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The Unilever headquarter building seen by the Nieuwe Maas river in Rotterdam. LONDON — European markets are heading for a lower open Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus. The U.K.'s FTSE 100 was last seen opening 19 points lower at 8,132 points, according to IG data, with Germany's DAX and France's CAC 40 down by 80 points and 45 points, respectively. The pan-European Stoxx 600 index closed 0.6% lower on Wednesday as second-quarter earnings season ramped up. Data will be released on German consumer confidence and euro zone and U.K. business activity, ahead of next week's euro zone gross domestic product second-quarter print.
Persons: Germany's DAX, carmakers Stellantis, Roche Organizations: Unilever, LONDON, CAC, MIB, Nestle, carmakers, Renault, Nasdaq, Deutsche Bank, Nikkei, U.S, Reuters, Bank of Locations: Rotterdam, Swiss, U.S, Asia, Pacific, Bank of Japan
Yen rises as carry trades unwind, risk sentiment takes a hit
  + stars: | 2024-07-25 | by ( )   time to read: +2 min
The yen drew support from unwinding carry trades on Thursday ahead of next week's Bank of Japan (BOJ) policy meeting and as a rotation out of megacap growth stocks dampened risk appetite broadly and provided some safe haven bids. "It's also the fact that risk sentiment is deteriorating, and that's helped (the yen) as well... You've got unwind in the tech trade, you've got unwind in the carry yen've got the Nikkei, as well, unwinding." Japanese Finance Minister Shunichi Suzuki and top currency diplomat Masato Kanda both refrained from commenting on the yen's recent sharp rise. The New Zealand dollar similarly fell 0.24% to $0.5915.
Persons: Tony Sycamore, It's, that's, You've, you've, Shunichi Suzuki, Masato Kanda, Sterling Organizations: week's Bank of Japan, New, Reuters, IG, Nikkei, Japanese Finance, PMI, Traders, Federal, Australian, New Zealand Locations: New Zealand, U.S, Down
The investigation was launched after the Justice Department issued a second sentencing memo for Stone called for a prison sentence “far less” than the 7-9 year recommendation his trial team initially put forward. Stone was sentenced to 40 months in prison, but that sentence was ultimately commuted by Trump. However, the inspector general found in Wednesday’s report that even career department lawyers believe “reasonable minds” can disagree on whether the initial sentencing recommendation for Stone was too high. “Thus, we found that Barr had articulated his position about the sentencing recommendation both before and shortly after the first sentencing memorandum was filed, and before the President’s tweets,” the inspector general said. The comments during these deliberations formed a “substantial basis” for Zelinsky’s congressional testimony, the inspector general said.
Persons: Roger Stone, Donald Trump, Stone, Aaron Zelinsky, General Michael Horowitz, ” Zelinsky, Bill Barr, Barr, Trump, Timothy Shea, Shea, , Joshua Matz Organizations: CNN, Justice Department, Trump, DOJ, DC, Attorney Locations: DC
A consumer selects vegetables at a supermarket on March 12, 2024 in Berlin, Germany. LONDON — European stocks are expected to open in mixed territory on Tuesday as investors await the latest earnings reports from regional companies. The U.K.'s FTSE index is expected to open 12 points lower at 8,192, Germany's DAX up 76 points at 18,490, France's CAC 40 up 18 points at 7,639 and Italy's FTSE MIB up 122 points at 34,984, according to data from IG. European markets will be assessing the latest earnings from Givaudan, Thales, Alstom, Norsk Hydro, AkzoNobel, Banco de Sabadell, Randstad, Enagas and LVMH on Tuesday. Hungary will announce its latest interest rate decision and data releases include Dutch and Irish consumer confidence figures.
Persons: Germany's DAX Organizations: LONDON, CAC, IG, Thales, Alstom, Norsk Hydro, Banco, Banco de Sabadell Locations: Berlin, Germany, Givaudan, AkzoNobel, Banco de, Randstad, LVMH, Hungary
In this photo illustration showing a screen, current US President Joe Biden is seen speaking from the Roosevelt Room of the White House in Washington. President Biden and Vice President Harris held a briefing to discuss the incident and express support for Donald Trump. LONDON — European stocks are expected to open higher as global markets react to the news that U.S. President Joe Biden had dropped out of the U.S. presidential race. The U.K.'s FTSE index is seen opening 24 points higher at 8,163, Germany's DAX up 9 points at 18,166, France's CAC 40 up 18 points at 7,538 and Italy's FTSE MIB 21 points higher at 34,338, according to data from IG. Global traders are watching the U.S. political landscape closely after Biden dropped out of the presidential race on Sunday and endorsed Vice President Kamala Harris as the Democratic nominee.
