June 21 2024: Economy Minister Robert Habeck will emphasize Germany’s commitment to maintaining commercial links with China during his visit starting Friday. However, trade experts suggest that economic and political factors increasingly favor a stronger U.S.-German relationship. Habeck’s visit aims to explain the European Union’s recent tariffs on Chinese electric vehicles to Chinese officials while minimizing the risk of retaliatory actions from China that could impact German exports. Shifts in Trade Volumes In the first quarter of 2024, Germany’s trade with China amounted to 60 billion euros ($64 billion), compared to 63 billion euros in U.S.-German trade, breaking an eight-year trend…
Author: editor2
June 21 2024: The dollar reached an eight-week high above 159 yen on Friday and hit its highest level in nearly five weeks against sterling. The Federal Reserve’s patient approach to cutting interest rates contrasts with more dovish stances elsewhere, contributing to the dollar’s strength. The dollar index, which measures the currency against six others, surged 0.41% overnight, erasing weekly declines, following a second consecutive rate cut by the Swiss National Bank and hints from the Bank of England about a reduction in August. Yen Under Pressure The yen remained under pressure after the Bank of Japan’s decision last week to…
June 21 2024: Oil prices edged slightly higher on Friday, positioning themselves for weekly gains amidst indications of strengthening demand in the United States, the world’s largest oil consumer. As of 08:20 ET (12:20 GMT), U.S. crude futures were up 0.1% at $81.32 a barrel, while the Brent contract also rose 0.1% to $85.75 a barrel. Both benchmarks are on track to record gains exceeding 3% this week, marking the second consecutive winning week and trading near their highest levels in over seven weeks. U.S. Crude Stockpiles Decrease The Energy Information Administration reported on Thursday that U.S. crude stockpiles decreased by…
June 21 2024: Bitcoin is showing signs of a potential reversal as its price hovers above the $65,000 mark. However, it remains below key support levels, such as the 50 EMA, and is currently consolidating at the 100 EMA. For a decisive recovery, Bitcoin needs to gain momentum, which is not evident at the moment. Maintaining above $65,000 is crucial for Bitcoin in the near term, as this level has provided strong support. If Bitcoin can overcome the immediate resistance at the 50 EMA around $67,000, traders are hopeful for a rebound. The RSI at 47 indicates a period of consolidation…
June 21 2024: Shares of Chinese electric vehicle (EV) companies fell on Friday following reports that the Canadian government is considering new tariffs on Chinese-made EVs, similar to measures taken by the US and European Union. Impact on Stocks US-listed shares of Nio (NYSE) and Li Auto (NASDAQ) dropped by 1.4% and 1.5% respectively in premarket trading after Bloomberg News reported that public consultations on the proposed tariffs are likely to be announced soon. Canada’s Consideration of Tariffs Prime Minister Justin Trudeau is facing increasing pressure to follow the US’s lead. In May, President Joe Biden’s administration announced plans to nearly…
June 20 2024: The Swiss National Bank (SNB) cut interest rates on Thursday for the second consecutive time, citing decreasing price pressures that allow it to maintain its leadership in the global policy easing cycle. SNB Cuts Rates Amid Easing Inflation The SNB reduced its policy rate by 25 basis points to 1.25%, a move anticipated by two-thirds of analysts polled by Reuters, following a similar cut in March. This decision, although finely balanced due to a recent rebound in economic growth and a break in the trend of falling inflation, reflects a decrease in underlying inflationary pressure compared to the…
June 20 2024: The U.S. dollar edged higher on Thursday, while the British pound slipped lower ahead of the Bank of England’s latest policy-setting meeting. Dollar Moves Up After Holiday At 04:00 ET (09:00 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, rose 0.2% to 105.122, approaching last week’s one-month high of 105.80. The dollar’s rise came as U.S. traders returned from a holiday. The day’s economic data includes initial jobless claims and housing starts, which investors will scrutinize for clues on when the Federal Reserve might begin cutting interest rates. Several Fed officials…
June 20 2024: The UK Supreme Court ruled on Thursday that a local authority must consider the long-term climate impact of onshore oil wells when granting planning permission. This decision, resulting from environmental activists’ efforts, could significantly influence future fossil fuel developments. The case centered on planning permission granted for the retention and expansion of an oil well site in southern England. Environmental campaigners argued that the permission was flawed as it only considered the direct effects of the development, not the greenhouse gas emissions from the use of the extracted oil. In a narrow three-to-two majority, the judges agreed, declaring…
June 20 2024: For the first time, a bitcoin exchange-traded fund (ETF) launched on Australia’s primary stock market on Thursday, as fund managers introduce products to meet the demand of investors returning to cryptocurrency markets following a price boom. The VanEck Bitcoin ETF debuted on the Australian Securities Exchange with approximately A$990,000 ($660,429) in assets, marking the end of over three years of negotiations with ASX. This fund will not hold bitcoin directly but will invest in the U.S.-listed VanEck Bitcoin Trust, which launched in January. VanEck’s European subsidiary manages 12 similar cryptocurrency funds. In the U.S., investors have invested billions…
June 20 2024: Indonesia’s stocks closed higher on Thursday, with gains in the Financials, Infrastructure, and Agriculture sectors leading the advance. At the close in Jakarta, the IDX Composite Index increased by 1.30%. Top performers on the IDX Composite Index included MD Pictures Tbk PT (JK ), which surged 1,885.71% or 3,960.00 points to close at 4,170.00. Metropolitan Kentjana Tbk (JK ) climbed 1,186.90% or 24,925.00 points to finish at 27,025.00, and Bank Bumi Arta Tbk (JK ) rose 275.00% or 440.00 points to 600.00 in late trading. The worst performers of the session were Express Transindo Utama Tbk (JK ),…
