Oct 1 2024: With a potential strike looming for U.S. East and Gulf Coast port workers, negotiations between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) remain at an impasse, as both sides exchanged new wage offers just hours before the contract expiration on Monday. The ILA, representing 45,000 port workers, has rejected the USMX’s proposal of nearly a 50% wage increase, calling it “unacceptable.” The current contract is set to expire at midnight, and without an agreement, a strike is expected to begin at 12:01 a.m. ET on Tuesday. This would mark the first coast-wide ILA…
Author: editor2
Oct 1 2024: The U.S. dollar firmed against major currencies on Tuesday after Federal Reserve Chair Jerome Powell tempered expectations of more aggressive interest rate cuts. The yen remained stable, staying within its recent trading range against the dollar, following two volatile days as traders assessed Japan’s new prime minister and his cabinet. Meanwhile, Australia’s dollar moved closer to Monday’s high, supported by positive domestic retail sales data. During a speech at a conference in Tennessee, Powell took a more hawkish stance, signaling that the Federal Reserve would likely continue with smaller, quarter-percentage-point rate cuts. “This is not a committee that…
Oct 1 2024: Oil prices remained relatively unchanged on Tuesday as concerns about weak global demand and increased supply prospects balanced against fears that rising tensions in the Middle East could disrupt output from the region. Brent crude futures for December delivery rose slightly by 13 cents, or 0.18%, to $71.83 per barrel by 06:15 GMT. U.S. West Texas Intermediate (WTI) crude futures for November delivery inched up 14 cents, or 0.21%, to $68.31 per barrel. On Monday, Brent crude concluded September with a 9% drop, marking its third consecutive monthly decline and the largest since November 2022. The commodity fell…
Oct 1 2024: brings you the top three cryptocurrency stories from the last weekend of September. Here’s what you need to know: Former Binance CEO CZ Speaks After Prison Release Changpeng Zhao, commonly known as CZ, the former CEO of Binance, has broken his silence following his recent release from prison. In his first detailed post on the X platform, CZ reflected on his early days of freedom, expressing appreciation for simple pleasures like enjoying a variety of food. He also thanked the crypto community for its unwavering support during his darkest times. Zhao shared that he will take some time…
Oct 1 2024: Japan’s stock market closed on a positive note Tuesday, driven by strong performances in the Banking, Chemical, Petroleum & Plastic, and Paper & Pulp sectors. At the close of trading in Tokyo, the Nikkei 225 index gained 1.97%. Top performers included Kawasaki Heavy Industries Ltd. (TYO:7012), which surged 8.30% or 482.00 points to finish at 6,287.00. Mitsubishi Heavy Industries Ltd. (TYO:7011) followed closely with a 7.84% increase or 166.00 points to close at 2,283.50, and Japan Steel Works Ltd. (TYO:5631) rose 7.74% or 389.00 points to settle at 5,413.00. On the downside, Trend Micro Inc. (TYO:4704) declined 1.44%…
Sep 30 2024: The Port of Los Angeles announced that cargo operations have resumed after a fire caused by an overturned tractor-trailer carrying lithium batteries last week at Terminal Island. In a statement on the social media platform X, the Port of Los Angeles confirmed that terminals affected by the incident were expected to return to full operations by Saturday, September 28. Roads, including the Vincent Thomas Bridge and Seaside Avenue, were reopened, and cargo operations resumed once multiple agencies safely relocated the trailer, allowing the fire to burn itself out. The fire near Ocean & Navy Way on Terminal Island,…
Sep 30 2024: The U.S. dollar steadied on Monday as traders awaited a speech by Federal Reserve Chair Jerome Powell, set to deliver insights ahead of Friday’s crucial employment report. As of 04:25 ET (08:25 GMT), the Dollar Index, which measures the greenback against six major currencies, traded marginally lower at 100.035. This follows a period of decline, with last week marking the fourth consecutive weekly drop and the ninth in the past ten weeks. Dollar Focused on Payroll DataThe U.S. dollar weakened last week after the Federal Reserve’s preferred inflation gauge showed a continued decline in price pressures, shortly after…
Sep 30 2024: Oil prices climbed for a second straight session on Monday as tensions in the Middle East heightened, raising concerns over potential supply disruptions. This follows Israel’s intensified attacks on the Palestinian militant group Hamas and Iranian-backed forces in the region. As of 0611 GMT, Brent crude futures for November delivery rose by $1.12, or 1.56%, to $73.10 per barrel. The more actively traded December contract increased by $1.04, or 1.45%, to $72.58 per barrel. U.S. West Texas Intermediate (WTI) crude futures also advanced by 93 cents, or 1.36%, reaching $69.11 per barrel. Despite a price rise last Friday,…
Sep 30 2024: Bitcoin is showing strong signs of recovery as it approaches the $70,000 price mark, a level not seen in months. With momentum on its side, Bitcoin has broken through several key resistance levels and is now trading just below the critical psychological barrier of $65,000. The key to Bitcoin’s continued rise lies in maintaining its current upward trend. Having formed higher lows, the cryptocurrency is reversing the downward trajectory it started earlier in the year, much to the encouragement of investors who have been waiting for a breakout. With Bitcoin nearing $70,000, two crucial levels to watch are:…
Sep 30 2024: Chinese stocks surged on Monday, with mainland markets poised for their strongest monthly performance in nearly 10 years, following the rollout of additional stimulus measures by Beijing aimed at curbing the economic slowdown. Mainland China’s benchmark indexes kicked off the week on a high note after recording their best weekly performance in almost 16 years last Friday. The CSI300 blue-chip index gained over 6.22%. The Shanghai Composite Index climbed 5.7%, while Hong Kong’s Hang Seng Index rose by 3.34%. Property stocks rallied significantly after China’s central bank announced on Sunday that banks would be required to reduce mortgage…
