Japanese stocks are higher thanks to a weaker yen and hopes for domestic earnings growth. Tech and energy stocks are leading gains. NEC is up 2.7% and Inpex is 2.3% higher. Meanwhile, Honda Motor is down 3.8% after it cuts its fiscal-year earnings forecasts. USD/JPY is at 153.90, up from 153.47 as of Friday's Tokyo stock market close. Investors are closely watching quarterly corporate results. Sumitomo Metal Mining and automaker Subaru Corp. are set to announce their earnings later in the day. The Nikkei Stock Average is up 0.9% at 50725.80. Source: Bloomberg
The U.S. Dollar Index slumped to 98.8 on Wednesday, near a six-week low of 98.6 hit on Tuesday, as a batch of weak economic data raised fresh concerns about the U.S. outlook. The latest ISM services PMI showed the sector contracted in May for the first time in nearly a year, dragged down by a sharp decline in new business and a surge in input costs, likely driven by new tariffs. Separately, ADP data showed private employers added just 37,000 jobs in May, the slowest pace since March 2023 and well below the 115,000 forecast. In contrast, Tuesday's JOLTs report showed job openings...
Oil prices fell slightly on Wednesday after U.S. data showed a bigger-than-expected build in gasoline and diesel inventories, adding to supply concerns amid global trade tensions and ongoing OPEC+ production increases. Brent crude futures were down 28 cents at $65.35 a barrel by 10:44 a.m. EDT (1444 GMT). U.S. West Texas Intermediate crude futures were down 8 cents at $63.33. Crude inventories fell by 4.3 million barrels last week, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop. However, U.S....
Gold prices rose on Wednesday, boosted by a weaker dollar and continued geopolitical tensions on multiple fronts, keeping investors on guard amid a range-bound market awaiting fresh catalysts. Spot gold rose 0.9% to $3,381.32 an ounce, as of 10:43 a.m. ET (1143 GMT). U.S. gold futures were up at $3,406.80. The U.S. dollar index (.DXY), fell 0.5%, making bullion cheaper for buyers holding other currencies. "There's a fair amount of geopolitical uncertainty with Russia-Ukraine, Iran, Syria and China, which is encouraging people to buy gold. Market sentiment remains fairly high, and while...
Falling demand for U.S. dollar-denominated assets will push the greenback lower in coming months, according to FX strategists surveyed by Reuters, as concerns mount about the U.S. federal deficit and debt. U.S. President Donald Trump's erratic tariff policies, along with the House of Representatives recently passing a tax-cut and spending bill that would add $3.3 trillion to an already-enormous $36.2 trillion debt pile, have many investors worried. Long-term bond yields have soared on a rising 'term premium' – compensation for holding longer-duration debt – leading to swathes of asset...
Oil prices held steady on Wednesday amid global trade tensions and as ongoing OPEC+ output increases were offset by a hit to Canadian supply from wildfires. Brent crude futures inched 6 cents higher, or 0.1%, to $65.69 a barrel by 1203 GMT. U.S. West Texas Intermediate crude was 8 cents higher, also around 0.1%, at $63.49. Plans by OPEC+ producers to again increase output by 411,000 barrels per day (bpd) in July were weighing on the market, said Janiv Shah, vice president of oil commodity markets analysis at Rystad Energy. Yet there was some support as wildfires reduced Canada's...