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A European recession looked like a no-brainer just a few weeks ago, but that picture has changed dramatically, and investors have started pouring money into the region’s stocks, currency and bonds. Warmer temperatures and well-filled gas storage facilities mean there’s less concern about power shortages and sky-high energy bills. That, along with China reopening its…
Sterling rose on Tuesday, nearing a one-month high against the U.S. dollar after data showed the pace of pay growth in Britain, closely watched by the Bank of England as it gauges how much higher to raise interest rates, accelerated again. The yen was perched close to seven-month highs as investors held their breath for…
The U.S. dollar edged lower in early European trade Friday, continuing the previous session’s selloff after cooling U.S. inflation opened the way for the Federal Reserve to ease the pace of its interest rate hikes. At 03:05 ET (08:05 GMT), the US Dollar Index, which tracks the greenback against a basket of six other currencies,…
The Russian rouble showed positive dynamics against the dollar and the euro amid a rebound in oil prices in thin holiday trading on Thursday. At 0711 GMT the rouble gained 1.3% against the dollar to trade at 71.06 on the Moscow Exchange. Against the euro, the rouble was up 0.85% to 75.50. Russian stock indexes…
The dollar pared some gains on Thursday after riding long-end U.S. Treasury yields higher overnight, though investors remained on edge going into the year end as initial optimism over China’s reopening fizzled. Following China’s removal of its quarantine rule for inbound travellers beginning Jan. 8, countries such as the United States, Japan and India said…
FTX founder Sam Bankman-Fried left the Bahamas on Wednesday on a U.S.-bound flight to face fraud charges as federal prosecutors announced that two of his former associates had pleaded guilty to similar charges and were now cooperating with the government. Manhattan U.S. Attorney Damian Williams said in a video posted on Twitter late Wednesday night…
Options traders are bracing for a week of swings in U.S. stocks ahead of key inflation data, the Federal Reserve’s last policy meeting of 2022 and the final monthly options expiration of the year. Inflation data and the Fed’s outlook on monetary policy could give traders more clarity on how much further the central bank…
European stock markets are expected to trade mixed Thursday, with investors fretting about the state of the global economy ahead of next week’s crucial central bank meetings. At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.1% higher, CAC 40 futures in France climbed 0.1%, while the FTSE 100 futures contract in…
As macroeconomic risks induce unprecedented levels of volatility in China’s yuan, investors are betting that authorities may widen the currency’s tight trading band for first time since 2014 to allow market forces greater say. China’s yuan is allowed to move in a narrow range of 2% against the U.S. dollar, around a daily official midpoint…
The U.S. dollar stood close to a three-month low and was headed for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December preoccupied investors and kept the mood buoyant. Trading was thin overnight due to the Thanksgiving holiday in the United States, though a…
The European Central Bank is set to begin on Friday the biggest withdrawal of cash from the euro zone’s banking system in its history, as it gives banks a first chance to repay hundreds of billions of euros in ECB loans. The move is part of ECB efforts to fight record-high inflation in the euro…
FTX Chief Executive Officer Sam Bankman-Fried told employees he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday. The proposed deal between Bankman-Fried and rival Binance Chief Executive Officer Changpeng Zhao of Binance had been the latest emergency rescue in the world of cryptocurrencies this year, as…
Europe’s plan to roughly double renewable power generation by the end of the decade to cut its emissions and reliance on imported Russian fuel is under threat from market turbulence that has shaken the economics of the shift to low carbon energy. Russia’s war on Ukraine and the disruption of the gas supplies on which…
Oil prices eased on Wednesday after industry data showed U.S. crude stockpiles rose more than expected, though supply worries capped losses. Brent crude futures for December fell $1.03, or 1.1%, to $92.49 a barrel by 0635 GMT, after settling 26 cents higher in the previous session. U.S. West Texas Intermediate (WTI) crude futures for December…
Japanese Finance Minister Shunichi Suzuki on Thursday vowed to take “appropriate steps” against excessive currency market volatility, renewing his threat of intervention as the yen slides to a 32-year low and towards the key barrier of 150. The Bank of Japan, for its part, ramped up efforts to defend its 0% bond yield cap on…
The question of how, when and whether to cap gas prices is set to dominate another meeting of European Union countries on Wednesday, as they pursue a joint plan to target high gas prices – a compromise that has eluded them for weeks. The 27-country EU is plotting its next move to tame soaring energy…
Concerns over tight oil supplies and soaring inflation have intensified after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy. The move has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices will hurt the fragile global…
IMF criticises UK policy Bank of England to response The International Monetary Fund openly criticised Britain’s new economic strategy on Tuesday, following another slide in bond markets that forced the Bank of England to promise a “significant” response to stabilise the economy. Pressure piled on new finance minister Kwasi Kwarteng to reassess his policy, which…
The U.S. dollar jumped to a new 20-year high against a basket of currencies on Thursday, extending gains after the Federal Reserve raised interest rates and struck a more hawkish than expected tone in its latest meeting. The dollar index rose as much as 1% to 111.47, its highest level since June 2002, while dollar…
The dollar was lord of all it surveyed on Wednesday, at a fresh 24-year peak on the yen and retesting a 20-year high on the euro after U.S. economic data reinforced the view that the Federal Reserve would maintain aggressive policy tightening. Economic jitters elsewhere, pushing investors to safety, also supported the U.S. currency. The…