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 moved higher mid-afternoon on Tuesday as the dollar weakened. Gold for February delivery was last seen up US$8.50 to US$2,667.00 per ounce. The precious metal has been mostly rangebound since correcting from a record high of US$2,800.80 on Oct.30, as the dollar surged following the U.S. election and inflation remains stuck above the Federal Reserve's 2% target. However the dollar eased early on Tuesday, with the ICE dollar index last seen down 0.35 points to 106.1. Treasury yields were mixed. The U.S. two-year note was last seen paying 4.159%, down 3.3 basis points, while the yield...
Gold (XAU/USD) edged higher to trade around $2,630 on Tuesday (3/12) after comments from a Federal Reserve (Fed) speaker raised the possibility of the Fed cutting interest rates at its December policy meeting. Lower interest rates are positive for Gold as they reduce the opportunity cost of holding non-interest-paying assets. Rising geopolitical risks can also support Gold amid ongoing conflicts in the Middle East, now exacerbated by the outbreak of civil war in Syria, the Russia-Ukraine conflict, and political risks in France. During times of crisis, investors turn to Gold for...
The dollar weakened against all G10 currencies except the yen, which pared Monday's gains, ahead of U.S. data and a slew of Fed speeches. The Bloomberg Dollar Index fell 0.1%, after a 0.5% gain Monday; its volatility trend shifted slightly lower as currency markets still favor a quarter-point interest rate cut by the FOMC this month. The U.S. jobs report is due later in the day, followed by private employment on Wednesday and key nonfarm payrolls data on Friday. Fed Governor Adriana Kugler, San Francisco Fed President Mary Daly and Chicago counterpart Austan Goolsbee are also scheduled to...
The euro edged up on Tuesday, regaining some poise after political turmoil in France sent traders scrambling for hedging protection against further price swings, while the yuan hit a 13-month low on tariff risks and weakness in China's economy. The yen, which has gained nearly 4.5% in the last two weeks, retreated slightly against the dollar, but remained near six-week highs, as traders are growing increasingly confident that Japan may hike rates this month. The euro, which had been the weakest G10 currency through November, began this month with a 0.7% fall on Monday and was last hovering...
Oil prices rose nearly 1% on Tuesday, as traders awaited the outcome of the OPEC+ meeting later this week. Brent crude was up 66 cents, or 0.92%, at $72.49 a barrel by 0909 GMT, while U.S. West Texas Intermediate crude was up 63 cents, or 0.93%, at $68.73. OPEC+ is likely to extend its latest round of production cuts until the end of the first quarter at its meeting on Dec. 5, sources have said. "Given the improved compliance with production cuts from Russia, Kazakhstan and Iraq, the decline in Brent prices and indications in press reports, we assume OPEC+ production cuts will be extended...