Category: Markets
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Australia’s Q2 GDP Miss Is Not Helping The Australian Dollar
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Australia’s economy grew by 0.2% in the second quarter of 2024, in line with an upwardly revised 0.2% growth in the previous quarter but below market estimates of a 0.3% rise. Link to the Australian Bureau of Statistics’ Q2 2024 GDP report The report detailed: Local final order Contributed 0.2%…
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Stocks Tumble Most Since August Rout, Oil Slips: Markets Wrap
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(Bloomberg) — Asian stocks fell the most since Aug. 5, tracking a selloff in their U.S. counterparts driven by a sharp drop in Nvidia Corp. Most Read from Bloomberg Shares of Asian chipmakers fell amid renewed concerns about the AI craze, dragging the regional stock index down more than 2%.…
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US pharmacy chain Rite Aid to operate as a private company as it emerges from bankruptcy By Reuters
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(Reuters) – U.S. drugstore chain Rite Aid said on Tuesday it will operate as a private company after successfully completing its financial restructuring and emerging from Chapter 11 bankruptcy. The pharmacy used its bankruptcy to close hundreds of stores, sell its Elixir pharmaceutical benefits business, and negotiate settlements with its…
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New Zealand data – ANZ Commodity Price Index, August 2024: +2.1% m/m (prior -1.7%)
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For the New Zealand dollar, the index rose 1.5% on a monthly basis as the NZD Trade Weighted Index fell 0.7%. As part of this report, ANZ covers global shipping rates: Global freight rates remain high as ships continue to avoid the Suez Canal due to ongoing tensions in the…
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U.S. stocks tumble as September starts, investors cool on chips By Reuters
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(Reuters) – Wall Street’s main indexes fell on Tuesday, with the S&P 500 falling more than 2% and the Dow Jones Industrial Average falling more than 3%, as investors’ optimism about artificial intelligence faded in a broad market selloff that accelerated after tepid economic data. The Nasdaq and Dow posted…
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Asia to Track Worst US Selloff Since August Crash: Markets Wrap
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Breadcrumbs Path Links PMN Business Asian stocks were set for losses after U.S. indexes posted their worst day since the Aug. 5 market crash, as concerns over growth and monetary policy combined to burn through riskier assets. Article author: Bloomberg News Rob Verdonk Published on September 03, 2024 • Read…
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US dollar little changed after hitting a 2-week high against the euro By Investing.com
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The US dollar hit a two-week high against the euro, as investors prepared for a week of important data, including the US jobs report due on Friday. At 18:40 ET (22:40 GMT), the pound was little changed at 1.1046, down 0.1% at 145.31. This jobs report is expected to have…
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Chile’s central bank has cut its benchmark rate to 5.5%, from 5.75%
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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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Communications Workers of America withdraws from mediation with AT&T By Reuters
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(Reuters) – The Communications Workers of America (CWA) union said in a statement on Monday it has informed AT&T Inc (NYSE:ATN) and the Federal Mediation and Conciliation Service that it will no longer be part of the mediation. “The company was using the mediation process as another stalling tactic,” said…
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NZDUSD falls helped by risk-off,commodity selling, slower growth.What about the technical?
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The NZD/USD pair is trading at fresh lows as traders react today to risk-off sentiment as stocks/commodities decline. Concerns over growth in the US and China are also weighing on the pair. We recalled last week that the NZD/USD pair peaked on Thursday after the release of a surprise business…
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White House asks agencies to step up internet routing security efforts By Reuters
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By David Shepardson WASHINGTON (Reuters) – The White House said on Tuesday it wants federal agencies to strengthen the security of internet routing on networks in the face of concerns raised by U.S. officials about China’s ability to divert internet traffic. In a report issued by the White House Office…
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Political Polarization in Europe threatens Euro stability amid rising extremism By Investing.com
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Macquarie noted on Tuesday that the euro is facing increasing pressure as political polarization in Europe, particularly in Germany, increases, raising concerns about the currency’s stability. Recent local elections in Germany, where far-left and right-wing parties won nearly half the votes in the states of Thuringia and Saxony, have deepened…
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Nvidia testing/breaking its 100 day moving average. Microsoft also testing a key MA level
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Nvidia stock is currently trading down $9.02 or -7.56% at $110.37. This is right at its 100-day moving average of $110.36. The low of $109.40 is below this moving average. Bearish The current decline is on track for its worst trading day since April 19, 2024, when the price fell…
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USDCAD moves higher as Oil/Commodities fall and eyes key upside resistance targets
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The USDCAD currency pair is moving higher as the focus in this pair is on the decline in commodity prices including the price of oil and risk flows due to the decline in stocks in the United States. Technical factors also played a role in USD/CAD’s rise after the price…
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Brazil’s HBR Realty files eviction action against WeWork By Reuters
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SAO PAULO (Reuters) – Brazilian real estate firm HBR Realty said on Tuesday it had filed an eviction lawsuit against WeWork for non-payment, although the flexible workspace provider denied knowledge of such a notice. The eviction follows a “breach of the lease agreement” signed between WeWork and SPE HBR1, a…
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Why is CHF not weaker? BoA Securities explains By Investing.com
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Investing.com – A play on the Swiss franc’s weakness has been the most bullish trade since the start of the year, according to Bank of America Securities, yet the currency has failed to weaken as much as expected. At 08:25 ET (12:25 GMT), the stock was trading up 0.1% at…
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Why is CHF not weaker? BoA Securities explains By Investing.com
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Investing.com – A play on the Swiss franc’s weakness has been the most bullish trade since the start of the year, according to Bank of America Securities, yet the currency has failed to weaken as much as expected. At 08:25 ET (12:25 GMT), the stock was trading up 0.1% at…
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Former Fed Pres. Mester on CNBC:There will be a discussion on 25 or 50 bps at FOMC meeting
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Today, the Fed talk is quiet, but former Cleveland Fed President Loretta Mester (she recently retired from the Fed) is on CNBC. Functional work will be an important part of the puzzle. There will be a discussion about whether they want to start with a 25 or 50 basis point…
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India underperformed EM in August; defensive sectors outperformed By Investing.com
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Investing.com – In August 2024, the Indian stock market saw mixed performance, with the MSCI India Index returning a positive 0.9%. However, despite the gain, the index underperformed the emerging markets index by about 0.5 percentage points, putting India at 15th out of 24 emerging markets, Morgan Stanley analysts said…