Oil prices dropped more than 3% on Tuesday after Bloomberg News reported that a deal was imminent to resolve a dispute that has halted Libyan production and exports, pushing prices to their lowest since around the beginning of the year. The news of more crude supply possibly returning to the market came as prices had
Workers assemble second-generation R1 vehicles at electric auto maker Rivian’s manufacturing facility in Normal, Illinois, U.S. June 21, 2024. Joel Angel Juarez | Reuters U.S. factories remained in slowdown mode in August, fueling fears about where the economy is headed, according to separate manufacturing gauges. The Institute for Supply Management monthly survey of purchasing managers
Zilch CEO Phil Belamant. Zilch British financial technology firm Zilch on Tuesday reported its first-ever month of profit, marking a key milestone for the company as it looks toward an eventual initial public offering. In a trading update, Zilch, which competes with the likes of Klarna and Block in the buy now, pay later space,
Standard Chartered lowers their 2024 growth forecast to 0.0% from 0.6% on weaker H1 growth and statistical GDP revisions. Japan’s economy is likely to recover gradually, supported by domestic consumption. Standard Chartered raises their CPI forecasts on still-sticky inflation due to wage growth and reduced utility subsidies, Standard Chartered’s macro analyst Chong Hoon Park notes.
Dollar is trading with a slightly firm tone this week, though overall forex market activity has been relatively subdued. It’s worth noting that last month’s sharp selloff in US stocks was actually started with disappointing ISM manufacturing data, which was then exacerbated by the non-farm payrolls report. Given this backdrop, today’s release could trigger volatility
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Fundamental Overview This week has been pretty boring all around as the lack of catalysts kept the price action confined in a tight range. The market is waiting for the key economic releases next week as we will get the ISM PMIs and lots of US labour market data including the NFP report. As a
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Gold October futures contracts at MCX opened flat on Tuesday at Rs 71,526 per 10 gram, which is down by 0.1% or Rs 75 while silver December futures contracts were trading at Rs 84,426/kg, down by 0.15% or Rs 128. Gold prices have fallen by Rs 660/10 gm in the last 3 days while silver
In this article NVDA Follow your favorite stocksCREATE FREE ACCOUNT NVIDIA’s founder and CEO Jensen Huang delivers a keynote address on the latest innovations in AI, during a developers conference at the SAP Center in San Jose, California, on March 18, 2024. Josh Edelson | AFP | Getty Images Nvidia shares fell 4.63% in U.S.
Mexican Peso weakens as USD/MXN climbs on judiciary reform concerns after new Congress convenes. Mexico’s Business Confidence improves slightly in August, while Manufacturing PMI hits a two-year low, indicating sectoral challenges. S&P Global cites weak sales, competition from China, and highway insecurity as key issues for Mexican manufacturers. The Mexican Peso begins September on a
In relatively quiet market environment, Japanese Yen is coming under increasing pressure, with notable selloff driven by rising benchmark yields in the US and Europe. With major European stock indexes largely flat and the US and Canadian markets closed for a holiday, the Yen’s decline has gained momentum. Several Yen crosses have broken near term
Fundamental Overview Gold continues to trade in a tight range as the market awaits the key catalysts this week. As a reminder, the Fed is now very focused on the labour market as Fed Chair Powell said that they will not welcome any more weakness and will do everything they can to keep it strong.
ISM manufacturing US markets are closed on Monday for Labor Day but will come to life on Tuesday including some notable economic data. The highlight is the 10 am ET release of the August ISM manufacturing index. In July, the survey disappointed with a fall to 46.8 compared to 48.8 expected. This month, economists expect
Gold prices were flat on Monday, after falling 1% in the previous session, with U.S. inflation data suggested that the Federal Reserve was more likely to go for a smaller-than-expected interest rate cut this month. FUNDAMENTALS * Spot gold was flat at $2,502.89 per ounce, as of 0015 GMT after hitting a session low of
In this article DG DLTR Follow your favorite stocksCREATE FREE ACCOUNT A sign hangs above a Dollar General store in Chicago on Aug. 31, 2023. Scott Olson | Getty Images Dollar General shares tumbled Thursday after the discount retailer slashed its sales and profit guidance for the full year, suggesting its lower-income customers are struggling
NZD/USD extends its losses as US PCE Index data diminish odds of an aggressive Fed rate cut in September. According to the CME FedWatch Tool suggests a 70.0% chance of at least a 25 basis point Fed rate cut in September. The Kiwi Dollar may depreciate further as the RBNZ is expected to deliver a