reuters had expected the Bank of Korea to cut its policy rate by 25 basis points.South Korea's Kospi was up 1.16% while the small-cap Kosdaq index was up 1.65%, following the announcement.Japan's benchmark Nikkei 225 was trading up 0.61% while the Topix gained 0.23%. Japan's annual producer price index climbed 3.8% in...
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....