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...
Gold price action is reacting to another critical US inflation report on Wednesday as price action remains sensitive to shifting interest rate expectations and movements in the US Dollar. At the time of writing, the XAU/USD is above $3,350, as traders digest inflation reports and shift focus to concerns related to Fed independence. The June PPI came in softer than expected, with the monthly headline figure coming in unchanged, below forecasts of a 0.2% increase. On an annual basis, headline PPI rose 2.3%, also underperforming expectations of 2.5% and marking a decline from May's...
The US Dollar slumps on Wednesday after CBS reported that US President Donald Trump asked a group of House Republicans whether he should fire Federal Reserve Chair Jerome Powell. The news offsets earlier gains triggered by softer-than-expected US Producer Price Index (PPI) data for June, which initially lifts the Greenback amid signs of easing inflation. At the time of writing, the US Dollar Index (DXY), which measures the Greenback's strength against a basket of six major currencies, is trading sharply lower near 98.00 during American trading hours, retreating from an intraday high of...
Gold strengthened slightly on Wednesday (July 16th) as the dollar weakened after a report showed US wholesale prices remained stable last month. Gold for August delivery last traded up US$5.00 to US$3,341.70 per ounce. The US Bureau of Labor Statistics reported the Producer Price Index (PPI) was unchanged in June compared to the previous month, while the consensus estimate was for a monthly increase of 0.2%, according to Marketwatch. The Core PPI, which excludes volatile items, was also unchanged, again lower than the consensus for a monthly increase of 0.2%. This data follows the release...
Oil prices fell about 1% on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of U.S. tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 63 cents, or 0.9%, to $68.08 a barrel at 11:50 GMT. U.S. West Texas Intermediate crude futures fell 69 cents, or 1%, to $65.83. U.S. President...
Gold strengthened on Wednesday (July 16th) on a weaker dollar, while investors awaited further clarity on trade talks between the US and its trading partners, with fresh inflation data due to provide further direction on the US Federal Reserve's policy outlook. Spot gold rose 0.6% to $3,341.29 per ounce, as of 09:10 GMT. US gold futures edged up 0.3% to $3,348.20. The US dollar (.DXY), opens a new tab, fell 0.1%, making gold cheaper for buyers holding other currencies. "The dollar is currently weakening ahead of the US PPI data as traders are taking a cautious stance after the recent...