Japanese stocks are lower following their recent surge driven by hopes for newly elected Prime Minister Sanae Takaichi's economic measures. The market is also weighed by continuing U.S.-China trade tensions and new U.S. sanctions on Russian oil giants. Chip-related stocks are leading declines. Tokyo Electron Ltd. is down 3.8%, SoftBank Group is 3.2% lower and Renesas Electronics is down 3.6%. USD/JPY is at 152.13, compared with 151.80 as of Wednesday's Tokyo stock market close. Investors are closely watching any details of Takaichi's policy steps. The Nikkei Stock Average is down 1.4% at...
Silver climbed to around $41.8 per ounce on Friday, holding near its strongest levels since 2011 as signs of a cooling US labor market reinforced expectations for a Federal Reserve rate cut. The latest ADP report showed private payrolls rose just 54K in August, well below forecasts, while jobless claims reached their highest since June, pointing to further weakness. Investors now await the August jobs report due later today, expected to cement bets on a near-term Fed move. Markets are pricing in nearly 100% odds of a 25 basis point cut on September 17.Safe-haven demand also underpinned...
Gold rose to around $3,550 per ounce on Friday, near record levels and on track for a weekly gain of over 3%, supported by expectations of lower US interest rates and safe-haven demand. A drop in job openings, higher-than-expected layoffs, and initial jobless claims reaching a two-month high have led markets to largely price in a September rate cut.Traders are now betting on up to three cuts this year, which would benefit gold, as lower interest rates reduce the opportunity cost of holding non-yielding assets. Investors are now awaiting the US nonfarm payrolls report for a broader view of...
Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.Brent crude futures fell 23 cents, or 0.3%, to $66.77 a barrel at 0012 GMT, while U.S. West Texas Intermediate crude fell 19 cents, or 0.3%, to $63.29.Eight members of the Organization of the Petroleum Exporting Countries and allies like Russia in OPEC+ will consider further raising production in October at a meeting on Sunday, two sources familiar with the discussions told Reuters. Another boost would mean that OPEC+, which...
EUR/USD trades marginally lower on the day at around 1.1650 on Thursday. The data from the US showed that private sector payrolls rose 54,000 in August, missing the market expectation of 65,000 and helping the pair hold its ground. US ISM Services PMI data is coming up next. The EUR/USD spent the first half of the day confined to a tight intraday range, stuck around the 1.1650 area. The US Dollar (USD) pushed marginally higher against most major rivals amid continued caution among market participants ahead of United States (US) macro releases. Meanwhile, the Euro (EU) had no reason to...
The Australian Dollar (AUD) is under pressure against the US Dollar (USD) on Thursday, with AUD/USD down almost 0.50%, trading near 0.6510 at the time of writing. The pullback reflects broad Greenback resilience as markets digest a mixed batch of US labor data and stronger services activity, though the pair is holding firm above the 0.6500 psychological level. The US Dollar is regaining ground, with the DXY index hovering near 98.40, underpinned by cautious positioning ahead of Friday's Nonfarm Payrolls (NFP). Labor signals this week have pointed to softer hiring and rising layoffs, while...