July 16 2024: Deutsche Bank is expected to post a loss for the second quarter, according to a consensus forecast published on Monday, as a protracted investor lawsuit over its Postbank division threatens to erode earnings. Any loss at Germany’s largest lender would break a streak of 15 consecutive quarters in the black, marking a setback for the bank’s turnaround under CEO Christian Sewing. The bank has warned profit would take a hit in the quarter because it would book 1.3 billion euros ($1.42 billion) for the long-running lawsuit claiming it underpaid for its purchase of the giant Postbank division. Deutsche…
Author: editor2
July 16 2024: Most Asian currencies moved in a flat-to-low range on Tuesday as speculation over a Donald Trump presidency helped the dollar rise despite increased bets on interest rate cuts. The Japanese yen underperformed its peers, pressured by a stronger dollar and persistent warnings from authorities over currency market intervention. Sentiment towards regional markets also remained negative following weak data from China, which signaled slowing growth in Asia’s biggest economy. Dollar Extends Recovery Amid Speculation Over Trump Presidency The dollar index and dollar index futures both rose 0.1% in Asian trade, extending an overnight rebound from three-month lows. Speculation over…
July 16 2024: Gold prices rose in Asian trade on Tuesday, nearing record highs amid increased bets that the Federal Reserve will begin cutting rates from September. However, gains in gold were tempered by some resilience in the dollar, as increased speculation that Donald Trump will win a second term as president boosted the greenback. Spot gold rose 0.2% to $2,427.77 an ounce, while gold futures expiring in August increased by 0.1% to $2,432.30 an ounce by 00:46 ET (04:46 GMT). Gold Close to Record High as Rate Cut Bets Grow Spot prices are now less than $30 away from a…
July 16 2024: Bitcoin’s price surged on Tuesday, fueled by the prospect of friendlier crypto regulations in the U.S. as traders speculated that Donald Trump could secure a second term in the 2024 presidential race. Reports also indicated that the Securities and Exchange Commission (SEC) was nearing approval for exchange-traded funds (ETFs) that directly track Ether, the world’s second-largest cryptocurrency, further boosting optimism for a more favorable regulatory environment. Bitcoin rose 2.3% in the past 24 hours to $64,073.6 by 01:27 ET (05:27 GMT). Speculation over Trump helped the cryptocurrency recover from concerns about selling pressure due to distributions by the…
July 16 2024: Most Asian stocks rose on Tuesday, tracking gains on Wall Street amid increasing expectations for a September interest rate cut, while Chinese markets lagged on concerns over a cooling economy and headwinds from U.S. politics. Regional markets took positive cues from a strong finish on Wall Street, after dovish-leaning comments from Federal Reserve Chair Jerome Powell showed the central bank had more confidence that inflation was easing. Increased speculation over a Donald Trump presidency also supported stock markets, on hopes that such a scenario will result in an easier regulatory environment. U.S. stock index futures rose in Asian…
July 12 2024: China’s central bank is widely expected to maintain the medium-term interest rate unchanged and withdraw some liquidity from the banking system during the rollover of maturing loans on Monday, according to a Reuters survey. Despite the sputtering economy, a weak Chinese currency has remained a key constraint on Beijing’s monetary easing efforts, as further easing could widen the yield gap with other major economies, particularly the United States, and trigger more capital outflows. In a Reuters poll of 35 market watchers conducted this week, 34 (97%) of respondents anticipated that the People’s Bank of China (PBOC) would keep…
July 12 2024: The Japanese yen strengthened significantly late on Thursday, with the USDJPY pair dropping to a near one-month low amid speculation about potential currency market intervention by the government. The yen’s rise was also influenced by softer-than-expected consumer price index (CPI) data, which weakened the U.S. dollar and heightened expectations for a September interest rate cut by the Federal Reserve. The USDJPY pair, which measures the yen’s value against the U.S. dollar, settled around 159 in early Friday trade after dropping over 2% on Thursday. The pair had been trading close to 38-year highs around 162 yen earlier in…
July 12 2024: Oil prices saw a slight increase on Friday amid signs of easing inflation in the United States, the world’s largest oil consumer. However, Brent crude was still set for a weekly decline. By 0630 GMT, Brent crude futures rose 49 cents, or 0.6%, to $85.89 a barrel. U.S. West Texas Intermediate (WTI) crude futures climbed 58 cents, or 0.7%, to $83.20 a barrel. Both contracts had gained in the prior two sessions but remained poised for weekly declines. Brent futures were set to fall about 1% week-on-week following four consecutive weekly gains. WTI futures were broadly stable on…
July 12 2024: Bitcoin’s price continued to decline on Thursday, pressured by selling from Bitcoin mining operators, Mt. Gox refunds, and actions by the German state of Saxony. However, a crypto expert suggested to Investing.com that this downtrend could be “a bear trap.” Reasons for Bitcoin’s Downtrend The defunct Mt. Gox exchange remains a significant factor for Bitcoin, with trustees recently beginning to refund tokens to clients affected by a 2014 hack. While the exact distribution amount is unclear, wallets linked to the exchange moved about $9 billion worth of tokens earlier this year. Additionally, the German government has been selling…
July 12 2024: Most Asian stocks retreated on Friday, with technology-heavy indexes experiencing significant losses due to profit-taking, despite optimism over potential U.S. interest rate cuts fueled by soft inflation data. Regional stocks mirrored overnight declines on Wall Street, where heavy losses in technology stocks, especially chipmakers and those tied to artificial intelligence, led the NASDAQ Composite to fall nearly 2%. U.S. stock futures remained steady in Asian trade, with attention shifting to the start of the second-quarter earnings season. Several major banks are scheduled to report on Friday. Losses in stock markets followed softer-than-expected U.S. consumer price index data for…
