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☆ Trump's mugshot is a masterclass in capitalizing on one's supervillain era
▼ + stars: | 2023-08-25 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Donald Trump's mugshot has dropped. And love him or hate him, this mugshot is going to become an iconic picture for the history books. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That said, Trump clearly got the art of the photo down to a science in his mugshot, snapped while he was being booked on Thursday. AdvertisementAdvertisementThat said, Trump's post to Truth Social and X after his mugshot dropped was a disappointing way for one to debut their supervillain era, given the care and planning that presumably went into the taking of the photo.

Persons: Donald Trump's mugshot, Trump, Donald Trump's halcyon, president's Organizations: Service, photoshoots, Trump, baddies, Twitter Locations: Wall, Silicon, Georgia

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsBEIJING, Aug 23 (Reuters) - Oil prices ticked up in Asian trade on Wednesday, as markets weighed weak demand indicators from top importer China and the prospect of further U.S. rate hikes against potential supply tightness. "Concerns over higher interest rates and sluggish demand in China are expected to outweigh tightening supply from OPEC+ in the short term." China, the world's second-largest economy, is considered crucial to shoring up oil demand over the rest of the year. That was a slightly smaller draw than a drop of 2.9 million barrels analysts expected in a Reuters poll. "Following the massive draw of 6.2 million barrels a week earlier, overall supplies conditions still lean on the tighter end," said Jun Rong Yeap, a market strategist at IG in Singapore.

Persons: Lucy Nicholson, Brent, Jackson, Hiroyuki Kikukawa, Rong Yeap, Yuka Obayashi, Andrew Hayley, Sonali Paul, Clarence Fernandez Organizations: REUTERS, Rights, China, West Texas, Federal Reserve, European Central Bank, Bank of England, Bank of Japan, U.S . Federal, NS, Nissan Securities, Organization of, Petroleum, American Petroleum Institute, IG, Energy Information Administration, Thomson Locations: Bakersfield , California, Rights BEIJING, Jackson Hole , Wyoming, China, Saudi Arabia, Russia, OPEC, United States, Singapore, U.S, Tokyo, Beijing

☆ Dollar set for fifth winning week on Fed bets, China worries
▼ + stars: | 2023-08-18 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration picture taken June 14, 2022. Strong economic data this week, particularly retail sales, had already bolstered the case for additional tightening. That all helped push 10-year Treasury yields to the highest since October at 4.328% on Thursday. "The risk aversion, the higher yields, the resilient economic data ... all of those things have played out to perfection for the U.S. Against the yen, the dollar eased 0.32% to 145.365 on Friday, after reaching a nine-month peak of 146.40 overnight.

Persons: Florence Lo, Tony Sycamore, Sycamore, Ray Attrill, Kevin Buckland, Jacqueline Wong, Simon Cameron, Moore Organizations: REUTERS, Rights, People's Bank of, U.S, Federal, IG, U.S ., National Australia Bank, Reuters, HK, . Treasury, Thomson Locations: Beijing, People's Bank of China, China, U.S

☆ Dollar set for fifth winning week on Fed bets, PBOC supports yuan
▼ + stars: | 2023-08-18 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

U.S. Dollar and Chinese Yuan banknotes are seen in this illustration picture taken June 14, 2022. Strong economic data this week, particularly retail sales, had already bolstered the case for additional tightening. "The market wants the Fed to go on hold, but the data just isn't supporting that," said Tony Sycamore, a markets analyst at IG. "The risk aversion, the higher yields, the resilient economic data ... all of those things have played out to perfection for the U.S. Against the yen, the dollar eased 0.22% to 145.515 on Friday, after reaching a nine-month peak of 146.40 overnight.

Persons: Florence Lo, Tony Sycamore, Sycamore, Kevin Buckland, Jacqueline Wong Organizations: REUTERS, Rights, People's Bank of, U.S, Federal, IG, U.S ., Reuters, HK, . Treasury, Thomson Locations: People's Bank of China, China, U.S, Beijing

☆ Gold wavers near recent lows as traders bet on more U.S. rate hikes
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. Spot gold held its ground at $1,903.70 per ounce by 0317 GMT, while U.S. gold futures were flat at $1,935.40. We have the U.S. retail sales data yesterday pushing back against recession concerns and potentially keeping safe-haven flows at bay," Jun Rong added. U.S. retail sales increased more than expected in July, underscoring economy's resilience despite Fed's aggressive interest rate hikes to tame inflation. Later in the day, investors will scan minutes from Fed's July policy meeting to gauge its upcoming rate strategy.

