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,...
Stocks edged lower as traders waded through mixed data on the world's largest economy ahead of a key inflation reading. Equities halted a seven-day rally that drove the S&P 500 to all-time highs. Treasuries advanced across the curve, while the dollar fell. The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending and steady business investment. Gross domestic product increased at a 2.8% annualized pace. Separate figures showed initial jobless claims were...
The Hang Seng soared 444 points or 2.3% to close at 19,603 on Wednesday, gaining for the second day amid mounting optimism about potential supportive policies from China to counter tariff risks. Traders showed increased confidence that the PBoC may further cut RRR in December to spur economic recovery in China, after two reductions totaling 100bps in September and February. A positive lead from Wall Street Tuesday also enhanced risk appetite, ahead of the US PCE index and indications of further interest rate cuts as Fed officials seemed comfortable with the pace of inflation. Meanwhile,...
Japan stocks were lower after the close on Wednesday, as losses in the Shipbuilding, Paper & Pulp and Chemical, Petroleum & Plastic sectors led shares lower. At the close in Tokyo, the Nikkei 225 declined 0.78%. The best performers of the session on the Nikkei 225 were Keisei Electric Railway Co., Ltd. (TYO:9009), which rose 5.02% or 222.00 points to trade at 4,641.00 at the close. Meanwhile, Resonac Holdings Corp (TYO:4004) added 4.08% or 163.00 points to end at 4,155.00 and Kansai Electric Power Co Inc (TYO:9503) was up 3.89% or 71.50 points to 1,907.50 in late trade. The worst...
European equity markets were poised for a subdued open on Wednesday, amid concerns that US President-elect Donald Trump could target European countries with tariffs following his recent threats against China, Mexico, and Canada. Investors were also cautious ahead of a key US inflation report that could influence the Federal Reserve's plans for rate cuts. Meanwhile, market participants will be focused on the latest consumer confidence data from Germany and France, as well as EasyJet's earnings report. In premarket trading, Euro Stoxx 50 futures dropped 0.15%, while Stoxx 600 futures were...
Shares in Hong Kong rose 100 points or 0.5% to 19,260 in early trade on Wednesday following a muted session the day before, mainly supported by gains in property, tech, and consumers. An upbeat session on Wall Street overnight uplifted sentiment, with the Fed's latest minutes being interpreted dovishly ahead of the October PCE index release. Investors were also hopeful that the PBoC would further lower commercial banks' RRR in December to bolster economic recovery in China, following two reductions totaling 100bps in September and February. Limiting the rise was fresh data showing a...
The Nikkei 225 Index dropped 0.5% to below 38,300, while the broader Topix Index lost 0.4% to 2,678 on Wednesday, extending losses from the previous session as the yen continued to strengthen amid speculation that the Bank of Japan may raise interest rates again next month. A stronger yen dampens the profit outlook for Japan's export-driven industries and makes Japanese assets more expensive for foreign investors. Traders are also awaiting the latest Tokyo inflation data, which is seen as a leading indicator for nationwide price trends. Export-heavy auto and consumer stocks led the decline,...
Dow Jones Industrial Average jumping to fresh highs, as investors shook off the threat of new tariffs from President-elect Donald Trump. The blue-chip Dow advanced 123.74 points, or 0.28%, to close at 44,860.31, reversing course after dropping more than 300 points at session lows. The S&P 500 added 0.57% to 6,021.63. Both the Dow and S&P 500 notched new intraday and closing records. The Nasdaq Composite jumped 0.63% to 19,174.30. Trump on Monday night called for a 25% tariff on products from Mexico and Canada, as well as an additional 10% levy on Chinese goods. He has already said...
European stock markets closed lower in Tuesday trading as the Stoxx Europe was down 0.57%, Germany's DAX dropped 0.56%, the FTSE in London fell 0.40%, France's CAC lost 0.87%, and the Swiss Market Index closed 0.39% lower. The European Union has agreed to new carbon market rules and new climate finance goal, the EU announced on Saturday. The deal is intended to provide for more countries to contribute finance based on their growing emissions and economic weight. And in corporate news, Luxembourg-based steel producer ArcelorMittal (MT) said Tuesday that it is slowing its carbon reduction...
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....