Dollar steady near 6-weeek highs ahead of US GDP; eyes on ECB meeting
The dollar was broadly steady near a six-week high on Thursday, as investors await GDP and other data this week to gauge where U.S. rates are headed, while the euro was soft ahead of the European Central Bank’s policy meeting later in the day. Data overnight showed U.S. business activity picked up in…
Oil prices steady as $80 brent remains elusive; US inventories in focus
Oil prices kept to a tight range in Asian trade on Wednesday as mixed signals on global supply and demand saw Brent struggle to break above key levels, while U.S. inventory data also provided differing cues. Some U.S. oil production capacity came back online after disruptions from cold weather, while production at Libya’s…
Stock market today: Dow closes above 38,000 for first time as record run continues
The S&P 500 and Dow closed at record highs Monday, with the latter ending above 38,000 for the first time as the tech melt-up continued ahead of busy week of corporate earnings and key economic data. By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average, up 138 points, or 0.36% closed at…
China keeps loan prime rate at record lows as economic recovery falters
The People’s Bank of China kept its benchmark loan prime rate at record lows on Monday as widely expected, indicating that the central bank has limited headroom to further loosen monetary conditions and buoy an economic recovery. The PBOC left its one-year LPR at 3.45%, while the five-year LPR, which is used to…
Asian stocks surge as TSMC fuels tech gains; weekly losses still on tap
Most Asian stocks rose on Friday as a positive, AI-fuelled outlook from TSMC spurred a rebound in the technology sector, although weakness in China and uncertainty over interest rates put most bourses on course for a weekly loss. Regional markets also took some positive cues from Wall Street, which rebounded on Thursday after…
Oil prices edge higher amid mixed US cues, Red Sea strikes continue
Oil prices rose slightly in Asian trade on Thursday as severe cold weather appeared to have spurred some disruptions in U.S. production, while military action in the Middle East raged on. But gains in crude were limited by industry data showing an unexpected build in U.S. inventories. While the cold weather caused some…
China’s Dec new home prices fall at fastest pace since Feb 2015
China’s December new home prices fell at the fastest pace since February 2015, marking the sixth straight month of declines, official data showed on Wednesday, with the sector still struggling to get back on its feet due to weak confidence. New home prices fell 0.4% month-on-month after dipping 0.3% in November, according to…
Dollar advances as traders weigh rate cut expectations, eyes on data
The dollar was firm on Tuesday as investors assessed the chances of early and steep interest rate cuts from the Federal Reserve, ahead of a data-packed week that could influence major central banks’ thinking on monetary policy. The yen weakened slightly to 145.89 per dollar after data showed Japan’s wholesale inflation was flat…
Asian stocks mixed; China lags on rate-cut disappointment, Nikkei rallies
Most Asian stocks were a mixed bag on Monday, with Chinese shares under pressure after the People’s Bank unexpectedly kept lending rates on hold, while outperformance in Japanese markets continued. Sentiment towards regional markets remained wary in anticipation of more key economic cues this week, including Chinese gross domestic product data and and…
China CPI picks up slightly in Dec, but disinflation remains in play
Chinese consumer inflation increased slightly in December as the year-end holidays boosted spending, although a sustained decline in producer inflation showed that a disinflationary trend was still decidedly in play. Consumer price index (CPI) inflation grew 0.1% month-on-month in December, data from the National Bureau of Statistics showed on Friday. The reading was…
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