Oct 31, 2023: U.S. stock futures were mixed on Tuesday, with the Federal Reserve’s all-important policy decision later in the week front and center. Elsewhere, economic bellwether Caterpillar (NYSE:CAT) is set to release its latest quarterly earnings, while hopes for a recovery in Chinese growth were dented by disappointing manufacturing activity data. Futures mixed ahead of Fed meeting U.S. stock futures were mixed on Tuesday, as investors geared up for the start of a two-day Federal Reserve policy meeting and digested a relief rally in the previous session. By 05:57 ET (09:57 GMT), the Dow futures contract had added 111…
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Oct 30, 2023: Bitcoin and altcoin prices have paused their rally as the U.S. Federal Open Market Committee (FOMC) meeting approaches, scheduled for October 31 and November 1, 2023. With cryptocurrency traders closely observing the potential for interest rate changes, current data indicates a slowdown in inflation. This has led to a 96.2% probability of unchanged rates according to the CME FedWatch Tool. However, Federal Reserve officials, including Fed Chair Jerome Powell, have suggested a possible rate hike in the December 13 meeting. Powell’s comments on the health of the U.S economy are considered crucial by investors who currently anticipate…
Oct 30, 2023: European stock markets traded with small gains Monday as investors digested regional inflation data, ahead of several central bank meetings, including a crucial gathering by the U.S. Federal Reserve. At 03:55 ET (08:55 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 0.6%. Central banks in focusInvestors are awaiting interest rate decisions from the Bank of Japan, the Bank of England and most importantly the Federal Reserve this week, looking for guidance about future interest rate decisions. The European Central Bank…
Oct 30, 2023: The German economy shrank slightly in the third quarter, data showed on Monday, as Europe’s largest economy continues to be weighed down by weak purchasing power and higher interest rates. Gross domestic product fell by 0.1% quarter on quarter in adjusted terms, the federal statistics office said. A Reuters poll had forecast the economy to shrink by 0.3%. The statistics office, however, revised the figure for the second quarter to a modest 0.1% expansion, from stagnation. The figure for the first quarter was revised to stagnation, from a previous contraction that had led the economy into recession.…
Oct 30, 2023: The U.S. dollar edged higher in early European trade Monday, retaining last week’s strength at the start of a week that includes several central bank meetings, most importantly by the Federal Reserve, as well as a slew of important economic data releases. At 03:20 ET (08:40 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 106.445. The index gained around 1% last week. Federal Reserve meets this weekThe U.S. dollar has been on the front foot of late, helped by signs of U.S. economic strength, even after…
Oct 30, 2023: Goldman Sachs removed its forecast for a U.S. government shutdown this year given new geopolitical risks and the election of a speaker at the House of Representatives, but warned of risks in 2024. The brokerage’s previous base case was for a shutdown for up to 2-3 weeks in the current quarter ended December, which now seems “much less likely”, Goldman Sachs economists led by Jan Hatzius said. The conflict in Israel and other emerging geopolitical tensions such as the recent U.S. air strikes in Syria would make the Congress less likely to allow a shutdown, which also…
Oct 27, 2023: The dollar was headed for a weekly gain on Friday, aided by solid U.S. growth figures that bolstered the case for higher-for-longer interest rates, while the yen hovered on the weaker side of 150 per dollar ahead of a key policy meeting next week. The U.S. economy grew at its fastest pace in nearly two years in the third quarter, data on Thursday showed, as higher wages from a tight labor market helped to power consumer spending. That added to bets the Federal Reserve is likely to keep monetary conditions restrictive for longer, driving the dollar broadly…
Oct 27, 2023: Most Asian currencies moved little on Friday as markets hunkered down before a series of major central bank meetings next week, while the Japanese yen strengthened slightly on strong inflation data, but remained close to a one-year low. The dollar index and dollar index futures both moved little in Asian trade, but retained most gains made this week. Treasury yields also steadied after retreating slightly in overnight trade, but remained within sight of mutli-year peaks. Data released overnight showed that the U.S. economy grew more than expected in the third quarter, helping improve some sentiment. But anticipation…
Oct 27, 2023: Oil prices rose in Asian trade on Friday, but were nursing bruising losses for the week as traders priced in a lower risk premium from the Israel-Hamas war, while rising Treasury yields and weak economic data also fueled demand concerns. Signs of a potential deescalation in the war saw traders dialing down bets that it will draw in other Middle Eastern countries and disrupt oil supplies in the crude-rich region. Several diplomatic missions to Israel were working to prevent a planned ground assault on Gaza and negotiate the return of about 200 hostages held by Hamas. Still,…
Oct 27, 2023: Spain’s economy expanded 0.3% in the third quarter from the previous three-month period, preliminary data from the National Statistics Institute showed on Friday, down from a revised 0.4% in the previous three months. Analysts polled by Reuters had expected gross domestic product to grow 0.2% quarter-on-quarter. On an annual basis, Spain’s third-quarter economic output expanded by 1.8%, down from a revised 2.0% growth in the previous quarter. The growth was faster than the average estimate of 1.6% from the Reuters poll. Source Courtesy: Reuters
