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...
Oil prices fell as traders weighed the prospect of a ceasefire in Ukraine, with President Donald Trump pushing for a summit between Vladimir Putin and Volodymyr Zelenskiy after a series of high-level talks. Brent oil prices fell below $66 a barrel, remaining within a narrow range they have held for the past two weeks. Any peace deal could eventually pave the way for easing restrictions on Russian crude exports, although Moscow has largely maintained its oil supplies since the conflict began. Trump called the Russian president and urged him to begin working on plans for a one-on-one meeting...
Gold strengthened as traders monitored US-led efforts to end the war in Ukraine and counted down to the Federal Reserve's annual meeting in Jackson Hole, which may yield hints about a possible interest rate cut. Spot gold prices edged up to $3,345 an ounce, after ending nearly flat on Monday. Fed Chairman Jerome Powell is scheduled to deliver a keynote address at a meeting of central bankers on Friday, and his remarks could reinforce widespread investor expectations for looser monetary policy. Lower borrowing costs typically benefit precious metals, a non-yielding asset. Meanwhile, the US...
Gold prices edged higher on Tuesday (August 19th), boosted by a weaker dollar amid prospects for a US interest rate cut, while investors awaited the Fed Chair's speech in Jackson Hole later this week. Spot gold rose 0.2% to $3,336.88 per ounce at 08:14 GMT. US gold futures for December delivery rose 0.1% to $3,381.20. The dollar index fell 0.1% against a basket of major currencies, making gold cheaper for holders of other currencies. "Gold has been in a tight range for the past few weeks, pulled in various directions amid the ebb and flow of trade tensions, efforts to secure a...
World oil prices weakened on Tuesday (August 19th) as investors weighed the possibility of a meeting between Russia, Ukraine, and the United States that could potentially lead to the lifting of sanctions on Russian oil. This raised expectations of additional supply in the market. Brent futures fell 0.72% to $65.80 per barrel, while WTI September fell 0.63% to $61.93 per barrel. The more active WTI October contract also weakened 0.73% to $62.24 per barrel. The price decline occurred after oil had closed up around 1% in the previous trading session. The market responded to news from the White...
The USD/CHF pair weakened near 0.8070 during the early European session on Tuesday (August 19). However, the pair's downside potential may be limited amid optimism for a ceasefire in the conflict between Russia and Ukraine, with US President Donald Trump planning a summit between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskiy in the near future. Trump said on Monday that the United States (US) would help guarantee Ukraine's security in any deal to end the war with Russia. The 30-nation "Coalition of the Willing" reached an agreement to provide security...