Category: Markets
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Dollar hits four-month low as weak US jobs data boosts rate cut bets By Reuters
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By Karen Brittl NEW YORK (Reuters) – The U.S. dollar fell to a four-month low on Friday after a weaker-than-expected July employment report raised expectations the Federal Reserve will cut interest rates by 50 basis points in September as the economy deteriorates. Employers added 114,000 jobs, missing expectations for a…
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Gold takes a quick dive, erasing today’s gains
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The problem with gold is that it’s a good asset to hold when things are a little bit bad in the markets. But when things get really bad, it gets sucked into the financial maelstrom. That’s what happened at the start of Covid and that’s what’s happening now (to a…
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What cards does China hold in trade dispute with EU? By Investing.com
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Amid the ongoing trade dispute between China and the European Union, analysts at Citigroup said in a note this week that China is strategically preparing for potential retaliation while maintaining a cautious stance. Following the EU’s imposition of temporary tariffs on Chinese electric vehicles on July 4, 2024, China has…
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USD/CAD pushes higher as brent crude extends decline to $3
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Commodity currencies are in an interesting position at the moment. The US dollar is falling on several fronts as the market reconsiders the path of the Federal Reserve’s money. But they are reconsidering that because of slowing growth and inflation. Prices are also relatively high in the commodity bloc, currently…
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Hedge funds grow bearish amid economic slowdown jitters, Goldman says By Reuters
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Written by Carolina Mandel NEW YORK (Reuters) – Global hedge funds continued to add bearish bets on stocks to their portfolios in the week to Aug. 1 as fresh data raised concerns that the U.S. economy is slowing faster than expected, Goldman Sachs said in a note to clients. Goldman…
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What will be the main earnings releases for the week starting August 5
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This week was certainly the biggest of the quarter, with 4 of the 7 “Magnificent 7” announced including Meta, Apple, Amazon and Microsoft. How did those stocks perform this week? Two stocks rose and two fell, with Amazon the worst performer as it failed to generate revenue (its first failure…
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Hawaiian Electric, others agree to $4 billion Maui wildfire settlement By Reuters
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(Reuters) – Hawaiian Electric Industries Inc said on Friday it is among defendants who have agreed to pay $4 billion to settle lawsuits related to deadly wildfires on Maui. The island’s utility and its parent company, Hawaiian Electric, are responsible for paying $1.99 billion of the pre-tax amount, which includes…
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How reflexive is the economy to the stock market?
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The Nasdaq is down 10.4% since its high just three weeks ago, but when you look at the broader picture, it’s a minor correction after a stunning rally. Nasdaq Weekly If stocks can stabilize here, this episode will quickly be forgotten. The problem is that we may see more selling,…
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Silicon Valley Bank’s former owner gains approval to end bankruptcy By Reuters
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By Dietrich Knuth NEW YORK (Reuters) – SVB Financial Group, the former owner of failed Silicon Valley Bank, received permission from a U.S. judge on Friday to hand over its assets to creditors and end its bankruptcy. Its bankruptcy restructuring allowed it to create a fund to continue litigation against…
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Global Market Weekly Recap: July 29 – August 2, 2024
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The usual correlations between major assets were not in evidence at the start of the week as top-tier data releases sparked volatile price reactions and individual directional moves. Interest rate developments in the US, Japan and the UK were at the forefront, although tensions in the Middle East and US…
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US stock markets battered but show some signs of life into the close
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High Risk Warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage also creates additional risks and exposure to loss. Before deciding to trade foreign exchange, carefully consider your investment objectives, level of experience, and risk tolerance. You may lose some…
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Forexlive Americas FX news wrap 2 Aug: Bond market cuts rate for Fed after weak jobs data
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After some amazing earnings/revenue numbers from Amazon after the shutdown (revenue declines and slower consumer concerns), and a day of bad news yesterday, markets got another dose of “weakness” today in the US jobs report. The US nonfarm payrolls report for July 2024 showed a gain of just 114,000 jobs,…
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Lexicon Pharmaceuticals reported a net loss of $53.4 million By Investing.com
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Lexicon Pharmaceuticals (NASDAQ: NASDAQ:) reported in their second quarter 2024 earnings call a modest growth in their INPEFA business and a net loss of $53.4 million. The company highlighted the resubmission of their New Drug Application (NDA) for Zynquista, the advancement of their Phase 3 study for Sotagliflozin in hypertrophic…
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Why it’s tough to make the ‘hero trade’ here
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Nasdaq Weekly This is a good place to jump into a lot of things. There are plenty of times when strong hands intervene in the market; the economy isn’t that bad, there’s no financial crisis, and companies are still making money. The Fed is lagging behind, but it has more…
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Nasdaq on course to confirm correction as recession fears mount By Reuters
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By Chuck Mikolajczak NEW YORK (Reuters) – U.S. stocks fell for a second straight session on Friday, confirming a slide into correction territory after a weak jobs report raised concerns about an impending recession. Nonfarm payrolls increased by 114,000 jobs last month, the Labor Department said, well below the 175,000…
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Kamala Harris’ inner circle girds for battle By Reuters
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By Nandita Bose, Trevor Hunnicutt, and Jeff Mason WASHINGTON (Reuters) – Kamala Harris is preparing for the fight of her life, if those closest to her are to be sure. The vice president has surrounded herself with a group of experienced operators, many of them Black women who have been…
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JPMorgan joins the 50 basis point cut call
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JPMorgan CEO Jamie Dimon recently reiterated his belief that inflation is still a problem, but his economic team disagrees. They have now joined Citigroup in calling for consecutive 50 basis point rate cuts in September and November to kick off a rate-cutting cycle. “We now believe that the FOMC will…
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Hedge fund investor appetite hit by high fees and private credit, says Goldman Sachs By Reuters
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By Neil Mackenzie LONDON (Reuters) – Global investors’ appetite for more expensive multi-strategy hedge funds has declined, Goldman Sachs said in a report to clients seen by Reuters on Friday, even though more investors plan to add hedge funds to their portfolios. Goldman Sachs data from a survey of more…
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Daily Broad Market Recap – August 1, 2024
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Just when August seemed to be off to a sluggish start, volatility in the financial markets reached a peak as the New York session approached. what happened after that? Here’s a quick summary of the headlines and economic updates that impacted the markets: headlines: Australian import prices recovered 1.0% q-o-q…