US stocks closed higher for the third straight session as a strong start to earnings overcame lingering US-China trade uncertainty. The Dow Jones Industrial Average rose 240 points to a record high, while the S&P 500 and Nasdaq Composite Index closed slightly higher as a string of results that beat expectations boosted gains. General Motors jumped 16% after raising its forecast, Coca-Cola gained 3.8% on steady beverage demand and benefits from an Indian bottling deal, and 3M rose 6.3% after beating estimates. Defense and aerospace stocks outperformed, with GE Aerospace rising 1.3% and...
Oil held a decline after the International Energy Agency projected an even bigger surplus next year, with the bearish outlook offsetting concerns about geopolitical tensions from the Middle East to Europe. West Texas Intermediate traded near $62 a barrel after sliding 2% on Thursday. Brent settled above $66. The IEA's forecast for record oversupply followed a decision by OPEC+ over the weekend to keep returning idled barrels to the market in October, albeit at a modest rate. Thursday's slump snapped a three-day advance, which was driven by Israel's strike on the Qatari...
GBP/USD rebounds from session lows and trades marginally higher on the day above 1.3550. The renewed selling pressure surrounding the USD following the inflation and Jobless Claims data help the pair gain traction in the American session. Although the US Dollar (USD) came under bearish pressure with the immediate reaction to the weaker-than-expected Producer Price Index (PPI) data for August on Wednesday, the cautious market stance helped the currency find support and made it difficult for GBP/USD to gain traction. During a meeting of government ministers on Wednesday, Britain's finance...
Gold price trimmed some of its earlier losses on Thursday, yet it remains negative in the day, down over 0.14% as the latest print of consumer inflation was aligned with estimates. Nevertheless, jobs data outweighed August's Consumer Price Index (CPI) report as the number of Americans filing for unemployment benefits rose. XAU/USD trades at $3,635 after hitting a daily high of $3,649. Bullion edges lower after soft CPI and higher Jobless Claims boost easing odds The US Bureau of Labor Statistics (BLS) revealed that inflation remained steady on the consumer side, with headline CPI standing...
Oil prices slid about 2% on Thursday on concerns over softening U.S. demand and broad oversupply that offset threats to output from the conflict in the Middle East and the war in Ukraine. Brent crude futures were down $1.11, or 1.6%, to $66.38 a barrel at 11:34 a.m. EDT (1534 GMT), while U.S. West Texas Intermediate (WTI) crude fell $1.20, or 1.9%, to $62.47. "Oil prices are falling today in response to bearish IEA (International Energy Agency) headlines, which suggest massive oversupply on the oil market next year," said Carsten Fritsch, an analyst at Commerzbank. The IEA said in its...
Gold trimmed losses after US inflation and labor market data strengthened bets that the Federal Reserve will cut interest rates next week. Consumer prices excluding food and energy rose 3.1% last month from a year earlier, in line with analysts' expectations, according to a Bureau of Labor Statistics report released Thursday (September 11). Separate data showed US initial jobless claims jumped to their highest level in nearly four years. The mixed data bolstered traders' confidence that the US central bank will lower borrowing costs at its two-day meeting ending September 17. Treasury bond...