Euro zone yields mixed, focus on US Treasuries, economic data
==========

Euro zone borrowing costs mixed on November 18, 2024; US Treasury yields near recent highs; weak economic outlook affects European Central Bank policy expectations; markets await euro area negotiated wages data on November 20 and PMIs on November 22; analysts predict unchanged US yields amid expectations of a Republican 'red sweep' with Donald Trump as president; Germany's 2-year yield rose to 2.13%, while 10-year yield fell to 2.34%; Italy's 10-year yield dropped to 3.54%; ECB deposit facility rate projected at 1.9% in July; current account surplus in Pakistan recorded at $349 million in October 2024.

#EuroZone #UsTreasuries #EconomicData #Ecb #Yields #Pakistan #CurrentAccount #Trump #Inflation #BondMarket

https://www.brecorder.com/news/40333092/euro-zone-yields-mixed-focus-on-us-treasuries-economic-data


A Trump presidency won’t fare well for Pakistan. Here’s why
==========

Osama Rizvi argues that a second Trump presidency could worsen inflationary pressures globally, negatively impacting Pakistan's import-dependent economy; Trump's policies may lead to increased economic sanctions and military conflicts in the Middle East, affecting oil prices; Pakistan imports nearly 85% of its energy, making it vulnerable to price increases; Trump's economic policies, including tariffs and immigration restrictions, could reignite inflation, worsening Pakistan's trade deficit of approximately $25 billion; the upcoming Federal Reserve meeting on November 7, 2024, is crucial for Pakistan's economic outlook, as high US interest rates could strengthen the dollar and increase debt-servicing costs; food inflation in Pakistan was around 38% in 2024, and a depreciating rupee could exacerbate this issue; Rizvi emphasizes the need for Pakistan to strengthen its economy internally rather than relying on foreign leaders.

#Trump #Pakistan #Economy #Inflation #UsElections #MiddleEast #OilPrices #FederalReserve #TradeDeficit #ImranKhan

https://www.brecorder.com/news/40330599/a-trump-presidency-wont-fare-well-for-pakistan-heres-why


Intra-day update: rupee remains largely stable against US dollar
==========

Pakistani rupee appreciated 0.02% to 277.63 PKR against USD at 9:50am on October 29, 2024; previous close was 277.68 PKR; US dollar index at 104.28; Brent crude futures at $71.86 per barrel; US dollar expected to gain 3.5% this month; upcoming US economic data releases could impact Federal Reserve policy; Donald Trump leads in election polls.

#Currency #Rupee #UsDollar #Economy #Pakistan #InterbankMarket #OilPrices #FederalReserve #EconomicData #BrentCrude

https://www.brecorder.com/news/40329522/intra-day-update-rupee-remains-largely-stable-against-us-dollar


China’s yuan falls to 2-month low as dollar gains on US election bets
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China's yuan fell to a two-month low at 7.1367 per dollar on Oct 29, 2024; the dollar is near a 3-month high supported by strong US economic data and bets on Donald Trump's potential return in the Nov. 5 election; the yuan is down 1.6% this month; Maybank analysts noted the yuan's decline is linked to rising US treasury yields; optimism exists for Chinese fiscal stimulus ahead of a key leadership meeting; the People's Bank of China set the midpoint rate at 7.1283 per dollar.

#China #Yuan #Dollar #UsElection #Economy #Trump #FiscalStimulus #TreasuryYields #Pboc #FinancialMarkets

https://www.brecorder.com/news/40329521/chinas-yuan-falls-to-2-month-low-as-dollar-gains-on-us-election-bets


Intra-day update: rupee remains stable against US dollar
==========

Pakistani rupee stable at 277-278 PKR against USD; appreciated 0.01% to 277.60 PKR at 10:30am on Oct 28, 2024; previous week saw a marginal depreciation of Re0.03; US dollar index rose 3.6% to 104.49 in October; Brent crude fell to $72.70, WTI to $68.51 after geopolitical tensions eased; China's industrial profits dropped 27.1% year-on-year in September.

#PakistaniRupee #UsDollar #CurrencyExchange #EconomicUpdate #OilPrices #ChinaEconomy #GeopoliticalTensions #MarketAnalysis #InterbankRates #FinancialNews

https://www.brecorder.com/news/40329364/intra-day-update-rupee-remains-stable-against-us-dollar


Diversifying portfolio in Pakistan: Minister vows support to ITFC
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Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, assured full support to Islamic Trade Finance Corporation (ITFC) for diversifying its portfolio in Pakistan; ITFC plans to provide USD 3 billion for commodity financing over three years and immediate USD 269 million through direct financing and syndication; Minister attended a roundtable with institutional investors organized by Jefferies International, highlighting positive economic indicators from the successful Stand-By Arrangement (SBA); emphasized reforms to increase tax-to-GDP ratio, reduce energy sector losses, and improve governance of State-Owned Enterprises (SOEs); met with IMF officials to discuss social protection measures and climate resilience financing; acknowledged Pak-US economic partnership and invited US investments in agriculture, IT, energy, and minerals; reported credit rating upgrades by Fitch and Moody’s; developing a Sustainable Finance Framework (SFF) for green capital market access.

#Pakistan #Itfc #Finance #EconomicReforms #Investment #Imf #Sba #ClimateResilience #UsPartnership #CommodityFinancing

https://www.brecorder.com/news/40328937/diversifying-portfolio-in-pakistan-minister-vows-support-to-itfc


Dollar jumps to 11-week high
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The dollar reached an 11-week high on October 18, 2024, following a 0.4% increase in US retail sales for September, surpassing the expected 0.3% rise. The dollar index rose 0.16% to 103.70, peaking at 103.87. The euro fell to $1.0834, and the yen weakened to 149.76 per dollar. Fed Chair Jerome Powell indicated a less dovish stance on rate cuts, with traders now anticipating 44 basis points of cuts by year-end. Analysts predict a Trump administration could introduce tax cuts and tariffs, impacting the dollar's strength. Matthew Landon from J.P. Morgan noted the euro's vulnerability amid a weak economic outlook in Europe.

#Dollar #RetailSales #FederalReserve #Ecb #Trump #Economy #Forex #Currency #MarketAnalysis #FinancialNews

https://www.brecorder.com/news/40327688/dollar-jumps-to-11-week-high


Aurangzeb discusses economic reforms, climate resilience with US envoy
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Finance Minister Muhammad Aurangzeb met US Ambassador Donald Blome on October 17, 2024, discussing Pakistan's macroeconomic reforms as a 'work in progress'; Aurangzeb highlighted challenges of climate change and child stunting affecting economic growth; he aims to raise the tax-to-GDP ratio to 13.5% through reforms; the government approved a transformation plan for the Federal Board of Revenue; Blome praised Pakistan's efforts in macroeconomic stability and committed to enhancing bilateral cooperation.

#Pakistan #EconomicReforms #ClimateResilience #UsRelations #FinanceMinister #DonaldBlome #MuhammadAurangzeb #Taxation #BilateralCooperation #ChildStunting

https://www.brecorder.com/news/40327609/aurangzeb-discusses-economic-reforms-climate-resilience-with-us-envoy


Intra-day update: rupee inches up against US dollar
==========

Pakistani rupee appreciates 0.07% against US dollar; trading at 277.65 PKR at 11am on October 17, 2024; previous day's closing at 277.84 PKR; US dollar near 11-week high due to US economic resilience; dollar index steady at 103.51; Brent crude futures rise to $74.39; US WTI at $70.58; oil prices influenced by Middle East developments and US inventory data.

#Currency #ExchangeRate #Pakistan #UsDollar #Economy #OilPrices #BrentCrude #Kse #FinancialMarkets #InterbankMarket

https://www.brecorder.com/news/40327587


Wall St Week Ahead: Health of US consumer in focus as earnings season heats up
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The health of the US consumer is under scrutiny as earnings season begins; investors are looking for corporate earnings reports and retail sales data to confirm economic resilience; the S&P 500 is on track for its fifth consecutive weekly gain, rising over 21% this year; a strong jobs report earlier this month indicates solid economic growth; earnings from American Express, Netflix, United Airlines, Procter & Gamble, and major banks will provide insights into consumer spending; retail sales data is due on Oct. 17; Goldman Sachs reduced recession odds to 15%; Citigroup Economic Surprise Index turned positive; concerns remain over consumer spending due to layoffs and natural disasters; upcoming earnings from Bank of America and Citigroup will further inform the market.

#UsEconomy #ConsumerSpending #EarningsSeason #S&p500 #RetailSales #GoldmanSachs #EconomicData #StockMarket #FinancialNews #InvestorInsights

https://www.brecorder.com/news/40326913/wall-st-week-ahead-health-of-us-consumer-in-focus-as-earnings-season-heats-up


Japan leads Asia stock rally, dollar gains after blowout US payrolls
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Asian stocks rallied on October 7, 2024, led by Japan's Nikkei which rose 2%; US labor data showed 336,000 jobs added in September, the most in six months; US dollar reached a seven-week peak at 149.10 yen; short-term US Treasury yields increased; bets for a 50-basis-point rate cut by the Federal Reserve were erased, with 95% odds now on a quarter-point cut; crude oil prices eased after reaching a one-month peak; Kyle Rodda from Capital.com noted market focus on economic growth and future earnings.

#Asia #Stocks #Dollar #UsPayrolls #EconomicData #Nikkei #TreasuryYields #CrudeOil #MarketAnalysis #FederalReserve

https://www.brecorder.com/news/40325875


Asian currencies slip after US jobs data, Malaysian ringgit hits three-week low
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Most Asian currencies fell on October 7, 2024, following a stronger-than-expected US jobs report that indicated a resilient economy, leading to reduced expectations for Federal Reserve rate cuts and a stronger US dollar; the Malaysian ringgit dropped 1.4%, its lowest since mid-September, while the Indonesian rupiah fell 1.3%, reaching lows not seen since mid-August; the MSCI gauge of emerging market currencies decreased by 0.4%; Asian equities, however, gained, with Manila stocks rising 1.8%, marking their highest level in over four-and-a-half years; Thailand's annual headline inflation quickened in September, primarily due to rising diesel and vegetable prices, with the baht weakening 1.1%; traders are awaiting key economic data from Thailand and Taiwan, as well as a press conference from China's NDRC on economic growth policies.

#AsianCurrencies #UsJobsReport #MalaysianRinggit #EconomicData #Inflation #StockMarket #FederalReserve #EmergingMarkets #Thailand #Taiwan

https://www.brecorder.com/news/40325861/asian-currencies-slip-after-us-jobs-data-malaysian-ringgit-hits-three-week-low


Gold pulls back but dovish Fed sets it for best quarter since 2016
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Gold prices eased by 0.2% to $2,653.38 per ounce on September 30, 2024, after hitting a record high of $2,685.42 last week; the price has risen over 14% this quarter, marking the best performance since January 2016; driven by a half-percentage-point rate cut by the Federal Reserve and expectations of another cut in November; Tim Waterer from KCM Trade suggests gold could reach $2,700 if labor market data supports further easing; US ADP employment figures and nonfarm payrolls are due this week; Fed Chair Jerome Powell and Governor Michelle Bowman are expected to speak; geopolitical tensions in the Middle East are influencing gold's appeal; spot silver decreased by 0.4% to $31.49 per ounce; platinum fell 0.1% to $999.35, while palladium rose 0.1% to $1,012.50.

