US stocks rose on Friday (October 17th) as investors reacted positively to President Trump's remarks alleviating concerns about further trade escalation with China, while regional bank stocks rebounded after Thursday's sharp declines. The S&P 500 and Nasdaq each rose 0.5%, while the Dow Jones Industrial Average rose 239 points. Trump said his proposed 100% tariffs on Chinese goods would be unsustainable, although he blamed Beijing for recent trade tensions, and confirmed that his meeting with Chinese President Xi Jinping was still possible at the end of the month. Consumer staples,...
Gold prices steadied Wednesday, remaining close to recent record highs as overnight comments from U.S. Federal Reserve Chair Jerome Powell sparked heightened caution over growth, inflation, and interest rates. At 08:45 ET (12:45 GMT), Spot gold rose 0.1% to $3,766.50 an ounce, while gold futures fell 0.4% to $3,799.75/oz. Gold and other precious metals benefited from increased haven demand, while sustained weakness in the dollar also kept metals mostly well-bid. Anticipation of more key economic readings this week also kept markets cautious, as did weak U.S. purchasing managers index...
Oil prices rose strongly Wednesday, lifted by a larger-than-expected draw in U.S. crude inventories as well as further attacks to Russia's petrochemical infrastructure. At 08:20 ET (12:20 GMT), Brent Oil Futures expiring in November rose 1.3% to $68.51 per barrel, while West Texas Intermediate (WTI) crude futures also gained 1.4% to $64.27 per barrel. Both contracts climbed around $1 a barrel on Tuesday after a deal to restart flows of about 230,000 barrels per day from Kurdistan through Turkey was delayed after producers refused to resume shipments without guarantees on repayment of...
Gold (XAU/USD) retreats slightly from the daily peak touched during the first half of the European session, though it sticks to the positive bias for the fourth straight day on Wednesday. The US Dollar (USD) gains some positive traction following a two-day fall in the wake of Federal Reserve (Fed) Chair Jerome Powell's cautious remarks on potential interest rate cuts. This turns out to be a key factor acting as a headwind for the commodity. Investors, however, seem convinced and are pricing in two more Fed rate cuts this year, which might hold back the USD bulls from placing aggressive...
EUR/USD has pulled back to the 1.1800 area at the time of writing on Wednesday, from weekly highs near the 1.1820. The pair, however, remains looking for direction within a tight range, both sides of the 1.1800 level for the second consecutive day, as investors remain reluctant to take excessive risks. US data released on Tuesday revealed that business activity slowed down for the second consecutive month in September, in line with expectations. The S&P Global's report suggested that tariffs are pushing costs higher, while a weak demand and fierce competition limit firms' ability to...
Gold prices steadied in Asian trade on Wednesday, remaining close to recent record highs as overnight comments from U.S. Federal Reserve Chair Jerome Powell sparked heightened caution over growth, inflation, and interest rates. Gold and other precious metals benefited from increased haven demand, while sustained weakness in the dollar also kept metals mostly well-bid. Anticipation of more key economic readings this week also kept markets cautious, as did weak U.S. purchasing managers index data. Spot gold rose 0.3% to $3,776.20 an ounce, while gold futures fell 0.2% to $3,808.50/oz by...