Category: Markets
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Amazon wins partial dismissal of US antitrust lawsuit By Reuters
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Written by Judy Godoy (Reuters) – Amazon.com Inc has won the partial dismissal of a lawsuit filed by the U.S. Federal Trade Commission accusing it of maintaining illegal monopolies, although details of the ruling issued by a federal court in Seattle on Monday were not immediately clear. The Federal Trade…
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Japan Jibun Bank September Manufacturing PMI (final): 49.7 (prior was 49.8)
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Japan Manufacturing PMI for September 2024, final from S&P Global/Jibun Bank. Another shrinkage result. Primary here: Key points in the report: Production levels fall for the second time in three months The slowest rise in employment levels in the current seven-month sequence Excise duty inflation reaches its lowest levels since…
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Chief economists in the US say a 2025 recession is only a 30% chance
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The American Bankers Association’s Economic Advisory Committee brings together 15 senior economists from some of the largest banks in North America. The committee chairman indicates that the Fed is close to achieving its dual mission, but warns that the weakness of the labor market needs to be monitored The Fed…
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Republican Party’s top bank, Chain Bridge, aims for $167 million valuation in US IPO By Reuters
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Written by Niket Nishant and Manya Saini (Reuters) – Series Bridge Bancorp (NASDAQ:), a bank that has been popular among Republicans since its inception, is targeting a valuation of up to $167 million in its US initial public offering. The IPO, which is relatively uncommon in the banking sector, comes…
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Bank of America target EUR/USD to 1.15
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Bank of America says that with EUR/USD approaching the year-end target of 1.12, the pair has limited upside: Market expectations for interest rate cuts by the Fed and ECB are now fully priced in for 2024 ( I’ll mention that after Powell spoke on Monday, these expectations seemed overblown for…
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Stellantis recalls 194,000 Jeep plug-in hybrids over fire risks By Reuters
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WASHINGTON (Reuters) – Stellantis (NYSE:) said on Monday it was recalling 194,000 Jeep hybrid electric SUVs to address fire risks after 13 fires were reported, and asked owners to park their vehicles outside and away from other vehicles until repairs to the recall are completed. . . The Italian-American automaker…
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USD moving higher as Powell taps the brakes on cuts
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The Fed chairman hit the brakes after saying that if all goes as planned, there will be two more cuts in 2024. Expectations for a 50 basis point cut fell to 36%. At one point last week, the forecast was around 60%. USDJPY: USDJPY rose to test and move above…
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California enacts car data privacy law to curb domestic violence By Reuters
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Written by Dan Levin and Christina Cook (Reuters) – California Governor Gavin Newsom signed a bill requiring automakers that sell connected cars to do more to protect survivors of domestic violence, a move that could expand those safeguards across the country. As automakers add ever more sophisticated technology to their…
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Fed Pres. Bosic: Is open to another 50 bp cut if labor market shows continued weakness
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High risk warning: Foreign exchange trading involves a high level of risk that may not be suitable for all investors. Leverage creates more risk 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 or…
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US sets new rule that could spur AI chip shipments to the Middle East By Reuters
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Written by Karen Freifeld WASHINGTON (Reuters) – The U.S. Commerce Department on Monday unveiled a rule that could facilitate shipments of artificial intelligence chips to data centers in the Middle East. Since October 2023, US exporters have been required to obtain licenses before shipping advanced chips to parts of the…
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Why gold isn’t thrilled about the China stimulus news
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Gold is a laggard today, falling $27 to $2,630. It’s only a 1% drop and comes after a massive rally but it’s worth looking at gold now in light of what’s happening in China. Gold daily I’ve made this point several times in the last week or so: China has…
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Aston Martin drops 28% after profit warning on supply chain, China woes By Reuters
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Written by Yadarissa Shabong (Reuters) – Aston Martin warned of falling annual profits and cut its production forecast on Monday due to supply chain challenges and persistent weakness in China, sending shares down as much as 28% and raising questions about its future ambitions. The British luxury carmaker joined other…
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Strong Thai baht hitting exporters and tourism, says central bank By Reuters
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BANGKOK (Reuters) – The rapid rise in the value of the Thai baht is affecting exporters and tourist spending, the Thai central bank said on Monday, adding that the currency was rising due to a weak dollar against strong regional currencies such as the yuan and yen. The baht hit…
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Copper Technical Analysis – Chinese big easing measures trigger a strong rally
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Basic overview Last week, the People’s Bank of China (PBoC) announced a lot of easing measures ranging from short-term and long-term interest rate cuts. Copper rose strongly as China accounts for more than 50% of copper demand. Things are starting to look better for the market as the Fed also…
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European shares skid, China stocks surge By Reuters
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Written by Neil McKenzie and Wayne Cole LONDON/SYDNEY (Reuters) – Global stocks fell on Monday as economic uncertainty fueled by conflicts in the Middle East overshadowed policy measures aimed at reviving markets, ahead of a busy week of data that could determine central banks’ next steps. Continued Israeli raids across…
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Dollar stabilizes ahead of Powell speech, payrolls data By Investing.com
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Investing.com – The US dollar was steady on Monday, as traders awaited Federal Reserve Chairman Jerome Powell’s speech later in the session ahead of Friday’s key employment report. At 04:25 EST (08:25 GMT), the dollar index, which tracks the US currency against a basket of six other currencies, fell marginally…
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Market Outlook for the Week of 30th September – 4th October
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On Monday, the UK will release final GDP data for the fourth quarter, while Switzerland will publish the KOF economic gauge. In the United States, Federal Reserve Chairman Jerome Powell will participate in a discussion titled “A View from the Fed” at the National Association for Business Economics’ annual meeting…
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European stocks fall after UK growth revision; mixed Asian markets in focus By Investing.com
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Investing.com – European stock markets fell on Monday, the last day of September, as investors digested a series of domestic economic releases as well as the mixed performance of major Asian indices. At 03:05 ET (07:05 GMT), Germany’s stock index fell 0.3%, France’s index fell 0.5%, and the UK’s index…
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Dollar slips as China rolls out stimulus By Reuters
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Written by Tom Westbrook SINGAPORE (Reuters) – The yen stabilized on Monday as Japan’s new prime minister signaled that monetary policy should remain accommodative, while commodity currencies rose to their highest levels this year on investor hopes for a turnaround in the Chinese economy. The Japanese yen jumped on Friday…