Latest news with #Oanda
The Independent
27-06-2025
- Business
- The Independent
Tariff optimism lifts shares after US-China deal
European blue-chips ended solidly higher on Friday, shaking off robust US data which may have cemented another Federal Reserve hold next month, with tariff optimism lifting morale. The FTSE 100 index closed up 63.31 points, 0.7%, at 8,798.91. The FTSE 250 was up 241.30 points, 1.1%, at 21,715.96, and the AIM All-Share added 2.29 points, 0.3%, at 769.33. For the week, the FTSE 100 added 0.3%, the FTSE 250 surged 2.7% and the AIM All-Share gained 1.3%. Over the course of the whole first half of the year, the FTSE 100 has climbed 7.7%. In European equities on Friday, the CAC 40 in Paris jumped 1.8%, while the DAX 40 in Frankfurt surged 1.6%. The pound was quoted lower at 1.3713 dollars at the time of the London equities close, compared to 1.3733 dollars on Thursday. The euro stood at 1.1717 dollars, higher against 1.1698 dollars. Against the yen, the dollar was trading higher at 144.75 yen compared with 144.48 yen. The yield on the US 10-year Treasury was quoted at 4.27%, narrowing from 4.28%. The yield on the US 30-year Treasury was quoted at 4.82%, narrowing from 4.84%. In New York, the Dow Jones Industrial Average was up 1.0%, while the S&P 500 and Nasdaq Composite each added 0.6%. 'Stock markets this week have been on a frenzy, with Nasdaq leading the US Indices to new all-times on Wednesday and the S&P 500 is joining its tech-focused colleague,' Oanda analyst Elior Manier commented. 'Markets are awaiting and getting a few good news on the US trade deals – the latest is the White House announcing that July 9 is in the end not too important, and Trump mentioning the completion of a deal with China, however the details are still missing.' The analyst added: 'Even the release of PCE data hasn't sparked major volatility. The buying momentum after the de-escalation and ceasefire in the Middle East really has been mind-boggling. Dip buyers have had the hand in the past five years, particularly when bullish catalysts come into play (or bearish catalysts fade away). A three-month recovery took the [S&P 500] back from 4,800 all the way to 6,160 current levels.' The US Federal Reserve's key inflationary gauge, the core personal consumption expenditures price index, was higher than anticipated in May, data published by the Bureau of Economic Analysis showed Friday. Annual core PCE inflation was 2.7% in May, accelerating a notch from 2.6% in April, the latter upwardly revised from 2.5%. Market consensus for May had been 2.6%, according to FXStreet. With core PCE inflation rising, it is unlikely that the Federal Reserve will cut US interest rates before September, much to the chagrin of President Donald Trump, who is pushing for immediate rate cuts. The White House said on Thursday no decision is imminent on naming a successor to Federal Reserve chairman Jerome Powell, after a report suggested the president could do so this summer. 'No decisions are imminent, although the president has the right to change his mind,' a White House official told AFP. 'The president has many good options to nominate as the next Federal Reserve chairman,' the official added. Mr Powell's term as chief of the independent central bank ends in May 2026, and the choice of a successor by this summer or autumn would be sooner than usual. But a Wall Street Journal report late Wednesday said President Trump has considered selecting and unveiling Mr Powell's replacement by September or October. Among the stocks shining across the Atlantic, Nike jumped 15%. The sportswear firm reported a drop in annual profit amid softer revenue and warned of a one billion dollar cost increase in financial 2026 due to new tariffs, which it aims to mitigate through targeted actions across the business. AJ Bell analyst Russ Mould commented: 'The footwear manufacturer has brought back Elliott Hill as CEO to drive a turnaround and investors lapped up his every word on plans to get the business back on track with new sports-focused product lines.' JD Sports rose 7.6%, the athleisure retailer leading the way on the FTSE 100 in a positive read across. 'A healthier Nike playing catch-up with product innovation could stimulate new demand for its products and theoretically JD Sports would benefit as it is a key retailer of Nike shoes,' Mr Mould added. Also on the up in London were stocks with an exposure to China. Among them, luxury fashion firm Burberry added 7.1%. XTB analyst Kathleen Brooks commented: 'The key theme for markets in the next week and a half will be US trade agreements, as July 9 is the deadline for the reciprocal tariff reprieve. There has been some good news on this front. Both China and the US have confirmed that they have agreed a trade framework going forward.' Brent oil was quoted lower at 66.83 dollars a barrel late on Friday afternoon in London from 67.83 dollars late Thursday. Gold fetched 3,273.76 dollars an ounce, lower against 3,322.21 dollars. Weaker gold prices hurt precious metal miners. Hochschild Mining gave back 2.6%. Elsewhere, Next 15 added 15%, recovering some of its 28% slide from Thursday. It confirmed it is in early talks to dispose of some of its brands, a day after it announced a new chief executive and warned on profit. The London-based business growth consultant said it is actively considering options to speed up value creation across its business units and enhancing the delivery of its commercial and strategic objectives. 