The European stock markets closed mostly higher in Thursday trading as the Stoxx Europe 600 rose 0.92%, Germany's DAX climbed 1.12%, the FTSE 100 was off 0.69%, France's CAC increased 0.97%, and the Swiss Market Index was up 0.80%. In Germany, price-adjusted production in the manufacturing sector declined 1.9% in June compared with May, according to preliminary data from the Federal Statistical Office, falling to its lowest level since May 2020 during the COVID pandemic. In the UK, house prices rose 0.4% in July from June, the highest monthly rise since the start of the year, according to...
WTI crude futures climbed above $66 per barrel on Friday, extending gains for a second session as optimism over US trade deals lifted market sentiment. Reports suggest the US and EU are nearing an agreement that would impose a 15% tariff on most EU goods, following a similar pact with Japan. Potential trade agreements with India, Mexico, and Brazil are also on the horizon. Expectations that easing trade tensions could bolster global economic growth helped ease concerns over future oil demand. On the supply side, tightening conditions in the global diesel market added further support. The...
EUR/USD weakened more than 0.20% on Thursday after solid economic data from the United States weighed on the common currency, which benefited from the European Central Bank's (ECB) decision to keep interest rates unchanged. At the time of writing, the currency pair was trading at 1.1749, after hitting a daily high of 1.1789. The US Department of Labor (DoL) reported that the number of Americans filing for unemployment benefits fell below expectations, a positive sign for a healthy labor market. However, Continuing Claims remained largely unchanged, indicating that the unemployed are...
Oil prices pared gains on Thursday afternoon following a Reuters report that the Trump administration is likely to allow Chevron to resume operations in Venezuela. Brent crude futures rose 26 cents, or 0.38%, to $68.77 per barrel at 1:14 PM CDT (6:14 PM GMT). U.S. West Texas Intermediate crude futures rose 44 cents, or 0.67%, to $65.69 per barrel. Earlier in the session, WTI had risen more than a dollar, and Brent crude was near that level. "The news that Chevron could return to Venezuela and restore oil production really shook the market," said John Kilduff, a partner at Again Capital...
Gold prices fell for a second straight session on Thursday (July 25), as signs of easing global trade tensions dampened demand for safe-haven assets. Spot gold fell 0.5% to $3,370.69 an ounce, as of 1:45 PM ET (5:45 PM GMT). US gold futures closed 0.7% lower at $3,373.50. Markets are optimistic about a trade deal—first with the US and Japan, and now possibly with the European Union, said Aakash Doshi of State Street Investment Management, adding that strong equities and low volatility have weighed on gold prices. The US and EU are making progress toward a trade deal that could include a...
Oil prices rose on Thursday (July 24), boosted by expectations of Russian gasoline supply cuts and optimism over US trade negotiations that will ease pressure on the global economy, further boosted by a sharper-than-expected decline in US crude inventories. Brent crude futures rose 80 cents, or 1.17%, to $69.31 a barrel at 10:52 a.m. CDT (15:52 GMT). US West Texas Intermediate crude futures rose 97 cents, or 1.49%, to $66.22 a barrel. "Russia's willingness to cut gasoline exports is giving the market a boost," said Phil Flynn, senior analyst at Price Futures Group. "The market is looking...