Persons: Joe Biden, Roosevelt, Biden, Harris, Donald Trump, Germany's DAX, Kamala Harris Organizations: White, LONDON, U.S, CAC, IG, Global, Democratic Locations: Washington
Gold drifts higher as U.S. rate cut optimism boosts appeal
  + stars: | 2024-07-16 | by ( )   time to read: +2 min
A five hundred gram gold bar, left, and a a one kilogram gold bar, produced by Swiss manufacturer Argor Hebaeus SA, in Budapest, Hungary. Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues. Spot gold rose 0.1% to $2,423.89 per ounce by 0140 GMT. A rate cut in September is now fully priced in by markets, which may keep sentiments in gold prices well-supported in the lead-up," said IG market strategist Yeap Jun Rong. Investors were awaiting U.S. retail sales data due at 1230 GMT on Tuesday and comments from Fed governors Christopher Waller and Adriana Kugler later this week for further direction.
Persons: Jerome Powell, Powell, Yeap Jun Rong, Christopher Waller, Adriana Kugler, Yeap Organizations: Argor Hebaeus SA, Federal, Investors, Reuters Locations: Swiss, Budapest, Hungary
U.S. Federal Reserve Chair Jerome Powell speaks at a news conference on interest rates, the economy and monetary policy actions on June 15, 2022. LONDON — European stocks are expected to open in mixed territory Tuesday as investors assess the economic and political outlook in the region and beyond. The U.K.'s FTSE index is seen opening 15 points lower at 8,164, Germany's DAX down 19 points at 18,580, France's CAC 40 up 7 points at 7,633 and Italy's FTSE MIB down 31 points at 34,493, according to data from IG. Global markets are digesting dovish comments from U.S. Federal Reserve Chair Jerome Powell in which he said the central bank will not wait until inflation hits 2% to cut interest rates, as the Fed's policy works with "long and variable lags." So, "if you wait until inflation gets all the way down to 2%, you've probably waited too long," he said Monday.
Persons: Jerome Powell, Germany's DAX, you've Organizations: Federal, LONDON, CAC, IG, Global, U.S . Federal Locations: U.S
The failed assassination attempt on Donald Trump is likely to be on investors' minds this week. Bitcoin surged on haven trade following the event, while the dollar also rose as the "Trump trade" returned. AdvertisementThe failed assassination attempt on former President Donald Trump is expected to dominate markets this week as investors focus on the so-called "Trump trade." Even before the weekend events, economists and analysts were already debating what a Trump presidency would mean for the markets. "Judging by historical parallels, this event will galvanize the Trump vote, meaning the markets will gradually price in the so-called 'Trump trade,'" wrote Rodda.
Persons: Donald Trump, Bitcoin, Trump, , Kyle Rodda, TMTG, Hong, Rong Organizations: Trump, Service, Investors Locations: United States, Tokyo, Paris, Frankfurt
Oil extends losses as dollar strengthens following Trump attack
  + stars: | 2024-07-15 | by ( )   time to read: +2 min
Oil prices fell for a second day on Monday as the dollar gained ground amid political uncertainty in the U.S. following an attack on U.S. presidential candidate Donald Trump while investors eyed the progress of talks for a Gaza ceasefire. Brent crude futures fell 55 cents, or 0.7%, to $84.48 a barrel by 0109 GMT after settling down 37 cents on Friday. The dollar firmed on Monday while U.S. bond futures slipped as investors wagered the attack on Trump made his victory in the upcoming presidential election more likely. A stronger dollar tends to lower oil prices as buyers using other currencies have to pay more for their dollar-denominated crude. Still, oil markets are broadly underpinned by supply cuts from OPEC+ with Iraq's oil ministry saying it will compensate for any oil overproduction since the beginning of 2024.