#Gold #FederalReserve #InterestRates #MarketAnalysis #Geopolitics #Silver #Platinum #Palladium #Economy #Investment

https://www.brecorder.com/news/40324709


Our frail economy undermines our sovereignty
==========

Russian Deputy Prime Minister Alexei Overchuk visited Pakistan on September 24, 2024, urging Pakistan to adopt a bold stance like India against Western pressures to enhance economic relations with Moscow; Pakistan's economy is precarious, reliant on international financial institutions, and struggling with external debt, weak exports, and low Foreign Direct Investment; Western sanctions on Russia complicate trade ties; India's defiance of US sanctions contrasts with Pakistan's vulnerability, risking harsher US responses; the US-Pakistan relationship is characterized by contradictions, with President Biden calling it an 'enduring partnership' while the State Department threatens sanctions; Pakistan must reform its economy to regain sovereignty and pursue an independent foreign policy.

#Pakistan #Economy #Sovereignty #Russia #Us #Sanctions #ForeignPolicy #Debt #Trade #Investment

https://www.brecorder.com/news/40323673/our-frail-economy-undermines-our-sovereignty


Indian shares set to open higher on US rate-cut euphoria
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Indian shares are expected to open higher on September 20, 2024, following a significant interest rate cut by the US Federal Reserve, which has increased global risk appetite. The GIFT Nifty was at 25,523 points at 07:55 a.m. IST, indicating a slight rise from Thursday's close of 25,415.8. Other Asian markets also opened higher, except for China, where the CSI 300 fell by 0.3%. Wall Street saw the S&P 500 reach a record high. Analysts Seshadri Sen and Arthkumar Gandhi from Emkay Global noted that foreign inflows into India could increase due to the Fed's easing cycle. Axis Bank's investment banking unit, Axis Capital, was barred from acting as a merchant banker for new debt issues due to regulatory violations, although it maintains compliance in other segments.

#IndianShares #UsFederalReserve #RateCut #StockMarket #AxisBank #GlobalMarkets #MsciAsia #EconomicOutlook #ForeignInflows #InvestmentBanking

https://www.brecorder.com/news/40323180/indian-shares-set-to-open-higher-on-us-rate-cut-euphoria


Oil prices fall as US rate cut fails to boost market sentiment
==========

Oil prices fell in Asian trading on September 19, 2024, after the Federal Reserve cut interest rates by 0.5 percentage points, raising concerns about the US economy. Brent crude futures dropped 34 cents to $73.31 per barrel, while WTI crude futures fell 42 cents to $70.49 per barrel. Analysts noted that the Fed's rate cut indicated economic headwinds, overshadowed by weak demand from China's slowing economy, where refinery output slowed for the fifth month in August. Despite this, Citi analysts projected a potential rebound in Chinese oil demand by 300,000 barrels per day in Q4 2024 due to improved refinery operations. Additionally, tensions in the Middle East, particularly involving Hezbollah and Israeli security operations, contributed to market uncertainty.

#OilPrices #FederalReserve #InterestRates #ChinaEconomy #MarketAnalysis #BrentCrude #WtiCrude #MiddleEastTensions #EconomicOutlook #CitiAnalysts

https://www.brecorder.com/news/40322985/oil-prices-fall-as-us-rate-cut-fails-to-boost-market-sentiment


Indian shares hold near record highs ahead of Fed policy decision
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Indian shares remain near record highs as traders anticipate a U.S. Federal Reserve interest rate cut on September 18, 2024; Nifty 50 index at 25,371.2 points (-0.05%); S&P BSE Sensex at 82,939.94 (-0.06%); Fed rate cut odds for 50 basis points increased to 67%; VK Vijayakumar from Geojit Financial Services comments on market sentiment; Bajaj Housing Finance shares surged 8% after a strong debut; Ola Electric shares rose 4% following positive ratings from BofA Securities and Goldman Sachs; Panacea Biotech and Torrent Power also saw gains.

#IndianShares #FederalReserve #InterestRates #StockMarket #BajajHousingFinance #OlaElectric #VkVijayakumar #Nifty50 #Sensex #MarketAnalysis

https://www.brecorder.com/news/40322760/indian-shares-hold-near-record-highs-ahead-of-fed-policy-decision


Fed expected to announce its first interest rate cut since 2020
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The Federal Reserve is set to announce its first interest rate cut since March 2020 on Wednesday, September 18, 2024; Fed chair Jerome Powell and senior officials indicate a cut is likely as inflation approaches the 2% target and the labor market cools; the decision will be based on economic data, with a debate expected on whether to cut by 25 or 50 basis points; analysts predict a 25 basis point cut as a safer option; Goldman Sachs expects three cuts of 25 basis points each in 2024; traders foresee a greater than 99% chance of four more cuts in 2025, lowering the key lending rate to between 3.5% and 3.75%; the Fed's last rate cut was in response to the Covid-19 pandemic, and it has maintained rates at a two-decade high of 5.25% to 5.50% for 14 months.

#FederalReserve #InterestRates #Economy #Inflation #UsElections #JeromePowell #EconomicData #RateCuts #GoldmanSachs #FinancialMarkets

https://www.brecorder.com/news/40322556/fed-expected-to-announce-its-first-interest-rate-cut-since-2020


Fixing ‘The middle-income trap’ for all countries
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The World Bank Group's 'World Development Report 2024' emphasizes that middle-income countries, including Pakistan, must move beyond investment-driven strategies to reconfigure economic structures for greater freedom and mobility; the report defines the 'middle-income trap' as a growth slowdown due to failure in adopting new economic structures; it highlights the need for policy changes beyond neoliberal frameworks, criticizing the reliance on austerity and market fundamentalism; only 34 middle-income economies have transitioned to high-income status since 1990, affecting a population of less than 250 million; the Roosevelt Institute's reports call for a break from neoliberalism to empower economies and uphold human rights; the article stresses the global necessity for industrial policy to combat rising inequality and enhance economic resilience.

#WorldBank #MiddleincomeTrap #Neoliberalism #EconomicPolicy #Pakistan #Inequality #RooseveltInstitute #IndustrialPolicy #EconomicGrowth #HumanRights

https://www.brecorder.com/news/40322212/fixing-the-middle-income-trap-for-all-countries


Euro gains as ECB cuts rates
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The euro rose against the dollar on September 13, 2024, after ECB President Christine Lagarde indicated that future interest rate decisions will depend on economic data. The ECB cut its deposit rate by 25 basis points to 3.5% and the refinancing rate by 60 basis points to 3.65%. Rate futures adjusted expectations for an October rate cut from 10 bps to just over 7 bps. KPMG's Yael Selfin anticipates further easing in December, potentially lowering the deposit rate to 3.25%. The euro was up 0.3% at $1.1039 and 0.4% to 157.38 yen. The US dollar index fell 0.2% to 101.58, influenced by euro gains. US initial jobless claims rose to 230,000 for the week ending September 7, 2024, aligning with expectations. Economists predict a 25-bp cut by the Federal Reserve next week, with a 13% chance of a 50-bp cut this month.

#Euro #Ecb #InterestRates #Dollar #Economy #Lagarde #Kpmg #FederalReserve #JoblessClaims #Inflation

https://www.brecorder.com/news/40322179/euro-gains-as-ecb-cuts-rates


US to discuss economic support for Bangladesh interim government
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US officials will meet with Bangladesh's interim government to discuss economic support; interim government led by Nobel laureate Muhammad Yunus sworn in on August 8, 2024; Donald Lu, US Assistant Secretary for South Asia, will lead the delegation; discussions scheduled for September 10-16, 2024; Bangladesh's economy, valued at $450 billion, has faced challenges due to the Russia-Ukraine war; the country sought a $4.7 billion bailout from the IMF last year; US optimistic about Bangladesh's economic reforms and growth potential.

#Us #Bangladesh #EconomicSupport #MuhammadYunus #Imf #Diplomacy #InterimGovernment #EconomicGrowth #ForeignRelations #StateDepartment

https://www.brecorder.com/news/40321799/us-to-discuss-economic-support-for-bangladesh-interim-government


Japan’s Nikkei rebounds from 5-day losing streak, US economy worries weigh
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Japan’s Nikkei share average rose 0.08% to 36,244.22 points on September 10, 2024, after a five-day losing streak; the broader Topix increased by 0.34% to 2,588.52; technology stocks led gains, with Tokyo Electron up 2.88%; SoftBank Group rose 0.95%; Advantest climbed 0.39%; uncertainties about the U.S. economy limited market optimism, according to Fumio Matsumoto of Okasan Securities; Daiichi Sankyo fell 8.56% after disappointing trial results for a lung cancer drug; Joban Kosan surged 8% following a public tender offer from Fortress Investment Group valued at approximately 14 billion yen ($98 million).

#Nikkei #Japan #StockMarket #UsEconomy #TechnologyStocks #DaiichiSankyo #JobanKosan #FortressInvestmentGroup #FumioMatsumoto #EconomicOutlook

https://www.brecorder.com/news/40321734/japans-nikkei-rebounds-from-5-day-losing-streak-us-economy-worries-weigh


Intra-day update: rupee gains marginally against US dollar
==========

Pakistani rupee appreciates 0.05% against US dollar; trading at 278.63 PKR at 10:20am on Sep 5, 2024; previous close was 278.77 PKR; rupee has been stable around 277-279 PKR; traders monitoring IMF's $7 billion Extended Fund Facility; US dollar index falls to 101.25; 44% chance of 50-basis-point rate cut by Federal Reserve; Brent crude rises to $72.85; US West Texas Intermediate crude at $69.35; global markets affected by US economic data.

#Currency #Rupee #UsDollar #Imf #EconomicUpdate #Pakistan #OilPrices #FederalReserve #MarketTrends #Finance

https://www.brecorder.com/news/40320965/intra-day-update-rupee-gains-marginally-against-us-dollar


India bond yields track US peers higher
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Indian government bond yields rose to 6.8722% on Sep 2, 2024, up from 6.8647%; US Treasury yields increased to 3.91% after July's personal consumption expenditure price index rose 0.2%; Fed expected to cut rates by at least 25 basis points in mid-September; expectations for a 50 basis point cut dropped to 30.5%; India's economic growth slowed to 6.7% in April-June 2024; Barclays economists predict RBI will start rate cuts in December 2024; 11 Indian states to raise 205.5 billion rupees ($2.45 billion) in a bond auction.

#India #Bonds #UsEconomy #FederalReserve #InterestRates #Inflation #EconomicGrowth #Barclays #Rbi #BondAuction

https://www.brecorder.com/news/40320411/india-bond-yields-track-us-peers-higher


Japan’s Nikkei hits 1-month high on Wall Street gains, weaker yen
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Japan’s Nikkei share average rose to 39,000 for the first time since late July; Nikkei reached 39,080.64 before profit-taking; Nikkei rose 0.2% to 38,709.88 by midday; Wall Street gains influenced by US economic data; US Federal Reserve expected to cut interest rates modestly in September; Dollar gained against yen, benefiting Japanese exporters; Fast Retailing up 0.5%, Toyota up 0.9%, Honda up 1.6%, Mazda up 0.8%; IHI Corp was the largest gainer at 4.5%; Concerns remain about potential hard landing for the economy; Investors focused on upcoming US labor data.

