The STOXX 50 rose 0.5% on Thursday (August 7), marking its fourth consecutive session of gains, while the broader STOXX 500 edged up 0.1%. Market sentiment remained driven by corporate earnings and the implementation of President Trump's new tariffs. The US's "reciprocal" tariffs, which target nearly all major trading partners, took effect today, with the European Union now facing 15% tariffs. In corporate news, Maersk shares jumped more than 5% after the Danish shipping giant reported higher-than-expected second-quarter operating profit. Allianz rose 3.6% after its earnings beat estimates,...
Gold fell below $3200/oz as a pause in Chinese ETF flows and geopolitical optimism triggered a pullback but underlying support from central banks and institutional inertia keeps downside risk asymmetric, TDS' Senior Commodity Strategist Daniel Ghali notes. Positive Russia-Ukraine headlines expose Gold to sharp pullback"Gold prices are breaking through the $3200/oz range. because Chinese ETF flows ground to a halt overnight after gaining steam over the last sessions, leaving the door for positive Russia-Ukraine headlines to catalyze a break." the US-China ceasefire on trade was the...
Oil prices fell on Wednesday as traders eyed a potential jump in U.S. crude inventories, while OPEC lowered its oil supply growth forecast for producers outside OPEC+. Brent crude futures fell 75 cents, or around 1.1%, to $65.88 a barrel by 1206 GMT. U.S. West Texas Intermediate (WTI) crude slipped 75 cents, or 1.2%, to $62.92. OPEC on Wednesday trimmed its forecast for growth in oil supply from the United States and other producers outside the wider OPEC+ group this year. Supply from countries outside OPEC+ will rise by about 800,000 barrels per day in 2025, down from last month's...
Gold prices fell on Wednesday as easing U.S.-China trade tensions soothed fears of a potential global recession, boosting investor risk appetite and weighing on bullion's safe-haven appeal. Spot gold fell 0.4% to $3,233.69 an ounce, as of 0828 GMT. Prices scaled a record high of $3,500.05 last month amid elevated trade war fears. "After the tariff truce announced over the weekend, we've seen stock markets surge higher, and at least in the short term, this has removed some of the safe haven focus that has helped propel gold to record highs in recent months," said Ole Hansen, head of...
Silver prices declined to below $33 per ounce on Wednesday, reversing gains from the previous session as easing global trade tensions reduced demand for safe-haven assets. The pullback followed productive US-China trade talks over the weekend in Switzerland, where both sides agreed to temporarily lower tariffs to 30% and 10%, respectively, for a 90-day period—a notable step toward de-escalation. While this has eased market fears of a prolonged trade war, uncertainty remains over what will happen once the agreement expires, with further negotiations expected in the coming weeks. Reduced...
The U.S. dollar slips lower Wednesday adding to the previous session's sharp losses, as a cooler-than-expected U.S. consumer inflation release bolstered the case for further interest rate cuts. At 04:00 ET (08:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, fell 0.3% to 100.560, following a 0.8% slide on Tuesday. Dollar steadies after hefty drop U.S. consumer price index inflation was weaker than expected last month, according to data released Tuesday, alleviating some fears about the impact of the Trump trade tariffs. This hit the dollar...