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...
Gold steadied above $2,910 per ounce on Wednesday, holding a 1% gain from the previous session, sustained by its safe-haven appeal and weaker US dollar. On Tuesday, President Donald Trump walked back his trade-war threat against Ontario, hours after vowing to double tariffs on Canadian steel and aluminum to 50%, while Ontario Premier Doug Ford temporarily suspended a planned 25% surcharge on US electricity exports. The ongoing global trade uncertainties, combined with heightened concerns over a US tariff-induced recession, continued to drive investors toward safety assets. However,...
Brent crude oil futures extended gains toward $70 per barrel on Wednesday, supported by a weaker US dollar and reduced global oversupply forecasts. The US joined other agencies in lowering projections, with the IEA cutting its 2025 surplus forecast and halving its next year's glut projection due to potential declines in Iranian and Venezuelan flows. The EIA's monthly report also projected a decline in global oil inventories in Q2 2025. However, prices remained relatively near multi-year lows, pressured by erratic US trade shifts that prolonged risk-asset declines, along with concerns that a...
Oil extended a gain as the US cut its forecast for an oversupply, following similar moves by other market watchers including the International Energy Agency. West Texas Intermediate rose toward $67 a barrel after a modest gain on Tuesday, with Brent crude closing below $70. The Energy Information Administration slashed its prediction for a global surplus for this year and halved its outlook for a glut in 2026, citing the prospect of diminished flows from Iran and Venezuela. Elsewhere, the industry-funded American Petroleum Institute reported that US...
Gold edges higher in early Asian session, supported by fears of a global economic slowdown that could be spurred by tariffs. President Trump on Tuesday threatened to double tariffs on Canadian metals, but later rescinded the threat after Ontario province backed off of a surcharge on U.S.-bound electricity. There are growing worries over a potential economic slowdown in the U.S., FlowCommunity's Ruben Ferreira says in an email. Markets are awaiting U.S. inflation data this week, where any softer-than-expected figures might prompt the Fed to adopt a more dovish tone and consider cutting...
GBP/USD extended its recent bullish rally on Tuesday, shrugging off ongoing trade war concerns that are weighing down American market centers. Cable rose a little over one-half of one percent, clipping into the 1.2950 level for the first time in 18 weeks.US data remains the focal point for GBP/USD traders. UK economic data remains extremely limited on the data docket this week, but key US data releases are lined up one after another throughout most of this week. The US JOLTS job openings data was a bit stronger than anticipated, offering some stability to shaken markets. Job postings rose to...