Oct 4 2024: US stock futures remained flat as investors awaited the release of the crucial nonfarm payrolls report on Friday. This report is expected to provide insight into the labor market’s status as the Federal Reserve prepares for its final two meetings of the year. Meanwhile, a strike by US dockworkers on the East and Gulf Coasts has been suspended, alleviating some pressure on the broader economy. Nonfarm Payrolls in FocusAll eyes are on the release of the September nonfarm payrolls report, scheduled for 08:30 ET on Friday. Economists predict that the US labor market maintained moderate job growth in…
Author: editor2
Oct 4 2024: The British pound has seen a sharp decline, with Capital Daily analysts pointing to several factors, including the Bank of England’s (BoE) dovish monetary policy outlook, the currency’s strong valuation, and extended speculative positions. Sterling dropped more than 1% against both the US dollar and the euro, marking one of its steepest daily falls against the dollar since the “Trussonomics” event two years ago, and its largest drop against the euro. The pound’s weakness follows recent comments by BoE Governor Andrew Bailey, who hinted that the central bank may adopt a more aggressive approach to cutting interest rates.…
Oct 4 2024: Oil prices remained subdued on Friday but were still on course for solid weekly gains, as investors balanced concerns over a potential escalation of conflict in the Middle East with an otherwise well-supplied global market. Brent crude futures were flat at $77.55 per barrel by 0646 GMT, while U.S. West Texas Intermediate (WTI) crude hovered at $73.65 per barrel. Both benchmarks were heading for weekly gains of around 8%. While the Middle East accounts for over a third of global oil supply, analysts believe a direct attack on Iran’s oil facilities by Israel is an unlikely response. “Such…
Oct 4 2024: Ethereum has been under significant selling pressure, triggering a widespread market decline. Data shows ETH has sharply dropped, wiping out over $32 billion in market value. Currently priced at $2,314, ETH’s value has plummeted from its highs due to continuous sell-offs, particularly by large holders. This persistent selling has created a precarious situation, putting Ethereum at risk of further declines. The short-term outlook for Ethereum looks grim, with key technical levels breaking down, fostering bearish sentiment. The $2,300 mark is a critical threshold to watch, as falling below it could open the door to further losses. The next…
Oct 4 2024: European markets remained muted on Friday as investors weighed the risk of a broader regional conflict in the Middle East. However, strong performances in energy stocks helped the benchmark index stay stable. The pan-European STOXX 600 was unchanged at 516.40 points as of 0709 GMT and is on course for its worst week since early September, assuming losses persist. Oil stocks rose by 0.7%, setting the stage for their strongest weekly performance in almost six months. The energy sub-index has climbed 4.1% this week, making it the only sector to post gains. Concerns over oil supply disruptions grew…
Oct 3 2024: Asian stocks pulled back from a 32-month high on Thursday, with Hong Kong’s Hang Seng index pausing after a rapid surge, while Japan’s Nikkei rallied on reduced prospects for further monetary tightening. The Hang Seng dropped 1.6%, contributing to a broader 1% decline in MSCI’s Asia-Pacific shares index outside Japan. The rally in Hong Kong had been spurred by a series of Chinese stimulus measures aimed at boosting economic growth. Meanwhile, Japan’s Nikkei jumped 2% following comments from Japan’s new Prime Minister, Shigeru Ishiba, and Bank of Japan Governor Kazuo Ueda, both signaling that additional rate hikes are…
Oct 3 2024: The U.S. dollar surged to a three-week high against the euro on Wednesday following a better-than-expected ADP national employment report, which revealed that U.S. private payrolls increased more than anticipated in September. This data comes ahead of Friday’s closely watched government jobs report. In September, private payrolls rose by 143,000 jobs, beating economists’ forecast of 120,000 and following a revised 103,000 increase in August. According to Brad Bechtel, global head of FX at Jefferies, the robust ADP figures suggest a solid nonfarm payroll (NFP) report on Friday, where economists expect 140,000 new jobs and a steady unemployment rate…
Oct 3 2024: Oil prices climbed on Thursday as escalating conflict in the Middle East raised concerns about potential disruptions to crude flows from the key exporting region, though ample global supply tempered significant price increases. By 06:15 GMT, Brent crude futures increased by 94 cents (1.27%) to $74.84 a barrel, while U.S. West Texas Intermediate (WTI) crude rose by 99 cents (1.41%) to $71.09. Both benchmarks had surged by more than $1 earlier in the session. Yeap Jun Rong, a market strategist at IG, noted that despite initial market jitters due to geopolitical risks in the Middle East, some stability…
Oct 3 2024: Cathie Wood, the CEO of Ark Invest, recently shared her optimistic views on artificial intelligence (AI) and Bitcoin via social media platform X (formerly Twitter). Praising AI, Wood referred to it as “the most transformative technology in history,” highlighting its potential to catalyze innovation in fields like autonomous mobility and disease-curing multiomics sequencing. Ark’s Chief Futurist, Brett Winton, also released a white paper discussing the rapid growth of AI and its future impact. The document underscores the significant role AI will play in reshaping industries and driving technological advancement. Meanwhile, Robert Kiyosaki, author of Rich Dad Poor Dad,…
Oct 3 2024: European stock markets experienced a dip on Thursday as investor sentiment was dampened by escalating Middle East conflicts, while regional economic activity data awaited release. At 03:05 ET (07:05 GMT), Germany’s DAX index dropped 0.4%, and France’s CAC 40 declined 0.3%, though the U.K.’s FTSE 100 bucked the trend, gaining 0.3%. Middle East Conflict Escalation Rising concerns over the intensifying violence in the Middle East have weighed heavily on global markets. Israel continues to target Iran-backed Hezbollah forces in Lebanon, and in retaliation, Iran launched around 180 ballistic missiles at Israel on Wednesday. While Tehran signaled it would…
