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 Australian Dollar (AUD) attempted to halt its losing streak against the US Dollar (USD) on Wednesday (13/11) following a radio interview with Australian Prime Minister Anthony Albanese. Albanese said he discussed trade with US President-elect Donald Trump during a phone call last week. Albanese told Trump that the United States has a trade surplus with Australia and stressed that Washington's best interest is to "trade fairly" with its allies. Meanwhile, the defense minister underlined Australia's significant investment in security. The AUD/USD pair remained subdued following the...
The Japanese Yen (JPY) remained on the back foot against its American rival and hit a fresh low since July 30 during the Asian session on Wednesday, albeit managing to defend the psychological 155.00 level. Growing market confidence that the Japanese political landscape could make it difficult for the Bank of Japan (BOJ) to raise interest rates again continued weighing on the JPY. Meanwhile, US President-elect Donald Trump's inflation rate, which could have a significant impact on Japanese exports, could limit the scope for the Federal Reserve (Fed) to cut interest rates. This remained...
Oil prices edged up on Wednesday on signs of short-term supply tightness but remained near a two-week low after OPEC lowered its forecast for global oil demand growth in 2024 and 2025. Brent crude futures were up 13 cents, or 0.18%, at $72.02 a barrel by 0205 GMT, and U.S. West Texas Intermediate (WTI) crude futures were up 13 cents, or 0.19%, at $68.25. But weaker demand projections and weakness in top consumer China continued to weigh on market sentiment. In its monthly report on Tuesday, the Organization of the Petroleum Exporting Countries (OPEC) said global oil demand will rise by...
Gold steadied near a seven-week low, with the precious metal remaining pressured after Donald Trump's election victory sparked a surge in the dollar. The greenback gauge has risen to its highest in nearly two years, making dollar-priced commodities like bullion more expensive for most buyers. Hedge funds have unwound bullish bets on the metal and exchange-traded fund flows have become less supportive amid a broad rotation into U.S. equities. Bullion has fallen 7% from an all-time high hit on Oct. 31, but is still up more than a quarter this year. Bullion has been supported by the Federal...
US benchmark West Texas Intermediate (WTI) crude oil prices were trading around $68.00 on Wednesday (11/13). WTI prices edged lower after the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2024. OPEC's latest revision to demand growth put selling pressure on the black gold. OPEC said in its monthly report on Tuesday that global oil demand will rise by 1.82 million barrels per day (bps) in 2024, down from the 1.93 million bpd growth it expected last month. OPEC also lowered its estimate for global demand growth in 2025 to 1.54...
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...