European shares closed higher on Tuesday, buoyed by better-than-expected corporate earnings and renewed optimism that the Federal Reserve may cut interest rates next month. The pan-European STOXX 600 index edged up 0.15%, with most regional bourses also trading in the green. Earnings season, in full swing, offered some relief for investors concerned about the impact of trade uncertainty on corporate performance. Diageo gained 4.9% after the world's biggest spirits maker forecast flat 2026 sales despite U.S. tariffs and upped its cost-savings target. The stock boosted the food &...
Gold prices (XAU/USD) recovered from Friday's losses. Uncertainties surrounding the US presidential election and ongoing geopolitical tensions in the Middle East provided some support to the precious metal, a traditional safe-haven asset. However, rising US Treasury yields and a stronger US Dollar (USD) may weigh on the yellow metal. Traders will be eyeing the US October jobs report on Friday for fresh impetus, including Nonfarm Payrolls (NFP), Unemployment Rate, and Average Hourly Earnings. A stronger reading could boost bets for less aggressive policy easing by the Federal Reserve (Fed),...
Gold steadied around $2,750 an ounce on Friday after losing more than 1% in the previous session, as markets weighed demand for safety against pressure from a less dovish Federal Reserve. The latest U.S. data revealed strong personal income and spending figures, a rise in underlying inflation that remained above target, and an unexpected drop in jobless claims. This reinforced the perception that the U.S. economy is resilient to higher borrowing costs and gave the Fed more room to avoid implementing aggressive cuts. However, political uncertainty in the U.S. is supportive of gold, as the...
Oil jumped after a report that Iran could be preparing to attack Israel from Iraqi territory in the coming days, jolting the market's attention back to a potential flare-up of Middle East hostilities. Brent surged as much as 2% to trade above $74 a barrel on Friday, while West Texas Intermediate rallied toward $71. Iran is planning a strike through militias it backs in Iraq, which is expected to be carried out with drones and ballistic missiles, Axios reported, citing two Israeli sources it didn't name. Oil tumbled at the start of the week after a limited Israeli attack on...
The GBP/USD pair remains on the defensive around 1.2895, the lowest since August 16 during the early Asian trading hours on Friday. The major pair edges lower after the UK Labour government announced its first Autumn Forecast Statement on Wednesday. The US inflation, as measured by the Personal Consumption Expenditure Price Index (PCE), grew at a slightly faster-than-expected pace in September. Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that the headline PCE rose 2.1% YoY in September, compared to 2.2% in August, in line with the market consensus of...
Gold was steady after its biggest one-day drop since July, as traders took profits near record-high levels and strong US data weakened the case for further monetary easing. Bullion traded near $2,745 an ounce and was on track to end this week little changed. The metal fell from a record-high on Thursday as Treasury yields climbed, reflecting a drop in expectations for aggressive Federal Reserve interest-rate cuts following an unexpected drop in new jobless claims and a pick up in underlying inflation. Higher rates tend to weigh on gold, which...