Sep 20, 2023: China kept benchmark lending rates unchanged at a monthly fixing on Wednesday, in line with expectations, as fresh signs of economic stabilisation and a weakening yuan reduced the need for immediate monetary easing. Recent economic data showed the world’s second-largest economy was finding its footing after a sharp slowdown, while yuan declines have reduced the urgency for authorities to aggressively lower interest rates to prop up growth. The one-year loan prime rate (LPR) was kept at 3.45%, while the five-year LPR was unchanged at 4.20%. Most new and outstanding loans in China are based on the one-year…
Author: Admin
Sep 20, 2023: Oil prices retreated further from 10-month highs on Wednesday ahead of the U.S. Federal Reserve’s interest rate decision, with investors uncertain when peak rates will be hit and how much of an impact it will have on energy demand. Prices fell despite a bigger-than-expected draw in U.S. oil stockpiles and weak U.S. shale output that indicated tight crude supply for the rest of 2023. Global benchmark Brent crude futures fell slightly over $1 to $93.33 a barrel, and were last down 80 cents, or 0.8%, at $93.54 a barrel by 0310 GMT. Brent hit $95.96 on Tuesday,…
Sep 19, 2023: The dollar traded sideways on Tuesday as investors braced for a slew of central bank meetings this week, while the yen languished near a 10-month low as Japan’s ultra-loose monetary policy once again came under fire. Currency moves were largely subdued in Asia trade as the Federal Reserve’s impending rate decision on Wednesday stayed top of mind, with the spotlight in Asia also on the Bank of Japan’s (BOJ) policy decision due Friday. The yen fell 0.1% to 147.76 per dollar and was kept pinned near last week’s 10-month low of 147.95 per dollar. Expectations are for…
Sep 19, 2023: European stock markets are expected to open in a subdued manner Tuesday, as investors await the start of the crucial two-day U.S. Federal Reserve policy meeting as well as the release of more inflation data from the eurozone. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.2% lower, CAC 40 futures in France dropped 0.3% and the FTSE 100 futures contract in the U.K. fell 0.2%. Fed meeting prompts cautionInvestors are likely to adopt a cautious start to trading Tuesday as they await news from Washington as Federal Reserve policymakers begin discussing their…
Sep 19, 2023: Oil prices rose on Tuesday for the fourth consecutive session, as weak shale output in the United States spurred further concerns about a supply deficit stemming from extended production cuts by Saudi Arabia and Russia. U.S. West Texas Intermediate crude futures rose 98 cents, or 1.1%, to $92.46, by 0630 GMT, while global oil benchmark Brent crude futures rose 46 cents, or 0.49%, to $94.89 a barrel. Prices have gained for three consecutive weeks, and are now around 10-month highs for both benchmarks. U.S. oil output from top shale-producing regions is on track to fall to 9.393…
Sep 19, 2023: The depreciation pressure on the Chinese yuan against the U.S. dollar is temporary, state media said on Tuesday, noting that its value against major trading partner currencies is stable. The remarks made by the official Economic Daily follow several other similar comments by authorities in recent months, both through state media and at press conferences, and come a time the yuan has been facing persistent weakness against the U.S. currency. It is down more than 5% on the greenback year-to-date and is the one of the worst performing Asian currencies in 2023. But against a basket of…
Sep 19, 2023: The U.S. Federal Reserve made a significant announcement on Sept. 14, revealing accumulated losses of $100 billion in 2023. What’s more, this situation is expected to worsen for the Fed, according to Reuters. But for risk assets like Bitcoin (BTC), this may actually be a blessing in disguise. The primary reason behind this financial setback is that the interest payments on the Fed’s debt have surpassed the earnings generated from its holdings and the services it provides to the financial sector. Source Courtesy: Coin Telegraph/Investing.com
Sep 19, 2023: Ethereum, the second-largest cryptocurrency by market capitalization, could be at a crossroads, with its price potentially set to rise or fall significantly in the coming weeks. As of Monday, Ethereum had a market cap of $196.03 billion and was priced at $1,657.90. If the market remains bullish, Ethereum could see its price continue to rise above $1,600. However, if the market takes a downturn, Ethereum’s price could crash below the $1,300 mark in the coming weeks. A severe crash could even see the Ethereum price drop to $1,000 again, particularly if there’s an insolvency event at the…
Sep 18, 2023: U.S. stock futures traded marginally higher Monday, starting a fresh week on a cautious note as investors look forward to a highly-anticipated Federal Reserve policy meeting. By 06:35 ET (10:35 GMT), the Dow Futures contract was up 35 points, or 0.2%, S&P 500 Futures traded 5 points, or 0.1%, higher and Nasdaq 100 Futures climbed 25 points, or 0.2%. The Dow Jones Industrial Average managed to eke out a small increase last week, while the broad-based S&P 500 and tech-heavy Nasdaq Composite slipped for the second consecutive week. Fed meeting looms largeThe latest policy-setting meeting by the…
Sep 18, 2023: Most Asian currencies fell on Monday, while the dollar steadied near six-month highs as markets hunkered down before several key central bank rate decisions this week, most notably the Federal Reserve. Lingering concerns over China, particularly the country’s struggling property market, also kept broader sentiment subdued. Chinese police detained some employees of embattled developer China Evergrande Group (HK:3333), sparking concerns over renewed regulatory scrutiny towards the sector. The Chinese yuan fell 0.2%, shrugging off a stronger daily midpoint fix by the People’s Bank of China (PBOC). The PBOC is expected to keep its loan prime rates at…
