Riyadh, Saudi Arabia. Xavierarnau | E+ | Getty Images Saudi Arabia cut its growth forecasts and raised its budget deficit estimates for the fiscal years 2024 to 2026, looking ahead to a period of higher spending and lower projected oil revenues. Real gross domestic product is now expected to grow 0.8% this year, a dramatic
Month: October 2024
The Australian Dollar gains ground as the RBA is widely expected to hold a hawkish stance regarding its policy outlook. The AiG Industry Index eased in September, rising 4.9 points to -18.6 from -23.5 prior reading. The US Dollar receives support from the market caution amid rising Middle-East tensions. The Australian Dollar (AUD) retraces its
Dollar stabilized overnight and is attempting to regain ground following recent losses. The greenback found some support after Fed Chair Jerome Powell’s remarks, where he indicated that Fed is in no rush to implement rapid rate cuts. This has reduced market expectations for a 50bps cut at the November meeting, with the probability falling from
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil prices turned positive on Tuesday, jumping about 3%, following reports Iran was preparing to launch a missile attack on Israel. Brent futures were up $2.04, or 2.9%, to $73.74 a barrel by 9:58 a.m. EDT (1358 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.11, or 3.1%, to $70.28. The U.S. said it
Port of Miami dockworkers strike near the port entrance and demand a new labor contract, on October 1, 2024 in Miami, Florida. Giorgio Viera | Afp | Getty Images A strike hitting ports along the East and Gulf coasts could stoke prices for food, autos and a host of other consumer goods but is expected
In this article NKE Follow your favorite stocksCREATE FREE ACCOUNT An employee carries shoe boxes at the Footlocker retail store in the Barton Creek Square Mall on August 28, 2024 in Austin, Texas. Brandon Bell | Getty Images Nike will report quarterly earnings Tuesday as investors brace for another set of less-than-stellar results. The company
Newly-minted Chairman of the Swiss National Bank (SNB) Martin Schlegel hit newswires on Tuesday, cautioning that further rate cuts haven’t been ruled out. The incoming Chairman of the SNB officially took the reins of Switzerland’s central bank on early Tuesday, and has inherited a central bank still caught in the wake of last year’s lopsided
Euro declined broadly today after ECB Governing Council member Olli Rehn became the first official to openly indicate that risks are now tilted toward another rate cut in October. Additionally, data showed that Eurozone’s headline CPI fell below the ECB’s 2% target for the first time since 2021, even though core inflation remains elevated. A
As the NA session begins, the CAD is the strongest and the NZD is the weakest. The USD is stronger a day after Fed Chair Powell tapped the brakes saying that two 25 basis point cuts were likely if the trends continue. Powell indicated that monetary policy will gradually move toward a neutral stance if
High risk warning: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all your initial investment; do not
Oil prices slid by more than 2% on Tuesday as a stronger supply outlook and tepid global demand growth outweighed fears over escalating conflict in the Middle East and its impact on crude exports from the region. Brent crude futures were down $1.49, or 2.08%, at $70.21 a barrel by 0840 GMT. U.S. West Texas
The US Dollar Index advances as the Fed’s Powell said that the central bank will lower interest rates ‘over time.’ CME FedWatch Tool suggests a 61.8% probability to a 25 basis point rate cut by the Fed in November. US ISM Manufacturing PMI is expected to improve to 47.5 in September, from the previous 47.2
Asian financial markets are displaying significant divergence today. Japan’s Nikkei index has plummeted over -4%, reacting sharply to the ruling Liberal Democratic Party’s election results from last Friday. Shigeru Ishiba, the newly elected LDP leader and Japan’s incoming Prime Minister, attempted to soften his previously hawkish stance on the BoJ monetary policy during a interview
Crude oil settled today just one cent lower at $68.17. The low price today reached $67.60. The high price reached $69.18. At session lows, the price stayed above a swing area going back to 2023 between $66.76 and $67.51. On both Thursday and Friday of last week, the price stalled within that area and bounced
Manufacturing PMI from Japan for September 2024, the final from S&P Global / Jibun Bank. Another contraction result. Preliminary is here: The key points in the report: Output levels fall for second time in three months Slowest rise in employment levels in current seven month sequence Output charge inflation reaches lowest since June 2021 This
Tata Steel has ceased steel-making operations at Port Talbot in the UK with effect from Wednesday, after it shut down the remaining blast furnace, the sinter plant, and some secondary steel-making and energy systems. The largest producer of steel in the region had already shut a blast furnace and coke ovens earlier this year after