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...
Gold rose on Wednesday as expectations of a U.S. Federal Reserve interest rate cut in September gained traction following mild inflation data, while a weaker dollar bolstered bullion's demand. Spot gold gained 0.3% to $3,354.77 per ounce, as of 0802 GMT. U.S. gold futures for December delivery inched up 0.1% at $3,403.20. "Market participants are starting to debate if the Fed will do a 50 basis point cut at its September meeting following the comments from U.S. Treasury Secretary Bessent yesterday, with a focus on incoming weaker U.S. economic data supporting that," said UBS commodity...
Crude edged lower after the International Energy Agency said oil markets are set to see a growing surplus at the end of this year and into next. Global benchmark Brent fell as much as 0.9% to around $66 a barrel, extending Tuesday's small decline. Oil inventories are set to grow at the fastest pace on record next year and hit a 46-month high in June, the agency said, a day after the US government also bolstered its view for a surplus this year. Against that backdrop, traders are looking ahead to a meeting between US President Donald Trump and his Russian counterpart in Alaska on Friday...
The British pound rose to $1.355, a three-week high, after UK labour data showed smaller-than-expected job losses in July, easing concerns about the economy. Payrolls fell just 8,000, well below forecasts of 20,000, and earlier months were revised lower, suggesting the labour market is holding up despite the Labour government's £26 billion tax increase. Unemployment remained at 4.7%, while private-sector wage growth eased slightly to 4.8%, still above the Bank of England's 2% inflation target. The data highlights the BoE's delicate balancing act between sticky inflation and a softening...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its losses for the second successive session and trading around 97.80 during the European hours on Wednesday. The Greenback faces challenges amid easing risk aversion following the latest United States (US) inflation data, which strengthened expectations for a US Federal Reserve rate cut in September. The CME FedWatch tool indicates that markets are now pricing in approximately 96% odds of a Fed rate cut at the September meeting, up from 86% a day ago. The US Consumer Price...
Gold edged higher on Wednesday, supported by a weaker dollar after mild U.S. inflation data cemented bets for an interest rate cut in September, while investors awaited this week's U.S.-Russia talks over the war in Ukraine. Spot gold was up 0.3% at $3,355.30 per ounce, as of 0651 GMT. U.S. gold futures for December delivery gained 0.2% to $3,405.50. "The fall in the USD enabled a moderate bounce in the gold price, with the precious metal oscillating around the $3,350 level ahead of the Trump-Putin meeting on Friday," said Tim Waterer, chief market analyst at KCM Trade. "If the meeting in...
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...