US stocks tumbled on Tuesday, with the S&P 500 down 1.1%, the Nasdaq shedding 2.1%, and the Dow losing about 240 points, as investors grew increasingly uneasy over stretched valuations in AI-driven names and cautious outlooks from top Wall Street executives. Tech-heavy losses led the decline, with Palantir plunging 8.1% on valuation concerns despite beating earnings estimates, while Nvidia (-2.7%), AMD (-2.1%), and Oracle (-2.6%) also fell sharply. The pullback comes as the S&P 500's forward P/E ratio climbed above 23, near its highest since 2000, heightening fears of a correction...
The Japanese yen traded near 149 per dollar on Thursday, staying close to its strongest levels in five months. The currency gained from a broad weakness in the dollar, which came under pressure from a strengthening euro and the fallout from President Donald Trump's tariffs. Trump granted tariff concessions for certain automakers, while his latest tariffs prompted retaliatory measures from the affected countries—both of which were bearish for the dollar. Domestically, Bank of Japan Deputy Governor Shinichi Uchida remarked this week that the central bank could raise interest rates further...
The dollar index fell to around 104 on Thursday, reaching its lowest level in four months, as a stronger euro and the ongoing fallout from President Donald Trump's tariffs weighed on the currency. Trump recently granted a one-month exemption for US automakers from his 25% tariffs on Canada and Mexico and expressed openness to further concessions. However, new US tariffs on Canada, Mexico, and China have led to retaliatory measures from those countries, raising concerns of an escalating trade war that could impede US economic growth. On the data front, traders are awaiting Friday's monthly...
Oil prices rose sharply in Asian trade on Thursday, rebounding from multi-year lows as the U.S. offering some concessions on recent tariffs helped lift risk appetite. But traders remained on edge over increased U.S. trade tariffs on China, Canada, and Mexico, as well as growing expectations of higher oil supplies, after the Organization of Petroleum Exporting Countries and allies (OPEC+) agreed to increase production this week. Hopes of more stimulus measures in top importer China offered some support to oil markets, although the country's economic outlook remained clouded by a brewing...
Gold is trading steadily in early Asian trade. Prices remain supported as investors continue to turn to the safe-haven asset as a hedge against uncertainty, given the continued global trade tensions, says Bas Kooijman, CEO and asset manager of DHF Capital S.A. in a note. However, if trade developments lead to inflationary pressures, it could prompt the Fed to remain cautious and hold rates for longer, which could limit gold's rally, Kooijman says. Geopolitical risks around the Russia-Ukraine conflict could fuel risk-off sentiment and sustain gold's upward price trend in the short term,...
GBP/USD hit the gas pedal and pumped out another strong session on Wednesday, lurching higher by another 0.85% and notching in a third straight session of firmly bullish gains. Pound markets are firmly recovering after weeks of uneasy risk appetite, pushing GBP/USD to 16-week highs. Despite warnings that the UK economy is overall weakening, Cable markets rallied following Wednesday's Monetary Policy Hearings from the Bank of England (BoE). According to BoE Governor Andrew Bailey, A modest uptick in inflation is expected despite weaker growth figures, causing markets to readjust their...