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...
The dollar index held steady around 106.9 on Wednesday as investors prepared for the release of the latest US PCE price index report, the Federal Reserve's preferred inflation measure. Market participants are also looking ahead to other key data, including initial jobless claims, a second reading of GDP, and figures on personal income and spending. Minutes from the FOMC's November meeting revealed that officials were optimistic about easing inflation and the strength of the labor market, which supports the case for further rate cuts. However, they indicated a preference for gradual...
Oil prices fell slightly in Asian trade on Wednesday, extending recent losses after Israel agreed to a two-month deal. Brent crude futures expiring in January fell 0.2% to $72.70 a barrel, while West Texas Intermediate crude futures fell 0.2% to $68.30 a barrel by 8:47 p.m. ET (01:47 GMT). Crude losses were also tempered by a Reuters report that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are considering a further delay in plans to increase output. The cartel meets on Dec. 1. US oil inventories unexpectedly fall – API. Data from the American Petroleum...
Gold rose near $2,640 an ounce on Wednesday (11/27) as investors continued to digest the latest FOMC minutes while awaiting key US data for further insights into the Federal Reserve's monetary policy outlook. While officials expressed confidence in easing inflation and labor market strength, the minutes also expressed a cautious approach to further rate cuts, signaling a preference for gradual adjustments. Most investors still expect a 25bps rate cut in December, with a probability of around 63%, which would reduce the opportunity cost of holding non-interest-bearing bullion. Traders...
Oil prices slid on Tuesday, giving back early gains in choppy trade after Israel agreed to a ceasefire deal with Lebanon, reducing oil's risk premium. Brent crude futures fell 22 cents, or 0.3%, to $72.79 a barrel at 2:19 p.m. ET, while U.S. West Texas Intermediate crude futures were at $68.74 a barrel, down 20 cents, or 0.29%. Israel's security cabinet has agreed a ceasefire deal with Lebanon, Channel 12 reported. The accord was expected to take effect on Wednesday. On Monday, oil prices slid more than $2 following multiple reports that Israel and Lebanon had agreed to the terms of a...
Front-month gold futures close the day up 0.1% to $2,620.30 an ounce, quickly turning around after the contract posted its largest decline in four years on news of a potential ceasefire between Israel and Lebanon. President-elect Trump's plans for new tariffs are throwing a wrench into thoughts around future interest rate cuts, which could keep rates higher for longer. "These factors may keep these gains fragile," says Samer Hasn of XS.com in a note. SPDR Gold shares are down 0.1% in afternoon trading. Source: Marketwatch