Gold (XAU/USD) maintains its offered tone below the weekly high touched earlier this Thursday, though it manages to defend the $4,200 mark heading into the European session. The US Dollar (USD) stalls its post-FOMC decline and stages a modest recovery from its lowest level since October 24. This, along with the underlying bullish sentiment, turns out to be a key factor exerting some downward pressure on the precious metal. However, the Federal Reserve's (Fed) dovish outlook might keep a lid on any meaningful USD appreciation and act as a tailwind for the non-yielding Gold. Apart from this,...
Hong Kong stocks rose 29 points, or 0.2%, to 19,781 in early trade on Wednesday, rising for a fourth session amid a sharp rise in U.S. stock futures after Wall Street hit another record high overnight, ahead of upcoming monthly U.S. jobs data and a speech by Fed Chair Powell. Meanwhile, private survey data showed China's services sector expanded for a 23rd straight month in November, although the pace of growth slowed from a three-month peak in October. Consumer and technology stocks were mostly higher, following remarks from China's central bank that it will adopt supportive policies next...
China Caixin General Services PMI fell to 51.5 in November 2024, down from a three-month high of 52.0 in October and below market expectations of 52.5. The latest reading reflected moderation in new business growth, despite faster growth in overseas sales. Meanwhile, employment increased for the third straight month, albeit only slightly. On the cost side, input prices rose slightly on higher wages, although the inflation rate eased to a 53-month low and remained below the series average. Output prices fell for the third straight month amid increased competition. Finally, business...
The Nikkei 225 Index dropped 0.2% to below 39,200, while the broader Topix Index fell 0.3% to 2,745 on Wednesday, trimming gains from the previous session as caution gripped the market following political turmoil in South Korea. South Korean President Yoon Suk Yeol unexpectedly declared martial law late Tuesday, citing efforts to prevent opposition parties from disrupting the parliamentary process. However, he reversed the decision after the National Assembly voted against the measure. In Japan, investors remained focused on the outlook for monetary policy, with speculation that the Bank...
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...
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....