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☆ Gold slips as strong U.S. data dampens Fed rate cut bets
▼ + stars: | 2024-01-24 | by ( ) www.cnbc.com time to read: +2 min

Gold prices have increased since the Ukraine War but have soared to record highs since the start of the Hamas-Israel war. Other factors are the weakening US dollar and expected rate cuts from the Federal Reserve. Gold prices inched lower on Wednesday as strong U.S. economic data doused hopes for early interest rate cuts by the Federal Reserve, while investors awaited a slew of economic reports this week. "Recent economic data out of the U.S. has called for some recalibration in dovish market rate expectations, with some pushback on the timeline for Fed rate cut weighing on gold's appeal," said IG market strategist Yeap Jun Rong. Traders are pricing in five quarter-point Fed rate cuts in 2024, down from six cuts two weeks ago.

Persons: Yeap Jun Rong, Rong Organizations: Federal Reserve, Treasury, Traders, Fed Locations: Birmingham, England, Ukraine, Israel, dovish, U.S

☆ Delayed U.S. Weapons Raise Taiwan’s Vulnerability to Invasion
▼ + stars: | 2024-01-16 | by ( Alastair Gale | ) www.wsj.com time to read: 1 min

Taiwanese Vice President Lai Ching-te declared victory in the island’s presidential vote on Saturday. Lai’s Democratic Progressive Party secured an unprecedented third straight term in the presidency. Photo: An Rong Xu/Bloomberg NewsTAIPEI—Taiwan has ordered some $19 billion in American missiles, rocket launchers and other weapons to help it defend itself against threats from Beijing. The only problem: U.S. delivery on many of those orders is years away. The delays increase Taiwan’s vulnerability to a Chinese invasion or blockade, say military analysts and former Taiwanese defense officials, since the island’s own weapons industry remains small.

Persons: Lai Ching, Rong Xu Organizations: Democratic Progressive Party, Bloomberg News TAIPEI Locations: Taiwan, Beijing

☆ Peace and Prosperity in the Taiwan Strait Still Have a Chance
▼ + stars: | 2024-01-15 | by ( Nathaniel Taplin | ) www.wsj.com time to read: 1 min

Taiwanese Vice President Lai Ching-te declared victory in the island’s presidential vote on Saturday. Lai’s Democratic Progressive Party secured an unprecedented third straight term in the presidency. Photo: An Rong Xu/Bloomberg NewsTaiwan has voted: bringing the independence-leaning Democratic Progressive Party an unprecedented consecutive third term in the presidency. Now the world is waiting on Beijing, which claims Taiwan but doesn’t rule it. Saturday’s DPP victory, with around 40% of the vote, could mean more scary headlines in the near-term.

Persons: Lai Ching, Rong Xu, Nancy Pelosi’s Organizations: Democratic Progressive Party, Bloomberg News Taiwan, DPP Locations: Beijing, Taiwan

☆ Japan markets are hitting multi-decade highs — will Nikkei scale its all-time peak?
▼ + stars: | 2024-01-15 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Employees work at the Tokyo Stock Exchange (TSE), operated by Japan Exchange Group Inc. (JPX), in Tokyo, Japan, on Thursday, Jan. 4, 2024. Bloomberg | Bloomberg | Getty ImagesAfter a tumultuous start to the year, Japan's benchmark Nikkei 225 broke past the 35,000 mark for the first time since February 1990 and has been scaling new 33-year highs. The rally in Japan's equity market, which started on Jan. 5, has also seen the broad-based Topix hitting 33-year highs. Speaking to CNBC, Yeap Jun Rong, market strategist at IG Asia struck an optimistic tone, saying that "all stars seem to be aligned for Japan's stock market." In a note last week, the Bank of America called the Japan rally a "déjà vu," comparing it with the Nikkei's rise between April and June 2023.

Persons: Yeap Jun Rong, Yeap Organizations: Tokyo Stock Exchange, Japan Exchange Group Inc, Bloomberg, Getty, Nikkei, CNBC, IG Asia, Bank of Japan, TSX, Bank of America Locations: Tokyo, Japan

☆ Vote counting begins in closely watched Taiwan election
▼ + stars: | 2024-01-10 | by ( Clement Tan | ) www.cnbc.com time to read: +9 min

With China intensifying its rhetoric on its claim over Taiwan, global observers are billing this Taiwan election as highly pivotal for security in the Asia-Pacific at a time of testy U.S.-China relations. If Lai and Hsiao win the Jan. 13 vote for the Taiwan presidential office, it would mark the first time any political party has stayed in office for more than two consecutive terms since Taiwan introduced direct presidential elections in 1996. Campaign posters for various legislative member candidates in Taipei, Taiwan, on Wednesday, Dec. 27, 2023. China's Taiwan affairs office has characterized the self-ruled island's election as a choice between "peace and war, prosperity and decline." "China has always meddled whenever there is an election in Taiwan, but this time, it's the most serious."

