Renewed tensions between the United States and Russia have resurfaced following an incident involving an oil tanker, sparking market concerns about potential disruptions to global energy supplies. Washington's move, associated with tightening oversight and enforcement of sanctions on Russian oil shipments, is viewed by Moscow as provocative and could worsen relations between the two countries. Russia views these actions as an attempt by the United States to suppress Russian energy exports and strengthen its dominance in the global oil market. Meanwhile, Washington argues that these measures...
The dollar weakened against the euro and Swiss franc on Friday, on course for a 2% decline in August against a basket of currencies, as traders prepared for a U.S. interest rate cut by the Federal Reserve next month. The dollar, which initially firmed after U.S. inflation data came in as expected, later gave up gains, failing to break a three-day losing streak. The U.S. Commerce Department reported on Friday that its Personal Consumption Expenditures (PCE) Price Index rose 0.2% last month after an unrevised 0.3% rise in June. The data keeps the Fed on track for a widely expected rate cut...
Gold climbed to $3,445 per ounce on Friday, nearing April's record of $3,500, and is set for a second weekly gain, as investors sought refuge amid uncertainty over US monetary policy. Concerns that political pressure on the Federal Reserve could accelerate interest rate cuts have bolstered prices, with markets largely pricing in a 25 bps reduction in September. Fed Governor Christopher Waller also signaled support for starting rate cuts next month, saying he "fully expects" further reductions to bring policy closer to neutral, echoing the stance of his colleagues. Meanwhile, US consumer...
Gold held steady early Friday (August 29th), despite a strengthening dollar, as a key US inflation indicator held steady last month, meeting market expectations but failing to dampen hopes for an upcoming interest rate cut. Gold for December delivery was last traded down US$0.70 at US$3,473.60 per ounce. The US Bureau of Economic Analysis reported that the July Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose at a 2.6% annualized pace, unchanged from June and in line with consensus expectations, according to FactSet. Core PCE,...
Oil prices edged lower and are expected to post a monthly loss, with trading dominated by concerns about a looming oversupply and geopolitical issues, including U.S.-led efforts to end the war in Ukraine. Brent for November delivery traded below $68 a barrel, with the global benchmark about 5% lower this month. West Texas Intermediate fell near $64. Oil has weakened in August amid concerns that global supply will exceed demand in coming quarters, leading to a buildup in stockpiles. Investors are also focused on Ukraine and a potential shift in crude oil flows away from Russia. U.S....
Silver (XAG/USD) traded 0.6% lower at around $38.80 during the European trading session on Friday (August 29th). The white metal corrected slightly after failing to extend its gains above $39.00, as investors await the US Personal Consumption Expenditures (PCE) Price Index data for July, due to be released at 12:30 GMT. Economists expect US core PCE inflation, the Federal Reserve's preferred inflation measure, to rise at a faster pace of 2.9% year-on-year compared to 2.8% in June, with the monthly figure remaining stable at 0.3%. Technically, signs of accelerating price pressures have...
Asian stock markets fell in unison on Thursday, following Wall Street's decline. A brief rally in tech stocks led by Nvidia quickly faded, prompting investors to turn away from riskier assets like...
European stock indices closed marginally lower on Wednesday as equities took a breather from their recent strong momentum, while investors continued to assess the outlook for the ECB's policy this...
The upcoming Supreme Court ruling on the legality of President Donald Trump's massive tariffs, which rocked markets in April, is one of the next major tests for US stocks and bonds.
Equity markets...