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...
West Texas Intermediate (WTI) crude oil rose on Wednesday as China's decision on Monday to loosen monetary policy continues to support the commodity, while OPEC lowered its demand forecast for this year and next and a report showed a drop in U.S. inventories. WTI crude for January delivery closed up US$1.70 to settle at US$70.29 per barrel, while February Brent crude was last seen up US$1.25 to US$73.44. In its Monthly Oil Market Report released on Wednesday OPEC again lowered its demand-growth forecast for 2024 and 2025 demand. The cartel trimmed its outlook for this year by 210,000...
Oil rose ahead of key US inflation data and a monthly report from OPEC that will provide a snapshot on the market. Brent increased near $73 a barrel after a slight gain on Tuesday, while West Texas Intermediate traded above $69. Consumer price index figures for November are due later Wednesday and will provide clues on the path forward for monetary policy ahead of the Federal Reserve's meeting next week. Meanwhile, the Biden administration is considering new sanctions on Russia's oil trade, a move that could tighten the market and drive up prices. Details of...
Gold Futures Rise as Markets Await US CPI Data Gold futures rose 0.3% to $2,725.60 a troy ounce ahead of key US economic data. Investors are positioning themselves ahead of the release of Consumer Price Index data on Wednesday, ANZ Research analysts said in a note. The figures are expected to confirm the Federal Reserve's decision on a December interest rate cut, ANZ said. While markets are pricing in about a 90% chance of a rate cut, signs from the CPI data that shake that belief could be a drag on non-yielding bullion. The precious metal is also supported by safe-haven demand amid...
The dollar strengthened against European currencies on Wednesday ahead of a highly anticipated reading on U.S. inflation, also boosted by a Reuters report that China is considering allowing a weaker currency next year, which has caused the yuan and other Asian currencies to weaken The euro was last down 0.18% at $1.0508, a day before a European Central Bank meeting, and the pound fell 0.16% to $1.2752 as traders awaited U.S. CPI data, due at 1330 GMT. Economists expect headline and core consumer prices to rise 0.3% in November from previous increases of 0.2% and 0.3%,...