Aug 12 2024: Bank of America CEO Brian Moynihan warned on Sunday that U.S. consumers could become discouraged if the Federal Reserve does not begin reducing interest rates soon. In late July, the Fed held the policy rate steady at 5.25%-5.50%, where it has remained for over a year, but hinted that a rate cut might be possible as early as September if inflation continues to ease. Moynihan commented, “The Fed has indicated that rates are unlikely to increase further, but if they don’t start lowering them soon, it could dishearten American consumers.” He cautioned that once consumer sentiment turns sharply…
Author: editor2
Aug 12 2024: Since the U.S. and EU imposed bans on exporting dollar and euro banknotes to Russia in March 2022 following the invasion of Ukraine, approximately $2.3 billion in these currencies have still been shipped to Russia, according to customs data reviewed by Reuters. These previously unreported figures reveal how Russia has managed to bypass sanctions on cash imports, indicating that dollars and euros remain important for trade and travel, even as Moscow seeks to reduce its reliance on hard currencies. The customs data, sourced from a commercial provider that tracks such information, shows that the cash was transported to…
Aug 12 2024: Oil prices continued to climb on Monday, marking their fifth consecutive session of gains. This follows a rise of more than 3% last week, supported by easing U.S. recession fears and ongoing geopolitical tensions in the Middle East. Brent crude futures increased by 73 cents, or 0.9%, to $80.39 a barrel as of 0812 GMT. U.S. West Texas Intermediate crude futures rose by 88 cents, or 1.2%, to $77.72. “Recent support for oil prices stems from better-than-expected U.S. economic data, which has alleviated concerns about a U.S. recession,” noted Tony Sycamore, an analyst at IG Markets. Tensions remain…
Aug 12 2024: Bitcoin’s price declined on Monday, continuing a weekend sell-off as sentiment in the cryptocurrency market remained weak following a significant downturn over the past month. Cryptocurrencies had seen some relief towards the end of last week, tracking a broader financial market rebound as investors grew optimistic that fears of a U.S. recession might be overstated. However, this optimism diminished over the weekend, leading to further selling pressure in the past two days. As of 01:52 ET (05:52 GMT), Bitcoin had fallen by 4.3% to $58,520.7. Trading volumes were relatively low due to a Japanese market holiday. Bitcoin Remains…
Aug 12 2024: South Korean officials held an emergency meeting on Monday to address electric vehicle (EV) safety and explore whether car manufacturers should disclose the brands of batteries they use. This comes in response to increasing consumer fears following a recent EV fire in an underground garage that severely damaged an apartment complex. The blaze on August 1st, which began in a Mercedes-Benz EV parked beneath a residential building, took eight hours to control. The fire destroyed or damaged around 140 cars and forced some residents to relocate to shelters. The meeting, led by the country’s vice environment minister and…
Aug 9 2024: Futures linked to Wall Street’s primary indexes surged on Friday, buoyed by dovish remarks from Federal Reserve officials and positive labor market data that helped enhance investor sentiment. Chipmaker Nvidia (NASDAQ) drove gains in major technology stocks during premarket trading, advancing by 2.5%. Market Volatility Eases The global financial markets experienced significant volatility earlier this week, driven by July’s disappointing jobs data and a yen surge following the Bank of Japan’s unexpected rate hike, which led to the unwinding of currency carry trades. However, volatility has since diminished, with the CBOE Volatility Index dropping to 23.21 points, down…
Aug 9 2024: The U.S. dollar held steady on Friday, trading close to a one-month high, following stronger-than-expected jobless claims that eased recession fears in the world’s largest economy. At 04:15 ET (09:15 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, remained stable at 103.007, not far from levels seen before the recent labor market report. Dollar Stabilizes After Recent Volatility Initial claims for state unemployment benefits dropped by 17,000 to a seasonally adjusted 233,000 for the week ending August 3, marking the largest decrease in about 11 months. This decline helped mitigate concerns…
Aug 9 2024: Oil prices remained steady on Friday and were on track to gain over 3% for the week, driven by calming U.S. jobs data and ongoing concerns over Middle East tensions. Brent crude futures were up by 1 cent to $79.17 per barrel, while U.S. West Texas Intermediate (WTI) crude futures increased by 8 cents to $76.27 per barrel. Both Brent and WTI are set to record weekly gains exceeding 3%. “Sentiment improved following positive U.S. jobs data, with new unemployment claims coming in significantly below expectations,” noted Panmure Liberum analyst Ashley Kelty. “With an anticipated draw in U.S.…
Aug 9 2024: Bitcoin prices climbed on Friday, reaching $60,916.2, bolstered by a broader rally in risk-driven markets following positive U.S. labor market data. The cryptocurrency surged nearly 7%, peaking at $61,712.3 before pulling back slightly. The world’s largest cryptocurrency was poised for modest weekly gains after a more than 10% drop the previous week. Bitcoin had fallen to around $49,000 on Monday during a broad market downturn but has since recovered much of those losses. The rebound comes as recession fears and concerns over potential rate hikes ease. The recent rally in broader markets, especially equities, was supported by better-than-expected…
Aug 9 2024: European shares climbed 1% on Friday, aiming for a fourth consecutive day of gains and recovering almost all of their losses from a tumultuous week driven by recession fears in the US. The STOXX 600 index advanced 1%, surpassing the 500 mark and marking its longest winning streak since May 15. Investor sentiment improved following the US jobs report on Thursday, which eased concerns stemming from July’s weak labor market data that had triggered a financial market selloff. Major European indices saw gains: France’s CAC 40, Germany’s DAX, Spain’s IBEX 35, and the UK’s FTSE 100 all increased…
