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
==========

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
==========

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 

 Copper slips as investors assess economic uncertainty
==========

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
==========

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
==========

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
==========

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
==========

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
==========

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
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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
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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