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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
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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.

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