July 31 2024: The World Bank’s board has approved $1.5 billion in financing, marking its first-ever budget support lending to Ethiopia, as the East African nation advances its debt restructuring efforts. Africa’s second-most populous country secured a four-year, $3.4 billion program from the International Monetary Fund (IMF) on Monday, shortly after its central bank floated the birr currency, facilitating the debt overhaul. The World Bank will provide a $1 billion grant and an additional $500 million low-interest credit line, part of the inaugural direct budgetary support facility for Ethiopia, the global lender announced. “This policy operation supports home-grown reforms that will…
Author: editor2
July 31 2024: The yen fluctuated between gains and losses on Wednesday after the Bank of Japan (BOJ) raised interest rates at the end of its two-day monetary policy meeting and revealed a detailed plan to taper its substantial bond-buying program. The yen surged by as much as 0.8% to a more than three-month high of 151.58 per dollar immediately following the BOJ announcement, but quickly reversed those gains within minutes as the outcome had been somewhat anticipated. The Japanese currency was last marginally lower at 152.79 per dollar. The BOJ announced that its board decided to raise the overnight call…
July 31 2024: Gold prices climbed in Asian trade on Wednesday, boosted by a weaker dollar as traders awaited further signals on interest rate cuts from the Federal Reserve. The precious metal also saw a rise due to safe-haven buying following reports of Hamas leader Ismail Haniyeh’s death from an Israeli strike in Iran, indicating a potential escalation in conflict. Spot gold increased by 0.3% to $2,419.11 an ounce, while gold futures for December delivery rose 0.5% to $2,463.85 an ounce by 01:09 ET (05:09 GMT). Gold Strengthens with Fed Rate Cut Anticipation Gold broke past the $2,400 an ounce mark…
July 31 2024: Bitcoin’s price fell on Wednesday, continuing a recent decline as concerns about mass token sales by the U.S. government overshadowed some optimism about friendlier crypto regulations in the country. Bitcoin decreased by 1% in the past 24 hours to $65,841.6 by 01:42 ET (05:42 GMT). Positive comments from Republican presidential candidate Donald Trump had pushed the token up to $70,000 over the weekend, but it quickly reversed course. Risk-driven asset demand was also dampened by anticipation of a Federal Reserve interest rate decision and potential escalation in Middle East tensions after reports suggested Hamas chief Ismail Haniyeh was…
July 31 2024: HSBC Holdings announced a $3 billion buyback and raised its income outlook on Wednesday, showcasing its progress in safeguarding its business from potential declines in global interest rates, which could affect lending returns. The bank’s shares increased by 3% in London as investors reacted positively to its stable first-half profit growth, increased wealth management revenue, and reduced losses in the Chinese real estate sector. Europe’s largest bank also set a new target for its return on average tangible equity, aiming for mid-teens by 2025, aligning with its 2024 estimate. HSBC, set to welcome new CEO Georges Elhedery in…
July 30 2024: South Korea’s monetary policy board was split over the timing of interest rate cuts, with a majority of the seven-member board concerned that lower borrowing costs could lead to price increases in the housing market, according to July meeting minutes released on Tuesday. The Bank of Korea stated at the meeting that it was time to prepare for a shift to interest rate cuts after keeping the benchmark interest rate steady at a 15-year high of 3.50% for the 12th consecutive meeting, as anticipated. While the decision to maintain the rate was unanimous, the board appeared divided on…
July 30 2024: The dollar and yen traded within narrow ranges on Tuesday as traders awaited key central bank decisions, starting with midweek monetary policy meetings from the Bank of Japan (BOJ) and the Federal Reserve (Fed) that could influence market direction in the coming weeks. The Japanese yen paused its recent rally as the BOJ began its two-day meeting on Tuesday, after surging over 2% against the dollar last week. Several factors have contributed to the yen’s strength from the 38-year low of 161.96 it hit against the dollar at the start of the month, including a global stock market…
July 30 2024: Oil prices fell on Tuesday, continuing the previous session’s decline due to concerns about demand in China, the world’s largest crude importer, while the market remained unconcerned about the risk of escalating conflict in the Middle East. Brent crude oil futures dropped by 40 cents, or 0.5%, to $79.38 a barrel by 0640 GMT. U.S. crude futures decreased by 43 cents, or 0.6%, to $75.38 a barrel. Recent disappointing economic news from China has shaken markets. China’s manufacturing activity likely contracted for the third consecutive month in July, according to a Reuters poll on Monday. Additionally, on Monday,…
July 30 2024: Bitcoin prices fell on Tuesday, reversing a weekend rebound due to reports that the U.S. government had mobilized $2 billion worth of tokens, which overshadowed optimism from positive comments on regulation by Donald Trump. The world’s largest cryptocurrency had climbed as high as $70,000 on Monday after Republican presidential nominee Trump promised more favorable regulations during his speech at the Bitcoin Conference over the weekend. However, Bitcoin quickly reversed, dropping 4.7% in the past 24 hours to $66,422.1 by 01:37 ET (05:37 GMT). US Government Moves $2 Billion in Bitcoin Bitcoin’s decline was intensified by media reports that…
July 30 2024: European shares opened higher on Tuesday, driven by gains in technology and oil stocks. Investors remained cautious ahead of the Federal Reserve’s meeting and the release of Eurozone inflation data. The pan-European STOXX 600 index rose by 0.2% to 512.61 points by 0716 GMT, with the food and beverages sector limiting overall gains. Diageo (LON) saw an 8% drop in its stock after reporting a 4.8% decline in annual profit, which fell short of analyst expectations. The basic resources sector fell 0.7% as base metal prices declined due to slowing global growth and a shift towards risk-off sentiment,…
