Aug 16 2024: In the week leading up to August 10, foreign investors significantly increased their purchases of Japanese stocks, driven by reassurances from policymakers aimed at stabilizing the market after recent turmoil had led to the biggest one-day plunge in Japanese shares since 1987. According to finance ministry data, cross-border investors bought a net 521.9 billion yen ($3.51 billion) worth of Japanese shares, reversing a trend of three consecutive weeks of net selling. Last week, Japanese policymakers signaled their intent to prevent further declines in the stock market. Concurrently, the Bank of Japan indicated it would maintain steady interest rates…
Author: editor2
Aug 16 2024: The U.S. dollar remained close to a two-week high against the yen on Friday, following its largest one-day gain against major currencies in four weeks. This rally was fueled by robust U.S. economic data, which largely dispelled concerns about a potential recession. The greenback received an additional boost against the Japanese yen on Thursday, thanks to a sharp increase in Treasury yields, as traders scaled back expectations of aggressive easing by the Federal Reserve next month. Risk-sensitive currencies, such as the British pound, also firmed up as the improved economic outlook spurred a rally in equity markets. The…
Aug 16 2024: Oil prices are on track for a second consecutive week of gains, despite a slight decline on Friday. Recent positive U.S. economic data has bolstered optimism about demand from the world’s largest oil consumer. This week, Brent crude futures have risen approximately 1.3%, while U.S. West Texas Intermediate (WTI) crude futures have increased around 1.2%. As of Friday morning (0650 GMT), Brent dipped by 22 cents, or 0.3%, to $80.82 per barrel, while WTI dropped 30 cents, or 0.4%, to $77.86 per barrel. U.S. retail sales data released on Thursday exceeded analysts’ expectations, and separate reports showed a…
Bitcoin prices remained relatively stable on Friday, hovering around $58,238.5, down 0.1% from the previous day. The cryptocurrency has seen only a modest 1% gain this week, staying within the $50,000 to $60,000 range it has occupied for most of the year. Key Points: Lagging Market Recovery Despite a recovery in global stock markets driven by easing recession fears and expectations of U.S. interest rate cuts, Bitcoin and other cryptocurrencies have struggled to keep pace. Wall Street indices have surged to two-week highs, fueled by strong U.S. retail sales and softer inflation data. However, Bitcoin has not fully benefited from…
Aug 16 2024: Asian stocks soared on Friday, mirroring Wall Street’s strong performance as positive U.S. economic data alleviated recession concerns. The optimism was further fueled by expectations of potential U.S. interest rate cuts. Key Highlights: Wall Street Gains Boost Asian Markets Asian stocks followed Wall Street’s sharp rise on Thursday, driven by robust U.S. retail sales data that bolstered confidence in the U.S. economy. Earlier in the week, softer inflation figures kept the market’s anticipation of a 25 basis point rate cut in September alive. Japan’s Nikkei Leads Regional Gains Japan’s Nikkei 225 and TOPIX indices were the top performers…
Aug 15 2024: Wall Street is poised for a higher open on Thursday, though U.S. retail sales data could shift the current optimism. Cisco’s restructuring plan and the U.K.’s economic growth are also key highlights influencing markets. Focus on Economic Data U.S. economic data will be in the spotlight on Thursday as investors assess the likelihood of Federal Reserve interest rate cuts. Recent inflation data has bolstered expectations for a September rate cut, though there is debate about the size—whether a standard 25 basis points or a more substantial 50 basis points.The probability of a 50 basis point cut has dropped…
Aug 15 2024: The dollar weakened on Thursday, with the euro holding near an eight-month high following data indicating a slowdown in U.S. inflation, which bolstered expectations that the Federal Reserve may cut interest rates next month. The yen remained steady at 147.315 per dollar after Japan’s economy reported an annualized growth of 3.1% for the second quarter, driven by strong consumption. This growth keeps the possibility of a near-term rate hike in play. Although the yen has retreated from the seven-month high of 141.675 per dollar reached during last week’s market turbulence, it remains well above the 38-year lows of…
Aug 15 2024: Oil prices climbed on Thursday, buoyed by hopes that potential U.S. interest rate cuts could spur economic activity and increase fuel consumption. However, concerns about slower global demand tempered these gains. Brent crude futures advanced by 19 cents, or 0.24%, to $79.95 a barrel by 0625 GMT, recovering some losses from the previous day. Meanwhile, U.S. West Texas Intermediate crude futures rose by 23 cents, or 0.3%, to $77.21 per barrel. The benchmarks had dropped over 1% on Wednesday due to an unexpected increase in U.S. crude inventories and reduced concerns about a broader Middle East conflict. A…
Bitcoin prices dropped on Thursday, falling to $58,467.0 by 01:46 ET (05:46 GMT), as anxiety over potential Mt. Gox token distributions and capital outflows from major exchanges overshadowed positive U.S. inflation data and interest rate signals. Mt. Gox Distribution Fears Resurface Concerns about selling pressure from Mt. Gox resurfaced this week after a wallet linked to the defunct exchange, holding $2 billion in Bitcoin, conducted test transactions. This activity has sparked fears of new token distributions by the exchange, which began returning Bitcoin stolen in a 2014 hack to clients in July. While the exact amount of Bitcoin to be…
Aug 15 2024: Asian equities were steady on Thursday, while the dollar softened amid lower U.S. Treasury yields. This follows mild consumer inflation data, which has bolstered expectations that the Federal Reserve might begin cutting interest rates next month. Regional markets mirrored Wall Street’s gains, with Japan’s Nikkei rising 0.8% as of 0540 GMT and Australia’s benchmark up 0.14%. Japanese stocks received an additional boost from data showing a strong economic rebound in the second quarter. Chinese blue chips added 0.7%, supported by anticipations of further stimulus from Beijing in response to another set of weak economic data. Conversely, Hong Kong’s…