'The board's primary focus is maximising shareholder value. At this time, there can be no certainty that any agreement will be reached, nor as to the terms of any such agreement, including if sufficient value is not realised. Further updates will be provided as appropriate,' Next 15 said. The biggest risers on the FTSE 100 were JD Sports, up 6.18p at 87.88p, Ashtead Group, up 249.00p at 4,732.00p, Melrose Industries, up 18.60p at 536.00p, Standard Chartered, up 33.00p at 1,219.00p, and IMI, up 50.00p at 2,116.00p. The biggest fallers on the FTSE 100 were Endeavour Mining, down 96.00p at 2,176.00p, Fresnillo, down 63.00p at 1,433.00p, Babcock, down 20.00p at 1,137.00p, BAE Systems, down 25.50p at 1,862.00p, and Coca-Cola Europacific Partners, down 70.00p at 6,640.00p. Monday's economic calendar has UK GDP data at 7am and a German inflation reading at 1pm. The week picks up pace with eurozone consumer price data and a host of PMI readings on Tuesday. US nonfarm payrolls will be the main event on Thursday, before markets in New York closed for Independence Day on Friday. On the UK corporate front, grocer Sainsbury's releases a trading statement on Tuesday. Contributed by Alliance News.
Business Times
20-06-2025
- Business
- Business Times
Gold heads for weekly fall as fewer Fed rate cut prospects weigh
GOLD prices fell on Friday and were on track for a weekly decline, as an overall stronger dollar and the prospect of fewer US interest rate cuts offset support from rising geopolitical risks in the Middle East. Spot gold slipped 0.5 per cent to US$3,355.49 an ounce, as of 0245 GMT, and was down 2.2 per cent for the week so far. US gold futures shed 1 per cent to US$3,371.80. 'Right now there's a lot of fluid situation in the Middle East that causes traders not to take any aggressive position both on the long side and the short side of the trades of the spectrum,' said Kelvin Wong, a senior market analyst, Asia Pacific at Oanda. The conflict in the Middle East intensified on Thursday when Israel bombed Iran's nuclear sites, while Iran fired missile and drone strikes on Israel, including an overnight attack on an Israeli hospital. Neither side has signalled an exit strategy. President Donald Trump will decide in the next two weeks whether the US will get involved in the Israel-Iran air war, the White House said on Thursday, raising pressure on Tehran to come to the negotiating table. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Meanwhile, Trump reiterated his calls for the Federal Reserve to cut interest rates, saying the rates should be 2.5 percentage points lower. The Fed held rates steady on Wednesday, and policymakers retained projections for two quarter-point rate cuts this year. 'Macroeconomic developments, particularly steady yields and renewed USD strength, have not supported the (gold) price,' analysts at ANZ said in a note. 'Rising inflation expectations and the Fed's cautious stance have weighed on market expectations around the number of rate cuts this year.' The dollar was set to log its biggest weekly rise in over a month on Friday. A stronger greenback makes gold more expensive for other currency holders. Elsewhere, spot silver slipped 1.6 per cent to US$35.82 per ounce, while palladium fell 0.7 per cent to US$1,042.92. Platinum fell 1.5 per cent to US$1,287.47, but was heading for its third straight weekly rise. REUTERS
Khaleej Times
16-06-2025
- Business
- Khaleej Times
UAE gold prices trade high on Monday, likely to impact jewellery demand
Gold prices in UAE dipped slightly as markets opened on Monday morning, but trading close to a two-month high due to the Israel-Iran war. The Dubai Jewellery Group data showed 24K trading at Dh413.0 per gram on Monday morning, down from Dh413.5 at the close of the markets on the weekend. Among the other variants, 22K, 21K and 18K were trading at Dh382.75, Dh367.0 and Dh314.5 per gram, respectively. Spot gold was trading at $3,418.76 per ounce down 0.43 per cent. Higher gold prices could dent the demand for gold and jewellery in the UAE ahead of the travel season during summer break. Many jewellers in Dubai see demand picking up as residents travel to their home countries during the summer vacations. Analysts expect the gold prices will remain high due to geopolitical tension in the Middle East region. 'It's the joint political risk premium that's rising due to the Iran-Israel conflict at this point that is boosted safe-haven demand for gold. We have a clear break above $3,400 right now and the short-term uptrend is intact. We are seeing a resistance level at $3,500 and with the possibility of breaking new high above the $3,500 level,' said Kelvin Wong, a senior market analyst, Asia Pacific at Oanda
