July 29 2024: U.S. stock futures rose at the start of a week filled with significant central bank meetings, including the Federal Reserve, and earnings reports from major tech companies. Apple is taking a deliberate approach to incorporating artificial intelligence features into its key products, while the European corporate earnings season continues. Fed Leads Central Bank Agenda This WeekThe focus this week is on central banks, with the Federal Reserve, the Bank of England, and the Bank of Japan all set to hold policy meetings. The Fed concludes its July policy meeting on Wednesday and is widely expected to maintain its…
Author: editor2
July 29 2024: The yen advanced on Monday, reversing earlier losses, as sentiment remained fragile following the Japanese currency’s strongest weekly rally since late April. This rally was triggered by a U.S. tech-led stock downturn, which increased demand for safe haven assets. Traders are now anticipating policy decisions from the Bank of Japan (BOJ) and the Federal Reserve, both scheduled for Wednesday, to provide further direction. Rising speculation about a potential BOJ interest rate hike this week has supported the yen, with the Fed also expected to set the stage for a rate cut in September. Investors are also cautious of…
July 29 2024: Gold prices climbed in Asian trading on Monday, regaining ground after a decline throughout most of July as attention turned to the upcoming Federal Reserve meeting. The central bank is expected to offer further guidance on potential interest rate cuts. The yellow metal’s rise was also supported by a weakening dollar, which fell after key inflation data on Friday indicated some easing in U.S. inflation. This scenario boosts the Fed’s confidence in reducing borrowing rates. Spot gold increased by 0.4% to $2,395.31 per ounce, while gold futures for December delivery rose 0.5% to $2,440.35 per ounce by 00:58…
July 29 2024: Bitcoin’s price climbed on Monday, continuing its weekend gains after Republican presidential nominee Donald Trump hinted at more favorable regulations during his speech at the Bitcoin Convention. Initially, Bitcoin’s price reacted negatively to Trump’s address, particularly as he avoided explicitly promising a national reserve. However, buyers quickly stepped in following his remarks. In the last 24 hours, Bitcoin increased by 3.3%, reaching $69,645.2 by 01:39 ET (05:39 GMT). Trump Promises Favorable Regulations, Seeks to Outpace China During the Bitcoin Conference on Saturday, Trump asserted that the U.S. should become the world’s leader in cryptocurrency ahead of China. He…
July 29 2024: European shares began the week with a positive momentum, driven by the global oil sector amidst concerns over escalating conflict in the Middle East, and a series of encouraging earnings reports that boosted overall market sentiment. As of 0713 GMT on Monday, the pan-European STOXX 600 index rose by 0.4%, following minor gains posted last week. The oil and gas sector saw a 1.3% increase, leading regional sectors, as crude prices edged up after a rocket strike in the Israeli-occupied Golan Heights. Among individual stocks, Philips surged by 8.6% after the Dutch medical devices manufacturer reported quarterly results…
July 26 2024: investors, rattled by recent market turbulence, are preparing for a critical week ahead with earnings reports from major tech companies, a Federal Reserve policy meeting, and important employment data. These events could significantly influence the short-term trajectory of U.S. stocks following a period of severe volatility. A months-long rally in large tech stocks hit a significant hurdle in the latter half of July, culminating in a selloff. The S&P 500 and Nasdaq Composite Index experienced their largest one-day losses since 2022 on Wednesday after disappointing earnings reports from Tesla (NASDAQ) and Google-parent Alphabet (NASDAQ). More volatility is anticipated.…
July 26 2024: The U.S. dollar remained steady in early European trade on Friday ahead of the release of key inflation data. Meanwhile, the euro edged higher, and the Japanese yen slipped slightly but stayed on track for its strongest week in three months. At 04:00 ET (09:00 GMT), the Dollar Index, which measures the greenback against a basket of six other currencies, traded largely unchanged at 104.127. Dollar Awaits PCE DataThe dollar found support from data indicating that the U.S. economy expanded faster than expected and inflation slowed in the second quarter. This data raised hopes that the U.S. economy…
July 26 2024: Gold prices increased in Asian trading on Friday but continued to suffer steep weekly losses as traders leaned towards the dollar, anticipating more interest rate cues in the coming days. After hitting record highs in July, the yellow metal experienced a significant drop due to profit-taking and market volatility. Spot gold rose 0.3% to $2,371.23 an ounce, while gold futures for August delivery increased by 0.7% to $2,369.90 an ounce by 00:43 ET (04:43 GMT). Gold Poised for Weekly Loss with PCE Data and Fed Meeting AheadSpot gold prices were down 1.2% for the week, having initially dropped…
July 26 2024: On Friday, Bitcoin’s price rose, recovering some of the week’s earlier losses as the crypto market anticipated a speech by Republican presidential nominee Donald Trump at the upcoming Bitcoin Conference. The world’s largest cryptocurrency increased by 4.2% over the past 24 hours, reaching $67,006.2 by 02:07 ET (06:07 GMT), bouncing back from a low of around $63,000 earlier in the week. Bitcoin had been affected by a wave of selling pressure across global financial markets, leading investors to shed risk-driven assets. This trend was especially detrimental to the crypto sector due to its speculative nature. However, this risk-off…
July 26 2024: On Friday, German truckmaker Traton, which is majority-owned by Volkswagen (ETR), reported a 7% increase in first-half operating profit, driven by higher prices despite sluggish demand in Europe. The company’s operating profit climbed to 2.1 billion euros ($2.3 billion), with sales revenue rising by 2% to 23.4 billion euros, even though unit sales declined by 5%. Traton’s operating margin improved to 9.1%, up from 8.6% the previous year. South America stood out as a strong market for Traton, contributing to a quarter of its truck sales volume last year. The operating margin for Traton’s Volkswagen Truck & Bus…
