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Markets were cautious on Tuesday, as the latest talks over the U.S. debt ceiling offered something for optimists and pessimists, leaving European shares just shy of last week’s 15-month top, and U.S. benchmark yields at their highest in two months. President Joe Biden and House Speaker Kevin McCarthy could not reach an agreement on Monday…
Gold prices moved little in Asian trade on Thursday, reeling from steep losses this week as markets awaited more cues on the U.S. economy and monetary policy, while copper prices bounced back from a five-month low on some improving sentiment. The yellow metal tumbled below the $2,000 an ounce level for the first time in…
Australia’s Trade Minister arrived in Beijing on Thursday, where he will meet his Chinese counterpart, as Canberra pushes for the removal of all trade impediments and diplomatic relations stabilise. Trade Minister Don Farrell said he would meet with China’s Commerce Minister Wang Wentao in Beijing and “be advocating strongly for the full resumption of unimpeded…
The U.S. dollar retreated in early European trade Thursday, continuing the previous session’s selloff after the Federal Reserve signalled a pause to its year-long tightening cycle after its latest interest rate hike. At 02:55 ET (06:55 GMT), the dollar index, which tracks the greenback against a basket of six other currencies, traded 0.2% lower at…
The U.S. House of Representatives on Wednesday narrowly passed a bill to raise the government’s $31.4 trillion debt ceiling that includes sweeping spending cuts over the next decade. The bill isn’t expected to pass the Senate, and President Joe Biden would veto it if it did – but the mostly partisan 217-215 vote represents a…
The U.S. dollar traded in a subdued fashion in early European trade Thursday, clinging on to overnight gains with expectations growing that the Federal Reserve will tighten monetary policy further next month. Federal Reserve Bank of New York President John Williams said Wednesday that inflation is still at problematic levels and the U.S. central bank…
As markets count down to the much anticipated release of March inflation data, investors eye the Federal Reserve’s future interest rate path, while gold gains and oil prices oscillate. Elsewhere, the world’s biggest luxury group LVMH prepares to release its first quarter sales. U.S. futures were stable on Wednesday, as investors braced themselves for the…
The U.S. economy continued to churn out jobs at a brisk pace in March, pushing the unemployment rate down to 3.5%, signs of persistent labour market tightness that could see the Federal Reserve hiking interest rates again next month. Nonfarm payrolls increased by 236,000 jobs last month, the Labour Department said in its closely watched…
U.S. stock futures rose on Monday, after First Citizens Bancshares helped calm unsettled markets by saying that it would take the deposits and loans of failed Silicon Valley Bank. The deal offered markets some respite after weeks of turmoil set off by the collapse of tech focused SVB earlier this month and punctuated by more…
The dollar was under pressure near seven-week lows on Thursday after the U.S. Federal Reserve sounded close to calling time on interest rate hikes, which markets think are more or less over. The Fed raised its benchmark funds rate by 25 basis points, as expected, but dropped language about “ongoing increases” being needed in favour…
HSBC (LON:HSBA) has agreed with the Bank of England to buy the U.K. operations of Silicon Valley Bank (NASDAQ:SIVB), whose collapse last week sent shudders through the U.S. financial system. The Bank had taken control of SVBUK after its U.S. parent fell victim to a run by depositors after reports of heavy losses on its…
The euro zone’s economic recovery is tentative and fragile, several indicators suggested on Monday, adding to signs that even if a recession may have been avoided, no upturn is in sight. Surging energy prices and borrowing costs have weighed on business morale, investment spending and consumer confidence in the bloc for months – and, notwithstanding…
European stock markets are expected to open higher Friday, boosted by gains in Asia and on Wall Street overnight ahead of the release of euro zone services activity data. At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.3% higher, CAC 40 futures in France traded largely unchanged, while the FTSE 100…
European stocks fell on Tuesday and bond yields jumped after a pickup in euro zone business activity this month fuelled predictions that the European Central Bank would remain hawkish as inflation stays stubbornly high. Euro zone business activity gathered steam, expanding much faster than thought, according to a survey, buoyed by a growth in services…
Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand even as crude stockpiles grow. Brent crude futures dropped 64 cents, or 0.75%, to $84.50 per barrel by 0334 GMT on…
European stock markets are expected to edge higher at the open Thursday, as investors digested the latest German inflation data as well as the continuation of the quarterly corporate earnings season. At 02:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.7% higher, CAC 40 futures in France climbed 0.5%, while the FTSE…
U.S. stock futures edged lower as traders looked ahead to the Federal Reserve’s much-anticipated interest rate decision this week, awaited a new slate of corporate earnings, and took in fresh growth figures from Europe. At 05:55 ET (10:55 GMT), S&P 500 Futures traded 16 points or 0.42% lower, Nasdaq 100 futures dropped by 75 points,…
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,…