The Nikkei 225 index edged up 0.04% to 51,326, while the Topix index gained 0.69% to 3,301 on Thursday, hitting a new record. The gains came after the Bank of Japan held its benchmark interest rate at 0.5% by a 7-2 vote, with two members (Naoki Tamura and Hajime Takata) pushing for a rise to 0.75%. The market remains skeptical about the likelihood of a policy change in December, as the BOJ appears cautious, while Prime Minister Sanae Takaichi is known for her support of loose monetary policy. On the stock front, Advantest hit a new record after raising its profit forecast due to strong...
Silver price (XAG/USD) extends its winning streak for the third consecutive session, trading around $30.90 per troy ounce during Asian trading hours on Thursday. The precious metal holds its gains amid dovish signals from major central banks. The Bank of Canada (BoC) has ended its quantitative tightening and joined Sweden's Riksbank in delivering a rate cut. Meanwhile, the European Central Bank (ECB) is also expected to lower rates this week, while the Reserve Bank of India (RBI) and the People's Bank of China (PBoC) have signaled potential rate cuts ahead. In the United States (US), the...
Oil prices steadied in Asian trade on Thursday as traders digested hawkish signals from the Federal Reserve, while U.S. President Donald Trump reiterated plans to increase domestic energy production. Oil prices were nursing losses over the past week after Trump called for lower oil prices and higher output in the U.S. and other major suppliers. Data showing a bigger-than-expected build in U.S. oil inventories also weighed on crude prices. Markets remained largely skittish over Trump's plans to impose more trade tariffs on major global economies, especially China. The White House on...
Dollar bulls were ready to pounce on the euro on Thursday should the European Central Bank sound dovish on rates later in the day, given the Federal Reserve had pressed the pause button on its easing cycle overnight Markets are more than fully priced for the ECB to trim rates by 25 basis points to 2.75% later on Thursday, with even a small chance of 50 basis points given how weak the EU economy is. "The euro area's inflationary pulse is evaporating, and the risk of a sustained inflation undershoot is material," warned analysts at ANZ. "The complex economic and political challenges facing...
Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates unchanged. The XAU/USD trades volatile within the $2,750 - $2,740 range as Fed Chair Jerome Powell crossed the wires. Powell's first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn't comment on Trump's policies or politics. In addition, Powell said that monetary policy is "less restrictive than it had been," adding that the Fed...
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.60 during the late American session on Wednesday. The WTI price edges lower after US crude stockpiles rose more than expected last week. US crude inventories rose last week. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending January 24 increased by 3.463 million barrels, compared to a decline of 1.017 million barrels in the previous week. The market consensus estimated that stocks would rise by 3.7 million barrels. The White House...