Author: editor2

May 24 2024: European stocks retreated on Friday, positioning them for weekly losses as persistent U.S. inflation pressures and a strengthening euro zone economy dampened hopes for multiple interest rate cuts from major central banks this year. The pan-European STOXX 600 index fell 0.5%, with rate-sensitive tech stocks pulling back after Thursday’s significant gains. The index was on track for a weekly decline of 0.8%. U.S. Stocks Plunge on Inflation Worries U.S. stocks closed sharply lower on Thursday. Initial optimism from a positive outlook by chip giant Nvidia (NASDAQ: NVDA) dissipated following economic data that indicated inflation remains a concern, potentially…

Read More

May 24 2024: The U.S. dollar edged lower in early European trade Friday but remained on course for its largest weekly rise in over a month as expectations for early Federal Reserve rate cuts faded. By 04:40 ET (08:40 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, traded 0.1% lower at 104.910. Despite this dip, it was set for a 0.6% gain this week, marking its largest one-week rise since mid-April. Dollar Supported by Reduced Rate Cut Expectations Data released on Thursday showed U.S. business activity accelerating to its highest level in just over…

Read More

May 24 2024: Oil prices remained stable on Friday as investors balanced concerns about U.S. Federal Reserve comments on interest rates amid persistent inflation against signs of strengthening seasonal U.S. fuel demand. By 0640 GMT, Brent crude futures had risen 5 cents to $81.41 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 2 cents at $76.89. Both benchmarks had settled at multi-month lows on Thursday, with Brent crude futures closing at their weakest since February and U.S. crude futures hitting a three-month low. Brent futures were heading for a weekly decline of more than 3%, and WTI…

Read More

May 24 2024: Bitcoin prices declined on Friday, continuing their slide from earlier in the week as concerns over prolonged high U.S. interest rates overshadowed the significant development of the approval of exchange-traded funds (ETFs) that directly track Ether. Despite retaining some weekly gains, Bitcoin returned to its $60,000 to $70,000 trading range, where it has hovered for over two months. The cryptocurrency gave up much of its weekly gains on Thursday and Friday, falling 3.2% in the past 24 hours to $67,215.9 by 01:45 ET (05:45 GMT). Ether Declines but Set for a Strong Week Amid Spot ETF Approval Ether,…

Read More

May 24 2024: European stock markets fell on Friday, reflecting a broader global downturn driven by worries over persistent high interest rates and their impact on economic activity. At 03:10 ET (07:10 GMT), Germany’s DAX index was down 0.9%, France’s CAC 40 fell 0.6%, and the UK’s FTSE 100 dropped 0.9%. European equities continued their downward trend, influenced by negative sentiment from Asia and Wall Street, where fears of stubborn U.S. inflation and high interest rates hurt investor confidence. Japan’s Nikkei index dropped over 1%, and the U.S. Dow Jones Industrial Average had its worst session in over a year, falling…

Read More

May 23 2024: South Korea’s central bank maintained interest rates at a 15-year high on Thursday, signaling a cautious approach amid persistent inflationary pressures despite stronger-than-expected economic growth. Key PointsInterest Rates: The Bank of Korea (BOK) held its benchmark interest rate steady at 3.50%, the highest level in 15 years. This decision was unanimous and expected by all 43 analysts polled by Reuters.Policy Stance: BOK Governor Rhee Chang-yong emphasized that the bank will maintain a restrictive policy stance to combat sticky inflation and monitor the economy’s performance closely. There is uncertainty about the timing of any future rate cuts.Economic Growth: The…

Read More

May 23 2024: The U.S. dollar pulled back slightly on Thursday, remaining near a one-week high following the release of hawkish minutes from the Federal Reserve’s latest meeting. The minutes suggested that U.S. interest rates might stay elevated for an extended period due to persistent inflation concerns. Key PointsDollar Index: At 04:20 ET (08:20 GMT), the Dollar Index, which measures the greenback against six other currencies, traded 0.1% lower at 104.705, after gaining 0.3% overnight.Fed Minutes: The minutes revealed that policymakers were increasingly worried about sticky inflation, with some discussing the potential need for further rate hikes. Many Fed officials questioned…

Read More

May 23 2024: Oil prices declined for the fourth consecutive session on Thursday after the minutes from the latest U.S. Federal Reserve meeting revealed discussions about further tightening interest rates if inflation remains persistent. Such a move could potentially dampen oil demand. Key PointsBrent Crude Futures: Fell 20 cents, or 0.2%, to $81.70 a barrel at 0651 GMT.West Texas Intermediate (WTI) Futures: Dropped 29 cents, or 0.4%, to $77.28.Wednesday’s Decline: Both benchmarks fell by more than 1%.Federal Reserve’s StanceThe minutes from the Federal Reserve’s last policy meeting indicated that the central bank might maintain its policy rate but is also considering…

Read More

May 23 2024: Bitcoin’s price remained largely flat on Thursday, hovering around $69,418.9 as of 01:21 ET (05:21 GMT). This stability comes after a recent rally in cryptocurrencies was undermined by renewed fears of sustained high U.S. interest rates. Strong overnight gains in the dollar further pressured crypto prices across the board. Key PointsBitcoin: Down 0.3% in the past 24 hours, Bitcoin has settled back into a trading range seen for most of the past two months, following a brief breakout earlier this week.Ether: The world’s second-largest cryptocurrency, Ether, hovered around two-month highs hit earlier this week, retaining gains from the…

Read More

May 23 2024: European stocks edged higher on Thursday, buoyed by strong forecasts from AI leader Nvidia, which lifted global chipmakers. Investors were also keenly awaiting business surveys to assess the euro zone economy’s outlook and potential interest rate changes. Market PerformanceThe pan-European STOXX 600 index rose 0.2% as of 0711 GMT, with the tech index leading sectoral gains with a 1.2% increase. Shares of European semiconductor stocks, including ASML, Infineon, and ASM, climbed between 1.5% and 2.4%. This surge followed Nvidia’s impressive forecast for quarterly revenue, a stock split announcement, and a 150% increase in its quarterly dividend on a…

Read More