#Nikkei #Japan #WallStreet #Economy #Yen #Exporters #StockMarket #FastRetailing #Toyota #EconomicData

https://www.brecorder.com/news/40320404/japans-nikkei-hits-1-month-high-on-wall-street-gains-weaker-yen


Asia shares see pockets of gains, China PMI tops forecasts
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Asian share markets started quietly on Sep 2, 2024; investors await US jobs report on Sep 6 that may influence Federal Reserve rate cuts; dollar maintains gains from previous week; futures indicate 100% chance of 25 basis points cut on Sep 18, 33% chance of 50 basis points; analysts expect 165,000 job rise and unemployment rate drop to 4.2%; Barclays economist Christian Keller notes risks of a weak report could prompt deeper cuts; Asian markets mostly followed Wall Street's rally; Japan's Nikkei rose 0.5%, MSCI Asia-Pacific index remained stable; Caixin manufacturing PMI for China rose to 50.4 in August, surpassing expectations; Brent crude fell to $76.51 per barrel; gold prices at $2,497 per ounce.

#Asia #Markets #China #Pmi #FederalReserve #JobsReport #Economy #Dollar #OilPrices #Gold

https://www.brecorder.com/news/40320403/asia-shares-see-pockets-of-gains-china-pmi-tops-forecasts


Oil prices fall 2pc on economic worries, technical decline
==========

Oil prices fell about 2% on August 28, 2024, due to concerns over slower economic growth in the US and China, which could reduce energy demand; Brent futures decreased by $1.88 (2.3%) to $79.55 per barrel, while WTI crude fell by $1.89 (2.4%) to $75.53; Analysts noted this pullback was a normal correction after a $6-per-barrel increase over the previous three days; US gasoline futures are near a six-month low, impacting refining profit margins; Consumer confidence in the US rose to a six-month high in August, but unemployment increased to 4.3%, raising recession fears; UBS Global Wealth Management increased the chance of a US recession to 25%; Germany's economy shrank in Q2.

#OilPrices #EconomicGrowth #BrentCrude #WtiCrude #UsEconomy #ChinaEconomy #Recession #GasolineFutures #RefiningMargins #ConsumerConfidence

https://www.brecorder.com/news/40319648/oil-prices-fall-2pc-on-economic-worries-technical-decline


Joe Biden hails Harris as DNC’s future in emotional farewell speech
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President Joe Biden delivered an emotional farewell speech at the Democratic National Convention in Chicago on August 20, 2024, endorsing Kamala Harris as the future leader of the Democratic Party and the best hope for American democracy; Biden announced his decision to step aside for Harris on July 21, 2024, after pressure from party leaders regarding his age; He emphasized the need for unity among Democrats and condemned racism and white supremacy; Biden criticized Donald Trump, calling him a 'loser' and highlighting his foreign policy failures; Kamala Harris, who is set to formally accept the nomination on August 22, 2024, has broken fundraising records and garnered support in battleground states; Hillary Clinton also spoke, praising Biden and Harris while taking jabs at Trump.

#JoeBiden #KamalaHarris #DemocraticNationalConvention #2024Election #HillaryClinton #DonaldTrump #PoliticalSpeech #UsPolitics #Endorsement #FarewellSpeech

https://www.brecorder.com/news/40318375/joe-biden-hails-harris-as-dncs-future-in-emotional-farewell-speech


Japan’s Nikkei tracks Wall Street rally amid softer yen
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Japan’s Nikkei share average rose 1.7% to 38,015.87 on August 20, 2024, following a positive US economic outlook; the broader Topix increased by 1% to 2,668.52; US stocks had their largest weekly gain of the year; Hiroshi Namioka from T&D Asset Management noted reduced recession concerns in the US; 198 of the Nikkei’s 225 constituents gained, with Fast Retailing up 2.7%; the yen traded around 146.64 per dollar; Seven & I Holdings fell 8% after a takeover proposal from Alimentation Couche-Tard.

#Nikkei #WallStreet #Yen #Japan #Economy #Stocks #FastRetailing #UsMarket #Recession #Investments

https://www.brecorder.com/news/40318363/japans-nikkei-tracks-wall-street-rally-amid-softer-yen


HK stocks drift higher; China banks hit record peaks
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Hong Kong stocks rose 0.8% to 17,569.57 on August 20, 2024; Shanghai Composite index increased 0.49% to 2,893.67; MSCI’s Asia ex-Japan index advanced 0.8%; China’s banking sub-index surged 1.9%, its largest rise in six months; Agriculture Bank of China shares reached record highs; Industrial and Commercial Bank of China rose 2%, marking its ninth consecutive gain; Investors attracted by generous dividends and state-backed ETF inflows; JD Health International Inc gained 7.93% following positive JD.com results; Steven Leung from UOB Kay Hian noted ongoing market concerns about the economy and property market; US Federal Reserve chair Jerome Powell to speak on rate cuts; Shanghai stock index down 2.7% year-to-date.

#HongKong #China #Stocks #Banking #Economy #Investors #MarketTrends #UsFederalReserve #Dividends #Etfs

https://www.brecorder.com/news/40318244/hk-stocks-drift-higher-china-banks-hit-record-peaks


Euro zone yields edge down, markets cautious before economic data
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Euro zone government bond yields fell on August 19, 2024, as investors prepared for a week of significant economic data and a central bankers' meeting at Jackson Hole; Bund yields decreased by 2.5 basis points to 2.23%; investors are awaiting business activity figures and wage growth data ahead of the European Central Bank's September rate decision; money markets anticipate around 65 basis points of ECB rate cuts in 2024, suggesting two 25 basis point cuts and a 60% chance of a third; Italian 10-year yields also dropped by 2.5 basis points to 3.62%; the spread between US and German borrowing costs remained unchanged at 163 basis points, having reached a 12-month low of 153 basis points earlier this month.

#EuroZone #BondYields #EconomicData #Ecb #JacksonHole #Investors #InterestRates #MarketTrends #FinancialNews #Germany

https://www.brecorder.com/news/40318199/euro-zone-yields-edge-down-markets-cautious-before-economic-data


Gulf markets extend gains on US rate-cut hopes
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Most Gulf stock markets ended higher on August 19, 2024, driven by positive US economic data suggesting potential interest rate cuts by the Federal Reserve next month; Saudi Arabia's benchmark index rose by 0.6%, led by Al Taiseer Group's 6.2% gain; Qatar's index increased by 0.1% due to a 0.9% rise in Industries Qatar; traders reduced expectations for a 50-basis-point cut to 25% from 55% a week ago; Egypt's blue-chip index fell by 0.6% due to a 1.5% decline in Talaat Mostafa Group.

#GulfMarkets #UsEconomy #InterestRates #StockMarket #SaudiArabia #Qatar #Egypt #FederalReserve #EconomicData #Trading

https://www.brecorder.com/news/40318114/gulf-markets-extend-gains-on-us-rate-cut-hopes


IT powers Indian shares to first weekly gain in three weeks
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Indian shares snapped a two-week losing streak on Friday led by information technology stocks, after firm US economic data allayed fears of a recession in the world’s largest economy, boosting risk appetite globally. The NSE Nifty 50 index ended 1.65% higher at 24,541.15 and posted 0.7% weekly gain. The S&P BSE Sensex added 1.68% to 80,436.84 and was 0.9% higher for the week. All the 13 major sectors logged gains on Friday, with the IT index advancing 2.89%. Valuation concerns and US recession fears are not new to Indian markets, which are likely to demonstrate resilience on strong domestic inflows and easing US growth worries.

#IndianShares #ItStocks #NseNifty50 #S&pBseSensex #UsEconomicData #Recession #RiskAppetite #ValuationConcerns #DomesticInflows #UsGrowthWorries

https://www.brecorder.com/news/40317923/it-powers-indian-shares-to-first-weekly-gain-in-three-weeks


Oil prices set for weekly gains on renewed enthusiasm around US economy
==========

Oil prices are set for a second consecutive weekly gain after upbeat US economic data eased investor worries about a potential recession in the top oil consuming nation. Brent crude futures fell 16 cents, or 0.2%, to $80.88 per barrel by 0024 GMT. US West Texas Intermediate crude futures fell 23 cents, or 0.3%, to $77.93 a barrel. Brent was set to advance 1.6% on a weekly basis, while WTI was on track for gains of about 1.5%. Investors found renewed optimism around US economic growth after a government report showed US retail sales rose 1% last month, well above market forecasts for a 0.3% gain. Also, fewer Americans filed new applications for unemployment benefits last week. Oil markets are now focusing on fundamentals and geopolitics, with markets anticipating retaliatory attacks from Iran against Israel over the killing of a Hamas leader in Tehran. Demand signals from the US and China have been shaky, with US crude inventories posting a surprise jump earlier this week and Chinese refineries lowering crude processing rates on tepid fuel demand. The Organization of the Petroleum Exporting Countries (OPEC) has pared its demand outlook for this year citing softer expectations for China.

#OilPrices #UsEconomy #BrentCrude #WtiCrude #UsRetailSales #UnemploymentBenefits #Iran #Israel #Opec #China

https://www.brecorder.com/news/40317811/oil-prices-set-for-weekly-gains-on-renewed-enthusiasm-around-us-economy


China stocks seesaw in thin trade
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China stocks edged up slightly on Tuesday after seesawing in thin trade; Investor sentiment remains subdued due to sluggish economic recovery and limited stimulus support; Asian stocks rose, led by Japanese shares on a steady yen; US producer and consumer prices numbers are due on Tuesday and Wednesday, respectively; China reported weaker-than-expected second-quarter economic growth last week; China will release a flurry of indicators this week, including credit and economic activity data; China's financial sector sub-index ended higher by 0.55%; The smaller Shenzhen index ended up 0.5% and the start-up board ChiNext Composite index was higher by 0.929%; The Hang Seng index was up 0.36% at 17,174.06; The Hang Seng China Enterprises index rose 0.33% to 6,049.41

#ChinaStocks #InvestorSentiment #EconomicRecovery #StimulusSupport #AsianStocks #UsEconomicData #SecondquarterEconomicGrowth #FinancialSector #ShenzhenIndex #HangSengIndex

https://www.brecorder.com/news/40317378/china-stocks-seesaw-in-thin-trade


US stocks hit near two-week higher
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US stocks hit a near two-week high on Tuesday after a softer producer prices data reinforced bets of an interest rate cut by the Federal Reserve in September; Megacap and growth stocks gained, with Nvidia set to lead the charge for a second session, rising over 5%; US producer prices increased less than expected in July as a rise in the cost of goods was tempered by cheaper services, indicating that inflation continued to moderate; The dollar and the Treasury yields slid after the data, while traders now see a 55% chance of a 50-basis-point rate cut by the US central bank from less than 50% before the report, according to CME’s FedWatch Tool; Stocks wobbled on Monday with the S&P 500 nearly flat and the Nasdaq eking out modest gains, following a turbulent week marked by mixed economic reports and a rate hike by Japan’s central bank; At 11:44 a.m. ET, the Dow Jones Industrial Average rose 213.87 points, or 0.54%, to 39,570.88, the S&P 500 gained 57.83 points, or 1.08%, to 5,402.22 and the Nasdaq Composite gained 294.92 points, or 1.76%, to 17,075.53; Energy shares dipped on lower oil prices as OPEC’s move to cut its forecast for demand growth in 2024 tempered fears of supply risks posed by widening conflict in the Middle East; Starbucks was the top performer on the S&P 500, rising 20.5% and was on track for its biggest one-day percentage gain ever, after the coffee giant appointed Chipotle Mexican Grill’s head Brian Niccol as chairman and CEO; Home Depot reversed losses and climbed nearly 1%; The home improvement chain forecast a decline in annual profit and a bigger drop in its annual comparable sales; BuzzFeed jumped 19.6% after the digital media company narrowed its net loss in the second quarter to $6.6 million from $22.5 million a year earlier.

