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 index held its recent decline around 106.1 on Thursday, with trading volumes remaining low due to the Thanksgiving holiday in the US. The index fell 0.8% on Wednesday after US PCE inflation data matched expectations, suggesting little change in the Federal Reserve's interest rate outlook. Markets are currently pricing in a 66.5% chance that the Fed will cut rates by 25 basis points in December, up from 55.7% a week earlier. The dollar also faced pressure earlier this week following the nomination of Scott Bessent as US Treasury Secretary, which provided a sense of stability to...
Gold held steady for a second day, as investors weighed the outlook for U.S. interest rates after inflation data that supported the case for a rate cut next month. Bullion traded near $2,635 an ounce, with pressure on the metal easing as the U.S. dollar rally lost steam. The U.S. dollar, which gained after President-elect Donald Trump's victory, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers. Traders also weighed Wednesday's core personal consumption expenditures price index — the Federal Reserve's...
Oil was little changed as trade thinned out ahead of the U.S. Thanksgiving holiday, with focus on this weekend's OPEC+ meeting. West Texas Intermediate was below $69 a barrel after trading in its tightest range in more than a month on Wednesday, with Brent crude closing near $73. OPEC+ is widely expected to once again delay a production recovery when it meets Sunday, to offset concerns about an anticipated supply glut next year. U.S. trade had been subdued before the holiday. Crude had been trapped in a tight range since early October, with prices shaken by geopolitical concerns in the...
Gold prices recover on Wednesday after dropping to a weekly low of $2,605, bolstered by a soft US Dollar responding to the release of US economic data. This alongside falling US Treasury bond yields, spurred Gold's recovery to current prices. The XAU/USD trades at $2,636 up by 0.13%. The market mood turned slightly sour as US equity markets prepared for Thanksgiving. In the meantime, the Federal Reserve's (Fed) preferred inflation gauge, the core Personal Consumption Expenditures (PCE) Price Index, justifies the Fed's gradual approach, which is expected to lower borrowing costs at the...
Gold rose on Wednesday, rebounding from an over one-week low hit in the previous session, on a weaker dollar, but trimmed earlier gains after data showed stalled inflation progress, hinting that the U.S. Federal Reserve might be cautious on further rate cuts. Spot gold was up 0.4% at $2,641.34 per ounce. U.S. gold futures rose 0.7% to $2,640.60. U.S. consumer spending increased solidly in October, but progress lowering inflation appears to have stalled in the past months. "We think that the small correction that we just saw in the metals in reaction to data was mostly driven by personal...
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...