European stocks closed sharply higher on Wednesday, their highest in two weeks as the outlook of lower interest rates in the United States and the possibility of lower energy prices supported a backdrop of stronger growth in the bloc. The STOXX 50 gained 1% to 5,390 and the STOXX 600 jumped 0.6% to 551. The heavyweight sectors of banks, luxury, and tech were among the largest gainers of the session with Intesa Sanpaolo, LVMH, Kering, SAP, and Prosus jumping between 4% and 1.5%. Healthcare also closed sharply higher following their volatile momentum in the first half of the month, with...
Gold prices hit a one-month low on Thursday as investors awaited key US inflation figures for clues on the Federal Reserve's monetary policy path, while easing US-China trade tensions also weighed on bullion's appeal. Spot gold fell 1.3% to $3,136.97 an ounce by 0536 GMT, after hitting its lowest since April 10 earlier in the session. US gold futures fell 1.5% to $3,140.00. The US and China agreed to drastically reduce tariffs and impose a 90-day pause, defusing a potentially damaging trade war between the world's two largest economies. "The intraday outlook today is weak for the yellow...
Oil prices plunged more than $1 during trading on Thursday on hopes of a potential U.S.-Iran nuclear deal, while a surprise build in U.S. crude inventories last week raised investor concerns about a supply glut. Brent crude fell $1.49, or 2.3%, to $64.60 a barrel by 0405 GMT. U.S. West Texas Intermediate (WTI) crude fell $1.46, or 2.3%, to $61.69. Both benchmarks fell about 0.8% on Wednesday. Iran is willing to agree to a deal with the U.S. in exchange for the lifting of economic sanctions, an Iranian official told NBC News in an interview published Wednesday. "The renewed selling was...
Silver (XAG/USD) price extended its decline for the second straight session, trading around $31.90 per troy ounce during Asian hours on Thursday (5/15). The daily chart technical analysis suggests a weakening bullish outlook, as the precious metal has dropped below an ascending channel pattern. The 14-day Relative Strength Index (RSI) has dropped below the 50 level, indicating a developing bearish bias. Moreover, Silver price has fallen below the nine-day and 50-day Exponential Moving Averages (EMA), further highlighting the fading strength of its near-term upside momentum. On the...
GBP/USD bounced back from recent losses, trading near 1.3280 during the Asian session on Thursday (5/15). The pair was supported by a weaker US Dollar (USD), as investors weighed the ongoing trade-related uncertainties despite a slight de-escalation in tensions. Market focus now shifts to the release of US Retail Sales and Producer Price Index (PPI) data later in the day. Speculations are growing that Washington may prefer a weaker dollar to strengthen its trade position. The Trump administration has argued that a strong greenback, relative to weaker regional currencies, hurts US...
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, traded lower around 100.90 during the Asian session on Thursday (5/15). The greenback remained under pressure as investors assessed ongoing trade-related uncertainties, despite recent easing of tensions. Speculation has been growing that Washington may prefer a weaker dollar to support its trade agenda. The Trump administration has argued that a strong dollar, compared to weaker regional currencies, has hurt US exporters. Improving global trade sentiment has eased recession fears,...