Sep 28, 2023: Oil prices rose sharply in Asian trade on Thursday, with U.S. crude futures hitting an over one-year high on continued signs of tighter supply, while positive data from China also aided sentiment. The signals helped markets largely look past concerns over higher-for-longer U.S. interest rates, following a string of hawkish comments from Federal Reserve officials. U.S. inventory data showed that stockpiles shrank more than expected in the week to September 22. Data from China also spurred some optimism over an economic recovery in the world’s largest oil importer. China’s industrial profits rose for the first time this…
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Sep 28, 2023: Gold prices moved little on Thursday, but hovered around six-month lows as concerns over rising U.S. interest rates kept investors largely biased to the dollar, while Treasury yields also surged. Both spot prices and gold futures slid below the key $1,900 an ounce level this week, as a rally in the dollar and Treasury yields showed little signs of slowing. The greenback was at a 10-month high, while 10-year yields reached a 16-year peak. Sentiment worsened as oil prices jumped to 2023 highs on Wednesday, which markets feared could factor into stickier inflation and keep interest rates…
Sep 28, 2023: Australian Treasurer Jim Chalmers said on Thursday criticism of proposed reforms to the central bank’s policymaking board by one of his predecessors was “bizarre and wrong”, as questions grow over how a more independent board would affect policy. In an opinion piece in The Australian newspaper, former Treasurer Peter Costello said the review of the Reserve Bank of Australia, which recommended setting a separate rate board with six outside members, ran the risk of undermining monetary policy. Former RBA governor Ian Macfarlane has made similar criticisms recently, saying the proposed changes would weaken the authority of the…
Sep 27, 2023: The U.S. dollar steadied Wednesday near to new 10-month highs on worries of higher U.S. interest rates, while the euro and sterling fell to six-month lows. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 105.967, having earlier climbed as higher as 106.30. Kashkari hints at further Fed hikeThe hawkish tone in the recent Federal Reserve meeting has been confirmed by Fed officials in recent days, as they flagged the possibility that the central bank would need to raise interest rates further after…
Sep 27, 2023: U.S. stock futures traded higher Wednesday, rebounding after the previous session’s weakness on concerns of the economic impact from interest rates staying higher for longer. By 06:40 ET (10:40 GMT), the Dow Futures contract was up 80 points, or 0.2%, S&P 500 Futures traded 15 points, or 0.3%, higher and Nasdaq 100 Futures climbed 50 points, or 0.4%. The main indices on Wall Street closed sharply lower on Tuesday, with the 30-stock Dow Jones Industrial Average in particular slumping to its worst day since March, falling almost 400 points, or 1.1%. The broad-based S&P 500 dropped 1.5%…
Sep 27, 2023: More and more Ethereum blockchain operators have complied with sanctions from the OFAC, raising censorship concerns among decentralization proponents and network participants. Toni Wahrstätter, an Ethereum researcher, noted that five of the six largest block builders on Ethereum’s blockchain actively censor certain transactions in line with the Treasury Department’s Office of Foreign Assets Control (OFAC) directives. Most of these censored transactions originate from decentralized mixer Tornado Cash, according to Wahrstätter, a protocol blacklisted by the Treasury Department due to its use by bad actors, including the North Korean hacker organization Lazarus. Wahrstätter’s research further pointed to censorship…
Sep 27, 2023: Most Asian currencies kept to a tight range on Wednesday amid continued fears of higher U.S. interest rates, while recent slumps in the Chinese yuan and Japanese yen saw traders watching for currency market intervention from their respective governments. The dollar steadied at 10-month highs, with the dollar index and dollar index futures both rising slightly in Asian trade. The currency saw a sharp spat of gains in recent sessions, after the Federal Reserve signaled that interest rates were set to remain higher for longer. Strength in the dollar, coupled with a spike in Treasury yields, battered…
Sep 27, 2023: Oil prices surged in Asian trade on Wednesday, extending a rebound from the prior session as the prospect of tighter supplies helped markets look past concerns over rising interest rates and their impact on the economy. Industry data showed a drop in U.S. fuel and distillate inventories, indicating that fuel consumption in the world’s largest economy remained consistent, despite the end of the travel-heavy summer season. The data came on the heels of a fuel export ban in Russia, which is set to tighten fuel supplies in large swathes of Europe and Asia. Recent crude production cuts…
Sep 27, 2023: Most Asian stocks fell further on Wednesday amid persistent fears of rising U.S. interest rates, while Chinese stocks rebounded on positive industrial profits data and promises of more stimulus. Regional markets took a weak lead-in from Wall Street indexes, which sank in overnight trade as markets continued to fret over a barrage of hawkish signals from the Federal Reserve. Rising Treasury yields were a key source of pressure on heavyweight technology stocks, while also drawing capital away from broader risk-driven assets. Fed officials said that interest rates could rise at least once more this year, and are…
Sep 26, 2023: South Korea is gearing up to implement substantial modifications to its foreign-exchange (forex) trading regulations with the aim of invigorating its money market, announced the Ministry of Economy and Finance on Tuesday. The revised regulations, set to take effect from October 4, 2023, are anticipated to more than double the daily trading hours and streamline rules for international traders. Under the forthcoming regulations, the South Korean forex market’s operating hours will be extended from 9 a.m. to 2 a.m. on weekdays. This is a significant expansion from the current closing time of 3:30 p.m., providing a broader…
