US equities ended lower on Tuesday as investors grappled with downbeat economic data, rising trade tensions, and mixed corporate earnings. The S&P 500 dropped 0.5%, the Nasdaq slid 0.7%, and the Dow slipped by 62 points, following Monday's sharp rebound from Friday's losses tied to a disappointing jobs report. Concerns about stagflation resurfaced after the ISM Services index showed activity had stalled in July. Meanwhile, President Trump's threats of steep tariffs up to 250% on pharmaceutical imports alongside potential levies on semiconductors, added to market unease amid ongoing...
Gold futures fell after hitting their highest level in more than a week. Futures were down 0.2% at $2,625 an ounce. Trading in the precious metal was cautious given rising U.S. bond yields and a stronger dollar, which could weigh on prices in the coming weeks, said Rania Gule of XS.com. Despite the decline, gold continues to retain its appeal as a safe haven, Gule said in a note. Rising geopolitical tensions between Russia and Ukraine remain a key factor supporting gold prices, reflecting persistent fears of escalation, Gule wrote. Still, the market is in a state of anticipation, as a...
Oil was steady as an industry report signaled a build in US crude inventories ahead of government figures. Brent traded near $73 a barrel after closing slightly higher on Tuesday, and West Texas Intermediate was above $69. The American Petroleum Institute reported crude stockpiles expanded by 4.8 million barrels last week while fuel supplies fell, according to a document seen by Bloomberg. The Energy Information Administration is scheduled to release its data on inventories, refining and fuel demand later on Wednesday. Oil has swung between gains and losses since...
The Australian dollar climbed above $0.653 on Wednesday, marking its fourth straight session of gains, supported by a weaker US dollar and a hawkish outlook on Reserve Bank of Australia policy. The greenback ran into some profit-taking in recent sessions following a strong rally, while investors awaited news on US President-elect Donald Trump's pick for Treasury Secretary. On the domestic front, minutes from the RBA's November policy meeting indicated that the central bank intends to maintain a restrictive monetary policy until it is confident that inflation is sustainably moving toward its...
Gold price (XAU/USD) attracts some follow-through buying for the third consecutive day on Wednesday and climbs to a one-and-half-week high, around the $2,641-2,642 region during the Asian session. Mounting Russia-Ukraine tensions continue to boost demand for traditional safe-haven assets, which, along with subdued US Dollar (USD) price action, act as a tailwind for the precious metal. That said, the overnight comments from Russian and US officials helped ease market concerns about the onset of a full-blown nuclear war, which is evident from a generally positive tone around the equity...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $69.30 on Wednesday. The WTI price trades flat after Ukraine used US ATACMS missiles to strike Russian territory for the first time. On Tuesday, Russia's defense ministry said that Ukraine hit a facility in the Bryansk region with six ATACAMS missiles. In response, Russian President Vladimir Putin lowered the threshold for a possible nuclear strike. The rising geopolitical tensions could boost the WTI price for the time being. "This marks a renewed build up in tensions in the Russia-Ukraine war and brings back into...