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 (XAU/USD) sticks to its strong intraday gains comfortably above the $3,700 mark, or a record high, through the first half of the European session on Monday and seems poised to appreciate further amid a supportive fundamental backdrop. The US Federal Reserve's (Fed) dovish signal, indicating that two more rate cuts would follow through the end of this year, keeps a lid on the recent US Dollar (USD) recovery from a multi-year low and acts as a tailwind for the non-yielding yellow metal. Apart from this, geopolitical risks stemming from the intensifying Russia-Ukraine war turn out to be...
The dollar was steady on Monday as traders looked ahead to a slew of speeches from Federal Reserve officials throughout the week that could provide further clues on the U.S. rate outlook, after the central bank resumed its easing cycle last week. Currency moves in the early Asia session were more subdued after a volatile ride last week following a raft of rate decisions including that of the Fed, the Bank of England (BoE) and the Bank of Japan (BOJ). The yen was last 0.16% lower at 148.22 per dollar, paring its gains from Friday after a hawkish shift in the BOJ's rhetoric raised the...
Gold held a fifth weekly advance, boosted by the Federal Reserve's first rate cut of the year, with investors looking to a key inflation print due Friday for more clues about the US central bank's monetary path. Bullion was trading around $20 an ounce short of a record high set last week, after the Fed reduced rates by 25 basis points on Wednesday. Prices then retreated from the all-time high after Chair Jerome Powell indicated officials would take a "meeting-by-meeting" approach to future decisions, curbing expectations for rapid easing. Lower rates benefit non-interest bearing...
Oil was little changed after notching a modest drop last week, as traders gauge the impact of European Union moves on Russian supply and strikes by Ukraine on the OPEC+ member's energy infrastructure. Brent traded above $66 a barrel after losing 0.5% last week, while West Texas Intermediate was near $63. The EU's next round of sanctions against Russia will focus on oil industry entities in so-called third countries, affecting about a dozen Chinese and several Indian bodies as the bloc looks to intensify pressure on the Kremlin's access to petrodollars. "We are now...
Oil prices fell on Friday (September 19th) as concerns about large supply and falling demand outweighed expectations that the first interest rate cut of the year by the US Federal Reserve would spur increased consumption. Brent crude futures closed at $66.68 per barrel, down 76 cents, or 1.1%. US West Texas Intermediate crude futures closed at $62.68, down 89 cents, or 1.4%. Both benchmarks rose for the second straight week. "Oil supplies continue to be strong, and OPEC is easing its oil production cuts," said Andrew Lipow, president of Lipow Oil Associates. "We haven't seen the impact of...