This week, senior American trade officials will meet with China’s Minister of Commerce Wang Wentao in the US. The meetings will be another attempt by the two largest economies in the world to warm chilly bilateral relations. Beijing said on Thursday that Wang Wentao plans to use his trip to …
Read More »Q1 Earnings Season Highlights: Top 5
Despite fears of an economic slowdown or recession, Wall Street’s first-quarter earnings season provided a ray of hope, as the results largely suggested that things may not be as bad as previously anticipated. The data are in, and they reflect a narrative of resilience, with over 95% of S&P 500 …
Read More »Yellen’s remarks cause US stocks to decline
After Treasury Secretary Janet Yellen reiterated that if an agreement to raise the US debt ceiling is not reached, the United States will go into default on its debt and could not pay for federal bills in early June, US equities fell even lower on Wednesday. 231 points, or 0.7%, …
Read More »Saudi minister warns oil short-sellers ahead of OPEC meeting
Saudi Arabia’s energy minister has cautioned oil speculators to “be careful” ahead of the latest OPEC+ meeting, after the group decided to cut output in early April. “I would just tell them to watch out,” Prince Abdulaziz bin Salman remarked on Tuesday, implying that those wagering against oil price hikes …
Read More »Wall Street mixed as investors focus on debt ceiling talks
Wall Street closed mixed on Monday, with the Nasdaq helped by gains in Alphabet and Meta Platforms, while the S&P 500 ended near flat as investors refrained from big bets ahead of a fresh round of talks about raising the U.S. debt ceiling.President Joe Biden and top congressional Republican Kevin …
Read More »Dollar steady as debt ceiling talks to resume
The dollar was generally stable on Monday, with US debt ceiling talks due to restart and Federal Reserve Chair Jerome Powell signalling his preference for a meeting-by-meeting approach to future policy decisions. To begin the week, the dollar was little changed at 137.975 yen, having ended a six-day winning streak …
Read More »Financial Markets’ Weekly Recap, May 15-19
After last week’s stalemate, US president Biden on Sunday said he believes he has the authority to use the 14th Amendment to unilaterally address the debt ceiling, but acknowledged potential legal challenges could still lead to default. He said he is looking at the 14th Amendment as to whether or …
Read More »Crude oil prices retreats on debt ceiling stalemate
After Republicans boycotted talks with President Biden over raising the debt ceiling, the price of oil reversed gains and fell on Friday. The US Dollar falls as demand for safe-haven assets declines as concerns over the debt ceiling ease; oil is primarily priced in USD. After House Speaker McCarthy left …
Read More »Updates: Will Biden, McCarthy reach a deal on debt ceiling?
On Thursday, Speaker Kevin McCarthy voiced optimism that negotiators have a structure now and are working two or three times a day. DeSantis suggests only he could beat Biden ahead of the expected 2024 launch. McCarthy also praised Biden’s picks to lead the talks – a move by the White …
Read More »After sliding $100, could gold touch fresh highs?
At the time of writing, the price of gold ranges between $1983.20 to $1983.65 per ounce. According to analysts who are long active gold at $1994/oz, the market selloff in gold is almost over, and prices will next reach new all-time highs as they anticipate imminent selling exhaustion in precious …
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