Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points. Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to...
The Japanese Yen (JPY) languishes near a six-month low against its American counterpart and seems vulnerable to prolonging a one-month-old downtrend amid uncertainty about the timing of the next rate hike by the Bank of Japan (BoJ). Adding to this, the recent widening of the US-Japan yield differential, bolstered by reduced bets for further rate cuts by the Federal Reserve (Fed), validates the near-term negative outlook for the lower-yielding JPY. That said, a combination of factors might hold back the JPY bears from placing fresh bets. Japan's Finance Minister Katsunobu Kato weighed in...
Oil prices rose on Wednesday as supplies from Russia and OPEC members tightened, while data showing an unexpected increase in U.S. jobs openings pointed to expanding economic activity and consequent growth in oil demand. Brent crude was up 32 cents, or 0.42%, to $77.37 a barrel at 0135 GMT. U.S. West Texas Intermediate crude rose 42 cents, or 0.57%, to $74.67. Oil output from the Organization of the Petroleum Exporting Countries fell in December after two months of increase, a Reuters survey showed. Field maintenance in the United Arab Emirates offset a Nigerian output hike and gains...
The Japanese yen fell past 158 per dollar on Tuesday, marking its lowest point in more than five months and prompting fresh verbal intervention from a top Japanese official. Finance Minister Katsunobu Kato reiterated his warning against speculative and unilateral currency moves, signaling the government's readiness to take action if excessive volatility persists. The comments came as the yen weakened toward the 160 per dollar level, which had previously prompted intervention six months ago. The yen has come under pressure recently amid growing uncertainty over the timing of an interest...
Oil prices settled higher on Tuesday, driven by concerns over limited supply from Russia and Iran because of Western sanctions and expected higher Chinese demand. Brent crude futures settled at $77.05 a barrel, up 75 cents, or 0.98%. U.S. West Texas Intermediate (WTI) crude finished at $74.25 a barrel, up 69 cents, 0.94%. Traders were looking to the Chinese stimulus plans to drive growth as supplies are tight following the Christmas and New Year's holidays, said Forex market analyst Razan Hilal. Concern over sanctions tightening supply has translated into increased demand for Middle...
Gold prices trimmed earlier gains, trading below $2,650 per ounce on Tuesday after a 1% rise earlier in the session. The strengthening dollar and rising Treasury yields pressured gold as U.S. job openings indicated lower chances of significant rate cuts by the Federal Reserve. Stronger-than-expected job openings and solid services sector data pointed to a resilient economy, likely keeping the Fed cautious about easing rates. The dollar rebounded from a one-week low, further weighing on gold, which typically benefits from lower interest rates. Investor concerns that proposed U.S. tariffs...