Sterling fall broadly today after much worse than expected PMI data raises concerns of recession ahead. On the other hand, Euro jumps as ECB officials continued to talk up July rate hike, while PMI data were solid. Still, the best performer today so far is Yen, which is supported by receding risk-on sentiment. Dollar is
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> More on JP Morgan and UBS both slashing their forecasts for Chinese economic growth Earlier posts are here: UBS citing: economy will likely rebound in Q3 and Q4 with the Chinese government refining lockdown restrctions, including reducing disruptions to transport and supply chains but the easing will be as quick as that in 2020
TOKYO: Oil prices eased in early trade on Tuesday as concerns over a possible recession and weaker consumption outweighed an expectation of tight global supply and a pick-up in fuel demand in China after Beijing’s promises of stimulus. Brent crude futures for July slid 35 cents, or 0.3%, to $113.07 a barrel by 0122 GMT.
Overall market sentiment is mixed in Asian session today, with recover seen in Nikkei but selloff in Hong Kong and China. Aussie is extending near term rebound, following Labor’s win in the federal elections over the weekend. Kiwi is also firmer ahead of RBNZ rate hike. On the other hand, Dollar and Canadian are the
The major indices are trading higher in early NY trading. The Dow and S&P are still higher, but the Nasdaq has traded in positive and negative territory in early trading. The Dow is being helped by financials which are solidly higher in early trading: a snapshot of the market 12 minutes into the open is
Benchmark iron ore futures in China surged some 7% on Monday, tracking their biggest daily jump in two-and-a-half months, after India increased export duties on some commodities to rein in broadening inflationary pressures. Asia’s third-largest economy raised export duties for iron ore and steel intermediates, with new iron ores and concentrates tariffs increased to 50%
Euro rises broadly today after hawkish comments from ECB President Christina Lagarde. But so far, Aussie and Kiwi are even stronger on positive risk sentiment. On the other hand, Dollar and Yen are both trading generally lower. Sterling, Swiss Franc and Canadian are mixed for now. Technically, Gold also extends the rebound from 1786.65 short
Off the coast of north-eastern Japan, Magnitude 5.5 earthquake Weekend – ECB President Lagarde says crypto assets are ‘worth nothing,’ Monkeypox – High-risk contacts of cases advised to self-isolate for three weeks Beijing has recorded a record high number of new COVID cases Australia’s new PM says the relationship between Australia and China will remain
MELBOURNE – Oil prices rose in early trade on Monday with U.S. fuel demand, tight supply and a slightly weaker U.S. dollar supporting the market, as Shanghai prepares to reopen after a two-month lockdown fuelled worries about a sharp slowdown in growth. Brent crude futures rose 82 cents to $113.37 a barrel at 0126 GMT,
Shanghai is China’s biggest city, financial hub, and a key driver of the entire country’s economy. Jing’an district is a central key commercial area, its to require all supermarkets and shops to shut, and residents to stay home, until at least Tuesday.Mass testing will take place from Sunday until Tuesday. Adds Reuters: The use of
Russia has banned nearly 1,000 Americans, including President Biden, Vice President Harris, and many others from the US administration, from entering the country. This comes in response to the US support of Ukraine. From a Foreign Ministry news release: “In the context of response to the constantly imposed anti-Russian sanctions by the United States and
MUFG Research recommends a new ToTW trade: long CHF/TRY (spot ref: 16.30) with a target at 17.3 and a stop at 15.70. MUFG also maintains a short AUD/JPY with a target of 84.50 and a stop at 92.50. “We are recommending a new long CHF/TRY trade idea, and maintaining our short AUD/JPY trade idea. We
It was another roller-coaster week. Swiss Franc ended as the strongest one after SNB Chairman Thomas Jordan surprisingly said it’s ready to act if inflation solidified. But it should reminded that he reiterated the readiness on intervention too. Euro was somewhat pressured due to selling in crosses. Dollar, Canadian and Yen were the worst performing
Markets: Gold up $3 to $1844 US 10-year yields down 7 bps to 2.79% WTI crude oil up 95-cents to $110.83 S&P 500 up 0.1% Nasdaq -0.3% NZD leads, EUR lags The weekly decline in the S&P 500 was the seventh in a row, which is the longest streak since 2001. The worst-ever streaks were
SINGAPORE – Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures. Brent crude futures were up $1.15, or 1.0%, at $113.08 a barrel at 0042 GMT, while U.S. West Texas Intermediate
Dollar and Yen traded with an undertone in Asian session today but Aussie is also mildly weaker. On the other hand, Swiss Franc is the stronger one, followed by Kiwi and Canadian. Sterling is treading water despite strong UK retail sales data. Swiss Franc is staying at the winner for the week, on talks that
The major indices are moving closer to the unchanged levels after a hopeful start to the day starts to see an erosion. A snapshot of the market is showing: Dow is up 5.74 points or 0.02% at 31258.88 S&P is up 8 points or 0.19% at 3908 Nasdaq is up 33 points or 0.29% at
Gold prices were flat on Thursday, as an elevated dollar weighed on greenback-priced bullion and countered support from lower Treasury yields, with the metal’s outlook already dulled by an aggressive Federal Reserve stance on inflation. FUNDAMENTALSSpot gold held its ground at $1,816.63 per ounce at 0047 GMT. U.S. gold futures edged 0.1% lower to $1,814.10.