July 5 2024: China’s central bank has access to hundreds of billions of yuan worth of bonds and will sell them based on market conditions, the bank told Reuters on Friday. This move is seen as an effort to temper a strong bond rally. The People’s Bank of China (PBOC) plans to borrow medium- and long-term bonds on an open-ended unsecured basis and sell them depending on market conditions. The bank has signed agreements with several major financial institutions regarding bond borrowing, according to the official statement. These remarks come as China’s sovereign bonds have performed strongly this year, with yields…
Author: editor2
July 5 2024: The U.S. dollar retreated in early European trade on Friday ahead of the key monthly jobs report, while sterling edged higher following the U.K. general election results. At 03:55 ET (07:55 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% lower at 104.635, near its lowest point since mid-June. Dollar Slips Ahead of Payrolls The dollar traded near two-week lows as traders returned from the U.S. Independence Day holiday, anticipating the release of the widely-watched monthly official jobs report for more cues on when the Federal Reserve will start cutting…
July 5 2024: Oil prices were little changed on Friday, trading near their highest levels since late April and on track for a fourth consecutive week of gains, driven by hopes for strong summer fuel demand and some supply concerns. Brent crude futures rose 11 cents, or 0.13%, to $87.54 a barrel by 0817 GMT. U.S. West Texas Intermediate (WTI) crude futures increased by 24 cents, or 0.29%, to $84.12. With the U.S. market shut on Thursday for the Independence Day holiday, trading was thin and there was no settlement for WTI, but prices have risen this week on strong summer…
July 5 2024: Bitcoin’s price fell sharply to a four-month low on Friday, extending its recent slump as the defunct crypto exchange Mt Gox began repaying creditors. Additionally, German police were seen moving about $75 million of cryptocurrency, confiscated from a piracy website, onto exchanges. This movement potentially signals a mass sale event, contributing to the negative sentiment. Bitcoin slid 4.9% in the past 24 hours to $54,931.7, its weakest level since February. The token also dropped nearly 11% over the past seven days. Mt Gox Starts Making Repayments The sharp drop in Bitcoin’s price comes as investors focus on the…
July 5 2024: Global equity markets hit fresh record highs on optimism about a potential U.S. rate cut, with key jobs numbers expected later on Friday. Meanwhile, the euro reached a three-week high ahead of this weekend’s French elections. Sterling and UK stocks rose as Britain’s Labour Party was projected to achieve a landslide victory after 14 years of Conservative rule. In Europe, attention was shifting from the UK election, whose outcome was widely expected, to Sunday’s second-round election in France. French stocks, which had dropped sharply following last month’s surprise election announcement, have since recovered. The euro has also benefited…
July 4 2024: Global stocks continued to reach new record highs on Thursday after U.S. data increased the likelihood of a September Fed interest rate cut. Meanwhile, Europe was on alert as U.K. voters participated in national elections. Market Reactions Amid UK Elections The July 4 holiday in the United States resulted in thin trading. Investors were cautious, waiting to see the extent of the Labour Party’s potential victory as results were expected to start coming in late in the evening. Markets have anticipated this change, with opinion polls predicting a landslide victory for the centre-left party over the Conservatives, who…
July 4 2024: The U.S. dollar slipped lower in early European trade on Thursday as weak economic data raised expectations of interest rate cuts by the Federal Reserve, while sterling edged higher as the U.K. went to the polls. At 04:20 ET (08:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower at 104.900, extending steep overnight declines. Economic Weakness Hits Dollar The dollar retreated slightly on Thursday, continuing Wednesday’s weakness, after the release of data showing softer-than-expected ADP employment figures and a weak purchasing managers index reading on non-manufacturing activity. This…
July 4 2024: Gold prices steadied at a 10-day high in Asian trade on Thursday, supported by growing bets on interest rate cuts by the Federal Reserve, which pulled down the dollar and Treasury yields. However, gold’s advance was tempered by hawkish signals from the minutes of the Fed’s June meeting and anticipation of key nonfarm payrolls data kept traders cautious. Spot gold rose 0.1% to $2,359.56 an ounce, while gold futures expiring in August fell 0.1% to $2,367.15 an ounce by 00:27 ET (04:27 GMT). Gold Benefits from Rate Cut Bets, but Caution Persists The yellow metal marked strong gains…
July 4 2024: Bitcoin’s price fell sharply to a two-month low on Thursday, breaking past a key support level as uncertainty over several points of selling pressure, chiefly the defunct exchange Mt. Gox, caused traders to remain averse to the token. The world’s biggest cryptocurrency received little support from a weaker dollar, which fell amid increased bets on interest rate cuts by the Federal Reserve. Broader crypto prices also followed Bitcoin lower. Bitcoin fell 3.2% in the past 24 hours to $59,046.0 by 23:37 ET (03:37 GMT). The token had fallen as far as $58,055.4. Mt. Gox Dumping Fears Batter Bitcoin…
July 4 2024: European stock markets edged higher Thursday, boosted by overnight gains on Wall Street as investors focus on political developments in the region. At 03:10 ET (07:10 GMT), the DAX index in Germany traded 0.3% higher, the CAC 40 in France rose 0.6%, and the FTSE 100 in the U.K. climbed 0.5%. Rate Cuts on the Agenda? European strength follows overnight gains on Wall Street, with the S&P 500 and the NASDAQ Composite posting record highs in holiday-shortened trade. Weak labor and economic activity readings increased the likelihood that the Federal Reserve will cut interest rates by September. The…
