Asian stocks slipped at the open on Friday (November 7), following a choppy session on Wall Street. The MSCI Asia Pacific Index fell about 0.2%, led by losses in Japan, while South Korea and Australia also edged lower. In the US, the S&P 500 fell 1.1% and the Nasdaq 100 slumped 1.9% for the second time in three sessions, as AI stocks from Nvidia and Palantir sold off. The volatility indicator briefly touched 20, reflecting growing market anxiety. In bonds, Treasury prices edged lower early in the Asian session after a strong rally earlier, when the 10-year yield posted its biggest daily...
OPEC cut forecasts for global oil demand growth slightly this year and next as President Donald Trump's tariff onslaught takes a toll on consumption, while remaining more bullish than other forecasters. The cartel lowered demand growth projections for 2025 and 2026 by about 100,000 barrels a day, projecting an expansion of 1.3 million barrels a day — or approximately 1% — for each year, according to a report from its secretariat in Vienna. Despite the downgrades, the estimates from OPEC remain considerably higher than many others in the industry — a recurring feature of its research....
The US Dollar (USD) continues to face an intense selling pressure, with the US Dollar Index (DXY) sliding to near 99.50. The USD Index has extended its losing streak for the third trading day amid escalating trade war between the United States (US) and China. Last week, Donald Trump announced a 90-day pause on reciprocal tariffs on all of its trading partners, except China. The situation worsened after Trump raised reciprocal levies on China to 125% for imposing significant counter-tariffs on the US. The 90-day reciprocal tariff pause was a big relief for all associated nations, which led...
EUR/USD jumps to near 1.1400 in Monday's European session. The major currency pair aims to reclaim the over-three-year high of 1.1474, which it posted on Friday. The pair demonstrates sheer strength as the US Dollar (USD) continues to dive amid growing fears of United States (US) stagflation, a situation in which inflation increases, the economy deteriorates, and employment cools down. The US Dollar Index (DXY), which gauges the Greenback's value against six major currencies, sees more downside below the recent lows of 99.00. Financial market participants are anticipating US stagflation...
Oil prices edged higher on Monday after U.S. exclusions on some tariffs and Chinese data showing a sharp rebound in crude imports in March, but gains were capped by concerns that the trade war between the United States and China could weaken global economic growth and dent fuel demand. Brent crude futures rose by 8 cents, or 0.12%, to $64.84 a barrel by 0822 GMT. U.S. West Texas Intermediate crude was up 10 cents, or 0.16%, at $61.60. "The news about the exemptions on tariffs has helped lift sentiment across markets," said Harry Tchilinguirian, global head of research at Onyx Capital...
Gold price (XAU/USD) retreats after touching a fresh record high earlier this Monday and trades with a mild negative bias around the $3,220 area during the first half of the European session. A positive tone around the equity markets prompts some profit-taking around the precious metal amid slightly overbought conditions on the daily chart. Any meaningful corrective decline, however, still seems elusive in the wake of a sharp escalation in US-China trade tensions, which might continue to act as a tailwind for the safe-haven bullion. Meanwhile, investors now seem convinced that the Federal...