#UsStocks #InterestRateCut #ProducerPrices #Inflation #Dollar #TreasuryYields #S&p500 #Nasdaq #DowJones #EnergyShares #Opec #Starbucks #HomeDepot #Buzzfeed

https://www.brecorder.com/news/40317380/us-stocks-hit-near-two-week-higher


Copper slips as investors assess economic uncertainty
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Copper prices opened the week on a softer note as macro-economic uncertainty persisted; Three-month copper on the London Metal Exchange was down 0.4% to $8,827.50 per metric ton; The most-traded September copper contract on the Shanghai Futures Exchange dipped 0.1% to 71,370 yuan ($9,948.15) a ton; Prices of copper dropped early last week as fears over a recession of US economy triggered sharp sell-offs among financial markets; Sentiment improved after data showed on Thursday that Americans filing new applications for unemployment benefits fell more than expected; US will release its consumer prices on Wednesday where economists look for rises of 0.2% in both the headline and core, with the annual core slowing a tick to 3.2%; China will issue figures on retail sales and industrial production on Thursday, which are expected to show the economy continuing to underperform, underlining the need for more stimulus; Recent price falls have encouraged more purchases in China; LME aluminium steadied at $2,302 a ton, nickel slid 0.3% to $16,100, lead increased 0.4% to $2,046.50, tin added 0.2% to $31,350 and zinc was 0.1% lower at $2,734; SHFE aluminium was nearly flat at 10,095 yuan a ton, nickel dropped 1.3% to 127,880 yuan, zinc gained 2.2% to 22,885 yuan, lead rose 1.4% to 17,930 yuan, and tin advanced 1% to 255,970 yuan.

#Copper #Investors #EconomicUncertainty #LondonMetalExchange #ShanghaiFuturesExchange #UsEconomy #FinancialMarkets #UnemploymentBenefits #ConsumerPrices #RetailSales #IndustrialProduction #Stimulus #China #Aluminium #Nickel #Lead #Tin #Zinc

https://www.brecorder.com/news/40317076/copper-slips-as-investors-assess-economic-uncertainty


US inflation still ‘uncomfortably’ high: Fed official
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US inflation remains "uncomfortably" above the Federal Reserve's target of 2%; Fed chair Jerome Powell suggested a possible interest rate cut in September; Fed governor Michelle Bowman remains cautious about cutting rates too soon; Futures traders expect a rate cut in September

#UsInflation #FederalReserve #InterestRates

https://www.brecorder.com/news/40316935/us-inflation-still-uncomfortably-high-fed-official


Need for revisiting 2 percent inflation target
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The article discusses the need to revisit the 2 percent inflation target. It highlights the concerns over the US Federal Reserve's slow response to cutting interest rates, as evidenced by a dip in job additions to the economy. Nobel laureate Joseph Stiglitz supports a higher inflation target, arguing that the 2 percent target has no technical basis and needs to be revised upward. The article also mentions the possibility of a recession in the US economy and the potential impact on the global economy. It emphasizes the challenges faced by developing countries like Pakistan in terms of investment and debt repayments. The author holds a PhD in Economics and has previously worked at the International Monetary Fund.

#InflationTarget #UsFederalReserve #Economy #Recession #InterestRates #JosephStiglitz #GlobalEconomy #DevelopingCountries #Pakistan

https://www.brecorder.com/news/40316659/need-for-revisiting-2-percent-inflation-target


Oil gains on ME tensions
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Oil prices rise as tensions in the Middle East escalate; Brent crude futures increase by 57 cents or 0.73% to $78.90 a barrel; US West Texas Intermediate crude rises by 87 cents, or 1.16%, to $76.10; US job data eases demand concerns; Number of Americans filing new applications for unemployment benefits falls more than expected; 3.7 million barrel drop in US crude inventories reported; Killing of senior members of militant groups Hamas and Hezbollah raises possibility of retaliatory strikes by Iran against Israel; Concerns over oil supply from the world's largest producing region; Tim Snyder, chief economist at Matador Economics, warns of spike in crude oil prices if there is an Iranian retaliation on a large scale

#OilPrices #MiddleEastTensions #BrentCrudeFutures #UsWestTexasIntermediateCrude #UsJobData #UnemploymentBenefits #UsCrudeInventories #Hamas #Hezbollah #Iran #Israel #OilSupply

https://www.brecorder.com/news/40316603/oil-gains-on-me-tensions


Asian currencies: Ringgit slips 1pc and off one-year high
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Equities in Asian emerging markets rebounded after a global sell-off, with MSCI gauge rising 2%; Tech-heavy indexes in Taiwan and South Korea jumped up to 4.6% and 5.6%, respectively; Currencies in the region weakened as the greenback recovered; Malaysian ringgit fell over 1% after reaching a one-year high in the prior session.

#AsianCurrencies #Equities #MarketRebound

https://www.brecorder.com/news/40316211/asian-currencies-ringgit-slips-1pc-and-off-one-year-high


Wall Street plunges as US recession fears hurt risk appetite
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Wall Street's main indexes slumped on Monday as risk appetite among investors dropped on fears of a US recession following weak economic data last week; The so-called Magnificent Seven group of stocks were set to lose a combined $650 billion in market value; Apple fell 3.9% after Berkshire Hathaway halved its stake in the iPhone maker; Traders now see a 92.5% probability that the US central bank will cut benchmark rates by 50 basis points in September; The CBOE Volatility index breached its long-term average level of 20 points last week and was now at 72.94; US Treasury yields tumbled to their lowest in a year and a closely watched gap between two- and 10-year Treasury notes turned positive for the first time since July 2022, usually indicating the economy is heading into a downturn.

#WallStreet #UsRecession #RiskAppetite #EconomicData #StockMarket #InterestRates

https://www.brecorder.com/news/40316034/wall-street-plunges-as-us-recession-fears-hurt-risk-appetite


South African rand, stocks sink as US recession fears hit riskier assets
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South African stocks and the rand sank in early trade on Monday as global investor sentiment soured towards riskier assets due to growing fears that the United States could be heading for recession; At 0723 GMT, the rand traded at 18.50 against the dollar, more than 1.2% weaker than its previous close; On Johannesburg Stock Exchange, the Top-40 index was down about 2.5% in early trade, mirroring a sell-off on global stock markets; Markets have been hit by Friday’s weak U.S. July payrolls report, which showed the unemployment rate had risen to 4.3%, driving concerns that the world’s biggest economy could be heading for a recession; Traders are pricing in a more than 70% chance that the Federal Reserve will cut interest rates by a full 50 basis points in September to rescue growth, compared with an 11.5% chance a week earlier, according to the CME FedWatch tool.

#SouthAfricanRand #Stocks #UsRecession #GlobalStockMarkets

https://www.brecorder.com/news/40315979/south-african-rand-stocks-sink-as-us-recession-fears-hit-riskier-assets


Asian stocks tank after US data fans recession fears
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Tokyo led a collapse across Asian equities Monday, while the yen hit a six-month high after weak US jobs data fanned fears of a recession in the world’s top economy and boosted bets on several Federal Reserve interest rate cuts. Trading boards showed a sea of red following another hefty day of losses on Wall Street, where heavyweight tech firms including Amazon and Microsoft took the brunt owing to worries an AI-fuelled rally this year may have been overdone. The US economy added just 114,000 jobs last month, well down from June and far fewer than expected, while the jobless rate rose to the highest level since October 2021. The losses in New York were followed in Asia, with Tokyo’s Nikkei tanking more than 12 percent in its worst day since the Fukushima crisis in 2011. Seoul and Taipei plunged more than eight percent each, while Singapore gave up more than four percent and Sydney more than three percent. The yen broke through 143 per dollar for the first time since January as the jobs report ramped up expectations the Fed will slash rates.

#AsianStocks #UsData #RecessionFears #Equities #FederalReserve #InterestRateCuts #WallStreet #TechFirms #JobsData #Nikkei #FukushimaCrisis #Yen #UsEconomy

https://www.brecorder.com/news/40315966/asian-stocks-tank-after-us-data-fans-recession-fears


Gold retreats on profit-taking
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Gold prices retreated on Friday as profit-taking kicked in after bullion jumped over 1% earlier in the session on hopes of rate cuts buoyed by weaker than expected US jobs data. Spot gold fell 0.7% to $2,428.36 per ounce as of 1708 GMT. US gold futures slipped 0.4% to $2,471.50. Gold has gained 1.8% so far this week as rising safe-haven demand due to Middle East tensions and expectations of rate cuts by the US Federal Reserve made the metal more appealing for investors. US 10-year yields dropped to their lowest since December and the dollar hit its lowest since March after data showed that employers added fewer jobs in July than economists had forecast, while the unemployment rate increased to 4.3%. Bullion is traditionally considered a hedge against geopolitical and economic risks, and lower interest rates reduce the opportunity cost of holding the asset.

#Gold #Profittaking #RateCuts #UsJobsData

https://www.brecorder.com/news/40315785/gold-retreats-on-profit-taking


Commodities boost London’s FTSE 100, all eyes on US inflation data
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London stocks rose on Friday, boosted by energy and industrial metal miners, tracking an uptick in commodity prices. The blue-chip FTSE 100 index was up 0.5%, while the mid-cap FTSE 250 gained 0.2% by 0708 GMT. Personal goods shares rose 1.1% after French luxury goods company Hermes reported a 13% rise in second-quarter sales on Thursday. Energy stocks gained 0.8% as oil prices rose slightly. Precious metal miners rebounded with a 0.5% gain on firmer gold prices after the sector logged its worst day since May 2022 on Thursday. Industrial metal miners traded 1% higher. Investors are awaiting US personal consumption expenditure (PCE) numbers for June later in the day, which could shed more light on the Fed’s stance on interest rate cuts. Man Group jumped 2.7% after the hedge fund posted a rise in assets under management to a record $178.2 billion in the six months to end-June. NatWest gained 8% to top the FTSE 100, after the bank’s first-half pre-tax operating profit fell by a less than expected 16% to 3 billion pounds ($3.86 billion). Drax jumped 14.7% to the top of the FTSE 250 after the power generator posted higher first-half profit and said it expects annual profit to be at the top-end of market expectations.

