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,...
The dollar hovered near its weakest level in close to a week on Wednesday with traders expecting two more U.S. interest rate cuts this year, even after Federal Reserve Chair Jerome Powell struck a cautious tone on further easing. The dollar index , which measures the U.S. currency against six major rivals, languished 97.230 as of 2305 GMT, after earlier touching the lowest since Thursday at 97.198. The index has dropped 0.5% so far this week on market bets for quarter-point rate cuts at each of the remaining two Fed policy meetings this year. Another is expected in the first quarter of...
Gold edges lower in the early morning Asian session on a likely technical correction after the precious metal again settled at a fresh record high overnight. However, losses may be limited by prospects of more demand from central banks. Demand has been underpinned by strong inflows into countries' strategic reserves in recent years, ANZ Research analysts say in a note. "The People's Bank of China is looking to take advantage of this shift by becoming a custodian of foreign gold reserves," the analysts say. "It's looking to encourage friendly countries to buy bullion and store it in the...
Oil extended its biggest gain in a week, as US President Donald Trump ramped up his rhetoric against Russia and traders watched for supply disruptions from the OPEC+ member. West Texas Intermediate rose toward $64 a barrel after adding 1.2% on Tuesday, while Brent settled above $67. Trump said NATO nations should shoot down Russian aircraft that violated their airspace and struck a more sympathetic tone on Ukraine's chances of winning the war. Meanwhile, Russia mulled restrictions on diesel exports for some companies following a spate of attacks by...
The USD/JPY pair weakened near 147.60 during the early Asian session on Wednesday. The US dollar (USD) remained weak against the Japanese yen (JPY) as traders continued to digest various comments from Fed officials, while key indicators of US business activity slightly disappointed investors. On Wednesday, US New Home Sales data for August will be released. Fed Chairman Jerome Powell said on Tuesday that weakness in the labor market outweighed concerns about stubborn inflation, which led to his decision to cut the benchmark interest rate at last week's September meeting. However, Powell...
Oil prices closed up more than $1 per barrel on Tuesday (September 23) after a deal to resume exports from Iraqi Kurdistan stalled, easing some investors' concerns that the resumption would exacerbate concerns about a global oversupply. Brent crude futures closed up $1.06, or 1.6%, to $67.63 per barrel, while U.S. West Texas Intermediate crude rose $1.13, or 1.8%, to $63.41 per barrel. Both benchmarks recouped significant losses earlier. Pipeline oil exports from Iraqi Kurdistan to Turkey had not resumed on Tuesday despite hopes of a deal to end the deadlock, as the two major producers...