Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy. Bullion traded below $3,340 an ounce, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June. San Francisco Fed President Mary Daly said it's reasonable for policymakers to plan on two interest-rate cuts this year, emphasizing that the central bank...
President Donald Trump on Monday said he will soon announce tariffs targeting automobiles, pharmaceuticals and other industries, signaling his plans to pile more sweeping duties on top of his forthcoming "reciprocal tariffs." "We'll be announcing cars very shortly," Trump said at a Cabinet meeting. "We already announced steel, as you know, and aluminum." "We'll be announcing pharmaceuticals at some point," he said, "because we have to have pharmaceuticals." "So we'll be announcing some of these things in the very near future, not the long future, the very near future," Trump said. Trump...
European markets closed slightly lower on Monday as optimism over the path of U.S. tariffs faded. Concluding a choppy session, the pan-European Stoxx 600 ended 0.13% lower, with Germany's DAX down 0.17%, France's CAC 40 down 0.26%, and the U.K.'s FTSE 100 down 0.1%. The travel and leisure sector was up 0.55% after London's Heathrow Airport reopened on Saturday following a power outage caused by a fire at a nearby electrical substation that disrupted Friday service. British Airways owner IAG was up 0.8%. Swedish defense firm Saab gained 4.5% after UBS upgraded its stock from neutral to...
European markets were mixed on Monday after U.S. President Donald Trump hinted at tariff "flexibility." The pan-European Stoxx 600 was little-changed by 4 p.m. in London, with Germany's DAX down 0.06%, France's CAC 40 down 0.23%, and the U.K.'s FTSE 100 trading flat. The travel and leisure sector was up 0.59% after London's Heathrow Airport reopened on Saturday following a power outage caused by a fire at a nearby electrical substation that disrupted Friday service. British Airways owner IAG was up 0.9%. Swedish defense firm Saab was up 4.5% after UBS upgraded its stock from neutral to...
Stocks in the US kicked off the week in the green, with the S&P 500 adding 1%, the Nasdaq soaring 1.5% and the Dow Jones gaining 350 points, as traders hope the new US tariffs set to take effect on April 2nd could be softer and more targeted than initially anticipated. Reports emerged that President Donald Trump's coming wave of tariffs is poised to be more targeted than the barrage he has occasionally threatened. All sectors were in the green, but consumer discretionary, tech and communication services outperformed. Shares of Tesla soared more than 5% and other megacaps were also...
The STOXX 50 was up 0.8% and the STOXX 600 soared 0.6% on Monday, rebounding from Friday's losses, as traders hope the new US tariffs set to take effect on April 2nd could be softer and more targeted than initially anticipated. Reports emerged that President Donald Trump's coming wave of tariffs is poised to be more targeted than the barrage he has occasionally threatened.Meanwhile, traders were also digesting fresh PMI data, with figures for France beating forecasts while in Germany, both composite and services PMIs came below forecast although the manufacturing one beat. Basic resources,...
The Hang Seng climbed 216 points or 0.9% to finish at 23,905 on Monday, rebounding from a subdued morning session. The rally followed strong gains in U.S. futures after President Trump hinted at possible "flexibility" in his reciprocal tariff plan ahead of the April 2 deadline. Meanwhile, Fed Chair Powell last week downplayed the long-term impact of the tariffs, easing investor concerns. Markets welcomed Premier Li Qiang's renewed pledge for more proactive macroeconomic policies. Meantime, the PBoC reiterated plans to cut banks' RRR and interest rates at an "appropriate time" later this...
Japanese stocks were down after the close on Monday, March 24, as losses in the Shipbuilding, Manufacturing and Services sectors led shares lower. At the close in Tokyo, the Nikkei 225 was down 0.15%. The best performers on the Nikkei 225 were Sumitomo Realty & Development Co. (TYO:8830), which rose 10.52% or 575.00 points to trade at 6,042.00 at the close. Meanwhile, Tokyo Tatemono Co., Ltd. (TYO:8804) gained 4.94% or 123.50 points to close at 2,623.00 and Mitsubishi Estate Co Ltd (TYO:8802) gained 4.85% or 114.50 points to 2,474.00 in late trade. The worst performers on the session...
Hong Kong stocks were little changed in early trade on Monday, steady at around 23,686 after falling sharply in the previous two sessions. Property and financial stocks were lower, while gains in tech stocks and sluggish consumer staples provided little support. Traders approached President Trump's upcoming April 2 deadline for reciprocal tariffs with caution, hoping for a more targeted approach in this round of levies. On the local front, data showed that Hong Kong's current account surplus jumped to HK$96.3 billion in Q4 2024, up from HK$61.5 billion a year earlier, driven by higher...
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....