Rows of new Tesla cars are seen in a holding area near a customer collection point on April 15, 2024 in London, England. Leon Neal | Getty Images Soaring auto insurance costs have been a principle driver behind inflation over the past year, but there could be relief on the way, according to Bank of
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Thursday’s key moments. U.S. stocks were mixed on Thursday. The Nasdaq hit a record high after Club holding Nvidia’s spectacular quarterly earnings report on Wednesday. The leading AI chipmaker once again crushed analysts’
UK Services PMI dropped to 52.9 in May. Manufacturing PMI in the UK expanded to 51.3. in May. GBP/USD holds higher ground near 1.2740 after mixed UK business PMIs. The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) rebounded from 49.1 in April to 51.3 in May, beating 49.5 expectations. Meanwhile, the Preliminary UK
Fundamental Overview Despite some softness against the other major currencies, the USD continued to gain against the JPY as the Yen remains under pressure from risk-on sentiment due to positive global growth impulse and the stark yield differential with the Fed, which is expected to keep rates steady at least until September. In such an
Nvidia reported earnings yesterday after the close and not surprisingly it beat expectations across the board. We saw a rally in the S&P 500 futures as a result given the big weight of Nvidia on the index. The downward spike triggered by the FOMC minutes was clearly a dip-buying opportunity since there was nothing new
Steadied by hawkish Fed comments, gold prices on MCX for June futures contracts opened flat at Rs 72,575 per 10 grams, Rs 471 or 0.64% lower while MCX July silver contracts were down by nearly Rs 1,600 or 1.72% at Rs 91,415 per kg. Gold steadied after its biggest drop this month, influenced by hawkish
Trading has been relatively quiet in Asian session today. Dollar regained some ground overnight following hawkish minutes from the latest FOMC meeting, which revealed that several members are prepared to support further rate hike if necessary. Despite this, the greenback lacks clear follow-through momentum at present. For a more sustained near-term rebound, Dollar will need
JPMorgan Chase‘s chairman and CEO Jamie Dimon says the U.S. economy could see a “hard landing.” When asked by CNBC’s Sri Jegarajah about the prospect of a hard landing, Dimon replied: “Could we actually see one? Of course, how could anyone who reads history say there’s no chance?” The CEO was speaking at the JPMorgan
In what was the most anticipated quarter this earnings season, Nvidia far outpaced lofty expectations on the top and bottom lines. Even better was a big revenue guide and a broader vision from CEO Jensen Huang that reinforced the notion that companies and countries are partnering with the AI chip powerhouse to shift $1 trillion
Nvidia delivered the goods when it came to its earnings report for the last quarter. It reported another quarter of record-breaking revenue, up 18% from a year earlier at $26bn. Data centre revenue is, once again, the jewel in the crown for Nvidia. Revenues in this part of the business were also higher by 23%
The EURUSD has moved to new lows in the last hour of trading. The move lower has taken the price within a couple of pips of the key 100-day moving average 1.08156. Risk-focused traders are stepping in against that moving average level on the first look, hoping for a bounce back to the upside. If
The USD moved higher today with the major indices vs the USD moving up with yields. The Fed minute from the early May meeting were viewed as more hawkish with the Fed saying that it will take longer than anticipated to gain greater confidence in the inflation fall. Although there were thoughts that the comments
Oil prices fell more than 1% on Wednesday, retreating for a third straight day on expectations that U.S. interest rate cuts might be deferred due to sustained inflation, potentially affecting demand in the world’s largest oil user. The market also slipped as U.S. crude oil and gasoline inventories rose last week, according to market sources
Sterling climbed broadly today after data showed that UK disinflation progress was slower than anticipated, with services inflation remaining persistently high. This development dashed hopes for an imminent rate cut by BoE, causing the odds of a rate cut in June to plummet from around 50% to below 20%. Despite this, the notable declines in
The Marriner S. Eccles Federal Reserve building during a renovation in Washington, DC, US, on Tuesday, Oct. 24, 2023. Valerie Plesch | Bloomberg | Getty Images Federal Reserve officials appear to have “no idea” what is happening when it comes to the inflation picture in the U.S., according to Julian Howard, lead investment director of
Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. U.S. stocks are little changed Wednesday as Wall Street awaits Nvidia’s highly anticipated earnings report after the closing bell. Some investors believe the leading artificial intelligence chip maker’s forthcoming results
The US Dollar trades flat ahead of the release of Nvidia earnings and the Fed Minutes. Volatility around the Greenback could pick up with plenty of economic data points on Thursday. The US Dollar Index trades in a tight range, respecting nearby support and resistance levels. The US Dollar (USD) is drifting as markets await
Fundamental Overview The USD has been generally under pressure since the benign US CPI report last week as the hawkish expectations subsided and the market switched its focus from inflation back to growth. This triggered a positive risk sentiment which is generally negative for the greenback and benefited the other major currencies. The EUR, on