Market Update

The Australian dollar experienced a significant decline on Tuesday due to the Reserve Bank of Australia’s decision to keep its key interest rate unchanged at 4.10% at its August meeting. This decision was surprising as higher interest rates tend to strengthen a currency by attracting more foreign capital. The release …

The S&P 500’s 16-month high has lost momentum due to disappointing earnings from several companies. Traders also waded through mixed data on job openings, with JetBlue Airways retreating after slashing its full-year profit forecast and saying it would earn less than analysts expected this quarter. Cruise operators fell as Norwegian …

Japanese automaker Toyota said it nearly doubled its operating profit in the first quarter of its fiscal year, helped by higher sales and production as well as a weaker yen. The company said in a statement announcing its results: “Sales increased in all regions around the world compared to the …

British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices. The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. …

The unemployment rate in the euro area stabilized at 6.4%, contrary to expectations that it would rise to 6.5% in June, compared to 6.7% in the same period of 2022. The number of unemployed fell by 62,000 from the previous month to 10.814 million. Meanwhile, the youth unemployment rate, which …

The World Gold Council said that global demand for the precious metal, excluding stock exchange trading, fell 2% on an annual basis to 920.7 tons in the second quarter of 2023, with slowing central bank purchases and continued weak consumption of the technology sector. However, he added in his quarterly …

European stocks fell at the open on Tuesday as weak factory activity data in Asia and some disappointing corporate earnings halted a rally that pushed several regional indices to multi-year highs. The pan-European Stoxx 600 index was down 0.1 percent by 0714 GMT, with the mining and real estate sectors …

Gold prices fell on Tuesday in light of the rise in the US dollar and as investors await the release of important economic data this week in search of clues about how long it can continue to raise interest rates to curb inflation. The spot gold price fell 0.1 percent …

The Japanese yen fell again to a three-week low on Tuesday as traders assessed moves announced last week by the Bank of Japan to adjust its yield curve control policy, while the Australian dollar fell ahead of the Reserve Bank of Australia’s interest rate decision. The yen has been on …

Oil prices changed little on Tuesday and remained hovering near a three-month high reached on Monday amid signs of declining global supplies due to production cuts by producing countries and strong demand in the world’s top fuel consumer, the United States. By 0135 GMT, Brent crude futures were at $85.30 …