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 trades on a softer note near 1.3500 during the early European session on Tuesday. The US Dollar (USD) posts modest gains against the Pound Sterling (GBP) as traders pared bets on a rate cut at the US Federal Reserve (Fed) September 16-17 meeting. The UK July Consumer Price Index (CPI) inflation report will take center stage later on Wednesday. A report last week showed that the US Producer Price Index (PPI) increased by the most in three years in July amid a surge in the costs of goods and services. This, in turn, prompted traders to reduce expectations of rate reduction,...
Silver fell below $38 per ounce on Tuesday, giving up the previous session's gains as signs of progress in Ukraine peace negotiations dampened safe-haven demand. On Monday, US President Donald Trump met with European leaders to discuss security guarantees for Ukraine, adding that he had spoken with Russian President Vladimir Putin and was working to arrange a direct meeting between Putin and Ukrainian President Volodymyr Zelenskiy, followed by a potential trilateral summit. Meanwhile, attention turns to the Federal Reserve's annual Jackson Hole symposium later this week, where global...
Gold prices were little changed on Tuesday as investors awaited the Federal Reserve's annual conference this week for cues into possible rate cuts, and weighed Washington's efforts to end the war in Ukraine. Spot gold held steady at $3,331.49 per ounce as of 0201 GMT. U.S. gold futures for December delivery fell 0.1% to $3,375.40. Fed Chair Jerome Powell's remarks at the central bank's symposium on August 21-23 in Wymoing could offer clarity on the economic outlook and expectations of policy easing. "Gold is still consolidating and is really waiting for a new catalyst to break higher. I...
Oil prices slipped in Asian trading on Tuesday as investors assessed U.S.-Ukraine talks for clues on Russian oil supply outlook, with focus now turning to a possible meeting between the Ukrainian leader and Russian President Vladimir Putin. As of 22:29 ET (02:29 GMT), Brent Oil Futures expiring in October fell 0.5% to $66.27 per barrel, while West Texas Intermediate (WTI) crude futures also declined 0.5% to $62.36 per barrel. Both contracts rose nearly 1% on Monday after U.S. Trade Adviser Peter Navarro criticized India's purchases of discounted Russian crude as funding the war, renewing...
The Japanese Yen (JPY) is seen oscillating in a range against its American counterpart during the Asian session on Tuesday amid mixed fundamental cues. The growing acceptance is that the Bank of Japan (BoJ) will stick to its policy normalization path and hike interest rates by the year-end. Moreover, the cautious market mood acts as a tailwind for the JPY. Apart from this, the lack of follow-through US Dollar (USD) buying caps the USD/JPY pair near the 148.00 mark. Meanwhile, the BoJ's hawkish outlook marks a significant divergence in comparison to expectations that the US Federal Reserve...