Sep 25 2024: In line with its broader policy easing measures, China’s central bank, the People’s Bank of China (PBOC), reduced the interest rate on its medium-term loans to banks on Wednesday. This move is part of a larger effort to revitalize a struggling economy. The PBOC cut the rate on 300 billion yuan ($42.66 billion) worth of one-year Medium-Term Lending Facility (MLF) loans to certain financial institutions from 2.30% to 2.00%. The bid rates in this operation varied between 1.90% and 2.30%, and the total outstanding balance of MLF loans now stands at 6.878 trillion yuan, according to an online…
Author: editor2
Sep 25 2024: The U.S. dollar continued its decline on Wednesday, extending losses from the previous session, while the euro gained despite ongoing signs of economic challenges in the eurozone. At 04:00 ET (09:00 GMT), the Dollar Index, which measures the dollar’s performance against six major currencies, dropped 0.1% to 100.080. This follows a 0.5% drop in the previous session, marking its largest one-day fall in a month. Dollar Weakens Further The U.S. dollar has struggled since the Federal Reserve began its rate-cutting cycle earlier this month with a significant 50 basis-point reduction. On Tuesday, data revealed an unexpected decline in…
Sep 25 2024: Oil prices edged lower on Wednesday as investors questioned whether China’s latest stimulus measures would be enough to significantly boost the economy and drive fuel demand in the world’s largest crude importer. At 0700 GMT, Brent crude futures dropped by 19 cents, or 0.25%, to $74.98 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell 28 cents, or 0.39%, to $71.28 per barrel. This decline follows a 1.7% price increase on Tuesday after China announced its most aggressive economic stimulus package since the COVID-19 pandemic, which included interest rate cuts and additional government funding. However, analysts have…
Sep 25 2024: Bitcoin’s price climbed on Wednesday, benefiting from sustained optimism surrounding global monetary easing, which attracted more investment into riskier assets. The world’s largest cryptocurrency is now approaching a critical breakout point. A series of stimulus measures from China contributed to positive market sentiment, as investors also prepared for interest rate cuts by the Swiss and Swedish central banks later this week. This follows the U.S. Federal Reserve’s first rate cut since 2020. By 00:47 ET (04:47 GMT), Bitcoin had risen by 1.9% to reach $64,253.3. Bitcoin Approaches Key Resistance at $65K Bitcoin has staged a robust recovery over…
Sep 25 2024: Indonesian stocks ended lower on Wednesday, with the IDX Composite Index falling by 1.51%, driven by declines in the Financials, Infrastructure, and Agriculture sectors. At the closing bell in Jakarta, the IDX Composite Index registered a 1.51% decrease. Among the top performers were Victoria Care Indonesia Tbk (JK: VICI), surging 540.00% or 540.00 points to close at 640.00, Ulima Nitra PT (JK: UNIQ), which jumped 438.14% or 517.00 points to settle at 635.00, and Bank Mega Tbk (JK: MEGA), which gained 318.75% or 3,825.00 points to end at 5,025.00. Conversely, the biggest laggards of the day included Berlian…
Sep 24 2024: Bank of England Governor Andrew Bailey indicated that interest rates are likely to decrease gradually as the central bank grows more confident that inflation will remain near its 2% target, according to an interview published on Tuesday. Bailey expressed optimism about the recent decline in inflation, which had peaked at 11.1% nearly two years ago. “I do think the path for interest rates will be downwards, gradually,” Bailey told the Kent Messenger. He added that while inflation has dropped significantly, more work is needed to achieve the target sustainably, citing concerns about the uneven mix of inflation components.…
Sep 24 2024: The U.S. dollar held steady on Tuesday, while the euro showed signs of recovery following sharp losses in the previous session. As of 04:00 ET (08:00 GMT), the Dollar Index, which tracks the greenback against a basket of six major currencies, was mostly flat at 100.575, hovering just above a 12-month low. Dollar Stabilizes After Recent Decline The U.S. dollar found stability after last week’s selloff, triggered by the Federal Reserve’s decision to cut interest rates by 50 basis points. With the Fed now in the midst of a rate-cutting cycle, market attention has shifted to how much…
Sep 24 2024: Gold prices surged to new record highs in Asian trading on Tuesday, continuing a recent upward trend driven by expectations of U.S. interest rate cuts, while traders anticipate further market cues later this week. In the industrial metals sector, copper prices saw a sharp rise after China introduced a series of stimulus measures, boosting hopes of an economic recovery in the world’s largest copper importer. Gold extended its gains following the Federal Reserve’s substantial rate cut last week, with the possibility of additional cuts providing further support for the precious metal. Mixed purchasing manager index (PMI) readings from…
Sep 24 2024: Bitcoin’s price dropped on Tuesday, with a recent rally losing momentum despite continued capital inflows. Investors now shift their attention to a series of cues on U.S. interest rates expected this week. The world’s largest cryptocurrency had surged following the Federal Reserve’s rate cut last week, which marked the beginning of an easing cycle—generally favorable for crypto assets. However, this upward movement has slowed as traders seek clearer signals on the extent of future rate cuts. Broader market sentiment toward cryptocurrencies remains cautious due to declining retail interest and ongoing regulatory uncertainty. By 01:53 ET (05:53 GMT), Bitcoin…
Sep 24 2024: U.S. stock index futures inched higher Tuesday, holding near record highs, as investors awaited further guidance from the Federal Reserve on interest rate policy. At 05:25 ET (09:25 GMT), Dow Jones Futures were up 65 points, or 0.2%, S&P 500 Futures increased by 10 points, or 0.2%, and Nasdaq 100 Futures advanced by 65 points, or 0.3%. On Monday, Wall Street’s major indices saw slight gains, with the S&P 500 and Dow Jones Industrial Average closing at all-time highs. Fed Officials’ Speeches and PCE Data in Focus This week’s spotlight is on speeches from several Federal Reserve officials,…
