Asian stock markets opened higher on Thursday morning (October 16th), following a positive close on Wall Street despite volatile trading. Stocks in Japan, Australia, and South Korea rose, while index futures pointed to a weaker opening in Hong Kong. In the US, the S&P 500 index rose 1.2%, then fell, and finally closed up 0.4%. Renewed tensions between the United States and China have again affected market sentiment. US President Donald Trump stated that his country is now "locked in a trade war" with China. However, US Treasury Secretary Scott Bessent suggested a longer pause on import...
Oil extended the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply. Brent traded below $65 a barrel after closing 1.6% lower on Thursday. Israel approved a framework that would see Hamas release hostages in exchange for prisoners, a major step toward a peace agreement to end the bloody conflict in Gaza which has destabilized the Middle East. Meanwhile, traders were on alert after the US sanctioned more than 50 individuals, firms and vessels involved in the Iranian energy trade, including a key crude-import terminal and a...
The Australian dollar strengthened to around $0.657 on Friday (October 10), rebounding from a nearly two-week low. This gain came after RBA Governor Michele Bullock struck a cautious tone: services inflation remains sticky, second-quarter inflation was slightly above forecasts but trending upwards. She also emphasized the volatile monthly CPI data and said the labor market remains tight but is approaching equilibrium. The market also expects the RBA to hold interest rates (after keeping them at 3.6% in September). Despite today's strength, the AUD is still headed for a slight weekly decline...
Gold rose slightly in the early Asian session, up 0.3% to $3,986.90/oz, recovering from a sharp overnight decline. This gain is seen as a technical recovery, and according to Fadi Al Kurdi (FFA Kings), gold's bullish momentum still has the potential to continue. On the sentiment side, the US government shutdown delayed the release of important data and added fiscal uncertainty, thus maintaining interest in safe assets. Furthermore, the September FOMC minutes showed that the Fed sees significant labor market risks for further interest rate cuts, although it remains cautious due to...
Oil held the biggest decline in a week on cautious optimism about easing tensions in the Middle East and the outlook for supply. West Texas Intermediate traded below $62 a barrel after closing 1.7% lower on Thursday. Brent settled near $65. A peace agreement between Israel and Hamas took another major step forward following Israel's approval of a framework that would see hostages and prisoners released. OPEC+ agreed to raise production quotas again at a gathering on Sunday, exacerbating concerns of an oversupplied market in the coming months. Still, the...
Oil prices settled lower on Thursday after Israel and the Palestinian militant group Hamas signed an agreement to cease fire in Gaza. Brent crude futures closed down $1.03, or 1.6%, at $65.22 a barrel. U.S. West Texas Intermediate crude was down $1.04, or 1.7%, at $61.51. Israel and the Palestinian militant group Hamas signed an agreement on Thursday to cease fire and free Israeli hostages in exchange for Palestinian prisoners, in the first phase of U.S. President Donald Trump's initiative to end the war in Gaza. Under the ceasefire deal, fighting will cease, Israel will partially...