Nov 6, 2023: European stock markets traded in a subdued fashion Monday, consolidating after last week’s strength as investors looked to central bank speakers for guidance. At 03:45 ET (08:45 GMT), the DAX index in Germany traded 0.1% lower, the CAC 40 in France traded largely flat and the FTSE 100 in the U.K. fell 0.1%. Central bank speakers in focusEuropean equities posted strong gains last week, powered by a series of solid earnings and a perceived dovish tilt from central banks in the wake of several policy-setting meetings. Trading has been muted at the start of the new week,…
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Nov 6, 2023: Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.03, or 1.21%, to $85.92 a barrel by 0834 GMT, while U.S. West Texas Intermediate crude was at $81.58 a barrel, up $1.07, or 1.33%. Oil rebounded on Monday after Brent and WTI futures each lost around 6% in the week to Nov. 3. Saudi Arabia confirmed on Sunday it would continue with its additional voluntary cut of 1 million barrels per day (bpd) in December…
Nov 6, 2023: The U.S. dollar edged lower in early European trade Monday, falling to a six-week low and extending last week’s declines on the back of a less hawkish stance from the Federal Reserve. At 03:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, edged 0.1% lower to 104.782, after dropping more than 1% last week, its heaviest fall since mid-July. Dollar weak ahead of Fed speakersThe dollar has been on the wane since last week’s Federal Reserve policy-setting meeting, when the central bank offered somewhat dovish signals on more…
Nov 6, 2023: The downturn in euro zone business activity accelerated last month as demand in the dominant services industry weakened further, a survey showed on Monday, suggesting there is a growing chance of a recession in the 20-country currency union. The economy contracted 0.1% last quarter, official data has shown, and Monday’s final Composite Purchasing Managers’ Index (PMI) for October indicated the bloc entered this quarter on the back foot. HCOB’s PMI, compiled by S&P Global and seen as a good guide of overall economic health, fell to 46.5 in October from September’s 47.2, its lowest reading since November…
Nov 3, 2023: The Dubai Financial Services Authority (DFSA) has licensed Ripple Labs’ digital asset XRP for use within the Dubai International Financial Centre (DIFC), under its virtual assets framework. This endorsement permits firms licensed in DIFC to integrate XRP into their services. This move comes after a US ruling by Judge Analisa Torres that recognized XRP as a non-security and follows the approval of other digital currencies like Bitcoin, Ethereum, Litecoin, and Toncoin. Ripple, which established its MENA headquarters in DIFC in 2020, has been actively participating in fintech events and forging partnerships with leading banks like the National…
Nov 3, 2023: European stock markets traded higher Friday, continuing the previous session’s positive tone on optimism around peak global rates, although focus was on key U.S. payrolls data later in the day. At 04:35 ET (08:35 GMT), the DAX index in Germany traded 0.3% higher and the CAC 40 in France climbed 0.3% and the FTSE 100 in the U.K. rose 0.4%. Peak global rates?European equities are having a strong week, following the lead from Wall Street, boosted by retreating global yields, surprisingly healthy corporate earnings and, most importantly, optimism that a number of senior central banks have concluded…
Nov 3, 2023: The euro and pound were heading for weekly gains against the dollar on Friday, as the U.S.-led rally in global bonds sent yields down, and with them the dollar, bringing relief even to the embattled Japanese yen. Always-crucial U.S. non farm payrolls data due at 1230 GMT – the most important data point in a packed week – could change that narrative completely however. The euro was last up 0.1% at $1.0632, and thanks to gains earlier in the week was heading for a weekly gain of 0.63%. Sterling likewise was flat on the day at $1.2193,…
Nov 3, 2023: The U.S. dollar weakened in early European trade Friday, extending earlier losses as traders positioned for the end of the Federal Reserve’s rate-hiking cycle, although moves have been limited ahead of the release of key nonfarm payrolls data later in the session. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 105.892, on course to drop 0.5% this week, just its third week of losses in the last 16 weeks. Dollar heading for weekly lossThe dollar has lost a lot of its popularity…
Nov 2, 2023: The U.S. dollar fell sharply in early European trade Thursday after comments from Fed Chair Jerome Powell pointed to a likely peak in U.S. interest rates. At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% lower at 106.290, extending overnight losses. Have Fed rates peaked?The U.S. Federal Reserve left rates unchanged on Wednesday, as expected, and while Chair Jerome Powell left the door open for another rate hike he struck a less hawkish tone than markets were expecting, by acknowledging that monetary conditions had tightened…
Nov 2, 2023: The U.S. dollar fell against most currencies on Wednesday as investors perceived that Federal Reserve Chairman Jerome Powell’s statements after its two-day policy meeting suggested the U.S. central bank may be done raising interest rates. The policy-setting Federal Open Market Committee (FOMC), as expected, left rates in the 5.25%-5.50% range where they have been since July. The Fed did not rule out another hike as it acknowledged the economy’s unexpected resilience despite its aggressive tightening launched more than a year ago. But Powell’s remarks in his press briefing were laced with mixed messages that left investors doubtful…