#LondonStocks #Ftse100 #CommodityPrices #UsInflationData #EnergyStocks #GoldPrices #InterestRateCuts #HedgeFund #Natwest #Drax

https://www.brecorder.com/news/40314786/commodities-boost-londons-ftse-100-all-eyes-on-us-inflation-data


Fed could open the door to a September rate cut this week
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The US Federal Reserve may signal this week that interest rate cuts are on the way; Fed officials have been wary of cutting rates too soon and reigniting inflation; Most analysts and traders do not expect the Fed to start cutting rates in July; Recent data indicates that inflation continues to slow toward the US central bank’s long-term target of two percent; Fed chair Jerome Powell can use the July meeting to lay the groundwork for a September rate cut; Futures traders are now completely convinced that the first rate cut will come by mid-September; A September rate cut would thrust the independent US central bank into the middle of a heated presidential election campaign between Kamala Harris and Donald Trump; Assuming that the Fed does make its first rate cut in September, most analysts expect policymakers to make at least one more rate cut before the end of the year

#UsFederalReserve #InterestRateCuts #Inflation #EconomicGrowth #LaborMarket #JeromePowell #PresidentialElection #KamalaHarris #DonaldTrump

https://www.brecorder.com/news/40314765/fed-could-open-the-door-to-a-september-rate-cut-this-week


Gold rises as yields slip after US data lifts rate-cut hopes
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Gold prices rose 1% on Friday as US Treasury yields fell on optimism for an interest rate cut by the Federal Reserve in September after data showed US prices rose modestly in June; Spot gold rose 0.8% to $2,382.98 per ounce by 1741 GMT, after hitting its lowest since July 9 on Thursday; US gold futures for August delivery settled 1.2% higher at $2,381; Fed policymakers on Friday got fresh evidence of progress on their battle against inflation, fueling expectations they will use their meeting next week to signal interest rate cuts starting in September; Physical demand in India, the second-largest consumer, received a boost as the country slashed import duties on gold and silver earlier this week; Gold premiums in India jumped to their highest level in a decade this week as well; Spot silver fell 0.6% to $27.80 per ounce; Platinum shed 0.2% at $930.86, while palladium lost 1.1% at $896.50; Silver, platinum, and palladium were headed for their third straight weekly fall.

#Gold #UsTreasuryYields #FederalReserve #InterestRateCut #Inflation #India #Silver #Platinum #Palladium

https://www.brecorder.com/news/40314678/gold-rises-as-yields-slip-after-us-data-lifts-rate-cut-hopes


Oil falls on China demand fears
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Oil futures fell about 1.5% on Friday due to declining Chinese demand and hopes of a Gaza ceasefire agreement; Brent crude settled down $1.24, or 1.5%, at $81.13 a barrel, while West Texas Intermediate crude ended $1.12, or 1.4%, lower at $77.16 a barrel; China's total fuel oil imports dropped 11% in the first half of 2024, raising concerns about the wider demand outlook in China; US refiners are preparing to cut back production as the end of the summer driving season nears; Valero Energy's 14 refineries will run at 92% of combined capacity in the third quarter; Baker Hughes' count of US oil drilling rigs increased by five to 482 this week and by three in July, raising the number of rigs for the first month since March.

#Oil #China #Demand #GazaCeasefire #UsRefiners

https://www.brecorder.com/news/40314684/oil-falls-on-china-demand-fears


Intra-day update: rupee strengthens against US dollar
==========

The Pakistani rupee strengthened marginally against the US dollar, appreciating 0.08% during the opening hours of trading in the inter-bank market on Friday. At 10:10am, the currency was hovering at 278.2, a gain of Re0.21 against the greenback. On Thursday, the currency had settled at 278.41 against the US dollar. In recent weeks, the domestic currency has largely been around 277-279 against the dollar. Globally, the US dollar found its footing after data on Thursday showed the world’s largest economy expanded faster than expected and inflation slowed in the second quarter. The dollar index, which measures the US unit versus six rivals, was little changed at 104.35. The PCE data is expected to come in at 0.1% on a monthly basis. The Fed meets next week and is expected to stand pat on rates this time but markets are fully pricing in a rate cut in September. Traders also anticipate 66 basis points of easing this year. Oil prices, a key indicator of currency parity, were up slightly on Friday on stronger-than-expected US economic data that raised investor expectations for increasing crude oil demand from the world’s largest energy consumer. But concerns about soft economic conditions in Asia’s biggest economies, China and Japan, capped gains. Brent crude futures for September rose 7 cents to $82.44 a barrel by 0014 GMT. US West Texas Intermediate crude for September increased 4 cents to $78.32 per barrel.

https://www.brecorder.com/news/40314490


Oil edges up on upbeat US economic data
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Oil prices edge up on strong US economic data, with Brent crude futures rising 30 cents to $82.01 a barrel and US West Texas Intermediate crude gaining 54 cents to $78.13; US GDP data suggests a strong economy and potential increase in oil consumption; concerns remain about lower oil imports from China due to weaker fuel demand and sluggish economic growth; China's central bank unexpectedly cuts interest rates to support its weakening economy.

#OilPrices #UsEconomy #China'sEconomy

https://www.brecorder.com/news/40314413/oil-edges-up-on-upbeat-us-economic-data


Gold snaps 4-day losing streak as traders await US economic data
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Gold prices drifted higher on Tuesday, snapping a four-day losing streak, as investors awaited U.S. economic data later this week for more insights on the Federal Reserve’s interest rate-cut plans. Spot gold was up 0.3% at $2,405.13 per ounce at 1230 GMT, after hitting a record high of $2,483.60 last week. U.S. gold futures gained 0.5% to $2,407.00. Investors are looking to a U.S. report on gross domestic product for the second quarter on Thursday and personal consumption expenditures data for June on Friday for clues on the Fed’s interest rate cut path. The Federal Reserve is scheduled to hold its next policy meeting at the end of July. Markets are anticipating a 94% chance of a rate cut by the central bank in September, according to the CME FedWatch Tool. On the political front, U.S. Vice President Kamala Harris, who became the presumed Democratic nominee after President Joe Biden withdrew from his reelection campaign on Sunday, will campaign in the state of Wisconsin. Meanwhile, India slashed import tax on gold and silver to 6%, the government announced in its annual budget. Spot silver fell 0.8% to $28.98, platinum was up 0.5% at $952.05 and palladium gained 0.9% to $916.13.

https://www.brecorder.com/news/40313987/gold-snaps-4-day-losing-streak-as-traders-await-us-economic-data


China’s yuan steady following rate cuts, eyes on US data
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China surprised markets by lowering interest rates to boost growth; Analysts believe the cuts will not hurt the yuan; The yuan is down 2.4% this year due to domestic woes; The People’s Bank of China set the midpoint rate at 7.1334 a dollar; Market participants are waiting for US economic data and key monetary policy meetings; The futures market predicts two to three rate cuts by the Federal Reserve; USD/CNY is expected to fall to 7.21 by the end of the year; Chinese companies lodge complaint against SBP; Pakistan's textile industry faces regulatory challenges as foreign pharma companies exit

#China #Yuan #InterestRates #UsData #Economy

https://www.brecorder.com/news/40313939/chinas-yuan-steady-following-rate-cuts-eyes-on-us-data


IMF says US should raise taxes, wait until late 2024 to cut rates
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The International Monetary Fund (IMF) recommends that the US Federal Reserve should not cut interest rates until late 2024 and that the US government needs to raise taxes to slow the growing federal debt. The IMF's prescriptions were outlined in a staff report from its annual 'Article IV' review of US economic policies. The report also states that the US public debt to GDP ratio is projected to reach 109.5% by 2029. The IMF suggests progressive tax increases, including for those earning less than $400,000 per year, and eliminating certain tax expenditures. President Joe Biden has proposed raising tax rates on corporations and wealthy Americans but not on households earning less than $400,000 per year.

#Imf #UsFederalReserve #Taxes #InterestRates #FederalDebt #EconomicPolicies

https://www.brecorder.com/news/40313699


Dollar set for weekly rise, cyber outage unsettles investors
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The dollar is set for a weekly rise after a cyber outage affected banks, airlines, and broadcasters; The dollar index gained 0.16% at 104.31 and was up 0.25% on the week; The yen has gained against the dollar due to suspected official buying and intervention from the Bank of Japan; The euro weakened after the European Central Bank kept rates steady; Sterling retreated after UK retail sales fell more than expected; Bitcoin gained 2.67% at $65,528.05; Ethereum rose 1.27% at $3,456.93.

#Dollar #CyberOutage #CurrencyMarkets #Economy #Finance

https://www.brecorder.com/news/40313548/dollar-set-for-weekly-rise-cyber-outage-unsettles-investors


Oil prices steady as declining US inventories offset slowing China demand
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Oil prices were steady on Wednesday, with global benchmark Brent hovering near the one-month low it hit in the prior session, as signs of weakening demand growth in China clashed with the prospect of declining U.S. oil stockpiles. Brent crude oil futures was down by 4 cents to $83.69 a barrel by 0315 GMT. U.S. West Texas Intermediate crude futures also eased 4 cents to $80.72. China, the world’s top oil importer, saw its economy grow 4.7% in the second quarter, official data showed earlier this week, the slowest growth since the first quarter of 2023. In the United States, the world’s largest oil producer and consumer, crude oil inventories fell by 4.4 million barrels in the week ended July 12, market sources said, citing data from the American Petroleum Institute.

#OilPrices #China #UsInventories #BrentCrude #WestTexasIntermediate #EconomicGrowth

https://www.brecorder.com/news/40313204


Oil prices fall on lingering Chinese demand concerns
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Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand. Brent futures fell 21 cents, or 0.25%, to $84.64 a barrel by 0408 GMT, while US West Texas Intermediate (WTI) crude dropped 25 cents, or 0.31%, to $81.66. The weaker run in Chinese economic data cast doubts on whether market participants are being overly optimistic around Chinese oil demand outlook. The world’s second-largest economy grew 4.7% in April-June, its slowest since the first quarter of 2023 and missing a 5.1% forecast in a Reuters poll. Fed Chair Jerome Powell said the three US inflation readings over the second quarter of this year add somewhat to confidence that the pace of price increases is returning to the central bank’s target in a sustainable fashion, indicating a turn to interest rate cuts may not be far off. Lower interest rates decrease the cost of borrowing, which can boost economic activity and oil demand. Houthi fighters in Yemen targeted three vessels, including an oil tanker, in the Red and Mediterranean seas with ballistic missiles, drones, and booby-trapped boats. Attacks on ships in the Red Sea have forced vessels to take longer routes, meaning oil remains on the water for longer.

#OilPrices #ChineseEconomy #DemandConcerns #BrentFutures #WtiCrude #ChineseOilDemand #EconomicData #InterestRateCuts #HouthiFighters #RedSea

https://www.brecorder.com/news/40313086


Iran demands US pay $6.8bn for sanctions impact on patients
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An Iranian court has ordered the United States to pay almost $6.8 billion in damages for the effect of sanctions on patients with a rare skin disease called epidermolysis bullosa. The trial began in November 2021, when 295 complainants, including patients, took 30 American officials to court for "having participated in the establishment of the sanctions." The US measures deprived these patients of medicines and ointments, leading to the death of about 20 people. The impact of the US measures on epidermolysis bullosa patients was cited as an example of over-compliance with sanctions by independent United Nations experts in October 2021. Washington had exempted humanitarian goods, especially medicines and medical equipment, from its sanctions, but international purchases of such supplies were obstructed by banks wary of conducting business with Iran.

#Iran #Us #Sanctions #Patients #EpidermolysisBullosa

https://www.brecorder.com/news/40312700


Oil rises on cooling US inflation but heads for weekly dip
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Oil prices inched up on Friday amid signs of easing inflationary pressures in the United States. Brent crude futures rose 33 cents to $85.73 a barrel, while US West Texas Intermediate crude futures climbed 46 cents to $83.08 a barrel. Both contracts were still poised for weekly declines. Data showed US consumer prices fell in June, stoking hopes that the Federal Reserve will cut interest rates soon. Lower rates are expected to boost economic growth and fuel consumption. However, the market is still awaiting clearer signs of action from the Fed. US gasoline demand was at its highest since 2019, and jet fuel demand was at its strongest since January 2020. US refiners ramped up activity and drew from crude oil stockpiles. Investor confidence was bolstered by the easing inflation numbers, but more data is needed to strengthen the case for rate cuts.

