The United States and China agreed to launch an export control enforcement information exchange and a new working group on commercial issues, the U.S. Commerce Department said on Monday, giving Beijing a potential forum to express concerns. After meetings between U.S. Commerce Secretary Gina Raimondo and Chinese Commerce Minister Wang Wentao, the department said the exchange would provide a platform to reduce misunderstanding of U.S. security policies. The first in-person meeting will occur at the assistant secretary level at the Ministry of Commerce in Beijing on Tuesday, the statement said. China has sharply criticized U.S. efforts to block China’s access…
Author: Saeed
U.S. stock futures pointed higher on Monday, as investors digested key interest rate commentary from Federal Reserve Chair Jerome Powell and looked ahead to fresh economic data. At 07:00 ET (11:00 GMT), the Dow futures contract added 76 points or 0.22%, S&P 500 futures inched up by 7 points or 0.15%, and Nasdaq 100 futures increased by 36 points or 0.24%. The main indices all closed in the green to end the prior trading week. In a highly anticipated speech at an annual economic symposium in Jackson Hole, Wyoming on Friday, Powell argued in favor of keeping interest rates steady…
The U.S. dollar rose in early European trade Friday, climbing to a two-month high as traders positioned for hawkish comments from Federal Reserve Chair Jerome Powell at Jackson Hole. At 03:15 ET (07:15 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 104.107, just off the 104.25 level seen earlier Friday, the highest since June 7. The index is up almost 1% this week, on course to rise for a sixth straight week. Dollar higher ahead of Powell’s speechThe dollar pushed higher Thursday after data showed that the number of…
Binance experienced a rapid Bitcoin (BTC) withdrawal worth $150 million across five transactions in one minute, all recorded in the same block. According to the blockchain tracker Whale Alert data, there were five major Bitcoin withdrawals worth 5,729 BTC (approximately $150 million) from Binance within a minute. All five transactions were included in block 804522. These withdrawals could indicate several factors, including security, investment strategy, or preparation for a major transaction. Major transfers from Binance | Source: Whale Alert The movement of such a large quantity of Bitcoin usually indicates that a significant whale holder has decided to move their…
Germany’s economy stagnated in the second quarter from the previous three months, showing no sign of recovery from a winter recession and cementing its position as one of the world’s weakest major economies. The figure of zero growth for the second quarter was in line with a first estimate published in late July. Year on year, adjusted GDP contracted by 0.2% in the second quarter. Quarter on quarter, economic activity had fallen by 0.4% in the fourth quarter of 2022 and by 0.1% in the first quarter of 2023. Two consecutive quarters of contraction fulfills the technical definition of a…
European stock markets traded in a subdued manner Friday, with investors wary ahead of more monetary policy cues from the Jackson Hole Symposium later in the session. At 04:00 ET (08:00 GMT), the DAX index in Germany traded 0.1% higher, the CAC 40 in France climbed 0.3% and the FTSE 100 in the U.K. rose 0.3%. Nerves fraught ahead of Jackson HoleThe main U.S. indices closed with hefty losses Thursday despite strong earnings from chip maker Nvidia (NASDAQ:NVDA) on fears of more hawkish signals from the Federal Reserve, with Chair Jerome Powell set to speak at the Jackson Hole Symposium…
Gloomy business activity data from the euro area and Britain sent the euro and pound tumbling against the dollar on Wednesday, pushing the greenback to its highest level in two months. HCOB’s flash Composite Purchasing Managers’ Index (PMI) for the euro area, compiled by S&P Global (NYSE:SPGI), dropped to 47.0 in August from July’s 48.6, its lowest since November 2020. The services component sank to 48.3 from 50.9, its first time below the 50 mark that separates growth from contraction this year. The German composite figure fell to its lowest since May 2020 as a deepening downturn in manufacturing output…
Most Asian currencies rose slightly on Wednesday tracking some signs of economic resilience in the region, while the dollar steadied near two-month highs ahead of more cues on monetary policy from the Jackson Hole Symposium this week. The Japanese yen and Australian dollar rose 0.1% and 0.3%, respectively, after separate purchasing managers’ index (PMI) readings showed some resilience in local manufacturing activity through August. PMIs from the U.S. and euro zone are due later in the day and are also expected to offer more signals on business activity in the world’s largest economies. But concerns over an economic slowdown in…
Latest results and forecasts from retailers ranging from Macy’s (NYSE:M) to Foot Locker (NYSE:FL) are showing fresh signs of U.S. consumer spending remaining under stress heading into second half of the year. Middle-income Americans are spending less as many struggle to pay off existing card debts amid a surge in cost of living, raising worries for retail sector investors betting on more business during the back-to-school and holiday seasons. “It is going to be a challenging back half,” said Telsey Advisory Group analyst Cristina Fernandez, adding that consumers are looking for value and spending on buying the things they need.…
China’s major state-owned banks were seen actively mopping up the offshore yuan on Monday, three people with knowledge of the matter said, as the currency comes under growing pressure from a darkening economic outlook and strain in the property sector. State banks often act as agents for China’s central bank in the offshore foreign exchange market, but they could also trade on their own behalf or execute their clients’ orders. Tightening up offshore yuan liquidity could also act to stabilise the yuan, one of the sources said. The move effectively raised the cost of shorting the Chinese yuan, at a…
