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...
Oil prices rose on Monday after both sides in U.S.-China trade talks over the weekend touted progress, lifting market sentiment that the world's two largest crude users may be moving toward resolving their trade dispute. Brent crude futures rose 43 cents, or 0.67%, to settle at $64.34 a barrel by 0500 GMT. U.S. West Texas Intermediate (WTI) crude futures were trading at $61.50 a barrel, up 48 cents, or 0.79%, from Friday's close. Both benchmarks rose more than $1 on Friday and gained more than 4% last week for their first weekly gain since mid-April, after a U.S. trade deal with Britain...
The Japanese Yen (JPY) remained weaker against its American rival through the Asian session on Monday (May 12) as fresh optimism over a US-China trade deal continued to undermine the safe-haven asset. Moreover, concerns about Japan's growth outlook amid US tariff uncertainty seemed to weigh on the JPY. The US Dollar (USD), on the other hand, held steady near multi-week highs amid a hawkish Federal Reserve (Fed) pause and easing fears of a recession in the US, which further acted as a tailwind for the USD/JPY pair. Upbeat Japanese Household Spending data released on Friday boosted the case...
The Australian dollar (AUD) continued to strengthen against the US dollar (USD) for the second straight session on Monday (5/12). The AUD/USD pair benefited from growing optimism surrounding the US-China trade talks being held in Geneva. As Australia maintains strong economic ties with China, developments in the Chinese economy often have a direct impact on the AUD. After two days of negotiations aimed at easing trade tensions, both the US and China reported "substantial progress." Chinese Vice Premier He Lifeng described the talks as an "important first step" toward stabilizing bilateral...
The GBP/USD pair started the new week on a weaker note and reversed part of Friday's modest recovery from the vicinity of the 1.3200 level, or over three-week lows. The spot prices traded around the 1.3280-1.3275 region during the Asian session, down 0.20% for the day amid a broadly stronger US Dollar (USD). The US announced on Sunday that a trade deal with China has been reached following high-stakes trade talks in Switzerland over the weekend. This, in turn, helped ease market concerns about a recession in the US. Moreover, the Federal Reserve's (Fed) hawkish pause earlier this month...
EUR/USD eased from the previous session's gains, trading near 1.1240 during the Asian session on Monday (5/12). The euro (EUR) faced pressure as European Central Bank (ECB) official Olli Rehn indicated last week that the ECB may consider cutting interest rates at its next meeting—noting that upcoming forecasts confirm a persistent deflationary trend and slowing economic growth. Nonetheless, the EUR/USD pair gained support from optimism surrounding the US-China trade talks held in Geneva. Both sides reported "substantial progress" after two days of negotiations aimed at defusing the ongoing...