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...
Asia-Pacific markets open mostly lower Friday after Wall Street saw the Dow Jones Industrial Average drop more than 200 points and S&P 500 retreat from a record high. Traders in Asia assessed household spending data out of Japan. Spending grew 2.9% in October compared to the previous month, beating expectations of a 0.4% growth by economists polled by Reuters. Year-over-year, household spending fell 1.3% in October, less than an expected 2.6%. India's central bank will announce its interest rate decision Friday. The Reserve Bank of India is expected to hold its key policy rate at 6.50%...
Nominal wages in Japan rose 2.6% year-on-year in October 2024, marking the slowest growth since May, in line with market expectations. In contrast, inflation-adjusted real wages—a key measure of consumer purchasing power—held steady compared with October 2023. That was an improvement from a 0.4% decline in September and a 0.8% decline in August. The stability in real wages has strengthened expectations of an interest rate hike by the Bank of Japan this month, although market sentiment remains divided over whether the next hike will come in December or January. BOJ Governor Kazuo Ueda...
US stocks closed lower on Thursday, retreating from records as investors tread cautiously ahead of Friday's pivotal jobs report, which could influence the Federal Reserve's December rate decision. The S&P 500 and Nasdaq slipped 0.2%, while the Dow Jones dropped 248 points. Weekly jobless claims rose to 224,000, slightly above expectations, indicating a cooling labor market. Tomorrow's nonfarm payrolls report is anticipated to show a gain of 200,000 jobs, with weaker data potentially bolstering expectations for a rate cut, currently at a 74% probability for a 25-basis-point reduction at...
Wall Street's main indexes were mostly flat on Thursday after recording all-time closing highs in the previous session, with focus on the monthly employment report due on Friday as markets mostly brushed off weekly jobless claims data. The crucial nonfarm payrolls report, scheduled for release before markets open, could be key in gauging the Federal Reserve's interest rate trajectory. Eric Clark, portfolio manager at the Rational Dynamic Brands Fund, said the market could get a rate cut in December but the Fed might be more cautious going forward. "They have already hinted about being...
European stocks edged higher on Thursday, with the Stoxx 50 and Stoxx 600 both up around 0.5%, extending gains from the past five sessions despite sectoral volatility. Banking and travel stocks led with over 2% gains, while oil and gas stocks dipped 0.4%. In France, markets remained steady despite political upheaval, as the CAC 40 rose 0.4% to its highest since mid-November after Prime Minister Michel Barnier's government fell to a no-confidence vote. Analysts noted no immediate risk of a government shutdown, easing investor concerns. In the UK, the Competition and Markets Authority...
Wall Street was set for a muted open on Thursday following record highs for all three main indexes in the previous session, as investors awaited upcoming employment data later this week. The S&P 500, the Nasdaq and the blue-chip Dow clocked record closing highs on Wednesday as technology shares rallied after upbeat results from companies including and Marvell Technology. U.S. Federal Reserve Chair Jerome Powell appeared to signal support for a slower pace of interest-rate cuts ahead when he spoke on Wednesday, saying the economy was stronger at this point than the central bank had...
Both the STOXX 50 and STOXX 600 opened flat but quickly turned positive on Thursday (5/12), with the former up 0.5% and the latter up 0.3%, as traders appeared to shrug off concerns over the political situation in France. The government collapsed as anticipated after right-wing and left-wing lawmakers united to pass a no-confidence motion and President Macron now needs to find a new Prime Minister, although the task is expected to be very challenging. French stocks were actually among the best performers, with Societe Generale (2.5%), BNP Paribas (1.9%), Engie (1.2%). Meanwhile, traders...
The Hang Seng plunged 182 points, or 0.9%, to close at 19,560 on Thursday after a sluggish session the previous day, weighed down by losses across sectors. Investor jitters grew over China's policy outlook ahead of next week's central economic work forum and Politburo meeting. U.S.-China technology restrictions and concerns about additional trade disputes also rattled markets. Some economists warned that China's recovery momentum during Q4 could slow in H1 2025, partly due to the impact of the new U.S. administration. Political turmoil in South Korea and France further contributed to...
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....