Category: Markets
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Italian divers recover video equipment from Mike Lynch’s sunken yacht By Reuters
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Written by Vladimir Pantaleoni PALERMO (Reuters) – Italian navy divers have recovered video surveillance equipment from the luxury yacht that sank off Sicily last month, killing British technology mogul Mike Lynch and six others, a source close to the matter said on Friday. The recovery of the equipment could help…
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USDJPY Technical Analysis – Fed “insider” Timiraos weakens the USD
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Basic Overview Yesterday, around 1:00 p.m. EST, Timeraus of the Wall Street Journal published an article that seemed to suggest that a 50 basis point rate cut was still under discussion. The market responded by raising the odds of a 50 basis point rate cut to around 43% from 13%…
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Boeing US factory workers on strike after 96% vote for walkout By Reuters
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By Joe Brock and David Shepherdson SEATTLE (Reuters) – Workers at a Boeing Co. plant on the U.S. West Coast went on strike early on Friday after 96 percent of them voted to walk out, halting production of the company’s best-selling jetliner as it grapples with chronic production delays and…
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Asia FX firms with yen near 8-mth high; dollar down on rate cut bets By Investing.com
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Asian currencies rose on Friday, while the dollar fell as markets bet the Federal Reserve will begin an easing cycle starting next week, with the focus squarely on the scope of a potential interest rate cut. The Japanese yen was the best performer among its Asian counterparts, approaching its strongest…
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ECB Lowered Main Deposit Rate by 0.25% as Expected, Growth Forecasts Downgraded
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European Central Bank policymakers unanimously decided to cut their key deposit rate by 0.25% as expected, following a previous cut in June. The central bank cut the deposit rate from 3.75% to 3.50% and the main refinancing rate from 4.25% to 3.65%, citing weak growth prospects due to slowing private…
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Dollar looks to settle lower after some back and forth trading this week
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If the Fed wanted to get things in order, the market certainly wouldn’t let it. The odds of a 50bp rate cut had waned after the US CPI report earlier this week, but they resurfaced in trading yesterday. The odds have now risen back to around 45%. There was no…
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Japan’s Mitsubishi to buy stake, offtake ammonia from ExxonMobil in Texas By Reuters
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TOKYO (Reuters) – Japan’s Mitsubishi Trading Co said on Friday it had reached a preliminary agreement to buy a stake in Exxon Mobil Corp’s hydrogen facility in Texas and source low-carbon ammonia from it. As part of its decarbonization drive, Japan aims to increase the use of hydrogen and its…
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Daily Broad Market Recap – September 12, 2024
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It was a risky day for financial markets, with crude oil closing up about 3% while gold hit new record highs. US stock traders also enjoyed a great deal, with the S&P and Nasdaq recording their fourth consecutive day in the green. Check out the latest headlines! Headlines: Japan Producer…
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Fitch are forecasting a Bank of Japan rates to 1% (by the end of 2026!)
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Earlier this week I posted on the Ftich analysts’ site about the FOMC: Fitch says Fed’s next easing cycle will be moderate and slow Fitch Now on the Bank of Japan: The Bank of Japan says it is “resisting the global trend toward monetary easing, raising interest rates more aggressively…
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US House passes bill targeting China that would limit EV tax credits By Reuters
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By David Shepardson WASHINGTON (Reuters) – The U.S. House of Representatives narrowly approved legislation on Thursday to tighten rules limiting Chinese content in vehicles eligible for U.S. electric vehicle tax credits. The House voted 217-192 to approve the bill, which has not been taken up in the Senate, to tighten…
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Goldman Sachs see a Bank of England rate cut in November, with a cascade of cuts to follow
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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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Francine knocks out power to over 250,000 Louisiana customers By Reuters
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(Reuters) – More than 250,000 homes and businesses in Louisiana were without power on Thursday after Hurricane Francine hit the state’s Gulf Coast, according to data from the website PowerOutage.us. Hurricane Francine weakened to a post-tropical cyclone earlier today, but not before battering southeastern Louisiana, southern Mississippi and Alabama with…
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Wall Street Journal Fed watcher asks on FOMC rate cut next week – Start small or big?
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Nick Timiraos in magazine (Closed) Writes about the Federal Reserve’s questions about whether it should cut interest rates by the traditional 0.25 percentage point or by a larger 0.5 percentage point at next week’s meeting. He says: Powell kept all his options open. The Fed is concerned about keeping interest…
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Wall Street indexes close up; data keeps smaller Fed rate cut in view By Reuters
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By Sinead Carew and Shashwat Chauhan (Reuters) – Wall Street’s main indexes closed higher on Thursday after the latest inflation data boosted expectations for a 25 basis point interest rate cut by the U.S. Federal Reserve, while accident (NASDAQ:) Weak revenue expectations made it the biggest percentage loser. The producer…
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Was the CItigroup trader the best trader in the world? He thinks so.
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The Financial Times has published an interesting article about Gary Stevenson, a former Citibank trader who boldly claims to have been the best trader in the world. The article, titled “Gary Stevenson claims he was the best trader in the world. His old colleagues disagree,” is available to read in…
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DouYu reported total net revenues decreasing by 25.9% By Investing.com
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DouYu International Holdings Limited (NASDAQ: NASDAQ:) faced a challenging second quarter in 2024, with total net revenues decreasing by 25.9% year-over-year to RMB1.03 billion. The company, which specializes in game-centric live streaming, attributed the revenue decline to stiff competition from short video platforms and a downturn in the macroeconomic environment.…
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WSJ Timiraos: Fed has a rate cut dilemma. Go big or go small
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The Wall Street Journal published an article by Timiraos analyzing the upcoming Fed rate decision. The title of the article says it all, as the author describes the decision as a dilemma. Should the Fed make a big or small decision (or 25 basis points or 50 basis points). Some…
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Factbox-US Gulf Coast energy facilities hit by storm Francine By Reuters
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(Reuters) – Energy facilities on the U.S. Gulf Coast were assessing damage on Thursday from Hurricane Francine, which tore through offshore oil production areas and hit the Louisiana coast on Wednesday. Hurricane Francine brought heavy rains and gusty winds to Louisiana, Mississippi and Alabama, causing widespread power outages and impacting…
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USDCAD finds buyers near the rising 100 hour MA today. Upside work is still needed.
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The USD/CAD pair is finding buyers against its rising 100-hour moving average at 1.35756 (see the rising blue line on the chart below). Staying above this moving average will give buyers more control. The 200-day moving average at 1.35889 is also in play. On the upside, there is work to…
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Microsoft 365 down for thousands of users, Downdetector shows By Reuters
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(Reuters) – Microsoft Corp’s productivity software suite stopped working for more than 16,000 users on Thursday, outage tracking website DownDetector.com said. This comes nearly two months after a flawed software update from cybersecurity services company CrowdStrike (NASDAQ: ) affected nearly 8.5 million Windows devices, crippling operations across industries ranging from…