#OilPrices #UsInflation #FederalReserve #FuelConsumption

https://www.brecorder.com/news/40312571


Dollar dips against euro
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The dollar dipped against the euro on Wednesday before Federal Reserve Chair Jerome Powell is due to testify before Congress for a second day, after indicating on Tuesday that the US central bank is getting closer to cutting interest rates. Traders now have around 77% odds for a rate cut by September, up from 73% a day earlier, with a second cut also seen likely by December, according to the CME Group’s FedWatch Tool. The dollar index, which measures the US currency against six others including the euro and yen, was last down 0.05% at 105.07. The euro gained 0.09% to $1.082 as investors came to terms with a hung parliament in France. The dollar strengthened 0.11% to 161.48 Japanese yen. Sterling strengthened 0.16% to $1.2804. Meanwhile, the kiwi dropped after the Reserve Bank of New Zealand opened the door to possible rate cuts should inflation slow as expected. The New Zealand currency was last down 0.73% versus the greenback at $0.6078.

#Dollar #Euro #FederalReserve #JeromePowell #InterestRates

https://www.brecorder.com/news/40312294


Gold lingers near two-week high
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Gold prices remain near a two-week high as softer-than-expected US economic data raises hopes of interest rate cuts in September. Spot gold edged 0.1% higher to $2,358.19 per ounce. The weak services report and ADP employment report on Wednesday depicted a slowing US economy, increasing the likelihood of rate cuts. Lower rates reduce the opportunity cost of holding non-yielding gold. The market is now focused on Friday's non-farm payrolls data, with expectations of weaker job creation. Traders are also monitoring the impact of US sanctions on Russia, which have led central banks and governments to move towards gold to eliminate counterparty and default risk. Spot silver fell 0.2% to $30.409, while platinum rose 1.6% to $1,012.50. Palladium was 0.5% down at $1,024.66.

#Gold #UsEconomy #InterestRateCuts #NonfarmPayrollsData #UsSanctions #Russia

https://www.brecorder.com/news/40311320


Asian currencies rise on US rate cut wagers
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Asian currencies gained ground against a weaker dollar on Thursday, and equities climbed with those in Taiwan touching a record high, as data suggested the US economy was cooling, fuelling hopes for a September rate cut by the Federal Reserve. Taipei stocks rose as much as 1.6% to touch a record high, boosted by chip stocks following a strong overnight performance on Wall Street. Equities in Singapore inched up 0.6% to remain at their highest level since April 2022. Manila shares rose 0.9% to their highest level in a month, while stocks in Jakarta gained 0.7% to record their highest level since May-end. Regional currencies also edged higher, with the South Korean won, the Taiwanese dollar and the Malaysian ringgit appreciating between 0.2% and 0.3%. The dollar index was on the back foot on Thursday after the release of softer-than-expected economic data on Wednesday, including a weak services report and ADP employment figures, indicated a slowdown in the US economy. Meanwhile, minutes of the Fed’s June 11-12 meeting showed that officials noted a slowing US economy and reduced price pressures, advocating caution before deciding on interest rate cuts. As a result, investors are betting the Fed’s easing cycle could commence in September. Markets are now pricing in about a 67% chance of the Fed cutting interest rates at its September meeting compared to about 60% a week ago, according to the CME FedWatch Tool.

#AsianCurrencies #UsRateCut #FederalReserve #TaipeiStocks #SingaporeEquities #ManilaShares #JakartaStocks #SouthKoreanWon #TaiwaneseDollar #MalaysianRinggit #DollarIndex #UsEconomy #InterestRateCuts #FedEasingCycle

https://www.brecorder.com/news/40311328


Yen skids to fresh 38-year low; US dollar tumbles
==========

The yen sank to a fresh 38-year low against the US dollar and a record trough versus the euro on Wednesday. The dollar fell after softer-than-expected US economic data, adding to expectations that the Federal Reserve will likely start cutting interest rates later this year. The yen fell to 161.96 per dollar for the first time since December 1986. The yen also hit an all-time low of 174.48 against the euro. Japanese authorities have been largely quiet on the yen this week. Wednesday’s data overall depicted a US economy that is slowing down.

#Yen #UsDollar #CurrencyExchangeRates #FederalReserve #InterestRates

https://www.brecorder.com/news/40311165


US dollar dips in choppy trade
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The US dollar slipped in choppy trading after Federal Chair Jerome Powell suggested that the US central bank is likely to start its easing cycle later this year. Powell's comments offset data showing US job openings increased in May. US rate futures have priced in a 69% chance of a rate cut in September. The dollar index was down 0.1% at 105.74. The dollar has been supported by the rise in Treasury yields. Against the yen, the greenback was slightly down at 161.43. The euro was flat against the dollar at $1.0739.

#UsDollar #FederalChairJeromePowell #UsCentralBank #UsJobOpenings #RateCut #TreasuryYields #Yen #Euro

https://www.brecorder.com/news/40310928


US dollar retreats after weak economic data
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The yen edged up from a 38-year low against the US dollar on Thursday, helped by softening US economic data. Jobless claims for state unemployment benefits dropped 6,000 to 233,000 for the week ended June 22, but the number of people receiving benefits after an initial week of aid increased 18,000 to 1.839 million during the week ending June 15. New orders for key US-manufactured capital goods unexpectedly fell in May, suggesting business spending on equipment weakened in the second quarter. Non-defense capital goods orders excluding aircraft, a closely-watched proxy for business spending plans, dropped 0.6% last month. Economic growth moderated sharply in the first quarter, with gross domestic product increasing at a slightly upwardly revised 1.4% annualized rate, down from the 3.4% registered in the last three months of 2023. The yen gained 0.2% against the greenback to 160.555 per dollar. The Japanese currency has fallen 2% this month and 12% for the year against a resilient dollar. Traders are nervous over possible intervention from Tokyo, after authorities spent 9.79 trillion yen ($60.94 billion) at the end of April and in early May to push the yen up 5% from its 34-year low of 160.245 then.

#UsDollar #Yen #EconomicData #JoblessClaims #CapitalGoods #Gdp

https://www.brecorder.com/news/40310220


The political economy of narcoterrorism: Pakistan’s rising share
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The article discusses the political economy of narcoterrorism in Pakistan, highlighting the country's rising share in the global drug trade. It mentions that the government of Pakistan does not encourage or facilitate illicit drug production or distribution, but corruption remains a key concern. The National Accountability Bureau (NAB) is responsible for eliminating corruption in the country. The article also discusses the link between terrorism, drugs-for-arms, and money laundering, and criticizes the lack of action by the international intelligence community to attack and destroy the financial lifelines of terrorist and militant groups. It highlights the role of successive governments in Pakistan in providing tax amnesty and assets-whitening schemes that facilitate money laundering and the whitening of assets worth billions. The article emphasizes the need for awareness and prevention to combat the drug trade and its negative impact on society. The International Day against drug abuse and illicit trafficking is mentioned, with this year's theme being 'The evidence is clear: invest in prevention'. The article concludes by stating that the politics of the drug trade in Pakistan has rendered millions of people helpless and poses a threat to humanity.

#Narcoterrorism #Pakistan #DrugTrade #Corruption #Terrorism #MoneyLaundering

https://www.brecorder.com/news/40309913


Oil prices ease on strong dollar, mixed global economic news
==========

Crude prices declined about 1% on worries of global oil demand growth being impacted by a strong US dollar and negative economic news. Brent futures fell 47 cents, or 0.6%, to settle at $85.24 a barrel, while US West Texas Intermediate crude (WTI) ended 56 cents, or 0.7%, lower at $80.73. Despite signs of improving US oil demand and falling fuel inventories, prices declined. Both crude benchmarks were up about 3% for the week. The US dollar rose to a seven-week high versus a basket of other currencies, which can reduce demand for oil. In the euro zone, business growth slowed sharply this month as demand fell for the first time since February. In China, escalating frictions with the European Union over electric vehicle imports could trigger a trade war. Geopolitical tensions also added to the mixed picture, with Ukraine's military striking four oil refineries and other military objects in Russia, and the head of Lebanon's Hezbollah threatening a full-on conflict with Israel and EU member Cyprus. In India, refiners processed nearly 1.3% more crude oil in May than a year earlier, while the share of Russian supplies in imports to India increased. State oil company Petroecuador declared force majeure over deliveries of Napo heavy crude for exports following the shutdown of a key pipeline and oil wells due to heavy rains.

#OilPrices #UsDollar #GlobalEconomicNews #BrentFutures #WtiCrude #Demand #Inflation #BusinessGrowth #TradeWar #GeopoliticalTensions #India #Russia #Petroecuador

https://www.brecorder.com/news/40309403


Oil steady amid war jitters, surprise build in US crude stocks
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Oil prices held steady as the market weighed concerns over escalating conflict in Europe and the Middle East with demand worries following an unexpected build in US crude inventories. Brent crude futures rose 2 cents to $85.35 a barrel, while US West Texas Intermediate crude was down 6 cents to $81.51 per barrel. Both benchmarks gained over $1 in the previous session after a Ukrainian drone strike led to an oil terminal fire at a major Russian port. Israeli Foreign Minister Israel Katz warned of a nearing 'all out war' with Lebanon's Hezbollah. US crude stocks rose by 2.264 million barrels in the week ended June 14, according to market sources citing American Petroleum Institute figures.

#OilPrices #WarJitters #UsCrudeStocks

https://www.brecorder.com/news/40308882


Asian markets rise with Wall St as traders eye latest US data
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Asian equities rally as investors await US economic data to gauge inflation outlook. Federal Reserve officials' plans for interest rates after lowering their guidance for cuts this year are being closely watched. Traders are also monitoring developments in France, with concerns that a snap legislative election could cause political turmoil in the European Union. The S&P 500 and Nasdaq closed at record highs due to continued buying of tech stocks. Tokyo and Taipei markets are up over 1%, with gains also seen in Hong Kong, Shanghai, Sydney, Singapore, Seoul, and Wellington. US retail sales, business inventories, and industrial production data will provide the latest snapshot of the economy. Philadelphia Fed president Patrick Harker sees one rate cut this year, while Minneapolis Fed chief Neel Kashkari says officials need not rush to loosen policy. Asian markets are generally upbeat and well placed for more gains due to expected interest rate cuts and strong earnings.

#AsianMarkets #WallStreet #UsData #Inflation #InterestRates #TechStocks #France #EuropeanUnion #RetailSales #BusinessInventories #IndustrialProduction #FederalReserve

https://www.brecorder.com/news/40308852


The tide is turning
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The Indian elections indicate a turning of the tide for Narendra Modi and the Bharatiya Janata Party (BJP). The defeat and retreat of socialism worldwide in 1989-91 opened the door to neoliberal capitalist globalization, but its hollowness and tilt towards enriching the wealthy have been exposed. India's ground realities have asserted themselves, revealing the challenges behind the GDP growth figures. Modi's ruling with absolute authority will no longer be available to him, and his aggressive repressive drives against religious minorities and threatened reversal of the reservations policy proved negative factors at the elections. The traditional North-South divide operated unexpectedly, with reversals in Uttar Pradesh and Maharashtra. The saffron drive seems to have stalled, raising questions about its future in India. The rise of Hindutva and revanchist views of history are the parents of today's saffron brigade. Modi may have to tread carefully if he is to avoid biting the dust before his term ends. The prospects for opening or improving relations with Pakistan are slim. Both countries are stuck in their own paradigms. The same saboteur of peace, Musharraf, once attempted to seal peace between the two neighbors, but it remains uncertain when such a turn will arrive again.

