Oil headed for the biggest weekly loss since late June as traders positioned for a key OPEC+ decision on supply this weekend. Brent futures edged marginally higher on Friday, but were still trading below $65 a barrel and set for a weekly slump of about 8%. Prices have declined the past four days on the expectation OPEC+ will discuss fast-tracking more supply hikes. Meanwhile, efforts by the Trump administration to keep oil exports flowing from northern Iraq, as well as a US government shutdown, have added to the bearish sentiment. The OPEC+ meeting comes as...
The Nasdaq hit a record high Monday, led by Tesla (NASDAQ:TSLA) as investors look ahead to the last Federal Reserve policy meeting of the year.the Dow Jones Industrial Average was 38 points lower, or 0.1%, the S&P 500 index gained 1%, and the NASDAQ Composite climbed 1.1%, and earlier hit an record intraday high of 20,145.48.The Fed is widely expected to cut interest rates by 25 basis points at the conclusion of a two-day meeting on Wednesday, after the central bank kicked off an easing cycle earlier in the year. The move will bring rates down by a total of 100 bps in 2024. But focus...
European stocks closed firmly lower on Monday, extending the pullback from the last session as markets assessed the latest economic data ahead of monetary policy decisions from the Fed, BoE, and BoJ. The STOXX 50 dropped 0.4% to 4,948, while the STOXX 600 dropped 0.1% to 516. Flash PMIs for the Eurozone showed that private sector activity continued to contract in December, aligning with concerns of muted growth for next year. Also, Moody's downgraded France's credit rating to Aa3 from Aa2 over the weekend, citing concerns about weakened public finances amid ongoing political instability. In...
US stocks opened the week mostly higher, with the S&P 500 up 0.2%, the Nasdaq up 0.5%, and the Dow Jones holding near the flatline. Investors are focused on the Fed's policy decision, with another 25bps rate cut widely anticipated. The market will also be watching the latest economic projections, particularly the prospect of a rate cut in 2025. Several key economic indicators are also due this week, including the S&P Global PMI, retail sales, and PCE report. On the corporate side, Broadcom shares rose 5.5%, extending Friday's nearly 24% surge that pushed the chipmaker's market...
US stock index futures rose as investors anticipated another interest rate cut at the Federal Reserve's final meeting of the year and ahead of a busy week of economic data. Contracts on the S&P 500 Index rose 0.2% as of 5:24 a.m. in New York, while futures on the tech-heavy Nasdaq 100 rose 0.3% MicroStrategy Inc., Palantir Technologies and Axon Enterprise advanced in premarket trading after the announcement that the stocks would be added to the Nasdaq 100 in the index's annual restructuring. Bitcoin rose to a record high on President-elect Donald Trump's support for digital assets and...
The Hang Seng fell 176 points or 0.9% to end at 19,795 on Monday(16/12), ending lower for the second session to hit its lowest level since Dec.6. An unexpected slowdown in China's retail trade burdened sentiment, highlighting the ongoing struggles of the economy. Meanwhile, China's statistics agency said domestic demand remains weak amid challenging global conditions. All sectors dipped, dragged by tech, property, and consumers. Still, the slump was capped by a modest rise in US futures, with markets awaiting the Fed's interest rate decision this week. The central bank is expected to...
European stocks started the week on a cautious note, with the STOXX 50 slipping 0.1% and the STOXX 600 hovering near the flatline, as traders brace for a week of key central bank decisions from the Fed, BoE, and BoJ. Adding to concerns were signs of economic weakness in the Euro Area. Flash PMIs from France revealed the country's private sector contracted for a fourth consecutive month, with a sharp deepening in the manufacturing downturn. Over the weekend, Moody's unexpectedly downgraded France's credit rating to Aa3 from Aa2, citing concerns over weakened public finances due to ongoing...
European markets are expected to open in mixed territory Monday, as traders gear up for the final Federal Reserve meeting of the year. The U.K.'s FTSE 100 index is expected to open 4 points lower at 8,292, Germany's DAX up 36 points at 20,443, France's CAC down 1 point at 7,401 and Italy's FTSE MIB up 16 points at 34,876, according to data from IG. The Fed's decision on Dec. 18 stateside is front and center for global markets this week, with the CME Fedwatch tool forecasting a 96% chance of a 25-basis-point cut by the central bank. Traders will be paying close attention to the updated...
The Nikkei 225 index edged down 0.03% to close at 39,457, while the broader Topix index fell 0.3% to 2,738 on Monday, extending losses from the previous session as investors shifted their focus to the Bank of Japan's upcoming policy decision. Markets remain divided over whether the central bank will raise interest rates again or maintain its current stance when the decision is announced on Thursday. However, BOJ officials last week signaled that more time was needed to assess the latest economic data. Meanwhile, Japan's core machine orders beat expectations in October, signaling a positive...
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....