US Stocks plunged on Friday, as investors reacted to a weak July jobs report and a fresh round of tariffs announced by President Trump. The S&P 500 and Nasdaq fell 1.6% and 2.2%, their steepest drops since April, while the Dow lost 542 points. Payrolls rose by just 73,000 in July, far below expectations, with sharp downward revisions to prior months signaling deeper labor market weakness. Treasury yields fell and the odds of a September Fed rate cut rose above 80%. Sentiment worsened after new tariffs of 10% to 41% were imposed on imports from key partners including Canada, India, and...
Gold firmed on Wednesday as investors bought the dip after prices declined in the previous session, while markets awaited minutes of the Federal Reserve's latest policy meeting and economic data for insights on the U.S. interest rate outlook. Spot gold was up 0.6% to $3,319.61 an ounce, as of 1029 GMT. Bullion fell below the $3,300 level and hit a low of $3,285.19 in the previous session. U.S. gold futures rose 0.6% to $3,318.60. "Gold is rebounding mainly due to bargain hunting after a sharp drop in the previous session," said Jigar Trivedi, senior commodity analyst at Reliance...
The Pound Sterling (GBP) recoups initial losses against the US Dollar (USD) during European trading hours on Wednesday after correcting to near 1.3460 earlier in the day. The GBP/USD pair bounces back as the US Dollar (USD) gives up initial gains despite firm hopes that the United States (US) and the European Union (EU) will reach a trade deal soon. The US Dollar Index (DXY), which tracks the Greenback's value against six major currencies, falls back to near 99.50 from the intraday high of 99.85. On Tuesday, US President Donald Trump expressed confidence in a post on Truth.Social that the...
Oil prices inched up on Wednesday as investors considered supply risks after the U.S. barred Chevron (NYSE:CVX) from exporting crude from Venezuela under a new asset authorisation, though expectations of more output from OPEC+ continued to limit gains. Brent crude futures rose 7 cents, or 0.1%, to $64.16 a barrel by 0640 GMT, while U.S. West Texas Intermediate crude gained 9 cents, or 0.2%, at $60.98 a barrel. The Trump administration has issued a new authorisation for U.S.-major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities, Reuters...
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is steadying after registering more than 0.50% gains in the previous session. The DXY is trading around 99.60 during the European hours on Wednesday. Traders await the FOMC Minutes due later in the North American session. The US Dollar is gaining support amid growing optimism among US consumers following the Conference Board's Consumer Confidence Index rising to 98.0 in May from the previous 86.0 reading. Additionally, the emergence of bond market optimism is supporting the Greenback,...
Gold prices fell in Asian trade on Wednesday, remaining under pressure from improved risk appetite after U.S. President Donald Trump postponed plans to impose steep trade tariffs on the European Union. Gold and broader metals were also pressured by a mild recovery in the dollar, which came amid some signs of stability in the Treasury market. But bullion still remained relatively underpinned by uncertainty over U.S. trade and fiscal health, with focus on more U.S. trade deals and the progress of a divisive tax cut bill backed by Trump. Spot gold steadied at $3,301.96 an ounce, while gold...