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...
EUR/USD shed close to 0.2% on Tuesday, chalking in a third straight declining trading day and testing down into the 1.0500 handle as the Euro's near-term bullish recovery fizzles out. Fiber is backsliding into a cautious stance ahead of a key US Consumer Price Index (CPI) inflation print due on Wednesday, with another rate call from the European Central Bank (ECB) just around the corner on Thursday. Wednesday's CPI inflation print, which serves as one of the last key data releases before the Federal Reserve's (Fed) last policy meeting in 2024. Signs that progress on inflation has stalled...
Gold rose during the North American session on Tuesday with buyers eyeing the $2,700 mark for the first time since November 25. One of the drivers of the yellow metal's rise was expectations that the Federal Reserve (Fed) will cut interest rates at its December meeting. At the time of writing, XAU/USD was trading at $2,694, up 1.32%. US economic data released on the day suggested that small businesses have grown optimistic about the economy, according to a survey by the National Federation of Independent Business. However, traders are focused on the release of US inflation figures on the...
Oil prices were little changed on Tuesday as concerns eased about the fallout from the overthrow of Syria's president while the market found support from Chinese stimulus that could boost demand from the world's biggest crude buyer. Brent crude futures rose 5 cents, or 0.07%, to close at $72.19 a barrel. U.S. West Texas Intermediate gained 22 cents, or 0.32%, to settle at $68.59. Both benchmarks had risen more than 1% on Monday. In Syria, rebels were working to form a government and restore order after the ousting of President Bashar al-Assad, with the country's banks and oil sector set to...
Gold prices hit a two-week high on Tuesday, underpinned by rising geopolitical tensions and expectations of a third U.S. rate cut by the Federal Reserve next week, while the market's gaze shifted to Wednesday's U.S. inflation data. Spot gold was up 1.3% at $2,692.32 per ounce at 01:41 p.m. ET (1841 GMT). U.S. gold futures settled 1.2% higher at $2,718.40. The spotlight is moving to the U.S. Consumer Price Index (CPI) on Wednesday, which is expected to rise by 0.3% in November, according to a Reuters poll, and the Producer Price Index (PPI) on Thursday, both pivotal in shaping the Fed's...
Oil prices fell slightly in trade on Tuesday, losing some ground after pledges of more stimulus in top importer China and heightened geopolitical tensions in Syria sparked strong gains. Anticipation of more economic signals from China and the U.S. in the coming days also kept traders to the sidelines, as did caution over a monthly report from the OPEC. Brent oil futures expiring in February fell 0.2% to $72.0 a barrel, while West Texas Intermediate crude futures fell 0.2% to $67.96 a barrel by 20:44 ET (01:44 GMT). Oil prices rose over 1% on Monday after China's top political body...