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...
Gold edged higher — after a tumultuous week in which it jumped nearly 6% in the first two sessions before retracing most of those gains — as markets digested the new U.S.-UK trade deal. Bullion was trading above $3,316 an ounce, up more than 2% for the week. The pact gives the U.S. better market access and a faster customs process for exports to the U.K., while the U.K. will see limited relief on auto, steel and aluminum tariffs. However, it falls short of the "complete and comprehensive" deal promised by President Donald Trump. Trump also said he was confident that this weekend's trade...
Oil extended gains as the market turned its attention to trade talks between the U.S. and China later this week after President Donald Trump announced a deal with the U.K. West Texas Intermediate rose above $60 a barrel after rising 3.2% in the previous session. Brent settled near $63. Trump said negotiations with China would produce real progress, although Beijing reiterated its call on Thursday for the U.S. to roll back tariffs before talks. Crude has fallen since mid-January on concerns that Trump's tariffs will hamper economic growth, and as OPEC+ moves to revive stalled production....
GBP/USD kicked off Thursday with an early spat of gains, fueled by the Bank of England (BoE) delivering the market a widely-anticipated quarter point rate cut. However, bullish momentum behind the Pound Sterling evaporated quickly as markets pivoted toward trade headlines from the United States (US). Investors are hoping for quick progress on the US making trade deals that will allow it to climb down from its own self-imposed tariff stance. Market sentiment pinned firmly on the high side and bolstered the US Dollar (USD) after the Trump administration announced an impending trade deal...
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, trades near 100.00 on Thursday, lifted modestly by upbeat US data and expectations of extended yield differentials. Markets initially cheered news of a US-UK trade deal, though enthusiasm faded as details confirmed tariffs would remain in place.Daily digest market movers: US Dollar holds ground after muted UK dealUS President Donald Trump announced a "major" trade deal with the United Kingdom, though key tariffs will remain at 10%, limiting market enthusiasm.Investors remain skeptical about...
Gold price tumbled for the second consecutive day as traders erased Bullion's advance on Tuesday, which pushed its gains past the $3,400 figure. The announcement of a US-UK trade deal boosted the US Dollar (USD) to the detriment of XAU/USD, which trades at $ 3,311, down over 1.60%. An upbeat sentiment is taking its toll on Gold prices, which have declined by almost 4% over the last two days. The announcement of a trade deal between the US and the UK, made by President Donald Trump and UK Prime Minister Keir Starmer, has improved the market mood, as traders seem confident that the US could...