Persons: Jun Rong, Neel Kashkari Organizations: Heraeus SA, Solar, Treasury, Federal Reserve, U.S ., IG, Minneapolis Locations: Budapest, Hungary, U.S

☆ Scott McAfee: Who is judge assigned to oversee Trump case in Georgia?
▼ + stars: | 2023-08-15 | by ( Shawna Mizelle | ) edition.cnn.com time to read: +2 min

Brian Kemp, a Republican, called him a “strong addition to my administration.”“His experience as a tough prosecutor equips him to search out fraud, waste, abuse, and corruption, and bring those to justice who break the law,” Kemp said. According to his inspector general biography, McAfee obtained his undergraduate degree from Emory University in music, where he received a scholarship to play cello in the university’s orchestra. He received his JD from the University of Georgia School of Law. In addition to his professional legal career, McAfee is a volunteer scuba diver and captain of his tennis team. Trump, who is among 19 people charged in the case, has denied any wrongdoing.

Persons: Donald Trump, Scott McAfee, Brian Kemp, ”, ” Kemp, McAfee, Trump Organizations: Washington CNN, Court, Georgia Gov, Republican, United, Northern District of, Fulton County Atlanta Judicial, Emory University, University of Georgia School of Law, Trump Locations: Georgia, Georgian, Fulton County, United States, Northern District, Northern District of Georgia, Fulton County Atlanta, Kennesaw , Georgia

☆ AMC stock sinks, preferred units climb after conversion settlement
▼ + stars: | 2023-08-14 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

The common shares dropped to $3.45, levels just before the meme stock mania of January 2021 when retail traders hyped up the stock on online forums like Reddit. The preferred stock units called "APE" , which trade at a significant discount to common shares, jumped 15% to $2.05. Under the settlement, AMC will provide stock worth an estimated $129 million to common shareholders to settle potential legal claims related to a stock conversion plan. Wedbush analysts said they expect AMC and APE shares to converge around $3 per share before the conversion. Aron said the company has raised $418 million in cash through the sale of "APE" units over the past 12 months.

Persons: Adam Aron, David Swanson, Thomas Hayes, Aron, JJ Kinahan, Medha Singh, Akash Sriram, Saumyadeb Chakrabarty Organizations: AMC Entertainment, Milken, Global Conference, REUTERS, AMC, Great, Great Hill Capital, Twitter, IG North America, Thomson Locations: Beverly Hills , California, U.S, Great Hill, New York, Bengaluru

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/IllustrationTOKYO/LONDON, Aug 10 (Reuters) - The dollar slipped against most currencies on Thursday ahead of U.S. inflation data that will shape the Fed's policy direction, although the prospect of higher energy costs pushed it to a one-month high against the yen. "Though you could argue it the other way given the euro zone recession risk if energy stays higher," she added. The impact of higher energy costs were also a factor in the softer yen, as resource-poor Japan is a major oil importer. A break above 145 would open the way potentially to 148 "if we get the U.S. dollar flexing again after the CPI," he said.

Persons: Florence Lo, it's, Jane Foley, We've, Foley, that's, Tony Sycamore, Kevin Buckland, Brigid Riley, Alun John, Kim Coghill, Sharon Singleton, Susan Fenton Organizations: REUTERS, U.S, CPI, Federal Reserve, Rabobank, U.S . Treasury, ECB, IG, People's Bank of China, New, Swiss, Thomson Locations: U.S, Japan, New Zealand, Tokyo, London

☆ Oil dips as demand concerns mount; eyes on US inflation data
▼ + stars: | 2023-08-10 | by ( Muyu Xu | ) www.reuters.com time to read: +3 min

U.S. crude inventories (USOILC=ECI) rose by 5.9 million barrels in the last week to 445.6 million barrels, compared with analysts' expectations in a Reuters poll for a 0.6 million-barrel rise, U.S. Energy Information Administration data showed on Wednesday. U.S. crude oil exports fell by 2.9 million barrels per day last week, the steepest fall on record, to 2.36 million barrels per day (bpd), according to the data. Concerns over LNG supply drove European gas prices to a nearly 2-month high on Wednesday and buoyed the demand outlook for diesel as alternative fuel. However, oil prices remained supported by supply tightness worries as tensions between Russia and Ukraine in the Black Sea region could threaten shipment of Russian oil. Top exporter Saudi Arabia's plans to extend its voluntary production cut of 1 million barrels per day for another month to include September.

