Three major US indexes closed at new record highs after a lower-than-expected inflation report raised the possibility of a Federal Reserve interest rate cut later this year and prompted investors to shift to riskier assets. The S&P 500 rose 0.8%, the Nasdaq rose 1%, and the Dow Jones Industrial Average rose 470 points. Technology stocks led the rally, with AMD and IBM surging 7.5% and 8.77%, respectively, after IBM said it had successfully implemented a key quantum error correction algorithm on AMD chips, boosting sentiment across the sector. Intel rose 1.6% after returning to...
The GBP/USD pair drifts lower to around 1.3450 during the Asian trading hours on Thursday, pressured by a modest rebound in the US Dollar (USD). Traders await the preliminary reading of S&P Global Purchasing Managers Index (PMI) reports for August from the United Kingdom (UK) and the United States (US), which are due later on Thursday. On Friday, all eyes will be on the Fed's annual Jackson Hole symposium. The Greenback strengthens against the Pound Sterling (GBP) on diminishing odds of a Fed rate cut in the September meeting after a jump in US wholesale prices last month. Markets...
EUR/USD edges lower after registering slight gains in the previous session, trading around 1.1640 during the Asian hours on Thursday. The Euro (EUR) depreciates against the US Dollar (USD) ahead of HCOB Purchasing Managers' Index (PMI) data from Germany and the Eurozone. Germany's HCOB PMI data is scheduled to be released on Thursday at 07:30 GMT, with the Services PMI expected at 50.3. The Eurozone HCOB PMIs follow at 08:00 GMT, with forecasts pointing to 49.5 for Manufacturing and 50.6 for Services. On Wednesday, the Eurostat reported that the European Union (EU) Harmonized Index of...
Oil held a gain after US crude stockpiles shrunk the most since mid-June, keeping inventories well below the seasonal average. Brent traded around $67 a barrel after climbing 1.6% on Wednesday, while West Texas Intermediate was near $63. Nationwide holdings fell by 6 million barrels last week, according to Energy Information Administration figures. Gasoline stockpiles also declined for a fifth straight week. Oil is still down more than 10% this year on concerns about the fallout from US trade policies and as OPEC+ returns idled production, raising expectations for a glut...
Lower bond yields and a weaker US dollar in recent weeks have failed to fuel a further rally in gold, said BMI, a unit of Fitch Solutions. "On the other hand, despite easing trade uncertainty and geopolitical tensions, gold remains reluctant to collapse," BMI said in a report. BMI revised its 2025 annual average gold price forecast to $3,250/oz, from $3,100/oz previously. BMI expressed a neutral to slightly bullish outlook for the remainder of 2025. Prices are expected to remain elevated in the coming weeks as the market prepares for a Fed rate cut, it said. However, "we believe gold's...
Silver traded around $37.8 per ounce on Thursday, consolidating after an over 1% rally in the previous session, as investors looked ahead to the Federal Reserve's annual Jackson Hole symposium for policy cues. Market participants are set to focus on Fed Chair Jerome Powell's remarks, searching for indications of whether the central bank may push back against expectations for near-term monetary easing. Minutes from the Fed's July meeting underscored that most policymakers remain more concerned about persistent inflation pressures than about labor market risks, while tariffs and trade policy...