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 reaction to the US election so far in the FX market has been, as expected, a strong dollar across the board. "There is no major divergence in the performance of G10 currencies, with daily losses totaling around 1.0-1.7% except for the Canadian dollar, which is down less than 1%. This reflects the view that a landslide Republican victory is positive for the US economy and, by extension, Canadian exporters, as well as the fact that the CAD will be less exposed to tariffs in China and geopolitical developments under a new Trump presidency." "The sharp rise and broad sell-off across the...
Gold is being weighed by a stronger U.S. dollar as investors eye the election results, says Phillip Nova's Priyanka Sachdeva in a note. The U.S. dollar gained in early Asian trade as early election results trickled in. No matter whether Trump or Harris wins, gold remains the preferred hedge as the risk is immense and investors will need robust hedges in portfolios, the senior market analyst says. Current gold projections discount easing Fed rates, but inflation is still hovering above the Fed target, she says. There's still a possibility of derailment, especially given Trump's inflationary...
The Japanese yen weakened to around 154 per dollar on Wednesday, hitting its lowest level in 14 weeks as the dollar and US Treasury yields surged after former President Donald Trump took an early lead against Vice President Kamala Harris in the US presidential race. The results have unfolded largely as expected, with the outcome now hinged on seven key swing states. Domestically, minutes from the Bank of Japan's most recent meeting revealed that board members were in broad agreement on continuing to raise interest rates, as inflation and economic conditions align with the central bank's...
Oil slumped as traders monitored the US presidential election, and an industry report signaled a gain in stockpiles. Brent crude fell below $75 a barrel, with West Texas Intermediate near $71. With polls closed in more than two-thirds of states, Donald Trump had taken an early electoral lead over Kamala Harris, although the contest could take days to settle. A gauge of the US dollar advanced, weighing on most commodities. The outcome of the race for the White House carries the potential for significant shifts in US foreign, energy and climates policy. If Trump were to win,...
Gold was steady as investors monitored a tight US election that could prove massively consequential for financial markets. Bullion was near $2,740 an ounce as a gauge of the dollar rose. Given the closeness of the race between Democrat Kamala Harris and Republican Donald Trump, it's possible a final result may not be known for days or even longer, with the uncertainty potentially benefiting the precious metal. Some investors in recent weeks have bet heavily on a Trump victory. Trades tied to his pro-growth agenda have buoyed the dollar, which would typically dent...
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...