Persons: Johan Sverdrup, Carina Johansen, NTB, Brent, Phil Flynn, Priyanka Sachdeva, Phillip Nova, Jun Rong, Muyu Xu, Laura Sanicola, Muralikumar Organizations: West Texas, U.S . Energy, Price Futures, Index, CPI, Woodside Energy Group, IG, Saudi, Thomson Locations: North, China, U.S, ., United States, Chevron, Russia, Ukraine, Saudi Arabia, Singapore, Washington

☆ Dollar in holding pattern as US inflation test looms; PBOC supports yuan
▼ + stars: | 2023-08-10 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. The Australian and New Zealand dollars hovered close to two-month lows amid a worsening economic outlook for key trade partner China. The dollar was little changed at 143.79 yen , after earlier drifting to the highest since July 7 at 143.90. Elsewhere, the Chinese yuan tacked on about 0.1% to 7.2235 per dollar in offshore trading after the PBOC set a stronger official mid-point than the market consensus for a second day. New Zealand's kiwi was flat at $0.6053, just above Tuesday's low of $0.6035, which was the weakest since June 8.

Persons: Florence Lo, Tony Sycamore, Sycamore, Kristina Clifton, Joe Biden, Kevin Buckland, Shri Navaratnam Organizations: REUTERS, Federal Reserve, Bank of Japan, New, People's Bank of China, Street, Fed, Commonwealth Bank of Australia, U.S, Thomson Locations: New Zealand, China, U.S, Japan

☆ Dollar in holding pattern as U.S. inflation test looms, PBOC supports yuan
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: +4 min

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table. The Australian and New Zealand dollars hovered close to two-month lows amid a worsening economic outlook for key trade partner China. The dollar was little changed at 143.79 yen , after earlier drifting to the highest since July 7 at 143.90. Elsewhere, the Chinese yuan tacked on about 0.1% to 7.2235 per dollar in offshore trading after the PBOC set a stronger official mid-point than the market consensus for a second day. New Zealand's kiwi was flat at $0.6053, just above Tuesday's low of $0.6035, which was the weakest since June 8.

Persons: —, Tony Sycamore, Sycamore, Kristina Clifton, Joe Biden Organizations: Federal Reserve, Bank of Japan, New, People's Bank of China, Street, Fed, Commonwealth Bank of Australia, U.S Locations: U.S, New Zealand, China, Japan

☆ Oil extends gains, hovers at four-month highs on OPEC+ cuts
▼ + stars: | 2023-08-07 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. Both contracts notched their sixth consecutive weekly gains last week, the longest winning streak since December 2021 to January 2022. Russia said on Thursday would cut oil exports by 300,000 bpd in September. The port that handles 2% of the world's oil supply has resumed operations. OPEC+'s output cuts, China's stimulus measures, and an improved U.S. economic outlook are supporting crude prices, CMC Markets analyst Tina Teng said in a note, although she said prices were approaching near-term resistance of their April highs.

Persons: Tina Teng, Tony Sycamore, Baker Hughes, Florence Tan, Jamie Freed Organizations: REUTERS, Brent, U.S, West Texas, ANZ, CMC, Thomson Locations: Cushing , Oklahoma, U.S, Saudi Arabia, Saudi Arabia Russia, SINGAPORE, Russia, China, Russian, Ukrainian, Novorossiysk, Saudi, Saudi Aramco, Asia

☆ Gold off 3-week lows as investors brace for U.S. inflation data
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: +2 min

Gold prices dipped on Monday as the U.S. dollar climbed ahead of U.S. inflation data this week. Still, bullion was off three-week lows after slowing U.S. job growth knocked bond yields from their recent highs. Markets also took stock of labor department data showing solid wage gains and a decline in the unemployment rate that suggested continued tightness in labor market conditions. Data on U.S. consumer prices, due on Thursday, will be in focus to assess whether more rate hikes are needed to tame inflation. Non-yielding gold is often sought as a safe investment against inflation but tends to lose its sheen when rates rise.

