European shares closed flat on Wednesday, surrendering early session gains, as healthcare stocks felt the pinch from U.S. President Donald Trump's latest threat to impose higher tariffs on pharmaceutical imports. The pan-European STOXX 600 index closed 0.06% lower, breaking its two-day winning streak despite starting the session on a positive note. Healthcare stocks bore the brunt of the selling pressure. The sector index plunged 2.8% to its lowest level in more than three months after Trump unveiled a graduated tariff plan targeting pharmaceutical imports that could see levies on the...
Gold held steady for a second day, as investors weighed the outlook for U.S. interest rates after inflation data that supported the case for a rate cut next month. Bullion traded near $2,635 an ounce, with pressure on the metal easing as the U.S. dollar rally lost steam. The U.S. dollar, which gained after President-elect Donald Trump's victory, has weakened this week against other currencies amid month-end flows. A stronger dollar makes the metal more expensive for many buyers. Traders also weighed Wednesday's core personal consumption expenditures price index — the Federal Reserve's...
Oil was little changed as trade thinned out ahead of the U.S. Thanksgiving holiday, with focus on this weekend's OPEC+ meeting. West Texas Intermediate was below $69 a barrel after trading in its tightest range in more than a month on Wednesday, with Brent crude closing near $73. OPEC+ is widely expected to once again delay a production recovery when it meets Sunday, to offset concerns about an anticipated supply glut next year. U.S. trade had been subdued before the holiday. Crude had been trapped in a tight range since early October, with prices shaken by geopolitical concerns in the...
Gold prices recover on Wednesday after dropping to a weekly low of $2,605, bolstered by a soft US Dollar responding to the release of US economic data. This alongside falling US Treasury bond yields, spurred Gold's recovery to current prices. The XAU/USD trades at $2,636 up by 0.13%. The market mood turned slightly sour as US equity markets prepared for Thanksgiving. In the meantime, the Federal Reserve's (Fed) preferred inflation gauge, the core Personal Consumption Expenditures (PCE) Price Index, justifies the Fed's gradual approach, which is expected to lower borrowing costs at the...
Gold rose on Wednesday, rebounding from an over one-week low hit in the previous session, on a weaker dollar, but trimmed earlier gains after data showed stalled inflation progress, hinting that the U.S. Federal Reserve might be cautious on further rate cuts. Spot gold was up 0.4% at $2,641.34 per ounce. U.S. gold futures rose 0.7% to $2,640.60. U.S. consumer spending increased solidly in October, but progress lowering inflation appears to have stalled in the past months. "We think that the small correction that we just saw in the metals in reaction to data was mostly driven by personal...
Oil edged higher as signs OPEC+ will once again delay restoring output countered easing geopolitical risk in the Middle East. Brent traded above $73 a barrel, after sliding in the prior two sessions on anticipation of a truce between Israel and Hezbollah. OPEC+ talks to delay a production restart have begun ahead of a meeting this weekend, allaying concerns over a supply glut. Israel started a cease-fire with the Iran-backed militant group after weeks of talks mediated by the US. Oil options markets have begun pricing a lower risk of escalation and hundreds of...