Oct 17 2024: Vietnam remains on track to achieve its economic growth target for the year, despite the significant damage caused by Typhoon Yagi, according to Deputy Governor Dao Minh Tu of the State Bank of Vietnam (SBV). During a media briefing on Thursday, Tu emphasized that business and manufacturing activities are rebounding from the typhoon’s impact. “The central bank will continue to implement supportive monetary policies throughout the remainder of the year,” Tu said. “We will keep policy rates at their current levels and are open to the possibility of further rate cuts.” As of September 30, bank lending in…
Author: editor2
Oct 17 2024: The U.S. dollar strengthened on Wednesday, reaching an 11-week high as investors dismissed the likelihood of a significant interest rate cut by the Federal Reserve and priced in the potential for former President Donald Trump to win the upcoming election. Meanwhile, the British pound fell to a two-month low after weaker-than-expected inflation data in the UK increased the chances of more aggressive rate cuts from the Bank of England. The euro also slipped to an 11-week low ahead of the European Central Bank (ECB) meeting. As the U.S. presidential election approaches, market attention has shifted toward the race…
Oct 17 2024: Bank of America analysts suggested on Thursday that gold is becoming a more appealing safe-haven investment compared to government bonds, citing fiscal concerns and global economic factors. Traditionally, falling real interest rates boost gold prices, but BofA observes that “higher rates do not necessarily pressure gold,” signaling a shift in the metal’s response to macroeconomic trends. One key factor driving this trend is rising fiscal pressure. The U.S. national debt is projected to hit record levels in the next few years, with interest payments expected to take up a larger share of GDP. According to BofA, this makes…
Oct 17 2024: Bitcoin’s price climbed on Thursday, nearing a three-month high as speculation over a potential second Trump presidency, favorable regulations, and improved capital inflows fueled the cryptocurrency market throughout the week. By 01:05 ET (05:05 GMT), Bitcoin had risen 0.5% to $67,328.4, after briefly surpassing the $68,000 mark earlier in the week. This marked a breakout from the $50,000 to $65,000 range that Bitcoin had traded within for much of the year. Cryptocurrency markets also gained momentum on hopes for a better regulatory environment in the U.S., following Vice President Kamala Harris’ pledge to establish a regulatory framework for…
Oct 17 2024: Texas Capital Bancshares, Inc. (NASDAQ: TCBI) reported stronger-than-expected third quarter earnings on Thursday, leading to a 1.5% increase in after-hours trading. The Dallas-based financial institution announced adjusted earnings per share of $1.60, far exceeding analyst predictions of a $1.97 loss per share. Although revenue came in at $125.33 million, below the anticipated $279.69 million, it marked a notable improvement from $46.87 million in the same quarter last year. The bank’s net interest income rose to $240.1 million in Q3, up from $232.1 million in the prior year, driven by higher average total loans held for investment and better…
Oct 15 2024: The 26 poorest nations in the world, which house 40% of the global population living in extreme poverty, are facing their highest levels of debt since 2006, according to a World Bank report released on Sunday. These countries are increasingly vulnerable to natural disasters and other shocks, highlighting significant financial strain. The report reveals that these economies are, on average, poorer today than they were before the COVID-19 pandemic, despite much of the rest of the world recovering and resuming growth. Published just before the World Bank and International Monetary Fund’s annual meetings in Washington, the findings signal…
Oct 15 2024: The U.S. dollar remained steady near its highest level in over two months on Tuesday, as traders bet that the Federal Reserve will proceed with a more gradual pace of interest rate cuts in the near future. Recent U.S. economic data has indicated resilience, while September’s inflation data slightly exceeded expectations, leading traders to reduce expectations for further large rate cuts from the Fed. After an aggressive 50 basis point rate cut at the Fed’s last meeting in September, market sentiment has shifted toward more modest easing, bolstering the dollar. Currently, traders are assigning an 89% probability of…
Oct 15 2024: Oil prices dropped by up to $3, reaching a near two-week low during Asian trading on Tuesday, driven by a weakening demand outlook and reports that Israel may refrain from targeting Iranian oil, easing fears of a supply disruption. Brent crude futures fell $2.81, or 3.6%, to $74.65 per barrel at 06:40 GMT, after touching a low of $74.26, the lowest since October 2. Similarly, U.S. West Texas Intermediate (WTI) futures dropped $2.72, or 3.7%, to $71.11 per barrel, after hitting a low of $70.75, the weakest level since October 3. Both oil benchmarks had already declined by…
Oct 15 2024: Bitcoin’s price saw an uptick on Tuesday, climbing to $65,000 following U.S. Vice President Kamala Harris’ commitment to supporting a regulatory framework for cryptocurrency. Additionally, optimism grew as the delayed distribution of Mt Gox’s Bitcoin assets eased market concerns. The world’s largest cryptocurrency traded slightly above the $50,000 to $65,000 range that it has hovered around for most of the year. However, it has pulled back slightly from the weekend highs. By 01:14 ET (05:14 GMT), Bitcoin was up 2%, trading at $65,395. Harris Backs Crypto Regulations On Monday, Vice President Harris pledged to back a regulatory framework…
Oct 15 2024: Indonesia’s stock market saw gains on Tuesday, with strong performances in the Financials, Agriculture, and Basic Industry sectors driving the IDX Composite Index up by 0.68% at the market close in Jakarta. Leading the day’s best performers was Mahaka Radio Integra Tbk PT (JK), which surged 27.45%, adding 14.00 points to close at 65.00. Multipolar Tbk (JK) followed with a 21.18% rise, increasing 18.00 points to 103.00, while Capitalinc Investment Tbk (JK) climbed 20.00%, finishing the session at 6.00. On the other hand, the session’s biggest losers included Himalaya Energi Perkasa Tbk PT (JK), which dropped 16.67% or…
