US equities ended lower on Tuesday as investors grappled with downbeat economic data, rising trade tensions, and mixed corporate earnings. The S&P 500 dropped 0.5%, the Nasdaq slid 0.7%, and the Dow slipped by 62 points, following Monday's sharp rebound from Friday's losses tied to a disappointing jobs report. Concerns about stagflation resurfaced after the ISM Services index showed activity had stalled in July. Meanwhile, President Trump's threats of steep tariffs up to 250% on pharmaceutical imports alongside potential levies on semiconductors, added to market unease amid ongoing...
Brent crude oil futures traded below $65 per barrel on Thursday, holding losses from the previous session amid rising concerns over a global oil oversupply. Key oil producer Saudi Arabia is pushing for a significant increase in OPEC+ output at least 411,000 barrels per day in August, and possibly in September in a bid to capture market share during peak summer demand. The kingdom also cut its July crude prices for Asian buyers to near four-year lows, signaling softer demand from the region. While official US data showed a decline in crude inventories, gasoline and distillate stockpiles...
The US dollar index remained under pressure below 99 on Thursday, as investors awaited fresh labor market data that could shape expectations for future Federal Reserve policy moves. Markets are focused on Thursday's weekly jobless claims and Friday's closely watched nonfarm payrolls report. The greenback came under renewed selling pressure on Wednesday after a string of disappointing economic indicators raised concerns about the strength of the US economy. Notably, the ADP employment report showed the private sector added just 37K jobs in May—well below forecasts and marking the weakest...
Gold held gains, after weaker-than-expected US data reinforced expectations that the Federal Reserve will cut interest rates at least twice this year to prevent a recession. Bullion traded near $3,375 an ounce, following a 0.6% increase on Wednesday, after separate reports showed a contraction in US service providers and a deceleration in hiring. Treasury yields fell after the prints, with swap traders pricing in two Fed reductions in October and December. Lower rates are typically a tailwind for gold, which doesn't bear interest. Elsewhere, fears...
The dollar fell across the board on Wednesday after weaker-than-expected U.S. private payrolls highlighted continued slack in the labor market and data showed the U.S. services sector contracted for the first time in about a year in May. U.S. private payrolls rose by just 37,000 jobs in May, much less than expected, after a downwardly revised 60,000 gain in April, the ADP National Employment Report showed on Wednesday. Economists polled by Reuters had forecast private employment rising by 110,000 after a previously reported gain of 62,000 in April. U.S. President Donald Trump reiterated...
EUR/USD strengthened on Wednesday (04/06), edging up more than 0.42% as the greenback erased Tuesday's gains following the release of weaker-than-expected economic data from the United States (US). This, coupled with uncertainty fueled by the trade war, pushed the pair past the 1.1400 mark after hitting a daily low of 1.1356. On Tuesday night, US President Donald Trump signed an executive order doubling steel and aluminum tariffs from 25% to 50%, effective June 4, for most countries, except the UK, which remains at 25%. Meanwhile, traders are gearing up for Trump's phone call with Chinese...