Persons: Yeap Jun Rong, Edward Meir Organizations: U.S, Treasury, IG, Fed, U.S . Locations: Moscow, U.S

☆ 'When I think of Bratz I think of Black girl': Bratz fans want to know why Kylie Jenner is the brand's first celebrity doll
▼ + stars: | 2023-08-06 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

MGA Entertainment tapped Kylie Jenner to create six collectible mini Bratz in her likeness. Loyal Bratz fans have questioned the brand's choice to partner with Jenner. Bratz tapped Kylie Jenner for its first-ever celebrity doll since the brand's debut 2001 debut. "This is a seminal moment in Bratz history to join forces with Kylie Jenner as the brand's first-ever celebrity collaboration," Bratz creative director Jasmin Larian said in the release. Bratz dolls dominated the toy industry in its first five years, grossing $2 billion in sales in their first five years on shelves.

Persons: Kylie Jenner, Jenner, Jasmin Larian, Kylie, Yasmin, I've, Jen, hou, tim e Organizations: MGA Entertainment, Service Locations: Wall, Silicon

☆ Mark Zuckerberg said its Threads community is 'on the trajectory I expect' despite its plummeting daily user base
▼ + stars: | 2023-08-05 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Mark Zuckerberg said its Threads user base is "on the trajectory I expect" despite many users leaving already. The Meta chief said it has been a "good week for Threads" in a post on the text-based app. Mark Zuckerberg said it has been a "good week" for Meta's new social network Threads in spite of its daily active user base plummeting since its launch. The data showed it had 8 million users at the end of July, down from a high of 44 million days after Threads launched on July 5. Zuckerberg wrote in a Threads post: "A good week for Threads.

Persons: Mark Zuckerberg, Zuckerberg, Instagram, Adam Mosseri, Meta didn't

☆ Asia markets mixed as rising U.S. bond yields pressure equities
▼ + stars: | 2023-08-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

17 May 2022, Australia, Sydney: The Sydney skyline with the famous Opera House. Photo: Carola Frentzen/dpa (Photo by Carola Frentzen/picture alliance via Getty Images)Asia-Pacific markets were mixed on Friday as rising bond yields continue to put pressure on equities in the wake of the U.S. credit downgrade. IG market analyst Tony Sycamore noted the yield on the U.S. 30 year bond rose by 14 basis points overnight to 4.30%, taking the yield towards its October 2022 4.42% high. "The move higher in long end yields is being driven by lumpy bond issuance, resilient data and Fitch's downgrade earlier in the week," Sycamore said. South Korea's Kospi bucked the trend and rose 0.26%, while the Kosdaq was up 0.19%.

Persons: Carola Frentzen, Tony Sycamore, lumpy, Sycamore Organizations: Opera, Getty Images, Reserve Bank, Nikkei Locations: Australia, Sydney, Asia, Pacific

☆ Asia markets poised to fall as Fitch lowers U.S. credit ratings
▼ + stars: | 2023-08-02 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Shoppers at the shopping street in Hongdae district in Seoul, South Korea, on Saturday, July 2, 2022. Asia-Pacific markets are set to largely fall Wednesday after ratings agency Fitch cut the U.S. credit rating from AAA to AA+, citing "expected fiscal deterioration over the next three years." Futures for Australia's S&P/ASX 200 point to a lower open, standing at 7,360 compared to its last close of 7,450. Japan's Nikkei 225 is also set to fall, with the futures contract in Chicago at 33,145 and its counterpart in Osaka at 33,190 against the index's last close of 33,476.58. Hong Kong's Hang Seng index futures stood at 19,892, pointing to a weaker open compared to compared to the HSI's close of 20,011.12.

Persons: Fitch, Tony Sycamore Organizations: AAA, AA, Swiss, New, Australia's, Nikkei Locations: Hongdae, Seoul, South Korea, Asia, Pacific, treasuries, New Zealand, Korea, Chicago, Osaka

☆ US Treasury yields edge lower after Fitch downgrade
▼ + stars: | 2023-08-02 | by ( Kevin Buckland | ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/IllustrationTOKYO, Aug 2 (Reuters) - U.S. Treasury yields edged down in Tokyo on Wednesday after ratings agency Fitch lowered the country's top credit rating. The 10-year Treasury note declined about 3.2 basis points (bps) to 4.015% as of 0017 GMT, retracing part of its 9 bps rise from Tuesday. Fitch overnight downgraded the U.S. government's rating to AA+ from AAA, citing an expected fiscal deterioration over the next three years as well as a high and growing general government debt burden. It had placed the rating on watch for a possible cut in May. "This will likely spark risk aversion flows as Asian markets re-open," Tony Sycamore, a markets analyst at IG, wrote in a note to clients.

