British Prime Minister Rishi Sunak is set to announce a funding commitment of £1.6 billion (approximately $2 billion) during the United Nations Climate Change Conference (COP28) summit on Friday. The announcement aims to underscore the UK’s commitment to climate change mitigation efforts after easing some measures to achieve emission reduction …
Read More »European stocks rise ahead of the release of economic data
European stocks rose as investors were optimistic about growing expectations of interest rate cuts as inflation declines, while awaiting the release of more economic data and comments from Federal Reserve Chairman Jerome Powell on Friday. The STOXX 600 index rose 0.5 percent by 0810 GMT amid a broad rally following …
Read More »Nikkei records its first weekly decline in 5 weeks, under pressure from technology stocks
Japan’s Nikkei index fell at the close on Friday, also recording its first weekly decline in five weeks, with technology companies’ shares falling due to a rise in bond yields following economic data that provided additional evidence that the US central bank may end raising interest rates. The Nikkei ended …
Read More »Oil prices continue to decline after lower-than-expected cuts in OPEC+ production
Oil prices fell in early Asian trading on Friday, continuing the losses that began after producers in the OPEC+ alliance agreed to voluntary reductions in oil production in the first quarter of next year, which were reductions that fell below market expectations. Brent crude futures for February fell 14 cents, …
Read More »Gold is heading for gains for the third week
Gold prices are heading for a third straight week of gains on Friday after data showing a slowdown in inflation reinforced bets on a cut in interest rates in the United States, while traders await comments from Federal Reserve Chairman Jerome Powell later on Friday. Gold rose in spot transactions …
Read More »US dollar rises after key data, ahead of Powell’s speech
The Dollar Index has seen a positive pace, trading with gains of 0.60% near the 103.50 area. The Fed is not ruling out further policy tightening, hinting at a moderately hawkish stance. This is due to officials balancing the costs of doing too little and doing too much, as economic …
Read More »Gold still above $2035, but with losses
The XAU/USD is trading around $2035 with a 0.40% loss, following the release of the US’s October Personal Consumption Expenditures (PCE) figures. The figures aligned with expectations, reinforcing the Federal Reserve’s stance on inflation. The headline figure dropped to 3% YoY, while the core measure increased to 3.5% YoY. The …
Read More »Euro nosedives following France’s Q3 contraction
The final GDP for France’s third quarter fell by 0.1% from the preliminary estimate, and the euro is currently trading at 1.0893. The preliminary CPI for France in November was +3.4%, suggesting that rate cuts in the Eurozone might occur sooner rather than later. This is because the economy is …
Read More »Crude oil declines following voluntary output cuts by OPEC+
The OPEC+ coalition, led by Saudi Arabia and Russia, has announced plans for a 1 million barrel cut to daily production, along with an extension of an earlier cut of equal size.Oil prices fell after rising by over 1% earlier in the session after OPEC+ oil producers agreed to voluntary …
Read More »Dow closes a strong November rally, rises to a new high for 2023
The Dow Jones Industrial Average has celebrated its best month since October 2022 on Thursday, when gain has hit a new high for the year thanks to Salesforce’s earnings and declining inflation data. The Dow of 30 stocks rose 291 points, or almost 0.8%, above its previous peak set in …
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