US stocks rose on Friday (October 17th) as investors reacted positively to President Trump's remarks alleviating concerns about further trade escalation with China, while regional bank stocks rebounded after Thursday's sharp declines. The S&P 500 and Nasdaq each rose 0.5%, while the Dow Jones Industrial Average rose 239 points. Trump said his proposed 100% tariffs on Chinese goods would be unsustainable, although he blamed Beijing for recent trade tensions, and confirmed that his meeting with Chinese President Xi Jinping was still possible at the end of the month. Consumer staples,...
Gold prices (XAU/USD) traded in a tight range around $2,650.00 during the European session on Thursday (5/12). The precious metal struggled to find direction as investors have been sidelined ahead of the United States (US) Nonfarm Payrolls (NFP) data for November, due for release on Friday. The labor market data will significantly influence market expectations for the Federal Reserve's (Fed) likely interest rate decision at its monetary policy meeting on December 18. Financial market participants currently expect the Fed to cut interest rates by 25 basis points (bps) to 4.25%-4.50%,...
Gold steadied after a modest gain as the market digested remarks from the head of the Federal Reserve before data that may influence the central bank's next interest-rate decision. Bullion traded near $2,645 an ounce after Fed Chair Jerome Powell said he expects officials can move cautiously as they continue to lower rates. US nonfarm payroll figures due Friday are the next major data point before policymakers meet on Dec. 17-18 in Washington, with swaps markets pricing in a 25-point cut. Gold has scope to push higher next year, likely hitting a...
Oil prices were mostly steady on Thursday ahead of an OPEC+ meeting later in the day, with investors waiting to see what the producer group will do next on supply cuts while also monitoring geopolitical tensions in the Middle East. Brent crude futures were up 5 cents, or 0.07%, at $72.36 a barrel by 0730 GMT, while U.S. crude futures were at $68.60 a barrel, up 6 cents, or 0.09%. Both benchmarks fell nearly 2% on Wednesday. A bank sold a large number of U.S. futures contracts in afternoon trading on Wednesday, a person with direct knowledge of the matter said, pushing prices lower. The...
EUR/USD moved higher and attempted to stay above 1.0500 during European trading hours on Thursday (5/12). The major currency pair strengthened slightly as investors tried to recover from the anticipated collapse of Michel Barnier's three-month-old government after it lost a no-confidence motion brought by a coalition of right-wing and left-wing politicians. The dismantling of the French government has plunged the economy into a deeper crisis by limiting its capacity to tame a burgeoning fiscal deficit. Right-wing and left-wing lawmakers backed the no-confidence motion against Barnier after...
EUR/USD moved higher and tried to stay above 1.0500 during European trading hours on Thursday. The major currency pair edged higher as investors tried to recover from the collapse of Michel Barnier's three-month-old government after it lost a no-confidence motion brought by a coalition of the right and left. The collapse of the French government has plunged the economy into a deeper crisis by limiting its ability to tame a growing fiscal deficit. Left and right-wing lawmakers backed the no-confidence motion against Barnier after claiming his government's budget was "flawed and detrimental"...