Indonesia's sovereign wealth fund, Danantara, plans to sign a USD 8 billion engineering, procurement, and construction (EPC) contract with US engineering firm KBR Inc. to build 17 modular refineries, according to two sources familiar with the matter and an official presentation by the Economic Ministry, as reported by Reuters. The contract is part of a trade pact reached last week between Indonesia and the US, which resulted in a reduction of proposed US tariffs, from 32% down to 19%. Indonesia's Economic Minister, Airlangga Hartarto, who served as chief negotiator for the deal, revealed...
The U.S. dollar weakened slightly on Thursday ahead of the release of more important labor market data, while the euro gained a bit despite political turmoil in France. At 5:20 AM ET (10:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was trading 0.1% lower at 106.180. The dollar has given back some of its recent gains after private monthly payrolls grew more slowly than expected while service sector activity slowed in November after posting gains in recent months. Federal Reserve Chairman Jerome Powell has indicated that the U.S. economy is...
Gold prices (XAU/USD) traded in a tight range around $2,650.00 during the European session on Thursday (5/12). The precious metal struggled to find direction as investors have been sidelined ahead of the United States (US) Nonfarm Payrolls (NFP) data for November, due for release on Friday. The labor market data will significantly influence market expectations for the Federal Reserve's (Fed) likely interest rate decision at its monetary policy meeting on December 18. Financial market participants currently expect the Fed to cut interest rates by 25 basis points (bps) to 4.25%-4.50%,...
Gold steadied after a modest gain as the market digested remarks from the head of the Federal Reserve before data that may influence the central bank's next interest-rate decision. Bullion traded near $2,645 an ounce after Fed Chair Jerome Powell said he expects officials can move cautiously as they continue to lower rates. US nonfarm payroll figures due Friday are the next major data point before policymakers meet on Dec. 17-18 in Washington, with swaps markets pricing in a 25-point cut. Gold has scope to push higher next year, likely hitting a...
Oil prices were mostly steady on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group will do next on supply cuts while also monitoring geopolitical tensions in the Middle East. Brent crude futures were up 5 cents, or 0.07%, at $72.36 a barrel by 0730 GMT, while U.S. crude futures were at $68.60 a barrel, up 6 cents, or 0.09%. Both benchmarks fell nearly 2% on Wednesday. A bank sold a large number of U.S. futures contracts in afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices lower. The...
EUR/USD moved higher and attempted to stay above 1.0500 during European trading hours on Thursday (5/12). The major currency pair strengthened slightly as investors tried to recover from the anticipated collapse of Michel Barnier's three-month-old government after it lost a no-confidence motion brought by a coalition of right-wing and left-wing politicians. The dismantling of the French government has plunged the economy into a deeper crisis by limiting its capacity to tame a burgeoning fiscal deficit. Right-wing and left-wing lawmakers backed the no-confidence motion against Barnier after...
China's official NBS Manufacturing PMI increased to 49.7 in June 2025 from May's 49.5, matching market expectations while marking the third consecutive month of contraction in factory activity.
It...
Both the STOXX 50 and STOXX 600 hovered around the flatline on Friday, as investors adopted a cautious stance ahead of further developments in trade talks between US President Trump and Chinese...
Indonesia's sovereign wealth fund, Danantara, plans to sign a USD 8 billion engineering, procurement, and construction (EPC) contract with US engineering firm KBR Inc. to build 17 modular...