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...
European markets were slightly lower on Wednesday at the session's open, as traders awaited the latest U.S. inflation data. The pan-European Stoxx 600 index traded down 0.2% shortly after the opening bell, with most sectors in negative territory. Zara owner Inditex posted interim nine-month results, flagging that its revenues between Nov. 1 and to Dec. 9 jumped 9% from the same period of last year on a constant currency basis. The U.S consumer price index data will likely influence how the Federal Reserve proceeds on interest rates at its Dec. 17-18 meeting. Economists polled by Dow Jones...
Hong Kong shares rose 138 points, or 0.7%, to 20,447 on Wednesday morning, bouncing back from losses in the previous session as China kicks off its annual economic work meeting later in the day to discuss policy for next year. Meanwhile, the Politburo has hinted at more aggressive stimulus amid a potential trade spat with the US. Economists expect the Chinese government to set a higher budget deficit target of up to 4% of GDP, allowing for more borrowing to support the sluggish economy. However, gains were capped by weak Chinese trade data for November, highlighted by a sharp slowdown in...
The Nikkei 225 index fell 0.2% to around 39,300 on Wednesday, ending a two-day winning streak following Wall Street's overnight decline, as investors braced for a key U.S. inflation report. Market sentiment was also affected by mixed economic data out of Japan. The Reuters Tankan index turned negative in December, while the BSI manufacturing sentiment reading showed improvement in the fourth quarter. Additionally, data revealed that Japanese producer prices rose at the fastest pace in 16 months in November. Technology stocks led the decline, with significant losses from Disco (-3%),...
Asia-Pacific markets opened mostly higher on Wednesday, in contrast to Wall Street's main benchmarks that fell ahead of key inflation data that could influence the Federal Reserve's interest rate decision. South Korea reported a seasonally adjusted unemployment rate of 2.7% in November, Statistics Korea said, unchanged from the previous month China reportedly began its annual economic work conference on Wednesday to outline its economic policies and growth targets for next year. Australia's S&P/ASX 200 started the day down 0.31%. Japan's Nikkei 225 and the broad-based Topix opened...
Wall Street's main indexes closed lower on Tuesday as investors anxiously awaited key inflation reports that could influence the Federal Reserve's interest rate decision next week. Among the S&P 500's 11 major industry sectors, communication services was the biggest boost with help from a rally in shares of Google-parent Alphabet after it unveiled a new chip. According to preliminary data, the S&P 500 lost 16.53 points, or 0.27%, to end at 6,036.32 points, while the Nasdaq Composite lost 49.45 points, or 0.25%, to 19,687.24. The Dow Jones Industrial Average fell 143.46 points, or...
European markets ended an eight-day rally on Tuesday, with the Stoxx 50 down 0.7% and the Stoxx 600 off 0.5%, led by a 1.1% drop in industrials. Weaker-than-expected Chinese import and export data dragged mining stocks 0.8% lower, while traders awaited US inflation data on Wednesday. Among notable stocks, Delivery Hero fell 10% after its Talabat unit's weak debut on the Dubai exchange. Ashtead dropped over 11% after announcing a New York primary listing and lower profit guidance. TeamViewer slid 12% after a $720 million acquisition of software firm 1E. On the upside, Commerzbank gained...
US stocks showed mixed performance on Tuesday, with the S&P 500 hovering near the flatline, the Dow Jones slipping 110 points, and the Nasdaq gaining 0.4%. This came after losses in the previous session, as traders remained cautious and awaited key catalysts, including tomorrow's CPI report, to gauge the Fed's action at next week's policy meeting. Communication services was the top performing sector while utilities fell the most. On the corporate front, shares of Alphabet gained about 5% after the company announced that it has addressed a significant challenge in quantum computing with...
European markets traded in negative territory on Tuesday, retreating from yesterday's mostly positive trading session as investors braced for the latest U.S. inflation report this week. The pan-European Stoxx 600 fell 0.3% during morning trade. Basic resources stocks led the losses, dropping 1.2% as investors reacted to weaker-than-expected Chinese import and export figures. Traders await U.S. inflation data due on Wednesday. The consumer price index data is likely to influence how the Federal Reserve moves to raise interest rates at its Dec. 17-18 meeting. Economists polled by Dow Jones...
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....