Persons: Donald Trump, Trump, Tony Sycamore, Brent, Baker Hughes Organizations: Brent, . West Texas, ., Hamas Locations: Stanton , Texas, U.S, Gaza, China, Beijing, Israel
Read previewChina's belt-tightening consumers are dragging on the country's economy even as external demand supports exports, official data released on Monday shows. The fresh data shows China's economy continues to be bogged down by its real-estate crisis , stock-market volatility, geopolitical headwinds, and demographic challenges. AdvertisementPeople are just not spending enoughEven though disposable income grew in the second quarter of this year, consumers in China are reluctant to spend. Economic outlook for the second half of the yearChina's economic outlook isn't that rosy for the second half of this year either. However, they added that headwinds remain in the second half of the year, including the "tapering of post-COVID pent-up consumer demand."
Persons: , Nomura, China's, Donald Trump's, Yeap, Rong Organizations: Service, National Bureau, Statistics —, Reuters, Business, Bureau of Statistics, Nomura Locations: China, Beijing
LONDON — European stocks are expected to start the week lower as global markets assess the impact an assassination attempt on former U.S. President Donald Trump at a rally over the weekend. The U.K.'s FTSE index is seen opening 14 points lower at 8,239, Germany's DAX down 55 points at 18,711, France's CAC 40 down 27 points at 7,706 and Italy's FTSE MIB down 92 points at 34,645, according to data from IG. European stocks are set to follow the trend set in Asia-Pacific overnight, where markets mostly fell as China's gross domestic product data missed expectations and as investors also assessed the impact of the assassination attempt on Trump. President Joe Biden addressed the nation from the White House on Sunday and condemned all political violence and called for unity. Meanwhile, Trump has said his speech at the Republican National Convention will now focus on national unity, instead of targeting Joe Biden's policies.
Persons: Donald Trump, Germany's DAX, Joe Biden, Trump, Joe Biden's Organizations: CAC, IG, Trump, White, Republican National Convention, House Locations: Asia, Pacific
Oil rises on cooling U.S. inflation but heads for weekly dip
  + stars: | 2024-07-12 | by ( )   time to read: +2 min
Brent crude futures rose 33 cents, or 0.4%, to $85.73 a barrel by 0300 GMT. U.S. West Texas Intermediate crude futures climbed 46 cents, or 0.6%, to $83.08 a barrel. Indications of strong summer fuel demand in the U.S. also kept prices buoyed. Jet fuel demand on a four-week average basis was at its strongest since January 2020. The strong fuel demand encouraged U.S. refiners to ramp up activity and draw from crude oil stockpiles.
Persons: Brent, stoking, Jerome Powell, Jun Rong, Emril Jamil Organizations: Brent, . West Texas, Federal Reserve, Fed, IG, Jet, Gulf Locations: United States, U.S
Skyscrapers in the La Defense business and financial district in Paris, France, on Monday, June 3, 2024. LONDON — European stocks are set to nudge higher at Friday's open, defying a broader global selloff, with fresh inflation data set to land. Reaction to the historic French and U.K. elections dominated the start of the week, but attention has moved to a flurry of inflation data. On Thursday, the U.S. consumer price index declined more than expected to 3% annually, down from 3.3% in May. The data will be followed up by the U.S. producer price index Friday, while German, French and Italian inflation readings will also be released.
Persons: Germany's DAX, Jerome Powell Organizations: La Defense, LONDON, MIB, CAC, Federal Locations: Paris, France, U.S
The UK economy has reportedly seen faster growth than initially estimated in early 2024. LONDON — European stocks are expected to open higher Thursday as global markets look ahead to the next U.S. inflation reading. Thursday's inflation report could cement expectations that the U.S. Federal Reserve will cut interest rates in the coming months. Recent economic releases have suggested that inflation and economic growth are both cooling, including last week's report that unemployment in June ticked up to 4.1%. The consumer price index report for June will be released at 8:30 a.m.
Persons: Germany's DAX Organizations: City of, LONDON, CAC, IG, U.S . Federal Locations: Bishopsgate, City, City of London
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe path of least resistance continues to be to the upside, says IG North America CEO JJ KinahanJJ Kinahan, IG North America CEO, joins 'Squawk Box' to discuss the latest market trends, state of retail investing, and more.
