Oct 8 2024: The U.S. dollar remained near seven-week highs against major currencies on Tuesday, as traders assessed the implications of last week’s strong U.S. jobs report, which tempered expectations for substantial rate cuts. Rising geopolitical tensions in the Middle East also contributed to a more cautious market sentiment, supporting the dollar’s strength. Expectations for the Federal Reserve’s monetary easing have shifted dramatically this year. The market has now scaled back expectations of a rate cut in November, with the CME FedWatch tool indicating an 86% probability of a 25 basis point cut. By December, traders anticipate just 50 basis points…
Author: editor2
Oct 8 2024: On Tuesday, China expressed “full confidence” in achieving its full-year economic growth target but did not announce significant new fiscal measures, leaving investors who had hoped for stronger policy support disappointed. Chinese shares initially rallied to two-year highs after the National Day holiday but quickly lost momentum, with Hong Kong stocks also retreating as stimulus optimism faded. During a press conference, Zheng Shanjie, Chairman of the National Development and Reform Commission (NDRC), announced that the government plans to allocate 200 billion yuan ($28.3 billion) in advance budget spending and investment projects starting next year. He emphasized the need…
Oct 8 2024: Gold prices remained largely unchanged during Asian trading on Tuesday, stabilizing after a recent pullback from record highs. Traders are factoring in the likelihood of smaller-than-expected interest rate cuts from the Federal Reserve, contributing to the pause in the yellow metal’s rally. Meanwhile, copper prices dropped sharply as Chinese markets reopened after a week-long holiday, with Beijing’s stimulus measures falling short of market expectations. This week, attention is focused on signals from the Fed and crucial inflation data, which could influence future interest rate decisions. In September, gold prices surged to all-time highs following the Fed’s 50 basis…
Oct 8 2024: Bitcoin’s price declined on Tuesday, retreating from recent highs as increasing expectations of a slower pace in U.S. interest rate cuts weighed on the market. Broader risk aversion in financial markets, especially in stocks, also spilled over into the crypto space, leading to a widespread dip in prices. Traders remained cautious, awaiting signals from the Federal Reserve and key inflation data set to be released this week. By 01:07 ET (05:07 GMT), Bitcoin had fallen 1.4% to $62,609.1. Bitcoin Pressured by Stronger Dollar and Slower Rate Cut ExpectationsThe strength of the U.S. dollar added pressure on the crypto…
Oct 8 2024: European stock markets experienced a downturn on Tuesday, following overnight declines on Wall Street as investors reconsidered the trajectory of U.S. interest rates and the ongoing conflict in the Middle East. Regional economic concerns also contributed to the negative sentiment. As of 03:05 ET (07:05 GMT), Germany’s DAX index was down 0.7%, France’s CAC 40 dropped 1.2%, and the U.K.’s FTSE 100 fell by 0.9%. Weak Lead from Wall StreetThe European indices followed a sluggish performance from Wall Street, where last week’s strong U.S. jobs report caused traders to rule out the likelihood of a significant rate cut…
Oct 7 2024: U.S. stock futures slipped on Monday after a strong performance on Friday, driven by an upbeat jobs report. Investors are now focusing on key inflation data and upcoming corporate earnings reports to gauge the Federal Reserve’s next moves on interest rates. 1. U.S. Stock Futures Edge Lower Following Friday’s rally, U.S. stock futures were down early Monday. At 03:28 ET (07:28 GMT), Dow futures dropped by 89 points (0.2%), S&P 500 futures fell by 13 points (0.2%), and Nasdaq 100 futures declined by 46 points (0.2%). Friday’s employment report revealed robust job growth in September, boosting market optimism…
Oct 7 2024: The dollar extended its rally on Monday, buoyed by strong U.S. employment data and escalating conflict in the Middle East, while major currencies, including Japan’s yen, struggled to keep pace. The yen slipped to 149.10 per dollar, its weakest level since mid-August, before recovering slightly to trade around 148.40. Last week, the yen dropped over 4%, marking its largest weekly decline since early 2009. The U.S. dollar’s strength followed a robust jobs report, which showed the largest increase in employment in six months, a drop in unemployment, and solid wage growth in September. These signs of a resilient…
Oct 7 2024: Oil prices slipped on Monday following their steepest weekly rise in more than a year, as concerns over excess supply and softer demand outweighed fears of a potential Middle Eastern conflict impacting exports from the key oil-producing region. By 06:45 GMT, Brent crude futures had declined by 28 cents, or 0.36%, to $77.77 per barrel, while U.S. West Texas Intermediate (WTI) futures dropped by 19 cents, or 0.26%, to $74.19 per barrel. Last week, Brent surged over 8%, marking its strongest weekly gain since January 2023, while WTI soared 9.1%, the biggest rise since March 2023. The surge…
Oct 7 2024: Bitcoin extended its weekend rebound on Monday, driven by positive U.S. economic data that boosted risk appetite across markets. In addition, betting markets showed a growing preference for a Donald Trump presidency over Kamala Harris, as a potential Trump administration is seen as more favorable for cryptocurrency regulation. Bitcoin’s price followed strong global stock market gains after last week’s U.S. nonfarm payrolls report exceeded expectations, alleviating fears of a recession. However, the robust data also tempered hopes for significant interest rate cuts by the Federal Reserve. By 00:41 ET (04:41 GMT), Bitcoin had risen 2.7% to $63,558.3. Trump…
Oct 7 2024: European stock markets edged higher on Monday, following a positive handover from Asia after last week’s strong U.S. jobs report. Investors are also gearing up for the start of the corporate earnings season. As of 03:05 ET (07:05 GMT), Germany’s DAX index rose by 0.2%, France’s CAC 40 was up 0.3%, and the U.K.’s FTSE 100 increased by 0.3%. Payroll Data Lifts European Markets European stocks began the week on an upbeat note, benefiting from gains in Asia, where Japan’s Nikkei surged 2%, spurred by the stronger-than-expected U.S. jobs report. The U.S. economy added 254,000 jobs in September,…