Persons: Dado Ruvic, Fitch, Tony Sycamore, Joe Biden, Kevin Buckland, Jacqueline Wong Organizations: REUTERS, Treasury, AAA, IG, Swiss, Democratic, Republican, Standard, AA, Thomson Locations: Tokyo

☆ Australia holds rates steady, might be done tightening
▼ + stars: | 2023-08-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets had leaned toward a steady outcome given recent data showed inflation had eased for a second quarter and consumer spending was softening. However, economists were more split on the outcome, with 20 out of 36 polled by Reuters expecting a hike. Swaps now implied a risk of around 13 basis points of tightening by year end. In a relief for policymakers, headline inflation slowed more than expected in the second quarter while retail sales posted their biggest fall this year in June. "While the RBA retains a tightening bias, we expect the hurdle to another rate hike is high.

Persons: Philip Lowe, Lowe, Michele Bullock, Belinda Allen, Goldman Sachs, Hebe Chen, Stella Qiu, Wayne Cole, Anisha Sircar, Sam Holmes Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Commonwealth Bank of Australia, CBA, National Australia Bank, IG, Reuters Global Markets, Thomson

☆ Asia stocks near 16-month peak on economic optimism, Aussie eases before RBA
▼ + stars: | 2023-08-01 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Aussie dollar, meanwhile, eased slightly heading into a central bank policy decision, with traders laying about 30% odds on a quarter-point rate hike. MSCI's broadest index of Asia-Pacific shares (.MIAP00000PUS) rose 0.25%, heading back toward the high reached Monday, which was its strongest level since April of last year. The dollar added as much as 0.37% to reach a three-week high of 142.80 yen . Japan's benchmark 10-year yield hovered around 0.6%, far from the new de facto cap at 1%. The Aussie weakened 0.34% to $0.66955, putting it around the middle of its trading range of the past week.

Persons: Tony Sycamore, cryptocurrency bitcoin, Kevin Buckland, Sam Holmes Organizations: Bank of, Japan's Nikkei, IG, Caterpillar, U.S, . West Texas, Thomson Locations: TOKYO, Asia, United States, Beijing, Sydney

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. Home and kitchen product maker Tupperware Brands Corp's stock rose more than 32%, after sky-rocketing by more than 575% over the past seven sessions despite no material changes to the company's health. The original meme stock rallies, most famously, involved retailer GameStop and movie theater chain AMC Entertainment. Market orders from retail traders made up 17.6% of total market flows on July 31, up from a near six-month low of 14.8% on July 20, according to J.P. Morgan data. Roundhill's Meme index (.MEME) had hit a more than one-year high on Monday.

Persons: Brendan McDermid, Tupperware, JJ Kinahan, Kinahan, Nikola Corp, Morgan, Dan Raju, Raju, Medha Singh, Devika Syamnath, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Tupperware Brands Corp, Apollo Global Management, Tupperware, Revlon, Hertz Corp, IG North America, GameStop, AMC Entertainment, Corp, Nikola, Tesla, Thomson Locations: New York City, U.S, Bengaluru, Chibuike, New York

☆ How a college football quarterback with 36,000 Instagram followers scored more than 30 brand deals and made himself the go-to voice for NIL
▼ + stars: | 2023-07-31 | by ( Margaret Fleming | ) www.businessinsider.com time to read: +15 min

Chase Griffin has more than 30 brand deals, and his recent ones are mostly multi-year partnerships. Chase Griffin. 1st College Athlete Brand Ambassador for the largest/most powerful bank in the world. JP MOrgan Chase 1st College Athlete Brand Ambassador. "NIL & Athlete Brands: A NewEra", November 22, 2022.