Yahoo
30-05-2025
- Business
- Yahoo
Gold Falls as Traders Await US Data for Clues on Tariff Impacts
(Bloomberg) -- Gold fell, putting it on track for an almost 2% weekly loss, amid a technical pullback in prices ahead of key US economic data. NYC Congestion Toll Brings In $216 Million in First Four Months The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NY Wins Order Against US Funding Freeze in Congestion Fight Why Arid Cities Should Stick Together The precious metal fell as much as 0.8% on Friday, as investors awaited the US personal consumption expenditures price index — the Federal Reserve's preferred inflation metric due later today. Markets will be assessing the report, which will offer an insight into real consumer spending and wage growth in April, for clues on how President Donald Trump's global trade war has impacted the economy. The selloff was also driven by technical factors ahead of the data release, according to Kelvin Wong, senior analyst at Oanda Asia Pacific Pte. 'The price action in gold has twice failed to break above the key near-term resistance level of $3,328 — both in the US session yesterday and again early in the Asian session today,' he said. Still, despite the declines this week, bullion's haven appeal remains intact as markets were once again rattled by uncertainties surrounding Trump's tariff agenda, after a federal appeals court on Thursday gave Trump a temporary reprieve from a ruling threatening to throw out the bulk of his planned levies. Tensions with China also resurfaced this week, with US Treasury Secretary Scott Bessent characterizing trade talks with Beijing as 'a bit stalled.' Earlier in the week, the White House announced it would start revoking Chinese student visas, while also introducing new restrictions on the sales of chip design software — prompting an angry rebuke from Beijing. All that is likely to reinforce the haven appeal of gold, which Goldman Sachs Group Inc. said this week would remain a hedge against inflation in long-term portfolios along with crude. Spot gold was down 0.5% to $3,300 an ounce as of 1:40 p.m. in Singapore. The Bloomberg Dollar Spot Index edged up, after fluctuating in the previous session. Silver, palladium and platinum all declined. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Inside the First Stargate AI Data Center How Coach Handbags Became a Gen Z Status Symbol ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The National
03-04-2025
- Business
- The National
Oil and stock markets plunge after Trump's tariffs rattle investors
Oil and global stocks dropped on Thursday, as markets were rattled by US President Donald Trump's sweeping tariffs announced on Wednesday, expected to upend global trade. Brent, the benchmark for two thirds of the world's oil, was down 2.24 per cent at $73.27 a barrel at 7.15am UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was 2.43 per cent lower at $69.97 a barrel. Asian stocks also fell sharply on Monday, with Japan's Nikkei 225 index plunging by about 4.6 per cent in early trading to hit its lowest in about eight months, before recovering slightly later in the day. Mr Trump announced a higher-than-anticipated 24 per cent tariff on Japanese goods. Meanwhile, South Korea's benchmark Kospi index was also down about 1.08 per cent, Hong Kong's Hang Seng index was 1.64 per cent lower, the Shanghai Composite index was 0.36 per cent lower at 7.25am UAE time. US stock futures were also down on Thursday, with the S&P 500 and the Nasdaq futures down 2.77 per cent and 3.3 per cent, respectively. 'Companies that make up the S&P 500 generate about 40 per cent of their revenue outside of the United States. This leaves Wall Street exposed to potential trade wars that hamper the free flow of goods and services,' said Zain Vawda, market analyst at Oanda. 'S&P 500 technology companies such as Apple, Microsoft and Nvidia rely on non-US markets for over half their sales. Given the poor performance by some of them so far in 2025, caution appears to be the only game in town.' Mr Trump announced sweeping tariffs on US trading partners on Wednesday, as world leaders prepared to impose retaliatory actions, setting the stage for possible trade wars that could affect global economic growth. The minimum 10 per cent tariffs on all imports were established through an executive order with Mr Trump saying the action will be imposed on 'friend and foe alike' because, 'in many cases, the friend is worse than the foe in terms of trade'. China and Vietnam were the targets of some of the harshest tariffs, at 34 per cent and 46 per cent. India will be hit with a 26 per cent tariff while the EU will receive a 20 per cent levy. Pakistan (29 per cent), Israel (17 per cent) and the UK (10 per cent) were also on a list of more than a dozen countries hit by the tariffs. Mr Trump also announced a minimum baseline tariff of 10 per cent for remaining countries, with rates going even higher for countries deemed the 'worst offenders'.
