Gold traded higher early on Friday as the dollar and treasury yields weakened. Gold for August delivery was last seen up US$17.80 to US$3,363.10 per ounce. The price of the precious metal has traded in a tight range for most of July after touching a record high on June 13 as the outlook for further interest-rate cuts from U.S. Federal Reserve weakens as it waits to assess the impact of tariffs on inflation and employment. "With our rates strategists pushing their call for the first cut from the Fed till December, and amidst outside pressure on Powell, we see both the macro drivers and...
Japanese stocks were mixed on Monday, with a weaker yen supporting export-related companies such as machinery and automakers. Rising U.S. bond yields boosted banking stocks, although trading was subdued before key central bank decisions this week in Japan and abroad. The broader Topix index fell 0.1 percent to 2,744.06 as of 9:36 a.m. in Tokyo. The Nikkei index rose 0.2 percent to 39,544.74. Tokio Marine Holdings Inc. was the biggest contributor to the Topix decline, dropping 2 percent. Of the 2,126 stocks in the index, 890 rose and 1,080 fell, while 156 were unchanged. Source: Bloomberg
Asia-Pacific markets are set to mostly climb on Monday, with investors looking to several major central back decisions due this week including the Bank of Japan and the People's Bank of China. The Federal Reserve's decision on Dec. 18 stateside will also be top of mind for investors, with the CME Fedwatch tool forecasting a 96% chance of a 25-basis-points cut. The BOJ is likely to hold rates when it releases its decision on Thursday, while the PBOC will announce its loan prime rates on Friday. The one-year LPR influences corporate loans and most household loans in China, while the...
On Friday, the S&P 500 closed mostly flat, while the Nasdaq gained 0.1%. The Dow, however, dropped 86 points, extending its losing streak to seven sessions, marking its longest stretch since 2020. Losses in major tech stocks like Nvidia (-2.2%), Meta (-1.6%), and Amazon (-0.6%) weighed on the market, while Tesla saw a 4.3% surge, closing record high of $436.23. Broadcom surged 24.4%, hitting a $1 trillion market cap after reporting a 220% increase in AI-related revenue, exceeding expectations. This boost lifted semiconductor stocks, including Marvell (+10.8%) and Taiwan Semiconductor...
European markets closed lower Friday as investors reacted to disappointing data prints from two of the region's largest economies. The pan-European Stoxx 600 provisionally closed 0.62% lower, also recording a weekly loss after three weeks in the green. Friday's downbeat mood followed unexpected declines in both U.K. GDP and key export data from Germany. The U.K. economy contracted by an estimated 0.1% on a monthly basis, the ONS said Friday, with officials attributing the downturn to a decline in production output. Economists polled by news agency Reuters had projected a 0.1% rise in GDP...
The S&P 500 rose Friday, boosted by gains in tech, but the benchmark was still on track for its first weekly decline in four weeks. The broad market index was up 0.3%, and the Nasdaq Composite gained 0.5%. The Dow Jones Industrial Average advanced 101 points, or 0.2%. Broadcom gained around 20% after posting fiscal fourth quarter adjusted earnings that beat estimates and reporting that artificial intelligence revenue soared 220% for the year. Micron and Nvidia followed Broadcom higher in early trading. The moves come on the heels of a losing session on Wall Street. The 30-stock Dow...
European markets opened lower on Friday as investors reacted to disappointing data from the region's two largest economies. The pan-European Stoxx 600 fell 0.18% after the opening bell, following an unexpected contraction in UK GDP and key export data from Germany. The UK economy contracted by about 0.1% on a month-on-month basis, the ONS said on Friday, with officials attributing the decline to a drop in output. Economists polled by Reuters had projected a 0.1% rise in GDP in October. On Thursday, the European Central Bank cut its main interest rate by 25 basis points, marking its fourth...
The Hang Seng plunged 426 points, or 2.1%, to close at 19,971 on Friday after a strong session the previous day, weighed down by heavy losses across sectors. Investors were disappointed after China's Central Economic Work Conference ended without providing specific policy details on fiscal stimulus, although top leaders pledged to spur consumption. Traders were also cautious ahead of next week's FOMC meeting, with some experts warning that a recent pick-up in U.S. inflation could delay or alter plans for interest rate cuts next year. In China, November activity data including industrial...
The best performers on the Nikkei 225 were Oji Holdings Corp. (TYO:3861), which rose 11.23% or 62.70 points to close at 620.80. Meanwhile, Bandai Namco Holdings Inc. (TYO:7832) rose 7.09% or 237.00 points to close at 3,579.00 and Advantest Corp. (TYO:6857) gained 5.81% or 515.00 points to close at 9,380.00. The worst performers were Omron Cor (TYO:6645), which fell 5.63% or 292.00 points to close at 4,892.00. IHI Corp. (TYO:7013) fell 5.18% or 452.00 points to close at 8,278.00 and Mitsubishi Heavy Industries, Ltd. (TYO:7011) dropped 4.12% or 98.50 points to close at 2,291.50. Declining...
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....