July 26 2024: investors, rattled by recent market turbulence, are preparing for a critical week ahead with earnings reports from major tech companies, a Federal Reserve policy meeting, and important employment data. These events could significantly influence the short-term trajectory of U.S. stocks following a period of severe volatility. A months-long rally in large tech stocks hit a significant hurdle in the latter half of July, culminating in a selloff. The S&P 500 and Nasdaq Composite Index experienced their largest one-day losses since 2022 on Wednesday after disappointing earnings reports from Tesla (NASDAQ) and Google-parent Alphabet (NASDAQ). More volatility is anticipated.…
Author: editor2
July 26 2024: The U.S. dollar remained steady in early European trade on Friday ahead of the release of key inflation data. Meanwhile, the euro edged higher, and the Japanese yen slipped slightly but stayed on track for its strongest week in three months. At 04:00 ET (09:00 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, traded largely unchanged at 104.127. Dollar Awaits PCE DataThe dollar found support from data indicating that the U.S. economy expanded faster than expected and inflation slowed in the second quarter. This data raised hopes that the U.S. economy…
July 26 2024: Gold prices increased in Asian trading on Friday but continued to suffer steep weekly losses as traders leaned towards the dollar, anticipating more interest rate cues in the coming days. After hitting record highs in July, the yellow metal experienced a significant drop due to profit-taking and market volatility. Spot gold rose 0.3% to $2,371.23 an ounce, while gold futures for August delivery increased by 0.7% to $2,369.90 an ounce by 00:43 ET (04:43 GMT). Gold Poised for Weekly Loss with PCE Data and Fed Meeting AheadSpot gold prices were down 1.2% for the week, having initially dropped…
July 26 2024: On Friday, Bitcoin’s price rose, recovering some of the week’s earlier losses as the crypto market anticipated a speech by Republican presidential nominee Donald Trump at the upcoming Bitcoin Conference. The world’s largest cryptocurrency increased by 4.2% over the past 24 hours, reaching $67,006.2 by 02:07 ET (06:07 GMT), bouncing back from a low of around $63,000 earlier in the week. Bitcoin had been affected by a wave of selling pressure across global financial markets, leading investors to shed risk-driven assets. This trend was especially detrimental to the crypto sector due to its speculative nature. However, this risk-off…
July 26 2024: On Friday, German truckmaker Traton, which is majority-owned by Volkswagen (ETR), reported a 7% increase in first-half operating profit, driven by higher prices despite sluggish demand in Europe. The company’s operating profit climbed to 2.1 billion euros ($2.3 billion), with sales revenue rising by 2% to 23.4 billion euros, even though unit sales declined by 5%. Traton’s operating margin improved to 9.1%, up from 8.6% the previous year. South America stood out as a strong market for Traton, contributing to a quarter of its truck sales volume last year. The operating margin for Traton’s Volkswagen Truck & Bus…
July 25 2024: On Thursday, five of China’s major state-owned banks cut deposit rates to alleviate pressure on their record-low margins following this week’s unexpected reduction in lending benchmarks aimed at boosting the sluggish economy. Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (OTC ), China Construction Bank (OTC ), Bank of China, and Bank of Communications reduced deposit rates by 5 to 20 basis points, as per statements on their websites. This marks the first broad reduction in deposit rates by Chinese banks since December last year. There were three cuts in 2023, following similar reductions in…
July 25 2024: The yen climbed to its strongest level against the dollar in 2-1/2 months on Thursday and reached multi-month highs against other currencies ahead of next week’s Bank of Japan (BOJ) meeting, as yen carry trades were unwound and market sentiment deteriorated. The dollar, euro, sterling, and other major currencies dropped more than 1% against the yen in mid-morning Asian trade before recovering some losses. Analysts attributed the yen’s sharp rise to the abandonment of short yen positions ahead of the BOJ’s July meeting, where a potential rate hike is being considered. Sources indicated that the BOJ is likely…
July 25 2024: Gold prices declined during Asian trade on Thursday, experiencing minimal safe haven demand despite heightened risk-off sentiment. Traders favored the Japanese yen, which saw a sharp appreciation. Meanwhile, the broader commodity market faced significant downturns, with copper prices hitting a near four-month low amid ongoing concerns over demand from top importer China. Gold Prices Retreat Amid Yen’s Strength and Rate Hike Speculation: Spot gold slid 0.9% to $2,376.11 an ounce. Gold futures for August delivery tumbled 1.7% to $2,375.40 an ounce by 00:52 ET (04:52 GMT). The Japanese yen’s USD/JPY pair dropped to a two-month low on Thursday,…
July 25 2024: Bitcoin’s price fell on Thursday, continuing a week-long downturn as broader risk-off sentiment kept traders cautious about cryptocurrencies. Speculation over the U.S. presidential election also contributed to the decline. Ether, the world’s second-largest cryptocurrency, also faced losses as traders largely ignored the recent launch of spot exchange-traded funds (ETFs) in U.S. markets. These ETFs attracted significantly less capital compared to spot Bitcoin ETFs launched earlier this year. A sharp drop in Wall Street indexes on Wednesday, driven by a sell-off in major technology stocks following disappointing second-quarter earnings, further impacted market sentiment. Bitcoin Drops Amid Political Speculation and…
July 25 2024: Global stocks declined on Wednesday, driven by disappointing earnings from Tesla (NASDAQ: TSLA) and European luxury brands. Meanwhile, oil prices rose after trading near six-week lows due to concerns over weak global demand. The U.S. dollar edged lower as traders anticipated an inflation reading on Friday and a Federal Reserve meeting next week. The yen climbed to a seven-week high ahead of a central bank meeting. Garrett Melson, portfolio strategist at Natixis Investment Managers Solutions in Boston, commented, “I think the big story is clearly the earnings front and you’ve kind of seen reports all over the map,…
