Category: Markets
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Global Market Weekly Recap: July 8 – 12, 2024
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Market correlations were mixed at the start of the week, before sentiment finally settled a few days later. Although Fed Chair Powell’s speeches and US CPI data prompted some riskier flows mid-week, commodities and equities were also driven by individual catalysts. Major currencies also had plenty to work with, with…
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The Dow Industrial Average average can’t close at a record but closes just above 40,000
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The Dow Jones Industrial Average hit an intraday high of 40,257, enough for a record close. The previous record close was on May 17, when the index closed above 40,000 for the first time ever at 40,003.60. However, late-day selling pushed the price below 40,000, before a last-minute rally brought…
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Southwest Air, Archer Aviation work on plans to fly air taxis in California By Reuters
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By David Shepardson Southwest Airlines Co. and Archer Aviation Inc. said Friday they have agreed to develop operational plans for electric air taxi networks that Archer is building at California airports where Texas-based Southwest operates. The companies said they have signed a memorandum of understanding to collaborate on a concept…
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Forexlive Americas FX news wrap 12 Jul: PPI not as friendly as the CPI
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Yesterday, the US CPI was a good number, coming in below expectations. Today, the PPI data was the exact opposite. Not only were the headline numbers for the month higher, but the previous months were also revised higher. The US dollar and yields initially rose after the report, but memories…
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US court temporarily puts net neutrality rules reinstatement on hold By Reuters
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By David Shepardson WASHINGTON (Reuters) – A U.S. appeals court said on Friday it has temporarily halted the Federal Communications Commission’s reinstatement of landmark net neutrality rules until Aug. 5 while it considers legal challenges from the broadband industry. The Federal Communications Commission voted in April along party lines to…
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Crude oil futures settle at $82.21
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Crude oil futures settled today at $82.21, down $0.41 or -0.50%. For the trading week, the price is down -1.21% after closing last week at $83.16. This is the first decline after four consecutive weeks of gains that pushed the price from its low during the week of June 3…
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US court rejects challenges to FCC approval of SpaceX satellites By Reuters
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By David Shepardson WASHINGTON (Reuters) – A U.S. appeals court on Friday upheld the Federal Communications Commission’s decision to approve SpaceX’s plan to deploy thousands of Starlink satellites to provide broadband internet service in space. The U.S. Court of Appeals for the District of Columbia has rejected the legal challenge…
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EURUSD extends to swing area/high from June
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EURUSD extends into swing territory As with GBP/USD, EUR/USD has reached fresh highs as European traders look to exit the week. The move takes the price towards the June 2024 high at 1.0915 and a longer swing area between 1.0909 and 1.0918. A break of this area would be required…
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Spotify has upside to consensus due to higher margin verticals
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Wolfe Research initiated coverage of Spotify (NYSE:) with an Outperform rating and a $390 price target in a note on Friday, with the new target representing a potential upside of 28%. Analysts at Wolfe Research believe Spotify is undervalued, trading at 26x CY25E P/FCF, despite its greater exposure to the…
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UBS revises NZD/USD forecast, expects RBNZ rate cut in August By Investing.com
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UBS has updated its forecast for the New Zealand dollar (NZD), expecting a weaker-than-expected performance against its G10 peers, including the US dollar. The adjustment follows a previous warning on May 30 that the pair was on thin ice due to a mismatch between net long positions and growth expectations.…
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UMich consumer sentiment data coming up next
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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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Booking Holdings upgraded on increasing resilience in EMEA By Investing.com
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Benchmark raised its rating on Booking Holdings (NASDAQ:) from Hold to Buy, and set a new price target of $4,700 per share. Despite current economic concerns and elevated investor expectations, Benchmark analysts believe the company’s increased resilience in EMEA, coupled with strong growth in Asia Pacific and Latin America, will…
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UBS maintains EUR/USD longer-term target at 1.0500 post French election By Investing.com
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UBS kept its long-term target for the exchange rate at 1.0500, following the French parliamentary elections, citing weakness in the far-right National Rally party and a strong showing by President Emmanuel Macron’s centrist party. Despite the uncertainty surrounding the formation and composition of the new French government, UBS highlighted that…
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Daily Broad Market Recap – July 11, 2024
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US inflation was at the forefront of attention on Thursday, with major assets trading mixed ahead of the report and then taking their cues from the report during the US session. How did the markets behave yesterday? Our headlines and charts: headlines: The Melbourne Institute’s inflation forecast has been cut…
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Taiwan president thanks Micron CEO for his trust in Taiwan By Reuters
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(Change company identifiers in the first two paragraphs) TAIPEI (Reuters) – Taiwan President Lai Ching-te thanked Micron’s chief executive Sanjay Mehrotra on Friday for his trust and continued investment in the island, in a rare public meeting with a top foreign technology executive. It is highly unusual for Taiwan’s president…
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Chart Art: Spot Gold (XAU/USD) Is Trading Near The Top Of A Long-term Range!
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The overall weakness of the US dollar helped push spot gold prices to multi-week highs. Is the technical resistance level a trigger for a downtrend in the commodity? Or will we see a launch in the next few days? Gold (XAU/USD) 4 hours Chart by TradingView In case you missed…
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Innovation or desperation? | Forexlive
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The past 16 hours have been unfavorable for Japan in its attempts to stem the yen’s slide. On the one hand, they reportedly intervened in the market to try to capitalize on a weaker US CPI report during early US trading. Then they let the move leak out very quickly…
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Air Incheon to consider widebody freighter orders after Asiana cargo purchase By Reuters
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(Corrects paragraph 6 to reflect that Incheon Airlines plans to sell space directly to logistics companies.) By Lisa Barrington SEOUL (Reuters) – Air Incheon, set to become South Korea’s second-largest cargo carrier once it completes a deal to buy Asiana Airlines’ cargo unit, will consider buying Boeing and Airbus freighters…