Aug 8 2024: US stock futures moved lower on Thursday, stabilizing slightly after recent volatility. By 04:15 ET (08:15 GMT), Dow futures were down 100 points, or 0.3%, S&P 500 futures fell 15 points, or 0.3%, and Nasdaq 100 futures dropped 32 points, or 0.2%. On Wednesday, major indices closed lower: the Dow Jones Industrial Average fell over 200 points, or 0.6%, the S&P 500 decreased by 0.8%, and the Nasdaq Composite slid 1.1%. Today’s earnings reports include Eli Lilly and Under Armour, while Bumble’s stock plunged 30% premarket following a revenue forecast cut. Warner Bros Discovery also saw a nearly…
Author: editor2
Aug 8 2024: The yen showed volatility on Thursday following a sharp decline the previous day, amid a turbulent week where investor sentiment remains fragile. Market participants are evaluating the potential unwinding of popular carry trades and the future direction of Japan’s central bank policy. The yen was last 0.4% stronger at 146.02 per dollar, rebounding after a 1.6% drop on Wednesday. This decline followed comments from Bank of Japan Deputy Governor Shinichi Uchida, who downplayed the likelihood of a near-term rate hike. Earlier in the week, the yen had surged to a seven-month high of 141.675 per dollar, a notable…
Aug 8 2024: Oil prices fell in volatile trading on Thursday, poised to end a two-session streak of gains that saw prices rise approximately 3% amid concerns over supply risks related to Middle East tensions. Brent crude futures decreased by 25 cents, or 0.3%, to $78.08 per barrel by 06:50 GMT, while U.S. West Texas Intermediate crude lost 13 cents, or 0.3%, settling at $75.10. Both benchmarks had initially recovered from near-2024 lows earlier in the day but later turned negative. Market volatility has been influenced by the potential for supply disruptions following the recent killings of senior members of militant…
Aug 8 2024: Bitcoin’s price remained relatively stable on Thursday, trading at $56,934.9 by 01:48 ET (05:48 GMT). The cryptocurrency saw a slight increase of 0.2%, recovering from earlier lows of around $49,000, but still lagging behind pre-rout levels. XRP experienced a significant surge, rising 18.2% to $0.6047. The token soared by as much as 26% after Ripple Labs, the issuer of XRP, was ordered to pay a $125 million fine by the Securities and Exchange Commission (SEC). This penalty was much less than the $2 billion initially sought by the SEC. The court’s decision also included an injunction requiring Ripple…
Aug 8 2024: European shares opened lower on Thursday, reflecting the subdued sentiment in Asian markets, with tech stocks and basic resources dragging down the benchmark index. The pan-European STOXX 600 was down 0.7% by 0710 GMT. The basic resources sector fell 1.5%, driven by weak copper prices amid rising inventories and a bleak global growth outlook. The tech sector also declined by 1.3%, following a drop in Asian tech stocks. However, upbeat corporate updates provided some support. Allianz gained 1% after reporting a 7.5% increase in second-quarter net profit, surpassing expectations, and reaffirmed its full-year target. Deutsche Telekom rose 1.3%…
Aug 7 2024: Japan’s top currency diplomat, Atsushi Mimura, stated on Wednesday that the government is closely monitoring both stock and currency markets and is actively collaborating with the Bank of Japan and other international entities. At an event hosted by Nikkei Business magazine, Mimura highlighted the government’s coordinated efforts with other countries and the central bank. He assured that Japan’s economic fundamentals remain stable and expressed optimism about a modest economic recovery. Regarding current foreign exchange rates, Mimura noted that there are no specific target levels. “Our focus is on managing volatility, as excessive fluctuations create uncertainties for businesses,” he…
Aug 7 2024: The yen fell sharply on Wednesday after a key Bank of Japan (BOJ) official downplayed the likelihood of a near-term rate hike, easing investor concerns about further volatility in global markets. The yen declined by approximately 2.5% to a session low of 147.94 per dollar following comments from BOJ Deputy Governor Shinichi Uchida. The dollar was last trading up 1.9% at 147.06 yen. Uchida’s statement, emphasizing the need to maintain current monetary easing due to ongoing market volatility, contrasted with the BOJ’s previous hawkish stance when it unexpectedly raised interest rates last week. His remarks provided a boost…
Aug 7 2024: Oil prices climbed on Wednesday, buoyed by improved risk sentiment and escalating tensions in the Middle East, though they remained near seven-month lows due to ongoing concerns about economic growth and demand. As of 08:05 ET (12:05 GMT), Brent crude futures were up 2.2% at $78.16 per barrel, while West Texas Intermediate (WTI) crude futures rose 2.4% to $74.97 per barrel. The commodities market initially faced a broad sell-off, but renewed confidence on Wall Street has positively impacted oil sentiment. The improvement in broader market conditions has provided some support for crude prices. Middle East Tensions: Traders are…
Aug 7 2024: According to Citigroup strategists, Bitcoin has yet to fulfill its “digital gold” reputation. The firm highlighted that spot Ethereum ETFs are experiencing net outflows in their second week of trading, mirroring the initial challenges faced by Bitcoin ETFs. However, recent price movements for Ethereum have been more influenced by equity market trends rather than ETF flows, unlike Bitcoin. Citi analysts observed that the recent correction in risky assets reinforces the limited diversification benefits of cryptocurrencies at present. They noted, “Crypto fundamentals are holding up overall, with stablecoins avoiding sharp outflows and hash rates increasing despite weaker price action.”…
Aug 7 2024: European and Asian stock markets experienced gains on Wednesday, driven by a rebound in the Nikkei and a sharp decline in the yen, following the Bank of Japan’s (BOJ) unexpected caution on future rate hikes amid ongoing market volatility. The broad Stoxx 600 index in Europe increased by 1.3%, and Nasdaq futures were up 1.2%, recovering from earlier declines caused by a 12% drop in shares of AI company Super Micro Computer (NASDAQ), which missed earnings estimates. Investor sentiment was shaky in Asia initially, but BOJ Deputy Governor Shinichi Uchida’s speech reassured markets. Uchida stated that the central…
