Stocks slipped on Thursday after a new inflation report showed that wholesale costs rose more than expected last month The Dow Jones Industrial Average lost 200 points, or about 0.5%. The S&P 500 shed 0.4%, while the Nasdaq Composite slid 0.3%. Investors came into the session riding high, with the S&P 500 and Nasdaq posting fresh record highs in the previous session. The benchmarks got a jolt earlier this week after the release of a cooler-than-expected consumer price inflation report for July. That report stoked hopes among investors for a rate cut from the Federal Reserve at the...
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, catches aggressive bids at the start of a new week and rallies to over a one-month top, around the 101.35-101.40 region during the early European session. The latest leg of a sudden spike over the past hour or so followed the highly anticipated US-China joint statement on the first round of trade talks held over the weekend in Geneva, Switzerland. The US will modify the application of the rate of duty on articles of China for an initial period of 90 days, and now only a 10% base rate will be applied....
Brent crude oil futures surged more than 2% to above $65 per barrel on Monday, reaching a two-week high, after the US and China agreed to pause most tariffs on each other's goods. This major trade breakthrough signaled a cooling of tensions between the world's two largest oil consumers, reducing risks to oil demand. Reports indicated both nations agreed to a 90-day pause and a significant reduction in tariff levels, with each side cutting reciprocal tariffs by 115%. Meanwhile, exerting bearish pressure on oil, OPEC+ plans to accelerate output hikes in May and June. Also, a potential...
Silver (XAG/USD) prices extended their gains for the third straight session, trading around $32.90 a troy ounce during Asian trading hours on Monday (5/12). The precious metal was supported by news that Canadian miner Pan American Silver will acquire MAG Silver Corp in a deal that values the company at around $2.1 billion, according to Reuters. The acquisition gives Pan American Silver access to MAG's 44% stake in Mexico's high-grade Juanicipio Silver mine, which is operated by Fresnillo, which owns the remaining 56%. The deal, which was unanimously approved by both companies' boards, is...
The USD/CHF pair rose near 0.8340 during the early European session on Monday (5/12). The Swiss Franc (CHF) weakened against the Greenback amid easing fears of a trade war between the United States (US) and China, the world's two largest economies. China and the US have said that they have made progress in trade talks in Switzerland, weighing on safe-haven currencies such as the CHF and providing some fresh air for the pair. US Treasury Secretary Scott Bessent described the discussions as "productive and constructive," while Chinese Vice Premier He Lifeng said trade talks with US officials...
Gold fell on Monday as positive US-China trade talks eased market concerns, prompting investors to shift from safe-haven assets to riskier investments. Spot gold fell 1.4% to $3,277.34 an ounce, as of 0432 GMT. US gold futures fell 1.9% to $3,281.70. "The dollar index has strengthened as the Trump administration touted progress in trade negotiations, with China joining talks over the weekend in Switzerland weighing on gold prices," said Jigar Trivedi, senior commodities analyst at Reliance Securities. The US and China ended high-stakes trade talks on a positive note on Sunday, with US...