The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again. The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the U.S. Bitcoin hovered just above $120,000, after this week pushing to an all-time peak of $123,153.22, with...
The Bank au Jibun Flash Japan Composite PMI was revised up to 50.1 in November 2024 from 49.8 in the preliminary estimate, and after 49.6 in the previous month, signaling broad stabilization in the country's private sector. The latest reading was supported by a marginal expansion in services business activity while manufacturing output shrank further into contraction territory. Employment growth hit a four-month high, accompanied by a remarkable increase in business for the first time since April. Cost pressures remained high due to rising raw material prices and a weak yen. However,...
South Korean stocks opened lower on Wednesday, after a day of political turmoil in South Korea that saw President Yoon Suk Yeol impose and then lift a martial law decree within hours. South Korea's Kospi fell 1.8% while the Kosdaq dropped 1.7%. Amid concerns about financial instability, a Bank of Korea official reportedly said the bank's monetary policy board will hold an extraordinary board meeting around 9 a.m. KST. The South Korean government has announced it will inject unlimited liquidity into financial markets for as long as needed in an effort to calm sentiment, according to...
The S&P 500 edged to a new record close on Tuesday, and the Nasdaq 100 gained 0.4%, building on Monday's record finish. Meanwhile, the Dow slipped 76 points as investors awaited fresh market catalysts. Investors digested stronger-than-expected October JOLTS data, with job openings rising by 372,000 to 7.74 million, while the quits rate increased to 2.1%, signaling worker confidence. Markets now see a 74% chance of a Fed rate cut on December 18, up from 62% a day earlier. In corporate news, US Steel Corporation shares fell 8% after President-elect Donald Trump pledged to block its $15...
Stocks slipped Tuesday, taking a breather following a major rally that has taken U.S. benchmarks to record levels. The S&P 500 slid 0.1%, while the Nasdaq Composite slipped slightly below the flatline. The Dow Jones Industrial Average fell 65 points, or 0.2%. Both the S&P 500 and Nasdaq hit new record highs on Monday, adding to their strong postelection gains. Since the Nov. 5 vote, the S&P 500 has climbed 4.6%, and the Nasdaq has rallied 5.2%. The Dow is up 6% since then, and is trading near the key 45,000 level. Economic data released on Tuesday morning showed that job...
European stocks rose on Tuesday, with the Stoxx 50 and Stoxx 600 climbing 0.5% and 0.6%, respectively, to reach a one-month high, driven by a 1.6% rise in retail stocks and over 1% gains in construction and materials. However, insurance stocks fell by 0.4%. In France, political tensions are high as Prime Minister Michel Barnier used special constitutional powers to pass a controversial budget, prompting opposition parties to push for a no-confidence vote that could happen Wednesday. Despite this, France's CAC 40 closed 0.3% higher, trimming earlier gains, while Germany's DAX crossed the...
Wall Street opened a touch lower on Tuesday after the S&P 500 and the Nasdaq notched record high levels in the last session, with focus on a crucial jobs report later this week along with more data and commentary from Federal Reserve officials. The Dow Jones Industrial Average fell 12.4 points, or 0.03%, at the open to 44769.58. The S&P 500 fell 4.2 points, or 0.07%, at the open to 6042.97, while the Nasdaq Composite dropped 39.6 points, or 0.20%, to 19364.343 at the opening bell. Source: Reuters
The Hang Seng jumped 196 points, or 1.0%, to close at 19,746 on Tuesday, recovering from morning losses after China's central bank pledged to adopt supportive policies next year and ease financing costs for businesses and households. Governor Pan Gongsheng also said he intends to continue reforming the PBoC's monetary policy framework and expand its policy tools. The index closed higher for a third straight session, with positive sentiment buoyed by a Bloomberg News report that China's top leaders are scheduled to begin their annual closed-door Central Economic Work Conference next...
European markets opened higher on Tuesday, December 3, with investors keeping an eye on political turmoil in France. The pan-European STOXX 600 index opened 0.17% higher, with most sectors in positive territory except chemicals, insurance and telecoms. French financial markets were closely watched on Tuesday after Prime Minister Michel Barnier used special constitutional powers to push through a disputed budget bill without a parliamentary vote. Opposition parties on both the left and right have said they will support a motion of no confidence to bring down Barnier's minority government....
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....