#IndianElections #NarendraModi #Bjp #Capitalism #SaffronDrive #Hindutva #RevanchistViews #PakistanRelations

https://www.brecorder.com/news/40307791


Asia shares stumble; political uncertainty grips euro
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Asian stocks sank as traders reduced bets for Federal Reserve rate cuts; snap election call in France sparked wider political concerns and weighed on the euro; MSCI’s broadest index of Asia-Pacific shares outside Japan slumped 0.46%; US futures eased slightly; dollar firmed to 105.10 against a basket of six peers; Japan’s Nikkei rose 0.42%; Bank of Japan holds its two-day monetary policy meeting this week; euro tumbled to a one-month low; oil prices traded higher; Brent crude futures gained 0.13% to $79.72 a barrel; spot gold rose 0.18% to $2,296.65 an ounce.

#AsianStocks #FederalReserve #Euro #OilPrices #GoldPrices

https://www.brecorder.com/news/40307684


There’s no political stability, ‘elections were not free and fair’, IK tells SC
==========

Imran Khan, founder of Pakistan Tehreek-e-Insaf (PTI), addressed the Supreme Court and complained about the lack of political stability and the unfairness of the elections. Chief Justice Qazi Faez Isa warned politicians and parliamentarians that they would be responsible if any untoward incident occurred. The court directed lawyers to file a concise synopsis within one week and asked the National Accountability Bureau (NAB) to submit a report on expenditure, budget, and recoveries. Imran Khan expressed his concerns about the lack of democracy, financial crises, and money laundering in the country. He called on the Supreme Court to bring the nation out of the uncertain situation. The chief justice urged politicians to sit together and solve the country's problems, emphasizing the need for stability and cooperation. Imran Khan also discussed the appointment of the NAB chairman and the role of the Parliament in improving the NAB law. The court reminded him not to comment on cases and focus on the relevant issues. Imran Khan mentioned the list of parliamentarians who benefited from amendments to the National Accountability Ordinance, 1999. The court clarified that it was not wrapping up cases before the Accountability Court and that they would go to other courts. Imran Khan highlighted the need for rule of law and accountability, and the recovery of money from individuals involved in corruption. The court acknowledged the importance of eliminating corruption but stated that it was the Parliament's responsibility to improve the NAB law. The article concludes with Imran Khan thanking the chief justice for the opportunity to add his thoughts about the case.

#ImranKhan #SupremeCourt #Elections #PoliticalStability #Pakistan

https://www.brecorder.com/news/40307257


Dollar slips ahead of inflation data
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The dollar eased against most currencies on Tuesday ahead of key US and euro zone inflation data later this week. The greenback was also on the verge of its first monthly decline in 2024. Markets are currently more than fully priced for a US rate cut in December. Against a basket of currencies, the dollar was down 0.09% at 104.47, for a 1.76% decline on a monthly basis. The euro was up 0.13% at $1.0872. German inflation data due on Wednesday and the wider euro zone’s reading on Friday will be watched for clues on how soon easing from the central bank could come. The dollar took a modicum of support from US data showing a surprise rise in consumer confidence this month. All of that data, however, will be a sideshow to the main focus for markets on Friday when the US core personal consumption expenditures (PCE) price index report - the Federal Reserve’s preferred measure of inflation - is released. Expectations are for it to hold steady on a monthly basis.

#Dollar #InflationData #UsRateCut #EuroZone #ConsumerConfidence #FederalReserve #PcePriceIndex

https://www.brecorder.com/news/40305731


Dollar slides after US CPI data
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The dollar fell after US consumer prices rose less than expected in April, indicating inflation has resumed a downward trend. The market welcomed the CPI news as it confirmed that the froth in the first quarter was not going to continue in force into the second quarter. Futures traders priced in rate cuts by the Federal Reserve in September and December. The dollar index fell to a one-month low at 104.41 but later pared losses to trade 0.25% lower at 104.77. The dollar's biggest decline was against the yen, weakening 0.47% to 155.69. The drop would likely put at bay for the moment currency intervention by the Bank of Japan and other authorities. The consumer price index rose 0.3% in April, and in the 12 months through April, the CPI increased 3.4%. Retail sales were unexpectedly flat last month. The euro rose 0.18% to $1.0837, and sterling rose 0.25% to 1.2620.

#UsCpiData #Dollar #Inflation #FederalReserve

https://www.brecorder.com/news/40303686


Dollar slips as market awaits key inflation data
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The dollar slid versus most major currencies on Monday amid expectations key US data this week will show a slowing pace of inflation and consumer spending at a time of recovering European economies that also could be bolstered by interest rate cuts. The Federal Reserve is now expected to cut rates by 25 basis points as early as September and perhaps again in December. The consumer price index on Wednesday is expected to show that core CPI rose 0.3% month-over-month in April, down from 0.4% the prior month. US retail sales also will be reported on Wednesday and industrial production on Thursday. Markets are pricing in around an 80% chance of a rate cut by the Fed’s September meeting, with almost 44 basis points (bps) of reductions in total expected in 2024.

#Dollar #InflationData #UsEconomy #InterestRates

https://www.brecorder.com/news/40303240


US energy secretary to visit Saudi Arabia, UAE next week, officials say
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US Energy Secretary Jennifer Granholm will visit Saudi Arabia and the United Arab Emirates next week to work on "climate co-operation" and other issues. The visit will run from Tuesday through Thursday, with Granholm visiting the UAE first. She will participate in a meeting of the Net-Zero Producers Forum, a group of countries representing 40% of global oil and gas production. The group works on ways to cut emissions and was formed in 2021. The visit is a continuation of long-standing engagement between the US and the region.

https://www.brecorder.com/news/40302933


Oil higher on supply concerns
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Oil prices settled higher on Friday, with Brent crude futures settling up 49 cents, or 0.55%, to $89.50 a barrel, and US West Texas Intermediate crude futures settling up 28 cents, or 0.34%, to $83.85 a barrel. Supply concerns supported prices as tensions continue in the Middle East. Benjamin Netanyahu, Israel’s prime minister, said any rulings by the International Criminal Court would not affect Israel’s actions but would “set a dangerous precedent.” Israel’s military said it struck in Lebanon’s West Beqaa District and killed a militant who advanced attacks against Israel. The strong dollar and US inflation data quashed hopes that the Federal Reserve would cut interest rates soon. In the 12 months through March, US inflation rose 2.7%. The US central bank is expected to leave rates unchanged at its policy meeting next week. US Treasury Secretary Janet Yellen said US GDP growth for the first quarter could be revised higher, and inflation will ease after a clutch of “peculiar” factors held the economy to its weakest showing in nearly two years. Oil prices have flip-flopped since Yellen’s comments and the release of the inflation data on Friday. The dollar soared to a fresh 34-year high against the yen on Friday, bolstered in part by the US inflation data.

#OilPrices #SupplyConcerns #MiddleEastTensions #UsInflation #FederalReserve

https://www.brecorder.com/news/40300623


Asian currencies subdued after mixed US data
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Most Asian currencies were subdued on Friday as mixed US data solidified bets of fewer rate cuts. The broad MSCI emerging markets currency index was up 0.2% for the week so far. The Japanese yen hit a fresh 34-year low. The South Korean won lost 0.3% on Friday, but was on track to post its first weekly gain in seven weeks. The Malaysian ringgit was largely flat and headed for a 0.1% rise for the week. In Indonesia, the rupiah extended losses. The Philippines’ finance minister said the central bank has no plans to hike interest rates. Gains in US tech stocks buoyed tech-heavy South Korean and Taiwan stock markets.

#AsianCurrencies #UsData #RateCuts #MsciEmergingMarkets #JapaneseYen #SouthKoreanWon #MalaysianRinggit #IndonesianRupiah #PhilippinePeso #UsTechStocks

https://www.brecorder.com/news/40300514


Gold set for fifth weekly gain as geopolitical risks buoy demand
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Gold prices rose on Friday, on track for their fifth weekly gain, with investors gravitating towards safe-haven assets as political uncertainty in the Middle East overshadowed pressures from the prospect of higher-for-longer US interest rates. Spot gold was up 0.4% at $2,388.49 per ounce, as of 0111 GMT. US gold futures edged 0.2% higher to $2,403.30 per ounce. Bullion rose 3% so far this week. The US announced new sanctions on Iran, targeting its unmanned aerial vehicle production after its attack on Israel. Federal Reserve policymakers have rallied around the idea of holding borrowing costs where they are until probably far into the year, given slow and lumpy progress on inflation and a still-strong US economy.

#Gold #GeopoliticalRisks #SafehavenAssets #MiddleEast #UsInterestRates

https://www.brecorder.com/news/40299336


Surging dollar set for weekly gain as US data, Fed push back on rate cuts
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The resurgent dollar is heading towards a second straight week of gains as a hotter-than-expected US economy has pushed back investors' and policymakers' expectations of the trajectory of Federal Reserve rate cuts this year. The greenback's 0.17% gain for the week was somewhat capped by a slight stall in its rally since Thursday following a rare trilateral warning from finance chiefs in the United States, Japan, and South Korea over the latter two's sliding currencies, raising the risk of a potential joint intervention. Asian currencies, in particular, are under immense pressure from the dollar's strength. The yen was last little changed at 154.61 per dollar, languishing near a 34-year low and not far from the 155 level which traders see as a new line in the sand that would prompt an intervention from Tokyo. The Japanese currency was eyeing a weekly loss of more than 0.8% and was down 2% for the month thus far, ahead of the Bank of Japan's (BOJ) monetary policy meeting next week. BOJ Governor Kazuo Ueda said on Thursday the central bank may raise interest rates again if the yen's declines significantly push up inflation, highlighting the impact currency moves may have on the timing of the next policy shift. Sterling fell 0.08% to $1.2427, leaving it on track to lose 0.18% for the week. The euro eased 0.06% to $1.0637 and was set to clock a marginal weekly loss. Fed funds futures now show just about 40 basis points (bps) worth of cuts priced in for the US central bank this year - a significant pullback from the 160 bps of easing expected at the start of the year. Against a basket of currencies, the greenback rose 0.05% to 106.22, hovering near a more than five-month high of 106.51. The Australian dollar fell 0.15% to $0.6411 and eyed a weekly drop of more than 0.8%. The New Zealand dollar edged down 0.1% to $0.5895, and was similarly on track to lose 0.7% for the week.

