Aug 14 2024: On Wednesday, Japanese Prime Minister Fumio Kishida announced his resignation, citing public dissatisfaction with political scandals and rising living costs that have marred his three-year tenure. His departure sets the stage for a leadership contest within his party. “Politics cannot function without public trust,” Kishida stated at a press conference, revealing his decision not to seek re-election as the leader of the ruling Liberal Democratic Party (LDP). “I made this heavy decision thinking of the public, with the strong will to push political reform forward.” The LDP will hold a leadership election in September to select a new…
Author: editor2
Aug 14 2024: The dollar remained near a one-week low on Wednesday as traders anticipated that upcoming U.S. consumer price data could support a Federal Reserve rate cut next month. Meanwhile, the British pound eased following softer-than-expected inflation figures. New Zealand’s dollar fell by over 1% after the Reserve Bank of New Zealand cut its key cash rate and signaled potential further reductions in a notable dovish shift. Market participants are waiting for the U.S. inflation report at 1230 GMT (8:30 a.m. ET), which is projected to show a 0.2% increase in consumer prices for July, following a 0.1% decrease the…
Aug 14 2024: Oil prices saw a modest increase on Wednesday, supported by a report showing declines in U.S. crude and gasoline inventories and ongoing concerns over potential escalation in the Israel-Gaza conflict that could affect global oil supplies. Brent crude futures rose by 32 cents, or 0.4%, reaching $81.01 per barrel by 0820 GMT. U.S. West Texas Intermediate crude gained 33 cents, or 0.4%, to $78.68 per barrel. Danish Lim, an investment analyst at Phillip Nova, commented, “The American Petroleum Institute reported a significant decrease in U.S. crude inventories of 5.2 million barrels, surpassing the expected decline of 2 million…
Aug 14 2024: Bitcoin’s price surged on Wednesday, extending an overnight rebound as improved risk sentiment fueled increased speculation about a deeper U.S. interest rate cut. The focus now shifts to the upcoming inflation data. By 01:19 ET (05:19 GMT), Bitcoin had risen by 3% to $61,024.70, recovering from the significant losses incurred during last week’s market downturn. Despite this rebound, further gains were limited by constrained institutional inflows and ongoing uncertainty regarding cryptocurrency regulations in the U.S. Bitcoin’s Rebound Fueled by Soft PPI Data The rise in Bitcoin and the broader crypto market was primarily driven by softer-than-expected producer price…
Aug 14 2024: Morgan Stanley’s European equity strategists have reported that their Market Sentiment Indicator (MSI) has issued a “buy signal” for the first time since Q4 2023. Historically, European equities have shown positive returns about 70% of the time over two weeks, one month, and three months following a similar “buy signal” from low MSI levels, according to the strategists. Their investor survey suggests that stocks related to “AI winners” and those sensitive to interest rates may be among the first to see increased buying interest. The MSI integrates data from surveys, positioning, volatility, and momentum to gauge and quantify…
Aug 13 2024: Investors shifted their strategies in August, increasing their cash holdings and reducing their overweight positions in stocks, as global growth expectations fell to an eight-month low, according to a Bank of America (BofA) survey released on Tuesday. Key Findings from the Survey The survey revealed that 31% of respondents were overweight in stocks for August, a decrease from 51% in July. Meanwhile, the average cash allocation among fund managers rose to 4.3% of assets under management, up from 4.1% the previous month. Reasons for the Shift BofA attributed the shift to weaker-than-expected U.S. payrolls data for July and…
Aug 13 2024: The dollar was mixed on Tuesday, holding steady as investors awaited U.S. economic data that could impact expectations for significant interest rate cuts. Meanwhile, a rise in Japanese stocks helped stabilize yen carry trades. Dollar and Yen Movements The dollar gained 0.33% to 147.72 yen, after briefly reaching a one-week high of 148.23 yen overnight, before profit-taking set in. Japanese Parliament Session Sources revealed that Japan’s parliament is set to hold a special session on August 23 to review the central bank’s recent interest rate hike. Euro and Sterling Updates The euro was at $1.0938, edging closer to…
Aug 13 2024: Gold prices fell slightly in Asian trading on Tuesday but remained close to record levels due to strong safe-haven demand driven by fears of an Iranian attack on Israel and anticipation of key U.S. inflation data this week. Gold Price Movements and Market Influences Spot gold decreased by 0.4% to $2,460.78 per ounce, while December futures fell 0.1% to $2,501.45 per ounce. Gold futures recently reached a record high of $2,517.10 per ounce, and spot prices stayed near their peak of $2,483.78 per ounce. Safe Haven Demand Boosted by Middle East Tensions The increased demand for gold is…
Aug 13 2024: Bitcoin’s price saw a modest increase on Tuesday, rising to $59,305.3, as investors capitalized on recent declines with some bargain buying. Despite this slight rebound, risk sentiment remained cautious ahead of a series of crucial U.S. economic indicators this week. Bargain Buying Boosts Crypto Investment Capital flows data indicated that investors were drawn to crypto investment products last week, with notable inflows into Ether but only modest interest in Bitcoin. The recent downturn in crypto markets led to increased buying, although sentiment was dampened by the lack of discussion on crypto regulations during a recent conversation between Republican…
Aug 13 2024: Japanese shares surged on Tuesday, lifting broader Asian markets as investors awaited a series of economic reports this week, including U.S. inflation data, which will influence the Federal Reserve’s policy decisions following last week’s market volatility. Oil prices eased slightly after a 3% gain on Monday, as concerns about a potential escalation in Middle East conflicts continued to impact global crude supplies. Gold, a safe-haven asset, saw some uplift but dipped slightly on Tuesday. Japan’s Nikkei index climbed more than 3% following Monday’s holiday, offering relief after the previous week’s tumultuous trading, which was marked by a significant…
