European stocks closed slightly higher on Wednesday, tracking the rebound in North American equities as speculation on future AI returns continued to dictate risk sentiment. The Eurozone's STOXX 50 rose 0.2% to 5,670 and the pan-European STOXX 600 rose 0.3% to 572. Industrial giants and auto producers led the gains in the session to rebound from their losses yesterday, with Schneider Electric and Wolters Kluwer advancing between 2% and 1.5%. In the meantime, BMW surged close to 7% after posting improved margins despite dealing with tariff uncertainties in the third quarter, lifting shares...
The dollar headed for a second straight weekly gain against major peers, buoyed by some solid U.S. economic data that supported the view the Federal Reserve can afford to wait a while longer before cutting interest rates again. The yen remained on the back foot heading into upper house elections on Sunday in Japan, with polls suggesting the ruling coalition is at risk of losing its majority - a development that would stir policy uncertainty and complicate tariff negotiations with the U.S. Bitcoin hovered just above $120,000, after this week pushing to an all-time peak of $123,153.22, with...
Gold steadied and was set for a moderate weekly loss as investors assessed the outlook for Federal Reserve rate cuts after resilient US jobs and retail data eased concerns about the economy. Bullion traded below $3,340 an ounce, heading for a 0.5% drop on the week. That came after data that showed applications for unemployment benefits fell for a fifth straight week to the lowest level since mid-April, and advancing retail sales in June. San Francisco Fed President Mary Daly said it's reasonable for policymakers to plan on two interest-rate cuts this year, emphasizing that the central bank...
The USD/CHF pair tumbles to around 0.8030 during the early European session on Friday. Persistent trade tensions and Federal Reserve (Fed) policy uncertainty boost the safe-haven demand, supporting the Swiss Franc (CHF). The preliminary reading of the University of Michigan Consumer Sentiment will be the highlight later on Friday. Also, the US Building Permits and Housing Starts will be released. Concerns over the economic impact of US President Donald Trump's tariff policies, the US fiscal and debt outlook, and the Fed's independence provide some support to the safe-haven assets like the...
Oil headed for a back-to-back daily gain after US data showed the world's largest economy holding up despite the fallout from the Washington-led trade war, while market metrics pointed to near-term tightness. Global benchmark Brent rose toward $70 a barrel after adding more than 1% in the previous session, while West Texas Intermediate was near $68. In wider markets, strong US data eased concerns about the economy, helping to underpin a risk-on mood and global equity rally. Asian stocks advanced. Crude futures, as well as those for gasoil, remain in backwardation in the nearer months of...
Silver price (XAG/USD) holds mild losses after two days of gains, trading around $38.20 per troy ounce during the Asian hours on Friday. The non-interest-bearing Silver attracts some sellers as the upbeat economic data from the United States (US) has dampened the likelihood of the Federal Reserve (Fed) easing monetary policy. It is important to note that higher interest rates make precious metal Silver less attractive for investors seeking higher returns. US Retail Sales rose by 0.6% month-over-month in June versus -0.9% prior. This figure came in above the market consensus of 0.1%....