Gold (XAU/USD) holds firm on Wednesday, with price action contained inside the recent consolidation zone as markets brace for the Federal Reserve's (Fed) interest rate decision. At the time of writing, XAU/USD is hovering near $4,204, down from the intraday high of $4,218. The Fed will announce its policy decision at 19:00 GMT, with markets leaning toward another 25 basis point cut that would lower the Federal Funds Rate to the 3.50%-3.75% range. Expectations for reduced borrowing costs keep Bullion broadly supported, as lower interest rates reduce the opportunity cost of holding...
Asia-Pacific markets were mixed Wednesday after Wall Street rose overnight, shrugging off Trump tariffs and China's retaliatory measures. All eyes are on China, which resumed trading after the Lunar New Year holidays and as the Chinese government announced tariffs on U.S. imports in retaliation to duties on its exports. Mainland China's CSI300 Index started the day up, but reversed course to drop 0.61%. China's Caixin Services PMI came in at 51.0 in January, compared with December's 52.2 reading, showing a slowdown in the country's services activity. Hong Kong's Hang Seng index started...
The Nasdaq Composite and S&P 500 moved higher on Tuesday due to a strong gain in Palantir as Wall Street sought stable footing following the latest developments on the global trade front. The tech-heavy index jumped 1.35% to 19,654.02, while the S&P 500 rose 0.72% to 6,037.88. The Dow Jones Industrial Average climbed 134.13 points, or 0.3%, to 44,556.04. Palantir shares popped about 24% on fourth-quarter results that beat analysts' expectations and had hit a fresh record high. Other Big Tech names such as Nvidia were moving in sympathy with Palantir's climb.The chip giant advanced...
The Dow Jones Industrial Average (DJIA) is testing the 44,450 region on Tuesday, with equities slowing their recent pace of volatility as United States (US) President Donald Trump walks back nearly all of his recent trade war blustering and kicks his self-imposed tariff can down the road for a third time. US import tariffs on goods from Mexico and Canada have been delayed for up to 30 days, while planned tariffs on China are still on the table and warnings of tariffs on goods from the European Union are also in the pipe. Despite all the trade war bluster, the Trump administration's three...
European stock markets closed higher Tuesday after U.S. President Donald Trump's decision overnight to delay tariffs on Canada and Mexico raised hopes that Europe could also avoid duties. The pan-European Stoxx 600 ended the day 0.22% higher. UBS shares fell 7% after the lender's fourth-quarter results and up to $3 billion share buyback plans failed to impress. The move higher comes after European stocks slumped on Monday as investors reacted to Trump's decision to impose trade tariffs on Canada, Mexico and China, and threatened to introduce levies on goods from the European Union and...
Stocks were little changed on Tuesday as Wall Street tries to find stable footing following the latest developments on the global trade front. The Dow Jones Industrial Average traded 58 points lower, or 0.1%. The S&P 500 hovered just above the flatline, while the Nasdaq Composite climbed 0.3% thanks to a strong gain in Palantir. Palantir shares popped 23% on fourth-quarter results that beat analyst expectations. The stock was headed for its best day in nearly a year. The Chinese government slapped tariffs of up to 15% on U.S. imports of coal and liquefied natural gas and 10% higher...
The Hang Seng surged 573 points or 2.8% to close at its highest in nearly two months of 20,790 on Tuesday, as traders shrugged off news of reciprocal tariffs between China and the US. As Washington's new tariffs took effect, Beijing moved with levies of 15% on US coal and LNG and 10% on crude oil, farm equipment, and certain autos, set to begin on Feb. 10, China's finance ministry said. In addition, Chinese regulators launched a probe into Google over alleged anti-monopoly practices. Sentiment was further lifted by the resumption of mainland trading Wednesday after a week-long Lunar...
European stocks are heading for a higher open Tuesday as global markets breathe a sigh of relief after U.S. President Donald Trump paused planned tariffs on goods from Canada and Mexico. Global markets slumped on Monday as investors reacted to Trump's decision to impose trade tariffs on Canada, Mexico and China, and threatened to introduce levies on goods from the European Union and U.K. The pan-European Stoxx 600 traded lower throughout Monday's session with all sectors firmly in negative territory. Carmakers, tech and industrial stocks were the worst performers. Market sentiment was...
Japanese stocks rose after the close on Tuesday (2/4), as gains in the Communications, Transportation and Marine Transport sectors boosted shares. At the close in Tokyo, the Nikkei 225 was up 0.61%. The best performers on the Nikkei 225 were Sumitomo Dainippon Pharma Co Ltd (TYO:4506), which rose 9.72% or 69.00 points to trade at 779.00 at the close. Meanwhile, Sumitomo Electric Industries Ltd. (TYO:5802) rose 8.04% or 224.00 points to close at 3,009.00 and Kyocera Corp. (TYO:6971) gained 7.44% or 117.50 points to 1,696.00 at the close. The worst performers on the session were Mitsubishi...
Gold rises in the early Asian trade. There's a broad commodities uptrend, driven by macro uncertainty, a weaker dollar, and persistent demand for "hard" assets, says Fawad Razaqzada, market analyst...
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....