US stocks rebounded from early losses to close mostly higher on Friday amid hopes that Congress members were making progress toward ending the government shutdown. The S&P 500 and the Dow Jones closed 0.3% higher, while the tech-heavy Nasdaq closed near the flatline as AI giants remained under pressure. Senate Republicans rejected Democrats' offer to scale down shutdown demands, but lingering hopes of an incoming agreement improved risk sentiment before the closing bell. The suspension of operations and government data were evidenced by the deteriorating consumer confidence measured by...
Crude futures extend gains in afternoon trade after a U.S.-China deal eased concerns over a deepening trade war that has threatened global economic growth and oil demand. Brent climbs 3.8% to $66.35 a barrel, while WTI jumps 4.1% to $63.50 a barrel. After weekend talks in Geneva, the world's top consumers of crude agreed to temporarily slash punishing levies on each other while trade negotiations continue. However, "questions remain for markets as to what the end game will be, as the measure will be operational for 90 days, and what the eventual level of tariffs will be," ING analysts...
Gold dropped 3% to a more than one-week low on Monday after the U.S. and China said they have agreed to a deal to slash reciprocal tariffs, sending the dollar higher and denting the safe-haven metal's appeal. Spot gold was down 3% at $3,224.34 an ounce, as of 0812 GMT, its lowest since May 1. U.S. gold futures slipped 3.5% to $3,228.10. "The de-escalation of tensions between China and the U.S., with tariffs being reduced for 90 days, is reducing the demand for safe haven assets like gold," said UBS analyst Giovanni Staunovo. "Near-term prices are likely to stay volatile. But higher...
The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, catches aggressive bids at the start of a new week and rallies to over a one-month top, around the 101.35-101.40 region during the early European session. The latest leg of a sudden spike over the past hour or so followed the highly anticipated US-China joint statement on the first round of trade talks held over the weekend in Geneva, Switzerland. The US will modify the application of the rate of duty on articles of China for an initial period of 90 days, and now only a 10% base rate will be applied....
Brent crude oil futures surged more than 2% to above $65 per barrel on Monday, reaching a two-week high, after the US and China agreed to pause most tariffs on each other's goods. This major trade breakthrough signaled a cooling of tensions between the world's two largest oil consumers, reducing risks to oil demand. Reports indicated both nations agreed to a 90-day pause and a significant reduction in tariff levels, with each side cutting reciprocal tariffs by 115%. Meanwhile, exerting bearish pressure on oil, OPEC+ plans to accelerate output hikes in May and June. Also, a potential...
Silver (XAG/USD) prices extended their gains for the third straight session, trading around $32.90 a troy ounce during Asian trading hours on Monday (5/12). The precious metal was supported by news that Canadian miner Pan American Silver will acquire MAG Silver Corp in a deal that values the company at around $2.1 billion, according to Reuters. The acquisition gives Pan American Silver access to MAG's 44% stake in Mexico's high-grade Juanicipio Silver mine, which is operated by Fresnillo, which owns the remaining 56%. The deal, which was unanimously approved by both companies' boards, is...