Persons: Chase Griffin, Griffin, JPMorgan Chase, he'll, influencers, Chase Griffin Griffin, Griffin doesn't, He's, that's, I've, Page, JP Morgan Chase, Lucchese Bootmaker, Frances https, JP MOrgan, Chase Griffin Chase Griffin, Chase, Lucchese, Ed, Arthur Ashe Jr Organizations: UCLA, Gatorade Football, University of California, DirecTV, Foods, JPMorgan, LA Regional Food Bank, Bloomberg, LinkedIn, Boost Mobile, LA Food Bank, DMs, Twitter, JPMorgan Chase, Range Media Partners, WGA, SAG, Brands, ucla, Creative, Banking, Chase Bank, Morgan Wealth, Bank, Champs, Urban Outfitters, United States Polo Association, Lucchese, Hollywood, Marketing, UWG, UC Investments Academy, Fund Public Service, Regional Food Bank, Empowerment, Sports, Entertainment, Beach, Sports Rights, Cannes, Creativity, Cannes Lions, College Football Hall of Fame, Association, Conference, 1st, Financial, JP MOrgan Chase, Brand, of College Athletics, Rose Bowl, Community, Royce, True Bruin, Town Hall, Sports Innovation, Chase Center, NV, Regents, Brand Innovators, College, Los Angeles Times, ESPN, Unilever, Shell, Rose Bowl Stadium, Los Angeles Regional Food Bank, Leadership Team, Council, Range, WPP, University of California Investments, UC, Santa Monica Hospital, Public Affairs, Leadership, UCLA Law, National Football Foundation, Pro Football Hall of Fame, Texas High, Gatorade Locations: Texas, Los Angeles, Opendorse, Instagram, Hollywood, CA, Cannes, Atlanta, Carlsbad, Los Angeles , CA, Pasadena, Los Angeles CA, San Francisco , CA, Los Angeles ,, Las Vegas, United

☆ Gold prices brace for biggest weekly decline in five
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +2 min

At Agosi AG in Pforzheim, freshly cast gold granules are on display that have a fine gold content of 99.99 percent. Gold prices held near two-week lows on Friday after strong U.S. economic data spurred the dollar and bond yields in a high interest rate environment that dragged the non-interest-bearing metal towards its biggest weekly decline in five. Bullion has declined 0.4% so far in the week, heading for its biggest weekly fall since June 23. "Any confirmation of an adjustment at the upcoming meeting will bring about upside risks to global bond yields and weigh on the non-yielding yellow metal further." Higher U.S. interest rates and Treasury bond yields raise the opportunity cost of holding gold.

Persons: Bullion, Yeap Jun Rong Organizations: Agosi AG, Bank of Japan, IG, U.S, Fed, Higher Locations: Pforzheim, Baden, Württemberg, U.S

☆ Gold listless as traders avoid big bets ahead of Fed decision
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +2 min

Gold struggled for momentum on Wednesday as traders refrained from making big bets ahead of the U.S. Federal Reserve's policy decision later in the day. Spot gold held steady at $1,963.99 per ounce by 0546 GMT, while U.S. gold futures were up 0.1% to $1,965.20. Gold is highly sensitive to rising interest rates as they increase the opportunity cost of holding non-yielding bullion. Along with policy guidance from the European Central Bank, traders also await second-quarter U.S. GDP data due on Thursday. As per the International Monetary Fund, the bank should start preparing for future monetary tightening.

Persons: Gold, Jun Rong, Yeap Organizations: U.S, IG, Treasury, European Central Bank, PCE, Bank of Japan's, Monetary Fund Locations: Siberian, Krasnoyarsk, Russia, U.S . Federal, U.S, Asia, Japan

Republicans and Democrats in Congress have pledged tighter oversight of banking regulators following the collapse of Silicon Valley Bank and Signature Bank. Some in Congress are concerned that the Federal Reserve's current inspector general is not independent enough to serve as a check on the central bank. Unlike the Pentagon and other big agencies, the Fed's internal IG, currently Mark Bialek, reports directly to the Fed board. Under the Senators' plans, the holder of the role would instead be appointed by the President and confirmed by the Senate. Specifically, they objected to having the IG's salary tied to the compensation of Fed officials who the IG is tasked with investigating.

Persons: Elizabeth Warren, Evelyn Hockstein, Rick Scott, Democrat Elizabeth Warren, Mark Bialek, Warren, Scott, Bialek, David Morgan, Costas Pitas, Paul Thomasch, Stephen Coates Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, WASHINGTON, Democrat, Reuters, Republicans, Democrats, Congress, Silicon Valley Bank, Signature Bank, Federal, Pentagon, Fed, Senators, Thomson Locations: Washington , U.S, Silicon, Congress

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