Nov 10, 2023: The Dow closed lower Thursday, as Federal Reserve chairman Jerome Powell dealt a blow to bets on sooner rather later rate cuts after signaling that the Fed isn’t ready to close the curtain on rate hikes. At 16:00 ET (21:00 GMT), the Dow Jones Industrial Average was down 220 points or 0.7%. The S&P 500 was down 0.8% and the NASDAQ Composite was down 0.9%, with both indexes snapping their eight-and nine-day win streak, respectively. Powell’s sends clear reminder that further rate hikes remain in playThe Federal Open Market Committee are “not confident” that it has tightened…
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Nov 9, 2023: European stock markets edged slightly higher Thursday in subdued trading, with investors looking to central bank officials for more clues as to whether global interest rates have peaked. At 03:40 ET (08:40 GMT), the DAX index in Germany traded 0.2% higher, the CAC 40 in France traded 0.4% higher, while the FTSE 100 in the U.K. traded largely flat. Fed’s Powell to take center stage, againEuropean equities have seen limited activity Thursday, as investors attempt to decide whether the recent rally was based on solid ground. Jerome Powell is set to take centre stage once more, with…
Nov 9, 2023: Gold prices fell to a more-than three-week low on Thursday, extending a rash of recent losses after several Federal Reserve officials warned against bets that the central bank was done raising interest rates. The yellow metal was headed for a fourth straight day in red, amid continued pressure from a rebound in the dollar and Treasury yields. Waning safe haven demand for gold also dented prices, as markets priced in a much lower risk premium from the Israel-Hamas war. Spot gold fell 0.1% to $1,949.38 an ounce, while gold futures expiring in December fell 0.2% to $1,954.30…
Nov 9, 2023: Bitcoin and Ether remained positive this week, exhibiting resilience amidst a surge in altcoins and high bond yields. The cryptocurrency market showed signs of increased risk appetite, with altcoins leading the way. Polygon and Chainlink posted substantial growth, while Solana maintained an over 85% monthly gain despite experiencing a slowdown. Leverage in the market saw an uptick as Binance’s Tether earn product offered 13% annual yields, and GMX’s incentive program promised up to 75% annual yield on Ripple and Solana tokens. These high-yield offerings contributed to the increased risk appetite among investors. Coinbase (NASDAQ:COIN) led the buying…
Nov 9, 2023: The U.S. dollar edged lower in early European trade Wednesday, handing back some of the previous session’s gains, but activity is limited as traders look for more monetary policy cues from speeches by a series of central bankers, including Fed Chair Jerome Powell. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, dropped 0.1% to 105.382, after rebounding from the near two-month low of 104.84 earlier in the week. Powell steps up againThe dollar suffered a sharp selloff last week on rising confidence that the Federal Reserve…
Nov 9, 2023: Oil prices rose on Thursday, recovering from near four-month lows as markets remained on edge over a slowdown in global crude demand, especially following weak signals from several major economies. Crude prices fell sharply this week, with Brent briefly trading below the key $80 a barrel level as a storm of factors appeared to be working against oil markets. Data from the American Petroleum Institute (API) showed that U.S. crude inventories saw their biggest weekly build since February- at over 11 million barrels in the week to Nov. 3. The API data signaled some cooling in U.S.…
Nov 7, 2023: Gold prices fell further in Asian trade on Tuesday, hit by a rebound in the dollar and Treasury yields before a string of major Federal Reserve speakers this week. Among industrial metals, copper prices fell sharply after trade data from major importer China largely missed expectations. The dollar rebounded from six-week lows in overnight trade after Minneapolis Fed President Neel Kashkari warned that it was too soon to call an end to the Fed’s rate hike cycle. His comments saw traders scale back some bets on a sustained Fed pause this year, and also spurred steep losses…
Nov 7, 2023: Chinese exports fell more than expected in October amid worsening overseas demand, while an unexpected rise in imports saw China’s trade surplus shrink to its worst level in 17 months. China’s trade balance fell far more than expected to $56.53 billion, missing expectations of $81.95 billion and falling sharply from the $77.71 billion seen last month, data from the General Administration of Customs showed on Tuesday. The surplus was at its worst level since May 2022, when Chinese economic activity had ground to a halt due to the COVID-19 pandemic. Chinese exports slid 6.4% year-on-year in October,…
Nov 7, 2023: Most Asian currencies fell on Tuesday as a warning from Federal Reserve officials and signs of more economic headwinds for China dented sentiment, while the Australian dollar tumbled after the Reserve Bank struck a seemingly dovish tone. The U.S. dollar rebounded from six-week lows, firming in Asian trade after Minneapolis Fed President Neel Kashkari cautioned against too much enthusiasm over an end to the Fed’s rate hike cycle. His comments somewhat dented optimism over a potential end to the Fed’s tightening cycle this year, and saw traders step back from a strong rally in risk-driven assets over…
Nov 7, 2023: European stock markets are expected to open lower Tuesday, as investors digested weak Chinese trade data and more quarterly corporate earnings. At 02:05 ET (07:05 GMT), the DAX futures contract in Germany traded 0.3% lower, CAC 40 futures in France dropped 0.5% and the FTSE 100 futures contract in the U.K. fell 0.3%. Chinese trade data disappointsEuropean equities are set to follow their Asian counterparts lower after data released earlier Tuesday highlighted continued headwinds for the Chinese economy, the second largest in the world. Chinese exports slid 6.4% year-on-year in October, accelerating from a 6.2% drop in…
