July 3 2024: First-time applications for U.S. unemployment benefits increased last week, while the number of people on jobless rolls rose further to a 2-1/2 year high towards the end of June, consistent with a gradual cooling in the labor market. Ebbing labor market momentum, together with abating inflation pressures, keeps the Federal Reserve on track to start cutting interest rates this year, with financial markets hopeful that the easing cycle could start in September. Fed Chair Jerome Powell said on Tuesday that the economy was back on a “disinflationary path,” but stressed policymakers needed more data before cutting rates. “The…
Author: editor2
July 3 2024: The euro is anticipated to weaken slightly against the U.S. dollar this month before strengthening by year-end, even as financial markets expect two more European Central Bank interest rate cuts by then, according to currency strategists polled by Reuters. Despite generally underperforming analyst expectations in Reuters surveys over the past year, the euro has fallen more than 1% since French President Emmanuel Macron called for a surprise snap election on June 9. It only gained slightly when Marine Le Pen’s National Rally party won a smaller share of the vote than some polls had projected, despite emerging as…
July 3 2024: Oil prices steadied on Wednesday following a higher trading session spurred by a larger-than-expected drawdown in U.S. crude stockpiles. However, economic headwinds from China and the eurozone capped gains. Brent crude futures edged up 14 cents, or 0.16%, to $86.38 a barrel by 1318 GMT. U.S. West Texas Intermediate (WTI) crude futures also gained 14 cents, or 0.17%, to $82.95. Both benchmarks reached their highest levels since April in the previous session but closed in negative territory after the U.S. National Hurricane Center announced that Hurricane Beryl was expected to weaken into a tropical storm before entering the…
July 3 2024: Bitcoin prices continued to decline on Wednesday, extending losses from earlier in the week as traders remained wary due to concerns that distributions from the defunct exchange Mt Gox could trigger mass selling. Sentiment in broader crypto markets remained negative amid uncertainty over U.S. interest rates, with a recent dip in the dollar doing little to alleviate the sector’s weakness. Bitcoin fell 4% in the past 24 hours to $60,339.1 by 08:20 ET (12:20 GMT). The world’s largest cryptocurrency continued to face steep losses through June, remaining firmly within a trading range established since March. Bitcoin Sees Little…
July 3 2024: Wall Street’s main indexes remained steady at the start of a holiday-shortened trading session, as investors assessed data indicating an easing labor market while anticipating further data and the Federal Reserve’s June policy meeting minutes. The Dow Jones Industrial Average rose 27.10 points, or 0.07%, at the open to 39,358.95. The S&P 500 opened lower by 1.57 points, or 0.03%, at 5,507.44, while the Nasdaq Composite dropped 12.64 points, or 0.07%, to 18,016.12 at the opening bell. Is NVDA Stock a Buy or a Sell? Feeling overwhelmed by investment information? You’re not alone. The 2024 stock market often…
July 2 2024: London’s FTSE 100 declined on Tuesday, with investors cautious ahead of the upcoming parliamentary elections, while rising oil prices helped limit the market’s overall decline. The blue-chip FTSE 100 was down 0.5%, hitting its lowest level in over two weeks, while the mid-cap FTSE 250 fell 0.3% as of 0715 GMT. Investors were hesitant to make significant bets before the UK parliamentary elections on Thursday, where the Conservatives are expected to be replaced after 14 years in power. Additionally, prices in British shops rose at the slowest rate in almost three years last month, indicating cooling inflation. The…
July 2 2024: Most Asian currencies weakened slightly on Tuesday as the dollar rebounded from recent losses in anticipation of upcoming interest rate signals, while the Japanese yen continued to decline, reaching levels last seen 38 years ago. Regional currencies found little support even as traders increased their expectations for a September interest rate cut by the Federal Reserve. The anticipation of further cues from the Fed and insights into the U.S. labor market kept risk-driven asset appetite limited. Japanese Yen Weakens, USD/JPY Rises with Intervention in Focus The Japanese yen underperformed its Asian counterparts, with the USD/JPY pair, which measures…
July 2 2024: Oil prices remained steady on Tuesday, maintaining their position near the two-month highs achieved in the previous session. This stability is driven by expectations of increased fuel demand during the summer travel season and the potential for U.S. interest rate cuts, which could stimulate economic growth. Brent crude futures rose by 28 cents to $86.88 per barrel as of 0634 GMT, following a 1.9% increase in the previous session, marking the highest close since April 30. Similarly, U.S. West Texas Intermediate (WTI) crude increased by 20 cents to $83.58 per barrel, after a 2.3% rise to its highest…
July 2 2024: Bitcoin’s price remained relatively flat on Tuesday, hovering around $62,000, as the anticipation of token distributions from the defunct Mt Gox exchange and crucial interest rate signals kept crypto markets cautious. Fund flow data indicated a third consecutive week of outflows from digital assets, although the sentiment showed signs of recovery following significant outflows in June. Bitcoin fell 0.4% in the past 24 hours to $63,039.3 by 01:19 ET (05:19 GMT). The world’s largest cryptocurrency has been experiencing significant losses throughout June, remaining within the $60,000 to $70,000 trading range observed during most of the second quarter. Bitcoin…
July 2 2024: European stock markets drifted lower Tuesday as investors awaited the latest regional inflation data for clues on the timing of future European Central Bank interest rate cuts. At 03:10 ET (07:10 GMT), the DAX index in Germany traded 0.6% lower, the CAC 40 in France fell 0.6%, and the FTSE 100 in the U.K. dropped 0.4%. Eurozone Inflation Due The eurozone is set to release June inflation data later in the session, with economists expecting a slight slowdown in both the headline and underlying measures after an uptick in May. The headline figure is expected to grow 2.5%…
