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,...
The Australian dollar (AUD) continued its uptrend for the third straight session on Friday following aggressive comments from Reserve Bank of Australia (RBA) Governor Michele Bullock. However, the AUD/USD pair may face downward pressure as the United States (US) is set to announce additional measures on Monday aimed at curbing China's ability to advance artificial intelligence technology. RBA Governor Bullock said on Thursday that Australia's core inflation is still "too high" to consider cutting interest rates anytime soon. He stressed that there is still progress to be made before...
The USD/JPY pair lost traction around 150.95 during the early Asian session on Friday (11/29). The Japanese yen (JPY) moved higher after Japan's Tokyo Consumer Price Index (CPI) inflation report came in higher than expected for November. Data released by the Statistics Bureau of Japan on Friday showed that the Tokyo Consumer Price Index (CPI) rose by 2.6% YoY in November, compared to 1.8% in the previous month. Meanwhile, the Tokyo CPI ex Fresh Food, Energy rose by 2.2% YoY in November compared to 1.8% previously. The Tokyo CPI ex Fresh Food increased by 2.2% YoY in November, compared to a...
Gold was steady amid thin trading due to the U.S. Thanksgiving holiday, with investors weighing the prospect of a Federal Reserve interest rate cut and rising tensions in Ukraine. Bullion was trading near $2,640 an ounce on Friday and down about 3% for the week after a ceasefire between Israel and Hezbollah reduced some demand for the safe-haven asset. Swap markets are pricing in a more than 60% chance the Fed will ease borrowing costs again next month The market is also monitoring fresh threats from Russia, after President Vladimir Putin warned on Thursday that his forces could strike...
Oil was steady as traders eyed further clues on OPEC+'s output plans after postponing a key meeting for four days. West Texas Intermediate crude futures held below $69 a barrel, while Brent crude settled above $73. The producer group is set to discuss whether to press ahead with a supply restart at a delayed online meeting on Dec. 5, or extend curbs into 2025 to avoid global markets becoming oversupplied Crude has traded in a tight range since mid-October, alternating between weekly gains and losses. Prices have been shaken by volatile geopolitical tensions in the Middle East, waning...
Oil held steady as trading thinned during the US Thanksgiving holiday, with the market looking ahead to an upcoming OPEC+ meeting that has been delayed until Dec. 5. West Texas Intermediate was little changed below $69 a barrel in a choppy session, while global benchmark Brent traded above $73. OPEC+ is widely expected to once again delay restoring production when it next meets, to offset concerns about an anticipated glut next year. The meeting, originally scheduled for Sunday, has been pushed back by four days. The group had started talks earlier in the week on delaying an increase to...