Persons: JJ Kinahan JJ Kinahan Organizations: North, IG North America
Gold rangebound with spotlight on U.S. inflation reading
  + stars: | 2024-07-10 | by ( )   time to read: +2 min
Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Gold traded in a narrow price range on Wednesday as investors looked forward to a key U.S. inflation reading that could shed more light on the Federal Reserve's interest rates trajectory. Spot gold rose 0.2% to $2,367.79 per ounce by 0229 GMT. Non-yielding bullion's appeal tends to shine when interest rates are lower. That may weigh on gold, which could see prices fall back towards the $2,300 level of support," Yeap said.
Persons: Gold, Jerome Powell, Powell, Yeap Jun Rong, Yeap Organizations: Traders, Global, Gold Locations: U.S, Europe, Asia
Liverpool Street train station beneath the new skyline of skyscrapers in the City of London financial district on 14th February 2022 in London, United Kingdom. LONDON — European stocks are expected to open higher Wednesday as concerns over the political outlook in France subside. France's CAC 40 index closed 1.81% lower Tuesday as traders assessed the implications of a hung parliament and a period of political uncertainty in France. Asia-Pacific markets were mixed overnight, even as key Wall Street benchmarks rose following dovish comments from U.S. Federal Reserve Chairman Jerome Powell Tuesday. U.S. stock futures were little changed in overnight trading Tuesday after the S&P 500 notched a fresh record close.
Persons: Germany's DAX, Emmanuel Macron, Jerome Powell, Powell Organizations: Liverpool, LONDON, CAC, IG, Front, NFP, U.S . Federal, National Grid Locations: City, London, United Kingdom, France, Asia, Pacific, U.S, Wetherspoons
People gather to celebrate the victory of the left-wing union after the partial results of the second round of the French parliamentary elections in Paris, France on July 07, 2024. LONDON — European stocks are expected to open in mixed territory Tuesday as investors in the region weigh up political uncertainty in France after Sunday's election result. European markets are digesting the prospect of a prolonged period of political uncertainty in France as it confronts a hung parliament following Sunday's parliamentary election result. The left-wing New Popular Front won the largest number of seats in the final round of voting, scuppering an expected surge for the far-right. The alliance failed to secure an absolute majority, however, meaning a coalition or technocratic government is on the cards, making legislation and reforms harder to pass.
Persons: Germany's DAX, scuppering Organizations: LONDON, CAC, IG, Popular Front Locations: Paris, France
Oil little changed as investors eye impact of storm Beryl on Texas
  + stars: | 2024-07-08 | by ( )   time to read: +2 min
Oil prices were little changed as investors eyed energy supply disruption, with the largest ports in Texas shut before Tropical Storm Beryl likely strengthens into a hurricane and makes landfall on Monday. Brent crude futures inched up 11 cents, or 0.1%, to $86.65 a barrel as at 0042 GMT after closing down 89 cents on Friday. U.S. West Texas Intermediate crude was at $83.08 a barrel, down 8 cents, after settling down 72 cents in the previous session. Lower interest rates can boost economic activity and increase crude oil demand. Investors were also watching for any impact from elections in the UK, France and Iran last week on geopolitics and energy policies.
Persons: Beryl, Corpus Christi, Tony Sycamore, Baker Hughes BKR.O, Sycamore, Masoud Pezeshkian Organizations: Tropical, Brent, . West Texas, Texas City, Energy, Administration, Sunday Locations: Texas, Corpus Christi, Houston, Galveston, Freeport, Corpus, Sydney, U.S, France, Iran
LONDON — European stocks were set to fall at the open on Monday as markets reacted to an expected hung parliament in France after a surprise win for a left-wing coalition of parties. France's CAC 40 was seen falling 37.9 points to 7,631, according to IG, and the euro was down 0.18% against the dollar. The U.K.'s FTSE 100 index and Germany's DAX are both expected to fall around 6 points, while Italy's FTSE MIB is expected to slip 115 points at the open. European marketsFrance's left-wing New Popular Front won the largest number of seats in this weekend's parliamentary elections, scuppering an expected surge for the far-right. However, the coalition failed to secure an absolute majority, early data showed, leaving markets digesting the possibility of a hung parliament.
