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) fell during the North American session on Monday (11/25) as news of a ceasefire between Lebanon and Israel spread, dampening appetite for riskier assets. This, along with the appointment of Scott Bessent as Treasury Secretary for the Trump administration, weighed on the yellow metal. XAU/USD is trading at $2,620, down more than 3%. The increased risk appetite is driving the movement in Gold prices. The non-yielding metal has fallen below its 50-day Simple Moving Average (SMA) of $2,664, opening the door for further downside. Market participants welcomed Bessent's...
WTI crude futures fell 3.2% on Monday, settling at $68.90 a barrel, following a report suggesting Israel and Hezbollah may be close to reaching a ceasefire deal within days. Traders cautiously viewed the news as a positive sign, but doubts persisted due to the failure of previous ceasefires. Attention also turned to escalating Ukraine-Russia tensions. In other developments, Iran announced plans to expand its nuclear fuel output following criticism from the UN atomic watchdog, preparing for potential sanctions under a possible second Trump administration. Meanwhile, Azerbaijani Energy...
Crude futures fall as expectations of an imminent ceasefire agreement between Israel and Hezbollah takes some Middle East risk premium out of the market. But "we have seen how ceasefires have failed to materialize in the past, so its best to take any ceasefire news cautiously," says Alex Hodes of StoneX in a note. Trade is apt to be volatile on lighter volume this week with the U.S. closed Thursday for Thanksgiving, he adds. WTI settles down 3.2%, at $68.94 a barrel, and Brent loses 2.9%, to $73.01 a barrel. Source: Marketwatch
Gold prices plunged over 3% on Monday, breaking a five-session rally to its highest in nearly three weeks, as reports of Israel nearing a ceasefire with Hezbollah, coupled with Trump's nomination of Scott Bessent as the U.S. Treasury Secretary soured the precious metal's safe-haven appeal. Spot gold fell 3.4% to $2,619.66 per ounce by 02:01 p.m. ET (1901 GMT), its biggest daily percentage decline since Jun.07. U.S. gold futures settled 3.5% lower to $2618.50. Traders are also gearing up for a pivotal week, with minutes from the Federal Reserve's November meeting, U.S. GDP revisions, and...
Israel is potentially days away from a cease-fire agreement with Lebanon's Hezbollah, the Israeli ambassador to the US said. Prices extended losses after Axios reported that Israel and Lebanon have accepted the terms of a ceasefire agreement. The parties haven't yet announced an agreement, it said. Bullion tumbled as much as 3% as traders unwound positions built last week amid rising geopolitical tensions, which helped the metal register the biggest weekly rally in 20 months. Traders were also digesting President-elect Donald Trump's pick of Scott Bessent for Treasury...