Gold prices fell on Tuesday (December 16th), as investors became more cautious ahead of crucial US jobs and inflation data, which could provide clues to Federal Reserve policy heading into the new year. Spot gold prices fell 0.3% to $4,290.33 an ounce, as of 06:37 GMT. Bullion has gained 64% since the start of the year, breaking several records along the way. US gold futures fell 0.4% to $4,316.40. "We're right near the previous high around $4,380 from mid-October. So the market is essentially asking whether there's enough conviction to break higher, or whether this is the level where...
Chinese President Xi Jinping convened a high-profile meeting with leading entrepreneurs in Beijing on Monday, signalling a renewed emphasis on supporting the private sector following years of regulatory pressure. The meeting, attended by prominent figures such as Alibaba co-founder Jack Ma, Huawei founder Ren Zhengfei, BYD chairman Wang Chuanfu, and Xiaomi founder Lei Jun, highlighted the government's pivot towards fostering private enterprise. Other attendees included Yu Renrong, chairman of Will Semiconductor Co., and Wang Xingxing, founder of Unitree Robotics. According to state media...
New bank loans in China surged more than expected to a record high in January as the central bank moved to shore up a patchy economic recovery, reinforcing expectations for more stimulus in coming months as U.S. tariffs threaten to pile more pressure on the economy. Chinese banks extended 5.13 trillion yuan ($706.40 billion) in new yuan loans in January, more than quadrupling the December figure, data from the People's Bank of China showed on Friday, beating analysts' forecasts Analysts polled by Reuters had predicted new yuan loans would rise to 4.5 trillion yuan last month, up sharply...
Retail sales in the US contracted 0.9% month-over-month in January 2025, much worse than forecasts of a 0.1% drop, and following an upwardly revised 0.7% gain in December. It is the biggest decline in retail sales since March 2023, with severe weather and LA fires weighing on consumer spending. Sales at sporting goods, hobby, musical instrument, & book stores (-4.6%) recorded the biggest decline, followed by motor vehicles and part dealers (-2.8%); nonstore retailers (-1.9%); furniture (-1.7%); building material & garden equipment (-1.3%); clothing (-1.2%); health and personal care...
U.S. President Donald Trump on Thursday took what could become his most consequential action involving international trade early in his second administration. Trump, who signed a memorandum calling for reciprocal tariffs, told a group of reporters in the Oval Office that "if you build your product in the United States, there are no tariffs." The goal is to bring down America's budget deficit, estimated to be approaching $2 trillion. The president added that the action "is fair to all. No other country can complain." Trump ordered Howard Lutnick and Jamieson Greer, his picks for commerce...
President Donald Trump on Thursday signed a presidential memorandum outlining his plan to impose "reciprocal tariffs" on foreign countries. "They put a tax or a tariff on us and we put a tariff on them," Trump said at a news conference in the Oval Office. The president said that under the plan, the U.S. would treat other countries' non-tariff policies as unfair trade practices that require tariffs in response. That includes value-added taxes, or VATs, and other practices deemed by the U.S. Trade Representative's office to be unfair restrictions on trade. Trump said that foreign countries...
Core producer prices in the United States, which exclude food and energy costs, rose by 0.3% over a month in January 2025, following an upwardly revised 0.4% increase in December, in line with market forecasts. On a yearly basis, core producer inflation was 3.6% in January, down slightly from an upwardly revised 3.7% in December but well above market estimates of 3.3%.Source: Trading Economics
US citizens filing new applications for unemployment insurance rose to 213K for the week ending February 8, as reported by the US Department of Labor (DoL) on Thursday. This print missed initial estimates and was lower than the previous week's revised tally of 220K (from 219K). The report also highlighted a seasonally adjusted insured unemployment rate of 1.2%, while the four-week moving average dropped to 216.00K, marking a decrease of 1K from the prior week's revised average.Source: FXStreet
The UK economy expanded 0.1% QoQ in the three months to December 2024 after showing no growth in the third quarter. The data beat the expected 0.1% decline in the reported period.The UK GDP increased 1.4% year-on-year (YoY) in Q4 vs. 1.1% expected and 0.9% recorded in Q3.The monthly UK GDP arrived at 0.4% in December, compared to a 0.1% increase in November, bettering the expectations of 0.1%.Meanwhile, the Index of services (December) came in at 0.2% 3M/3M vs. 0% prior.Other data from the UK showed that Industrial Production and Manufacturing Production grew 0.5% and 0.7%, respectively,...
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....