Markets are kicking around the idea of a Federal Reserve rate cut in September, but Morgan Stanley isn't sure, warning that the odds may be closer to 50-50 despite widespread expectations. Strong economic indicators including solid GDP growth, healthy financial conditions, and low volatility stand in the way of a clear case for easing, the bank said in a recent report. Nominal GDP growth remains robust at over 5%, unemployment holds steady at 4.2%, and retail sales continue surpassing expectations, reflecting an economy far from needing stimulus, Morgan Stanley's economists said. "It cannot...
Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles pressured the market. Brent futures were up 34 cents, or 0.5%, at $76.38 a barrel by 1407 GMT. U.S. West Texas Intermediate crude rose 26 cents, or 0.4%, to $72.51. U.S. crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday. [API/S] Oil prices edged lower on Thursday because of the stock build in the U.S., said Saxo Bank analyst Ole Hansen. "The...
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, slips lower on Thursday and trades below 107.00 at the time of writing. The move comes after United States (US) President Donald Trump mentioned that a trade deal with China might come. This is a big sigh of relief in markets on the tariff and trade front, as it would mean that some easing could come before April when levies are due to kick in. The US economic calendar is quite calm this Thursday, except for the weekly Initial Jobless Claims, the Philadelphia Fed Manufacturing...
Gold's price (XAU/USD) remains near another fresh all-time high after already having printed one in early trading on Thursday. The precious metal trades around $2,955 at the time of writing. The push higher comes after United States (US) President Donald Trump said that a trade deal with China could be possible. Geopolitical concerns at the same time grew after President Trump said Ukraine started the war with Russia and alluded it is time to repay the US for all the funding provided. Meanwhile, the Federal Reserve (Fed) Minutes for the January policy meeting released on Wednesday had...
Oil prices were little changed on Thursday after rising to a near one-week high in the previous session, as an industry report showing a buildup in U.S. crude stockpiles weighed on sentiment. Brent futures were up 20 cents at $76.24 a barrel by 0600 GMT. U.S. West Texas Intermediate crude dropped 30 cents to $71.95. The March contract expires on Thursday, while the more active April contract rose 21 cents to $72.31. U.S. crude stocks rose by 3.34 million barrels last week, market sources said, citing American Petroleum Institute figures on Wednesday. Official oil inventory data from the...
Gold futures rise to a fresh high. Futures are up 1.2% at $2,971.30 a troy ounce after a new record of $2,973 an ounce earlier in the session. Gold's near 12% rise year to date surpasses even MUFG's above-consensus expectations, analysts say in a note. Gold's rally has shrugged off a higher U.S. dollar and yields as well as growing Russia-Ukraine war settlement prospects, MUFG says. MUFG keeps its end-of-year spot gold estimate of $3,080 an ounce, but said there was clear upside potential. The bullion looks well-positioned to hedge risks from U.S. President Trump's policies. Should Trump...
President Donald Trump said he would fire Lisa Cook from the Federal Reserve's Board of Governors if she does not resign her post over mortgage-fraud accusations from a top...
The Reserve Bank of Australia (RBA) maintained its cash rate at 4.1% during its April meeting, holding borrowing costs unchanged after slashing 25 bps in the February meeting, aligning with market...