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...
Oil prices jumped on Wednesday, extending earlier gains that were powered by a weaker U.S. dollar, although persistent concerns over the impact of tariffs on global demand limited the uptick. By 11:00 ET (15:00 GMT), Brent futures had gained 1.8% to $70.83 per barrel, while U.S. West Texas Intermediate crude futures had climbed by 2.1% to $67.65 a barrel. The greenback hovered around a five-month low against several major currency pairs, with investors pouring through trade tensions and a possible Russia-Ukraine ceasefire deal. A weakening in the dollar can provide a lift for oil prices...
Oil prices rose as the U.S. cut its forecast for a global glut and slower-than-expected inflation supported riskier assets. Brent crude rose above $70 a barrel after a modest gain on Tuesday, while West Texas Intermediate topped $67. U.S. consumer prices rose at the slowest pace in four months in February, offering some relief after months of stalled progress in taming inflation. Meanwhile, the Energy Information Administration cut its forecast for a surplus this year and halved its outlook for a supply glut by 2026, citing the prospect of reduced flows from Iran and Venezuela....
Gold prices as a safe-haven asset held steady on Wednesday, helped by tariff uncertainty and a cooler inflation report that kept bets for a US interest rate cut intact. Spot gold rose 0.1% to $2,917.93 an ounce by 1258 GMT. US gold futures edged up 0.1% to $2,923.80. Data showed that the US consumer price index rose 0.2% last month after rising 0.5% in January. However, the increase was likely temporary against the backdrop of aggressive import tariffs that are expected to raise the cost of most goods in the coming months. "Gold has been resilient but stuck in a range in recent weeks;...
The dollar struggled to recover from a five-month low against major currencies on Wednesday, as traders digested U.S.-EU retaliatory tariffs and a potential Russia-Ukraine truce, while awaiting U.S. inflation data amid concerns about the economy. President Donald Trump's unpredictable trade policy announcements have rattled markets and prompted retaliatory tariffs from trading partners, escalating a global trade war. The European Union will impose retaliatory tariffs on 26 billion euros ($28.39 billion) worth of U.S. goods starting in April, the European Commission said on Wednesday, in...
The pound (GBP) traded subdued against the other major currencies on Wednesday (12/3) as investors looked for fresh cues on next week's Bank of England (BoE) monetary policy meeting. Traders are confident that the BoE will keep interest rates unchanged at 4.5% as a number of officials have been guiding a ‘gradual and cautious' approach to monetary easing. Last week, four BoE policymakers, including Governor Andrew Bailey, guided for a gradual path to "unwinding monetary policy restraint" as persistent inflation is unlikely to fade "on its own". Contrary to them, BoE member Catherine Mann...