Category: Markets
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US stocks are marginally lower ahead of the open today
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US futures on major stock indexes point to a lower open – but only slightly. Dow Jones Industrial Average futures point to a 1.25 point gain. The index closed at a record high yesterday. The S&P 500 fell -2.75 points, having risen 14.36 points, or 0.25%, yesterday to close at…
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US holiday spending on buy now, pay later to hit record due to debt-laden shoppers By Reuters
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Written by Ariana McLemore NEW YORK (Reuters) – U.S. shoppers are expected to spend a record $18.5 billion using third-party buy-now, pay-later services on holiday purchases in the fourth quarter, according to a forecast released by data firm Adobe Analytics on Wednesday. With many Americans in debt recently, spending on…
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Euro firms against dollar, yuan jumps on China’s stimulus boost By Reuters
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By Ray Wee and Linda Pasquini LONDON/SINGAPORE (Reuters) – The euro edged up against the dollar on Wednesday while the yuan hit its strongest level in more than a year as China’s aggressive stimulus package provided the latest boost to risk appetite. The US dollar – the traditional safe-haven currency…
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EURUSD Technical Analysis – The greenback continues to get beaten up
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Basic Overview Yesterday, the US consumer confidence report surprised markets with the biggest decline since 2021. The labor market data in the report also fell significantly, and it generally leads the unemployment rate. The market has responded by raising the odds of a 50 basis point Fed rate cut in…
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US Senate committee faults Boeing safety practices, FAA oversight By Reuters
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By David Shepardson WASHINGTON (Reuters) – A U.S. Senate panel investigating Boeing Co’s safety culture on Wednesday criticized the planemaker’s quality practices and Federal Aviation Administration oversight, citing documents obtained in an ongoing probe. The Senate Permanent Subcommittee on Investigations, which is holding a hearing Wednesday with FAA Administrator Mike…
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Dollar continues to fall; euro near multi-month high By Investing.com
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Investing.com – The U.S. dollar fell on Wednesday, adding to losses from the previous session, as the euro benefited despite signs of economic weakness in the euro zone. At 04:00 ET (09:00 GMT), the dollar index, which tracks the greenback against a basket of six other currencies, was down 0.1%…
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Daily Broad Market Recap – September 24, 2024
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Central bankers were in the spotlight yesterday, and the lack of high-profile data releases facilitated a repricing of monetary policy biases across major assets. What headlines influenced the price movement of major assets? We have the details! Headlines: China announces a series of stimulus measures Which includes reducing the reserve…
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Post-Fed struggles see the dollar as the laggard in September trading
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Here’s an overview of how major currencies have moved against the US dollar since the start of the month, what happened after last week’s Fed decision, and what other major central banks did during the month. With the exception of the yen, the dollar weakened significantly against the rest of…
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Vietnam’s leader Lam meets US corporations, pledges to boost tech economy By Reuters
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Vietnamese President To Lam has pledged to expand the country’s semiconductor and artificial intelligence industries during meetings with major U.S. companies in New York, as the communist-ruled nation seeks more investment from technology and other U.S. firms. Lam, on his first visit to the United States as Vietnamese president, is…
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Asia FX ticks higher, yuan hits 16-mth high on China stimulus cheer By Investing.com
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Most Asian currencies rose slightly on Wednesday as the dollar was hurt by continued bets on interest rate cuts, while China’s yuan hit a 16-month high on optimism about more stimulus measures. The Australian and New Zealand dollars made strong gains thanks to their exposure to China, while the Japanese…
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Australia’s Inflation Is Broadly Cooler But Still High In August
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The Australian Bureau of Statistics (ABS) showed that headline inflation was 2.7% year-on-year in Augustslower than the 3.5% increase in July, but in line with the latest market estimates. Except for volatile elements and holiday travel, Consumer prices rose 3.0% in Augustslower than the 3.7% rise in July. Meanwhile, Reserve…
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Australia’s Inflation Is Broadly Cooler But Still High In August
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The Australian Bureau of Statistics (ABS) showed that headline inflation was 2.7% year-on-year in Augustslower than the 3.5% increase in July, but in line with the latest market estimates. Except for volatile elements and holiday travel, Consumer prices rose 3.0% in Augustslower than the 3.7% rise in July. Meanwhile, Reserve…
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Fed SOMA Manager says markets see 50bp rate cut as good news, not bad
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Roberto Perli, director of the Federal Reserve Bank of New York’s open market account, said in a speech Tuesday that markets do not view the 50 basis point rate cut by the Federal Open Market Committee as an indication of the strains facing the economy. Reuters with informationor: Market intelligence…
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Omni Retail Enterprises sells shares in Wilhelmina International worth over $114k By Investing.com
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In a recent move that caught the attention of the market, Omni Retail Enterprises, LLC, a major shareholder in Wilhelmina International, Inc. (NASDAQ:WHLM), sold a large number of shares of the company. The transactions, which took place on September 20 and September 24, involved the sale of shares at prices…
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AUD/USD hits its highest since February 2023, remains UBS’ ‘most preferred’
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UBS was not impressed by China’s stimulus announcement on Tuesday. In a summary of the note: The announcement marks a positive step towards a more supportive approach. But it does not match the scale of previous stimulus efforts that have led to sustained market rallies. Monetary easing by itself will…
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Starbucks CEO Niccol says committed to “engage constructively” with workers union By Reuters
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Starbucks Inc.’s (NASDAQ: ) new CEO Brian Niccol said in a letter Tuesday that he “deeply respects” the coffee chain’s workers’ right to choose to be represented by a union and is committed to “engaging constructively.” Starbucks continues its contract negotiations with the union this week. This will be Niccol’s…
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yuan boosted by China stimulus cheer, Aussie rises before RBA By Investing.com
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Most Asian currencies rose on Tuesday as China’s yuan was supported by Beijing’s announcement of more stimulus measures, while the Australian dollar rose in anticipation of hawkish signals from the Reserve Bank. The weakness in the US dollar helped regional markets, as the greenback remained weak after the Federal Reserve…
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Oil survey of inventory shows huge headline crude oil draw, much greater than expected
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Via oil price dot com on Twitter: — The predictions I saw focused on: Main crude oil -1.4 million barrels Distillates -1.1 million barrels Gasoline -0.02 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil…
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Saba Capital Management buys BlackRock innovation & growth shares worth $892k By Investing.com
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Saba Capital Management, LP, a major shareholder in BlackRock (NYSE:) Innovation & Growth Term Trust (NYSE:BIGZ), recently increased its stake in the company by purchasing shares for an approximate value of $892,781. The transaction occurred on September 23, 2024, and involved the acquisition of 118,879 shares at a price of…
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What does a dovish Fed mean for Asia FX? Goldman Sachs answers By Investing.com
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Goldman Sachs said the U.S. Federal Reserve’s first rate cut in more than four years has eased market fears of a recession, with improved risk appetite likely to boost interest-rate-sensitive Asian currencies. GS said in a recent note that it expects many emerging market currencies in Asia to outperform, while…