European stocks opened lower on Wednesday (November 5th), reflecting a global downturn amid growing concerns over sky-high tech valuations. The pan-European Stoxx 600 Index was down 0.4% at 8:20 a.m. in London (3:20 a.m. ET), with most major bourses and sectors in the red. The UK's FTSE 500 Index opened 0.1% lower, Germany's DAX 0.7% lower, France's CAC 40 0.4% lower, and Italy's FTSE MIB 0.3% lower. European tech companies led the decline, with the Stoxx Europe 600 Technology Index down 1.2% following a sharp sell-off in U.S. tech stocks on Tuesday. The sluggish sentiment seen in...
The USD/CHF pair weakened near 0.8810 during the early European session on Thursday (3/13). Concerns that US President Donald Trump's protectionism will push the US economy into recession dragged the US Dollar (USD) lower against the Swiss Franc (CHF). Investors will take more cues from the US Producer Price Index (PPI) for February and the weekly Initial Jobless Claims, due on Thursday. US inflation, as measured by the Consumer Price Index (CPI), eased to 2.8% YoY in February from 3.0% in January, lower than the estimate of 2.9%, the Labor Statistics reported on Wednesday. Meanwhile, core...
Gold prices edged higher on Thursday as uncertainty over tariffs persisted, boosting demand for the safe-haven asset, while cooler-than-expected U.S. inflation also supported bullion by reinforcing expectations of a rate cut. Spot gold was up 0.2% at $2,936.31 an ounce, by 0715 GMT, while U.S. gold futures were steady at $2,946.00. "The CPI data is encouraging but I suspect that the tariff hikes are not yet reflected in the inflation data." Data showed that the U.S. consumer price index rose less than expected last month, but the increase was likely temporary against a backdrop of...
Oil prices fell slightly on Thursday after surging in the previous session on a bigger-than-expected draw in U.S. gasoline stocks, as the market weighed prevailing macroeconomic concerns against expectations of strong near-term demand. Brent crude futures were down 3 cents at $70.92 a barrel by 0704 GMT, while U.S. West Texas Intermediate crude futures were down 8 cents at $67.60 a barrel. Both benchmarks rose about 2% on Wednesday as U.S. government data showed tighter-than-expected oil and fuel inventories. U.S. gasoline stocks fell by 5.7 million barrels, more than the 1.9...
The Japanese Yen (JPY) remains on the front foot against its American counterpart and keeps the USD/JPY pair depressed below the 148.00 round figure through the early European session on Thursday. Worries about the potential economic fallout from US President Donald Trump's trade tariffs, along with bets that the Bank of Japan (BoJ) will continue raising interest rates amid a broadening inflation in Japan, underpin the safe-haven JPY. Meanwhile, hawkish BoJ expectations keep the Japanese government bond yields elevated near a multi-year top. The resultant widening of the rate differential...
Oil steadied after the biggest gain in two weeks that was driven by easing US inflation and bullish demand data. Brent crude traded near $71 a barrel after jumping 2% on Wednesday, with West Texas Intermediate below $68. US consumer prices rose at the slowest pace in four months in February, official data showed, although economists anticipate that an escalating trade war will drive up prices on goods like food and clothing in the coming months. "Crude oil prices have been a beneficiary of the risk-on sentiment across markets," said Charu Chanana, chief investment...