#Dollar #UsEconomy #FederalReserve #RateCuts

https://www.brecorder.com/news/40299313


Equities sink, oil rallies on fears of Iran-Israel conflict
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Asian stocks fell and oil prices climbed on fears of a wider war in the Middle East after Iran's attack on Israel. Israel's army chief warned of a response to the attack, fueling worries of escalation. Traders were also digesting mixed Chinese economic data. Oil prices rose as uncertainty and tension in the Middle East increased. Asian stocks were sharply down, following a sell-off on Wall Street. The US economy remains strong, dampening hopes for interest rate cuts. The dollar continued to strengthen. Pakistan and the IMF are discussing a new multi-billion-dollar program. Pakistan's rupee saw a marginal gain against the US dollar. China's economy grew 5.3% in Q1, but retail sales and industrial production were below expectations. The US retail sales data beat forecasts. The Federal Reserve is under pressure to hold off cutting interest rates. Treasuries hit new year-to-date highs. The dollar briefly hit a new 34-year high against the yen. UBS warned that borrowing costs could go up if inflation is not controlled. San Francisco Fed boss said there is no rush to reduce rates. Tokyo, Hong Kong, Shanghai, Seoul, Singapore, Taipei, Wellington, Manila, and Jakarta were all sharply down. Oil prices rose in Asian trade. China's economy grew 5.3% in Q1, but retail sales and industrial production were below expectations. Pakistan and the IMF are discussing a new multi-billion-dollar program. Pakistan's rupee saw a marginal gain against the US dollar. China's economy grew 5.3% in Q1, but retail sales and industrial production were below expectations. The S&P 500 and FTSE 100 were down. Pakistan's rupee saw a marginal gain against the US dollar. The IMF said Pakistan is seeking a potential follow-up loan program. Iran aims to contain fallout in Israel response and will not be hasty. Dozens of Palestinians were killed in Gaza as Hamas vowed to 'break' Israel. Oil prices fell on a big build in US crude and fuel inventories.

#Equities #Oil #Iran #Israel #MiddleEast #Asia #Stocks #Economy #InterestRates #Inflation #Dollar #China #Imf #Pakistan #Gaza #Hamas

https://www.brecorder.com/news/40298734


Asia stocks slide, gold rises as Middle East conflict sparks safety rush
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Asian shares slumped and gold prices rose on Monday as risk sentiment took a hit after Iran’s retaliatory attack on Israel stoked fears of a wider regional conflict and kept traders on edge. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.7% after Iran had, late on Saturday, launched explosive drones and missiles at Israel in retaliation for a suspected Israeli attack on its consulate in Syria on April 1. The threat of open warfare erupting between the arch Middle East foes and dragging in the United States has left the region on tenterhooks. The escalating tensions also sparked a flight to safety that sent gold rising 0.51% to $2,356.39 an ounce and the safe-haven dollar broadly higher, extending its 1.6% rise from last week.

#AsiaStocks #Gold #MiddleEastConflict #SafetyRush

https://www.brecorder.com/news/40298509


The blessed and the not-so-blessed economies
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The article discusses the transition in the world economy and the emergence of new players. It highlights the impact of wars and conflicts on economies and business sentiments, particularly in the Middle East. The article also examines the role of natural resources in economic development, using examples of countries like Singapore and Switzerland that have achieved sustainable growth despite limited resources. It mentions Saudi Arabia's efforts to diversify its economy away from oil dependence through Vision 2030. The article emphasizes the importance of knowledge and human resources in driving economic growth and innovation. Overall, it suggests that individual responsiveness and the ability to think outside the box are key to sustainable success in the changing global economy.

#WorldEconomy #EmergingEconomies #Wars #MiddleEast #OilDependence #Diversification #KnowledgeEconomy #HumanResources #SustainableSuccess

https://www.brecorder.com/news/40298477


If Trump wins, he plans to free Wall Street from ‘burdensome regulations’
==========

A second Trump White House would seek to sharply reduce the power of US financial regulators, according to a review of public documents and interviews with people allied with the former president. Donald Trump would likely renew his efforts to scale back financial reforms, pare protections for small-scale investors and borrowers, and allow companies to raise money with less scrutiny. Some of the ideas in Trump’s current policy orbit include curtailing the Dodd-Frank Act, making it easier for private companies to raise capital, attacking environmental, social and governance (ESG) investments and disclosures, and potentially cutting staff at regulators. The changes would reverse key aspects of current financial regulation and upend the US's entire system of financial regulation. It is unclear what ideas Trump will take up and what can become settled policy. The outcome will depend on the results of the November elections in the US Senate and House of Representatives.

#DonaldTrump #WallStreet #FinancialRegulation #DoddfrankAct #EsgInvestments

https://www.brecorder.com/news/40298273


ECB seen holding interest rates one last time
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The European Central Bank (ECB) is expected to maintain its key interest rate at a record high, with a first cut anticipated in June as inflation eases. The ECB has kept borrowing costs unchanged since October, but calls for cuts have increased as inflation has slowed. Eurozone inflation in March was 2.4%, close to the ECB's target of 2%. The majority of ECB governing council members are expected to vote for unchanged rates at this week's meeting, but a reduction before the summer break is likely. The ECB will assess wage growth and have updated forecasts on inflation and economic growth in June.

#Ecb #InterestRates #Inflation #Eurozone #EconomicGrowth

https://www.brecorder.com/news/40298134


China stocks fall on US rate concerns
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Chinese stocks fell on Monday as investors expressed concerns about US interest rates. The Shanghai Composite index closed down 0.72% at 3,047.05, while the blue-chip CSI 300 index was down 0.88%. The smaller Shenzhen index ended down 1.78% and the start-up board ChiNext Composite index was weaker by 1.813%. Broader Asian shares also started the week softer. Investors are awaiting economic data, including the US consumer price index (CPI) report and credit data, inflation readings, and trade figures from China.

#ChinaStocks #UsRateConcerns #ShanghaiCompositeIndex #Csi300Index #ShenzhenIndex #ChinextCompositeIndex #AsianShares #UsConsumerPriceIndex #CreditData #InflationReadings #TradeFigures

https://www.brecorder.com/news/40297815


Wall St gains as services sector data eases fears of hawkish Fed stance
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Wall Street's main indexes advanced on Wednesday after softer-than-expected services sector data offered relief to investors worried about the Federal Reserve taking a cautious approach to monetary easing due to resilience in the US economy. A survey from the Institute for Supply Management (ISM) showed US services industry growth slowed further in March, while a measure of input prices paid by businesses dropped to a four-year low, which bodes well for the inflation outlook. Fed Chair Jerome Powell reiterated that the US central bank has time to deliberate over its first interest rate cut, widely expected in June, given the strength of the economy and recent high inflation readings. Atlanta Fed President Raphael Bostic said the Fed should not cut its benchmark interest rate until the end of this year, as he maintained his view that the US central bank should reduce borrowing costs only once over the course of 2024.

#WallStreet #ServicesSector #FederalReserve #UsEconomy

https://www.brecorder.com/news/40297093


Pope Francis pleads for peace in Easter message
==========

Pope Francis urged the world to resist 'the logic of weapons' in his Easter message at the Vatican on Sunday. He condemned war as 'always an absurdity and a defeat', raising conflicts in Ukraine, Gaza, Sudan, Myanmar, and beyond. He called for a ceasefire in Gaza, greater aid deliveries to the devastated territory, and the release of hostages taken by Hamas. The pope proposed a 'general exchange of all prisoners between Russia and Ukraine' as the war between the two countries continues. He also urged world leaders to combat human trafficking. Easter Sunday marks the resurrection of Jesus Christ and is the culmination of Holy Week.

#PopeFrancis #Peace #Easter #War #Ukraine #Gaza #Sudan #Myanmar #Ceasefire #HumanTrafficking #HolyWeek

https://www.brecorder.com/news/40296526


Paradigm behind an ideal tax-to-GDP ratio
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The article discusses the importance of the tax-to-GDP ratio and its relevance in assessing a nation's economic resources. It highlights that Pakistan has a low tax-to-GDP ratio of under 10 percent and emphasizes the need to raise tax revenue and widen the tax net. The article compares the tax-to-GDP ratios of different countries, with developed nations typically having higher ratios due to increased demand for government services. It also mentions the lower tax-to-GDP ratio in the US, which may be attributed to infrastructure issues. The article emphasizes the need for expenditure priorities, political tax reforms, and targeted subsidies to address the economic challenges in Pakistan. It also mentions the World Bank's suggestion that tax revenues above 15 percent of GDP can contribute to growth and poverty reduction. The article concludes by highlighting the need for a comprehensive approach that includes expenditure reduction and implementing reforms in the tax, pension, and energy sectors.

#TaxtogdpRatio #Pakistan #Revenue #TaxPolicies #EconomicResources #DevelopedNations #UsInfrastructure #ExpenditurePriorities #TaxReforms #Subsidies #WorldBank

https://www.brecorder.com/news/40296546


US monthly inflation slows; consumer spending surges
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US prices increased less than expected in February, with the cost of services outside housing and energy slowing significantly. Consumer spending rose by the most in just over a year last month. The personal consumption expenditures (PCE) price index rose 0.3% last month. In the 12 months through February, PCE inflation advanced 2.5%. Fed officials anticipate three rate cuts this year, with the first rate reduction expected in June.

#UsInflation #ConsumerSpending #FederalReserve #InterestRate #Economy

https://www.brecorder.com/news/40296262


US Fed’s preferred inflation gauge ticks up as fuel costs rise
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The US central bank’s favored measure of inflation, the personal consumption expenditures (PCE) price index, rose at an annual rate of 2.5 percent in February, up 0.1 percentage points from the previous month. Goods prices rose 0.5 percent, while the costs of services increased by 0.3 percent. The increase in the cost of goods was largely driven by rising fuel prices, which rose 2.3 percent from January. The higher inflation figure may cause concern for President Joe Biden’s reelection campaign team as they seek to convince consumers that the economy is heading in the right direction. However, the Federal Reserve chair, Jerome Powell, stated that the data is in line with expectations and suggests that the bank is still on track towards its long-term inflation target of two percent. The closely watched “core inflation” measure, which excludes food and energy costs, eased slightly, rising by 2.8 percent on an annual basis and by 0.3 percent from January. The data has led some Fed officials to question the prediction of three interest rate cuts this year, with some suggesting a reduction in the number of rate cuts or a delay in their implementation. The Fed is expected to begin removing some policy tightness later this year. The personal income rose by 0.3 percent in February, while personal savings as a percentage of disposable income decreased from 4.1 percent to 3.6 percent. The US financial markets were closed for the Good Friday holiday.

#UsFederalReserve #Inflation #FuelPrices #EconomicData #InterestRates

https://www.brecorder.com/news/40296277


US CG calls on Deputy Speaker Punjab PA
==========

Deputy Speaker Malik Zaheer Iqbal Channar had a meeting with American Consul General Ms Kristin K Hawkins in the Assembly Chamber. They discussed promoting Pak-US relations, parliamentary affairs, and economic ties. Deputy Speaker Channar mentioned that Punjab and California could benefit from each other's experiences. He emphasized that Pakistan is actively participating in global efforts for peace and prosperity, with improving the economy and promoting education as top priorities. American Consul General Hawkins congratulated Deputy Speaker Channar on his election and expressed commitment to enhancing relations between America and Pakistan. Later, Deputy Speaker Channar hosted a reception for the American Consul General.

#UsConsulGeneral #DeputySpeaker #PunjabAssembly #PakusRelations #ParliamentaryAffairs #EconomicTies

https://www.brecorder.com/news/40296310


Tokyo shares close higher after Wall Street records
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Tokyo markets closed higher on Friday after the Dow and S&P 500 hit new highs on Wall Street. The benchmark Nikkei 225 index added 0.50 percent, or 201.37 points, to close at 40,369.44, while the broader Topix index rose 0.65 percent, or 17.81 points, to 2,768.62. Chip-linked stocks were higher with Advantest jumping 1.85 percent to 6,819 yen and Tokyo Electron rising 0.79 percent to 39,570 yen. The dollar traded at 151.40 yen, flat from the level seen in New York on Thursday. Investors were also waiting for the release of the Personal Consumption Expenditures Price Index in the United States later in the day.

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https://www.brecorder.com/news/40296367