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...
The Japanese stock market rebounded at the start of trading, after being pressured the previous day due to concerns about a short-term interest rate hike by the Bank of Japan (BOJ). This time, the banking and insurance sectors were the main drivers of the rally. Mizuho Financial Group shares rose 2.6%, while Dai-ichi Life Holdings gained 2.0%, indicating a recovery in investor buying interest. In the foreign exchange market, exchange rate movements were relatively calm. The USD/JPY pair was around 155.52, little changed compared to Monday's Tokyo stock market close of 155.64. The yen's...
US stocks weakened slightly in early December, with the S&P 500 and Nasdaq each falling about 0.4% and the Dow Jones Industrial Average falling about 0.7%. All three benchmark indexes rebounded from deeper declines earlier in the session due to continued volatility. Caution dominated the market ahead of this week's key economic data releases, including the delayed September PCE report, all before next week's FOMC decision. Bitcoin fell more than 6% to trade below 86,000, extending last month's decline below 90,000 and weighing on broader risk sentiment, dragging down crypto-related...
The STOXX 50 closed little changed at 5,669, while the STOXX 600 fell 0.2% to 575 on the first trading day of December, as traders started the month cautiously after a volatile November that yielded only modest gains for both indices. Airbus shares plunged 5.7%, after falling more than 10% intraday, following reports of a new quality issue affecting dozens of A320 family aircraft. This development came shortly after Airbus announced that most of the other aircraft affected by the software glitch had received the necessary modifications. The defense sector also came under pressure amid hopes...
Wall Street kicked off December on a negative note, with the S&P 500 down 0.7%, the Nasdaq falling 1%, and the Dow Jones losing more than 250 points after a volatile November. Caution dominated markets ahead of several key economic releases this week, including the delayed September PCE report later in the week, all before next week's FOMC decision. Market pricing currently assigns an 87% probability to another 25 bps cut in the federal funds rate. The tech was the worst performing sector, followed by real estate, industrials and communication services while the energy sector managed...
The Hang Seng Index rose 0.7% at 26,033.26 in Hong Kong. The index advanced to the highest closing level since Nov. 17 after the previous session's decrease of 0.3%. Alibaba Group Holding Ltd. contributed the most to the index gain, increasing 2.2%. Sunny Optical Technology Group Co. had the largest increase, rising 6.2%. Today, 71 of 88 shares rose, while 17 fell; all sectors were higher, led by commerce and industry stocks. Source : Bloomberg
European stocks followed Asian equities lower as a sharp drop for cryptocurrencies indicated some investor caution ahead of a slew of US economic data due this week. The Stoxx Europe 600 Index was down 0.2% by 9:22 a.m. in Paris, with the industrials and real estate sectors leading declines. European defense stocks fell after reports of progress in Ukraine-Russia talks, with Germany's Rheinmetall AG and France's Thales SA both declining. Among other individual movers, ASML Holding NV shares rose after the chip equipment maker was named top pick in the semiconductor...
Japanese stocks closed lower on Monday (December 1), led by the chip and real estate sectors, as expectations of an interest rate hike by the Bank of Japan (BOJ) grew stronger. Kioxia Holdings fell 5.6% and Mitsui Fudosan fell 3.7%, while the Nikkei 225 index plunged 1.9% to 49,303.28. The 10-year government bond yield rose 7.5 basis points to 1.875%, its highest level since June 2008, reflecting market pressure over the possibility of a rate hike. BOJ Governor Kazuo Ueda confirmed that the central bank will discuss the possibility of a rate hike at its meeting later this month. The USD/JPY...
Hong Kong's equity market commenced Tuesday's trading session with modest gains, as investors displayed cautious optimism. The benchmark Hang Seng Index advanced by 86 points, or 0.33 per cent, to open at 25,945. Supporting the positive opening, the Hang Seng China Enterprises Index recorded a gain of 28 points to reach 9,158, while the technology-focused index added 11 points, opening at 5,611. Trading activity revealed a divided performance within the technology sector. Industry leaders Tencent Holdings and Alibaba Group registered increases of 0.3 and 0.9 per cent respectively, while...
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....