European stocks closed slightly lower on Tuesday after reaching record peaks on the previous session on mixed earnings results, while markets continued to assess the outlook on global trade and European rates. The STOXX 50 inched down by 5,701 and the STOXX 600 lost 03% to 576. Pharmaceutical companies led the losses in the session with a 4.3% slump for Novartis after the Swiss giant posted softer earnings than expected. Roche and Novo Nordisk both fell 2.5% In the meantime, BNP Paribas fell 3.5%, also on an earnings miss. On the other hand, HSBC jumped 4.4% after raising its 2025...
The U.S. dollar was under pressure on Thursday as traders piled into wagers that the Federal Reserve will resume cutting interest rates next month, powering bitcoin to a record high, while a blistering rally in global stocks took a breather. MSCI's gauge of equities in Asia excluding Japan, lingered near its loftiest level since September 2021, taking cues from Wall Street, where the S&P 500 and Nasdaq indexes hit new closing highs for the second straight day. The dollar fell to a two-week low against a basket of major peers on shifting expectations of U.S. rate cuts, with comments...
Gold (XAU/USD) struggles to capitalize on its modest Asian session gains to a three-day peak and attracts some intraday sellers near the $3,375 region. The global risk sentiment remains well supported by the optimism over an extension of the US-China trade truce for another three months and the US-Russia summit on Friday aimed at ending the war in Ukraine. This, in turn, acts as a headwind for the safe-haven precious metal. However, a combination of supporting factors favors bullish traders and backs the case for the emergence of some dip-buying. The US Dollar (USD) selling bias remains...
Oil steadied near a two-month low after the International Energy Agency said the market is on track for record oversupply next year. Brent traded near $66 a barrel after closing at its lowest since June 5 on Wednesday, while West Texas Intermediate was around $63. Global oil inventories will accumulate at a rate faster than the average buildup during the pandemic year of 2020, the IEA's monthly report showed. Meanwhile, traders are monitoring the lead-up to Friday's summit between the US and Russian presidents, given that it may result in an easing or tightening of...
Oil prices edged higher on Thursday, regaining ground after a sell-off in the previous session, with the upcoming meeting between U.S. President Donald Trump and his Russian counterpart Vladimir Putin raising risk premiums in the market. Brent crude futures were up 28 cents, or 0.43%, at $65.91 a barrel at 0057 GMT, while U.S. West Texas Intermediate crude futures rose 23 cents, or 0.37%, to $62.89. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Trump on Wednesday threatened...
Gold edges higher in the early Asian session amid hopes for Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal. Treasury Secretary Bessent said on Wednesday that there was a good chance the Fed could cut rates by 50 basis points next month. In a television interview, Bessent suggested borrowing costs might eventually drop by 1.5 percentage points or more. Bessent's comments increased speculation that the Fed will cut rates in September, with money market fully pricing in a 25bps rate cut, ANZ Research analysts say in a research report. This boosted...