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Zawya
24 minutes ago
- Zawya
Gold hovers near two‑week high on rising Fed rate cut bets
Gold slipped on Tuesday due to an uptick in the dollar, though prices remained near a two-week high on growing expectations of a U.S. rate cut in September. Spot gold was down 0.2% at $3,365.45 per ounce, by 0919 GMT. Bullion hit its highest since July 24 on Monday at $3,385.29. U.S. gold futures were unchanged at $3,423.20. The dollar index rose 0.2% from a one-week low hit earlier in the session, reducing gold's appeal to other currency holders. U.S. data on Friday showed employment growth in the United States slowed more than anticipated in July, with payroll revisions for May and June slashing a hefty 258,000 jobs from previous tallies. The CME FedWatch tool now puts the odds of a September cut at nearly 88%, up from 63% a week earlier, with markets largely pricing in at least two quarter-point reductions this year. "What gold needs to move higher from here is probably (another) weaker U.S. economic data... The other item gold is watching is who U.S. President Trump names as next Fed Governor, potentially the successor of Federal Reserve chairman Jerome Powell," said UBS commodity analyst Giovanni Staunovo. Trump's dismissal of the labour statistics chief following the weak payrolls report, coupled with news that he will appoint a new Fed governor, added to uncertainty. Trump also threatened to lift tariffs on Indian goods beyond last month's 25% hike, citing India's continued purchases of Russian oil. Gold, long seen as a safe haven in times of political and economic uncertainty, typically performs well in a low-interest-rate environment. "I still do not see traders pushing up aggressively above the $3,450 level unless we have a very clear catalyst," OANDA senior market analyst, Kelvin Wong, said. Elsewhere, spot silver rose 0.2% to $37.46 per ounce, platinum lost 1.3% to $1,312.30 and palladium shed 1.6% to $1,187.04. South Africa-based miner Sibanye-Stillwater has asked the United States to consider imposing a tariff on Russian palladium imports to support the long-term viability of U.S. supplies.
Economy ME
2 hours ago
- Economy ME
AI surge fuels global dealmaking to $2.6 trillion in H1 2025, highest level since pandemic peak
Global dealmaking has reached $2.6 trillion, marking the highest level for the first seven months of the year since the peak during the 2021 pandemic era. This surge is driven by a quest for growth in corporate boardrooms and the notable impact of increased AI activity, which has managed to overcome the uncertainty created by U.S. tariffs. As of August 1, the number of transactions is 16 percent lower than at the same time last year, yet their value is 28 percent higher, according to Reuters, which cited data from U.K.-based financial services firm Dealogic. The report indicates that transactions will be bolstered by U.S. megadeals valued at over $10 billion. Among these are Union Pacific Corp's proposed $85 billion acquisition of smaller rival Norfolk Southern and OpenAI's $40 billion funding round led by Softbank Group. This upsurge will provide relief to bankers who began the year anticipating that the administration of U.S. President Donald Trump would initiate a wave of consolidation. However, his trade tariffs and geopolitical uncertainties caused companies to pause until renewed confidence within corporate boardrooms and the U.S. administration's anti-trust agenda shifted the overall mood. Shift from healthcare to tech sector in M&A In comparison to August 2021, when investors rebounding from pandemic lockdowns drove the value of deals to $3.57 trillion, this year's total is nearly $1 trillion, or 27 percent, lower. Nonetheless, dealmakers at JP Morgan Chase have expressed optimism, stating that more significant deals are on the horizon as executives adapt to ongoing volatility. While the healthcare sector led M&A activity in the years following the pandemic, the computer and electronics industry has generated more takeover bids in the U.S. and the United Kingdom over the past two years, according to Dealogic. Artificial intelligence is anticipated to further drive dealmaking. M&A activity has notably increased around data center usage, exemplified by Samsung's $1.7 billion acquisition of Germany's FlaktGroup, a specialist in data center cooling. The U.S. has emerged as the largest market for M&A, accounting for over half of global activity. Meanwhile, Asia Pacific's dealmaking has doubled compared to the same period last year, outpacing the EMEA region. Read more: M&A in MENA hits $115.5 billion in H1 2025, up 149 percent YoY Growth in high-value transactions Similarly, According to PwC's 2025 mid-year M&A industry trends report , global M&A volumes declined 9 percent in the first half of 2025 compared to the first half of 2024, but deal values increased by 15 percent, reflecting a clear shift towards larger deals. This report highlights that deals over $1 billion rose by 19 percent and those over $5 billion increased 16 percent year-over-year. The Americas dominated global M&A with $908 billion deal value, representing 61 percent of the global total in H1 2025. Notably, domestic investments in the Americas grew, with 91 percent of capital staying within the region. Asia Pacific buyers notably more than doubled their investments into the Americas, while EMEA buyers slightly decreased overall deal values but increased acquisitions in the Americas and Asia Pacific. Sectors leading megadeal activity include technology, banking and capital markets, and power and utilities (PwC).
Al Etihad
2 hours ago
- Al Etihad
Oil giant BP surprises with better than expected earnings
5 Aug 2025 14:00 LONDON (AFP)Oil giant BP, which recently pivoted away from green energy, posted Tuesday better-than-expected quarterly earnings and announced a fresh review of British group's return to profit in the second quarter contrasted with weaker results from energy rivals, as lower exceptional charges offset falling oil after tax came in at $1.63 billion in the April-June period, compared with a net loss of $129 million in the second quarter of 2024, BP said in an earnings out exceptional items, underlying net profit was down nearly 15 percent."This has been another strong quarter for BP operationally and strategically," chief executive Murray Auchincloss said in the earnings on Monday said it made its biggest oil and gas discovery in 25 years off the coast of February, BP launched a major pivot back to its more profitable oil and gas business, shelving its once industry-leading targets on reducing carbon emissions and slashing clean energy energy prices have come under pressure in recent months on concerns that US President Donald Trump's tariffs will hurt economic growth, while OPEC+ nations have produced more managed to post a profit for the second quarter thanks to impairments which were lower than one year earlier, along with a revaluation of assets -- notably in relation to liquefied natural gas (LNG) -- and divestments. Sector Woes By contrast, US rivals ExxonMobil and Chevron, along with French group TotalEnergies, posted heavy falls to their net profits in the second did oil giant Saudi Aramco, which on Tuesday announced its 10th straight drop in quarterly profits as a slump in prices hit average price for Brent North Sea crude, the international benchmark, stood at $67.9 per barrel in the second quarter, down from $85 one year rival Shell still managed to post a slight increase to its profit after tax for the latest reporting in BP gained 2.2 percent in London morning deals following its results and news of a fresh dividend and share already announced plans this year to cut cleaner energy investment by more than $5 billion annually and offload assets worth a total of $20 billion by 2027. It recently agreed to sell its onshore wind energy business in the United States, while Shell has also scaled back its climate objectives.
