Market Update

St. Louis Federal Reserve Bank President James Bullard said on Thursday that the Federal Reserve is having to raise rates pretty rapidly to get to a minimally appropriate level to tackle inflation, as reported by Reuters.The greenback stays on the backfoot after these comments and the US Dollar Index was …

The US economy contracted at an annualized rate of 0.6% in the second quarter, the US Bureau of Economic Analysis’ (BEA) third and final estimate showed on Thursday. This reading came in line with the market expectation and the previous estimate. GDP, the standard economic growth measure, is the value …

As measured by the Consumer Price Index (CPI), annual inflation in Germany climbed to 10% in September from 7.9% in August, Germany’s Destatis reported on Thursday. This reading came in higher than the market expectation of 9.4. Meanwhile, the Harmonised Index of Consumer Prices (HICP), the European Central Bank’s (ECB) …

Gold prices fell one percent on Thursday, with the dollar rebounding after a brief decline in the previous session, while an imminent and expected interest rate hike was still hampering the precious metal’s rise. By 0935 GMT, spot gold fell 0.8 percent to $1,646.97 an ounce, after recording its best …

The British pound and the euro fell on Thursday, while the dollar rose as the relief over the Bank of England’s intervention in the bond markets faded. Investors are awaiting German inflation data. On Wednesday, the British currency jumped to its highest level since mid-June after the Bank of England …

European shares tumbled on Thursday, with some companies, including Sweden’s H&M, warning of the repercussions of rising inflation and costs on their activities, negatively affecting sentiment before releasing highly anticipated German inflation data. The pan-European Stoxx 600 index was down 1.7 percent by 0759 GMT after it failed to follow …

Three sources told Reuters that major producers in the OPEC + alliance have started discussions on reducing oil production at the next meeting of the alliance scheduled for October 5. A source in the Organization of the Petroleum Exporting Countries (OPEC) told Reuters that the cut was “highly expected”, while …

Oil prices fell on Thursday after rising more than $3 in the previous session, as a stronger dollar curbed demand for oil and worries about a faltering global economic outlook weighed on market sentiment. Brent crude futures fell 91 cents, or 1%, to $88.41 a barrel by 0629 GMT, while …

A Swedish Coast Guard spokeswoman said the coast guard discovered a fourth gas leak from the Nord Stream pipeline earlier this week. The European Union suspects that there is an act of sabotage behind the gas leakage from Russian pipelines that extend under the sea to Europe and has promised …

Gold prices soared, and XAUUSD trades at $1,660 per troy ounce, its highest for the week. Crude oil prices recovered, and WTI settled at $82.00 a barrel. The US dollar pushed its rally throughout the first half of the trading day but changed its direction dramatically after Wall Street’s opening. …