European stock markets appeared calm on Tuesday, following a strong rally in the previous session. Major indices such as the STOXX 50 and STOXX 600 moved flat as investors chose to wait for new direction while assessing news from various major companies. The property and utilities sectors posted positive performances, followed by banking stocks, which also gained slightly. Conversely, stocks in the chemical and food and beverage sectors weakened. L'Oréal recorded a slight decline, while UniCredit rose slightly ahead of its latest financial report. On the positive side, Assa Abloy shares...
Gold prices (XAU/USD) recovered from a dip to around $2,690 during Asian trading hours on Friday after falling from a five-week high in the previous session. All eyes will be on the US Federal Reserve's (Fed) interest rate decision next week. Gold purchases by central banks, including the People's Bank of China (PBOC), could provide some support to the yellow metal. China's central bank resumed gold purchases in November after a six-month hiatus, increasing its reserves to 72.96 million troy ounces. The move comes as Beijing signals a shift to a "moderately loose" monetary policy, with...
Oil is headed for a weekly gain as the prospect of tighter U.S. sanctions on Iran and Russia offset persistent concerns about a massive global oversupply next year. West Texas Intermediate is trading near $70 a barrel, up about 4% so far this week, while Brent closed above $73. President-elect Donald Trump's pick for national security adviser has vowed to return to "maximum pressure" on Iran, while the Biden administration is considering new sanctions on Russian oil trade before leaving the White House next month. The prospect of tougher penalties briefly sparked a bullish surge in the...
Oil prices fell slightly Thursday as a forecast for ample supply in the oil market offset optimism stemming from rising expectations of a U.S. interest rate cut. Brent crude futures fell 11 cents to close at $73.41 a barrel. U.S. West Texas Intermediate crude futures declined 27 cents to settle at $70.02. Both benchmarks rose by more than $1 on Wednesday. The International Energy Agency said it expected the oil market to be comfortably supplied next year, even as it revised its demand outlook for next year up slightly. OPEC cut its demand growth forecast for 2024 for the fifth straight...
Gold slipped over 1% on Thursday as investors booked profits after it briefly reached a five-week high earlier in the session and squared positions ahead of a U.S. Federal Reserve meeting next week. Spot gold lost 1.2% at $2,684.15 per ounce by 01:40 p.m. ET (1840 GMT), while U.S. gold futures settled 1.7% lower at $2,709.40. Bullion climbed to its highest level since Nov. 6 earlier in the session. Source: Reuters
Oil prices were little changed in Asian trade on Thursday as forecasts of weak demand and a higher-than-expected rise in U.S. gasoline and distillate inventories stemmed gains from an additional round of EU sanctions threatening Russian oil flows. Brent crude futures were up 14 cents at $73.66 a barrel at 0519 GMT. U.S. West Texas Intermediate crude futures rose 6 cents to $70.35. Both benchmarks rose over $1 each on Wednesday. OPEC cut its demand growth forecasts for 2025 for the fifth straight month on Wednesday and by the largest amount yet. "Investors will be closely monitoring the...