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 Australian dollar (AUD) remained under selling pressure on Thursday. Disappointing Australian economic data and rising expectations of an early interest rate cut by the Reserve Bank of Australia (RBA) dragged the Aussie lower. Additionally, concerns about potential import tariffs from President-elect Donald Trump may have contributed to the AUD's decline. Traders will be eyeing the US Initial Jobless Claims and the weekly Goods Trade Balance on Thursday for fresh impetus. Any sign of weaker US labor market data could undermine the greenback and help limit losses for the pair. On...
Gold price advances during Wednesday's North American session, sponsored by mixed US economic data. Nevertheless, the non-yielding metal remained slightly subdued as Federal Reserve (Fed) Chair Jerome Powell crossed the wires. The XAU/USD trades at $2,652, up 0.35%. Powell said the US economy is in good shape, adding that September's rate cut was a message to support the labor market. He said that despite showing progress, it's premature to declare victory on inflation, and the US central bank could be cautious in setting monetary policy. Recently, inflation has proved to be stickier than...
Oil steadied after a decline, with traders looking ahead to an OPEC+ meeting on Thursday that's expected to see the cartel again defer a move revive shuttered capacity in an already well-supplied market. West Texas Intermediate traded near $69 a barrel after sliding by 2% on Wednesday, with Brent crude closing above $72. The Organization of the Petroleum Exporting Countries and its allies are edging closer to agreeing to push back an increase in supply to stave off a glut in 2025. US data on Wednesday painted a mixed picture. While commercial stockpiles shrank by more...
U.S. oil futures finished lower Wednesday as pressure from uncertainty a day ahead of a decision by major oil producers on output levels outweighed support from weekly U.S. data showing a crude inventory drop of more than 5 million barrels. Investors also weighed news of deepening U.S. sanctions on Iranian oil exports. West Texas Intermediate crude for January delivery fell $1.40, or 2%, to settle at $68.54 a barrel on the New York Mercantile Exchange after gaining 2.7% on Tuesday. February Brent crude, the global benchmark, lost $1.31, or 1.8%, at $72.31 a barrel on ICE Futures...
Gold edged higher on Wednesday after data showed U.S. private payrolls rose at a moderate pace last month, while investors digested remarks from Federal Reserve Chair Jerome Powell and looked forward to Friday's non-farm payrolls report. Spot gold was up 0.4% at $2,654.03 an ounce by 02:15 p.m. ET (1915 GMT). U.S. gold futures settled 0.3% higher at $2,676.20. Private payrolls rose by 146,000 last month, the ADP report showed. Economists polled by Reuters had forecast private employment increasing by 150,000 positions. Powell said the recent performance of the economy will allow the U.S....
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.
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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...