Global stock markets rallied at the start of the week amid growing optimism that the US government shutdown will soon end. S&P 500 futures rose 0.5%, while the Nasdaq 100 gained 0.8%, after Senate Republican leader John Thune said a deal to end the 40-day shutdown was "taking shape." Several Democratic senators were reportedly ready to support the bill if final details could be agreed upon. Positive sentiment was also evident in Asian markets, with South Korean stocks leading the gains. Meanwhile, US Treasury yields rose to 4.12% as investors shifted to riskier assets, while the...
Gold prices pared earlier gains after the latest news revealed that the phone call between US President Donald Trump and his Chinese counterpart, Xi Jinping, was positive, with the two mainly discussing trade, according to Trump. At the time of writing, XAU/USD was trading at $3,350, down 0.72%. Trump took to his social media to say that the call was positive, adding, "There should be no more questions about the complexity of the Rare Earth product." He said that the US and Chinese teams will meet at a location to be determined. The news sent bullion prices lower, as risk appetite improved...
Gold prices held firm on Thursday (05/06), supported by easing geopolitical tensions, dovish central bank signals and continued weakness in US labor market data, factors that continued to boost demand for safe-haven assets. After testing the key psychological level of $3,400 during the European session, prices eased slightly but remained elevated as markets digested positive developments. US President Donald Trump announced via Truth Social that he had a productive and positive 90-minute phone call with Chinese President Xi Jinping, where they discussed details of a recently concluded trade...
Oil prices rose 1% on Thursday, recovering from the previous day's decline as traders responded to news that U.S. and Chinese teams would meet soon, following a trade call between U.S. President Donald Trump and Chinese leader Xi Jinping. Brent crude futures were up 65 cents, or 1%, at $65.51 a barrel by 11:36 a.m. EDT (15:36 GMT). U.S. West Texas Intermediate crude was up 66 cents, or 1.05%, at $63.51 a barrel. "If we step back from the brink of a major trade war, that would raise expectations for oil demand in both the U.S. and China," said Phil Flynn, senior analyst at Price Futures...
Oil climbed as signs the US and China may be ironing out their trade differences helped allay concern with large OPEC+ output increases. Brent futures extended gains after China's official news agency reported that Presidents Donald Trump and Xi Jinping spoke over the phone. Still, prices have been largely bound to a narrow price range near $65 a barrel since the middle of May. Gains were contained in equity markets as traders await US jobs data due on Friday. Saudi Arabia wants the Organization of the Petroleum Exporting Countries and its allies to continue to...
Markets are trading in relatively subdued fashion, leaving the USD soft overall but little changed on the session and holding near the past week's low, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD soft but little changed "High beta FX is leading limited gains on the USD in the major currency space. Stocks are modestly higher in Europe after a mixed session in Asia. US equity futures are little changed. Bonds are mostly firmer but Treasurys are underperforming a little. Markets are short on incentives to move today—an ECB rate cut is largely discounted and US data reports this...