Oct 12, 2023: European stock markets traded higher Thursday, helped by signs of U.K. growth ahead of the release of key U.S. consumer inflation data which could provide monetary policy clues. At 03:55 ET (07:55 GMT), the DAX index in Germany traded 0.3% higher, the FTSE 100 in the U.K. rose 0.4% and the CAC 40 in France climbed 0.2%. U.K. economy grew in AugustU.K. gross domestic product rose 0.2% on the month in August, a substantial improvement from the surprise revised drop of 0.6% the prior month, when rainy weather and strikes by teachers and other workers hit the…
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Oct 12, 2023: World shares rose and the dollar and bond market borrowing costs held steady on Thursday ahead of U.S. inflation data and European Central Bank meeting minutes that will add to the hotly-contested debate on where interest rates are heading. The week’s sharp escalation of Middle East tensions ensured the mood remained cautious but European stocks shuffled to a 3-week high early on (EU) after a 1.75% jump from Tokyo had done the same for Asia. Wall Street futures were 0.3% higher too, while the dollar was hovering near a two-week low after Fed meeting minutes on Wednesday…
Oct 11, 2023: The cryptocurrency landscape witnessed a significant shift on Tuesday, as Bitcoin’s dominance amplified following a major altcoin sell-off. This development led to Ethereum and Binance Coin (BNB) recording new cycle lows against Bitcoin, although Ethereum managed to maintain its USD-denominated value above its previous low of $1,544. Binance Coin, on the other hand, returned to its $208 mark. Bitcoin’s market cap dominance now exceeds 51%, reflecting an increasing investor preference for the leading cryptocurrency over its smaller counterparts. This shift has further undermined the position of altcoins in the market. The total crypto market capitalization experienced a…
Oct 11, 2023: Ethereum’s token supply has seen an increase of approximately 10,000 ETH this week, according to data from Ultrasound.money. This rise has resulted in a 0.43% annual inflation rate, attributed to a lower burn rate of 6,140 ETH and a higher issuance of 16,100 ETH. The uptick comes amidst a broader weakness in the altcoin market and a disappointing performance of Ethereum futures ETFs. The price of Ethereum continues its downward trend, currently standing at $1,570 with a $9.6 billion 24-hour trading volume. This decline is further fueled by robust selling pressure from large investors and the Ethereum…
Oct 11, 2023: The euro strengthened as the dollar slid on Tuesday in response to a sharp drop in Treasury yields on the back of further dovish comments by Federal Reserve officials, as well as the prospect of stimulus from China. The benchmark 10-year Treasury note tumbled to a day low of 4.618% from Monday’s high of 4.887% after Atlanta Fed President Raphael Bostic said the U.S. central bank does not need to increase interest rates any further. Bostic, in the latest comments this week by Fed speakers, told the American Bankers Association that Fed policy is sufficiently restrictive and…
Oct 10, 2023: The International Monetary Fund on Tuesday cut its growth forecasts for China and the euro zone and said overall global growth remained low and uneven despite what it called the “remarkable strength” of the U.S. economy. In its latest World Economic Outlook, the IMF left its forecast for global real GDP growth in 2023 unchanged at 3.0% but cut its 2024 forecast to 2.9% from its July forecast of 3.0%. World output grew 3.5% in 2022. IMF chief economist Pierre-Olivier Gourinchas said the global economy continued to recover from COVID-19, Russia’s invasion of Ukraine and last year’s…
Oct 10, 2023: The dollar remained steady against major peers on Tuesday, after a pause in its rally following a slight dovish shift in Federal Reserve officials’ tone. Moves in the Asia session were small as traders waited on further Fed appearances later in the day, Fed minutes on Wednesday and U.S. inflation data on Thursday for more guidance on the trend in interest rates. The Australian and New Zealand dollars made one-week highs before falling back to flat – leaving the Aussie at $0.6411 and kiwi at $0.6015. Sterling, last at $1.2224 and the euro, at $1.0561, traded broadly…
Oct 10, 2023: Asian shares rose on Tuesday as bond yields eased, boosted by dovish Federal Reserve remarks and a dip in oil prices after Monday’s surge, but markets remained cautious amid violence in the Middle East. Europe and U.S. markets also looked set to open higher, with FTSE futures up 0.78% and E-mini futures for the S&P 500 index up 0.07% at 0504 GMT. MSCI’s gauge of Asia Pacific stocks outside Japan narrowed morning gains to rise 0.81%. Top Fed officials indicated on Monday that rising Treasury yields could steer the central bank from further rate increases, helping to…
Oct 10, 2023: Gold prices hit their highest in more than a week Tuesday, a day after posting sharp gains on increased market uncertainty due to conflict in the Middle East, as dovish remarks from top U.S. Federal Reserve officials weighed on the dollar and bond yields. Spot gold climbed to $1,865.19 per ounce, its highest since Sept. 29, and was last seen holding steady at $1,860.21 by 0506 GMT. U.S. gold futures climbed 0.5% to $1,874.10. Gold rose about 1.6% on Monday, its biggest one-day jump in five months, as military clashes between Israel and Palestinian Islamist group Hamas…
Oct 9, 2023: The cryptocurrency market experienced a dip in value on Monday, largely due to Bitcoin’s inability to surpass the $28,300 mark. This stagnation has been attributed to profit-taking behaviors and concerns surrounding Federal Reserve policies. The impact has been felt across various meme coins including DOGE, SHIB, FLOKI, and PEPE Coin, which are listed on the Binance exchange platform. Despite the overall market downturn, DOGE has managed to maintain its dominance with a market capitalization of $8.6 billion and a trading volume of $92 million. It has successfully held its critical support level at $0.06, demonstrating a certain…
