Recovery in oil imports could provide some comfort to the oil market. However, the most recent economic data out of China continues to be a concern for the market and could result in lower demand for crude and other commodities and slower-than-expected global oil demand growth this year. The weaker-than-expected …
Read More »Ethereum Layer 2 tokens stir unexpected crypto optimism
Arbitrum and ImmutableX started price rallies in response to the SEC’s regulatory crackdown. Optimism completed its Bedrock hard fork earlier today, reducing the Layer 2 solution’s gas fees by 40%. OP, ARB and IMX prices yielded between 3% and 6% gains for holders since Tuesday. In other words, while mainstream …
Read More »US stocks slide after recording biggest midday moves
On Wednesday, US stocks experienced a decline due to a shift away from technology stocks that negatively impacted the Nasdaq. Additionally, profit-taking ahead of key economic and policy events next week caused the S&P 500 to slide. The Dow Jones Industrial Average surged 71.82 points, or 0.21%, to 33,645.1, the …
Read More »UK Energy Investments At Risk Ahead Of Elections
According to a recent report, some $30bn (£24.2bn) of investment in new UK energy projects is at risk if Labour wins the next election. The report suggests that a Labour government could send a signal to investors that the UK is not a secure destination for new energy projects, deterring …
Read More »RBA Hope of No Recession Doubted On Crashing Yield Curve
Australia’s bond market is showing serious concern the central bank will push the country into a recession. The Australian key yield curve shrank to 13 basis points on Wednesday after data showed the economy slowed more than expected last quarter, while accelerating labor costs underlined the nation’s inflation challenge.The key …
Read More »Gold slides on surging US T-yields, global economic woes
Gold prices decline, hindered by rising US bond yields and the greenback’s resilience; XAU/USD is down 0.50%. Gloomy global economic outlook impacts sentiment, with disappointing export data from China and broadened US trade deficit.The US dollar gains momentum as the US Dollar Index (DXY) pares earlier losses, adding pressure on …
Read More »EUR/USD jumps on hawkish ECB remarks, US trade deficit reading
The EUR/USD pair buoyed by hawkish ECB commentary bounces off 200-day EMA as Fed June rate hike expectations fade. The US trade deficit widens significantly to $-74.6B, driven by a decline in exports and a rise in imports. Rate hikes by BoC and RBA influence US Treasury bond yields, signaling …
Read More »BoC Preview: Forecasts from four major banks
The Bank of Canada (BoC) is scheduled to publish its Interest Rate Decision on Wednesday, June 7 at 14:00 GMT, and as the day approaches, here are the forecasts of four major banks’ economists and academics on the impending announcement. The Bank of Canada is likely to hold interest rates …
Read More »High oil prices, supported by Saudi pledges to cut production
Oil prices rose on Wednesday, supported by Saudi Arabia’s surprise pledges this week to cut production further, which offset the impact of weak Chinese data and an increase in US fuel inventories. Brent crude futures rose 36 cents, or 0.5 percent, to $76.65 a barrel by 0949 GMT. West Texas …
Read More »Turkish lira plunged 7%, amid the largest selling since the 2021 crisis
The Turkish lira plunged 7 percent on Wednesday to a new record high amid the biggest sell-off in the currency since its historic collapse in 2021, as the new Turkish government appeared to ease stabilization measures after hinting at a shift to more traditional policies. The lira has been under …
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