Persons: Germany's DAX, France's, scuppering, Jim Reid, Nathan Posner Organizations: CAC, IG, Popular Front, Deutsche Bank, New, Republique, Anadolu, Getty Locations: France, Paris, France's
The Houses of Parliament are seen on June 28, 2024 in London, England ahead of the UK general election. LONDON — European stocks are expected to open higher Thursday, with the U.K.'s general election in focus in the region. The U.K. general election is being held Thursday. Polls open from 7a.m. Overnight, Asia-Pacific markets were mostly up Thursday as Japan's Topix crossed its all-time high of 2,886.50, previously set in December 1989.
Persons: Germany's DAX, Japan's Topix Organizations: LONDON, CAC, IG, Labour Party, Conservative Party Locations: London, England, Asia, Pacific
Poster of Christophe Versini for the Rassemblement National (National Rally) party, with Marine Le Pen and Jordan Bardella on it, on June 24, 2024. LONDON — European stocks are expected to start the new trading week higher as investors in the region digest the results of the first round of France's snap parliamentary election. European markets will be reacting to the results of the first round of the snap parliamentary election in France in which there was a sharp upswing in votes for the anti-immigrant National Rally party. Initial results point to it struggling for an absolute majority in the second round of voting that takes place on July 7, however. Overnight, Asia-Pacific markets started the second half of the year mixed as investors assessed June business activity data from China as well as Japan's business confidence readings.
Persons: Christophe Versini, Jordan Bardella, Germany's DAX, Emmanuel Macron's Organizations: Rassemblement National, LONDON, CAC, IG, National Rally, British Foods Locations: France, Asia, Pacific, China
Oil inches higher on summer demand outlook
  + stars: | 2024-07-01 | by ( )   time to read: +2 min
That led analysts to forecast supply deficits in the third quarter as transportation and air-conditioning demand during summer draw down fuel stockpiles. WTI's recent rally may extend towards $85 a barrel if prices remain above the 200-day moving average at $79.52, he said. In the U.S., oil production and demand rose to a four-month high in April, according to the Energy Information Administration's (EIA) Petroleum Supply Monthly report published on Friday. Traders are watching out for the impact from hurricanes on oil and gas production and consumption in the Americas. In China, the latest manufacturing data did not bode well for oil demand in the world's no.2 consumer and top crude importer.
Persons: Brent, Tony Sycamore, Hurricane Beryl, Beryl, bode Organizations: Brent, U.S, West Texas, Organization of, Petroleum, U.S . Federal, Hezbollah, Energy, Petroleum Supply, Traders, Atlantic, National Hurricane Center Locations: OPEC, Europe, Israel, U.S, Americas, Windward, China
Gold holds ground as slowing inflation boosts Fed rate-cut bets
  + stars: | 2024-07-01 | by ( )   time to read: +2 min
Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year. Gold prices held steady on Monday after data showed U.S. inflation subsided, bolstering hopes that the Federal Reserve will start cutting interest rates this year. Data showed on Friday that the personal consumption expenditures index, increased 2.6% after advancing 2.7% in April. But, "any failure to defend the $2,280 level ahead may potentially pave the way for gold prices to head towards the $2,200 next". Spot silver dipped 0.2% to $29.06, platinum fell 0.7% to $986.08 and palladium held steady at $972.74.
Persons: Yeap Jun Rong, Jerome Powell Organizations: Federal Reserve, ANZ
The Defense Department IG will look specifically at the “effectiveness of DoD’s efforts to facilitate the delivery of humanitarian aid to Gaza through the maritime corridor,” a press release on Thursday, announcing the effort, said. The pier — called the Joint Logistics Over The Shore, or JLOTS — was first established on the Gaza coast in May. WFP has had their distribution of aid from the pier paused for more than two weeks as they assess the security situation on the ground. Meanwhile, the humanitarian situation in Gaza has only grown more dire as the war between Israel and Hamas continues. “Given this, the DoD OIG and USAID OIG are working together to address the challenges associated with this mission.
Persons: , , Robert P, Storch, Paul K, Martin Organizations: CNN, Pentagon, USAID, General, The Defense, The, WFP, Integrated, DoD, DoD OIG, USAID OIG Locations: Gaza, Israel,
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