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 Japanese Yen (JPY) edged higher against its US counterpart during the Asian session on Thursday, pulling away from a weekly low hit the previous day. Signs that underlying inflation in Japan is picking up continued to fuel expectations that the Bank of Japan (BOJ) will raise interest rates again in December. Moreover, persistent geopolitical risks, trade war fears and an overnight decline in US Treasury yields further benefitted the low-yielding JPY. That said, Wednesday's aggressive remarks by a number of influential FOMC members, including Federal Reserve (Fed) Chairman Jerome...
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...
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...