Persons: Hou Yu, Hei Leung, Ko Wen, policymaking, Tsai Ing, Ko, Cynthia Wu, Jing Bo, jiun, Sam Yeh, Jing, Tsai, Lai Ching, Hsiao, United States —, Lai, Timothy S, Rich, Jaw Shaw, kong, Hou, Kevin Luo, Xi Jinping, Joe Biden, Xi, Biden, Nancy Pelosi, Rong Xu, Democratic Progressive Party Lai Ching, Yasuyoshi Chiba, DPP's Lai, Weeks Organizations: ih, Anadolu, Getty, Democratic Progressive Party, Kuomintang, Taiwan People's Party, China, Local, KMT, Taiwan Studies, University of Oxford, AFP, Taiwan, Rich Western Kentucky University, Taiwan's National Police Agency, New, DPP, University of Minnesota, Western Kentucky University, U.S, China -, APEC, CNBC, Former U.S, Bloomberg, Taiwan's DPP, Beijing, Cross Straits Service Locations: Taichung, Taiwan, Taipei, Asia, Pacific, U.S, China, Hsinchu, United States, Overconfidence, New Taipei City, China - U.S, Beijing, Taiwan Strait, Kaohsiung

☆ Gold holds ground ahead of U.S. inflation test
▼ + stars: | 2023-11-30 | by ( ) www.cnbc.com time to read: +2 min

A technician cleans impurities from melted gold bars at Primera Gold's laboratory in Bukavu, South Kivu Province, eastern Democratic Republic of Congo, May 12, 2023. Gold prices consolidated in a tight range on Thursday, hovering close to a near seven-month high, as investors awaited a key inflation print to gauge whether interest rate cuts in the U.S. would come sooner than expected. Spot gold was down 0.1% at $2,041.76 per ounce by 0543 GMT, after hitting its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.2% to $2,042.40 per ounce. Spot silver fell 0.2% to $24.95 per ounce.

Persons: Bullion, Yeap Jun Rong, Jerome Powell Organizations: Primera Gold's, U.S, Federal, Traders Locations: Bukavu, South Kivu Province, Democratic Republic of Congo, U.S

☆ Gold holds ground ahead of US inflation test
▼ + stars: | 2023-11-30 | by ( Harshit Verma | ) www.reuters.com time to read: +2 min

An employee casts ingots of 99.99 percent pure gold at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. Spot gold was flat at $2,044.30 per ounce by 0728 GMT, trading in a range of about $6. It hit its highest since May 5 on Wednesday, and was poised for its second straight monthly gain. U.S. gold futures for December delivery fell 0.1% to $2,045.40 per ounce. Reporting by Harshit Verma in Bengaluru; Editing by Rashmi Aich, Mrigank Dhaniwala and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Alexander Manzyuk, Yeap Jun Rong, Jerome Powell, Harshit Verma, Rashmi Aich, Mrigank Dhaniwala, Sonia Cheema Organizations: REUTERS, PCE, U.S, Fed, Traders, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

TOKYO (AP) — Asian shares retreated Monday as investors awaited updates on consumer spending and inflation in the U.S. and other nations. While analysts expect them to stand pat on policy, attention remains relatively high, given concerns about inflation. Wall Street ended last week mixed with a half-day trading session that capped a fourth straight winning week. The holiday shopping season kicked off with Black Friday amid concerns that spending may slow under pressure from dwindling savings, rising credit card debt and inflation. The major stock indexes’ latest weekly gains reflect a turnaround in the market’s sentiment in November following a three-month slide.

Persons: ” Yeap Jun Rong, Hong, Hang Seng, Brent, Yuri Kageyama Organizations: TOKYO, Nikkei, IG, Shanghai, Reserve Bank of New, Bank of Korea, Bank of, Black, Dow Jones, Nasdaq, Nvidia, Google, CF Industries, Federal Reserve, Treasury, Benchmark, New York Mercantile Exchange, U.S Locations: U.S, China, Reserve Bank of New Zealand, Bank of Thailand

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSummaryCompanies OPEC+ meeting delayed to Nov. 30Brent falls below $80Eyes on whether OPEC+ cuts will be rolled over or deepenedLONDON, Nov 22 (Reuters) - Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts. OPEC+ delayed its ministerial meeting to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement, a surprise development that gave no reason for the postponement. Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers. Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.

Persons: Angus Mordant, Brent, Rong Yeap, John Evans, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely Organizations: REUTERS, Brent, . West Texas, OPEC, Wednesday, Bloomberg News, Reuters, Organization of, Petroleum, IG, International Energy, Thomson Locations: Loving County , Texas, U.S, Saudi Arabia, Russia, OPEC, London

☆ Bank Indonesia to maintain key rate at 6.00% until at least mid-2024
▼ + stars: | 2023-11-21 | by ( Susobhan Sarkar | ) www.reuters.com time to read: +2 min

BENGALURU, Nov 21 (Reuters) - Bank Indonesia (BI) will leave its key policy rate unchanged at 6.00% on Thursday and likely keep it at that level until at least mid-2024, according to a Reuters poll of economists in which a few respondents still expected another rate hike. "Bank Indonesia is likely to keep rates unchanged this month. In a Nov. 14-20 Reuters poll, a strong majority of economists, 27 of 31, expected Indonesia's central bank to keep its benchmark key interest rate (IDCBRR=ECI) unchanged at 6.00% on Thursday. While 12 of 28 put the key rate at 6.00% at the end of June, five had a 6.25% forecast and three had 6.50%. "Our base case is for the first BI rate cut in Q3 2024 ...

Persons: Radhika Rao, Brian Lee Shun Rong, Susobhan Sarkar, Veronica Khongwir, Milounee Purohit, Paul Simao Organizations: Bank Indonesia, Bank, greenback, U.S . Federal, U.S ., DBS, Reuters, Maybank, Thomson Locations: BENGALURU, Asia's, Bank Indonesia

Revenue for the quarter ended Sept. 30 was 34.45 billion yuan ($4.72 billion), compared with analysts' estimates of 34.33 billion yuan, according to LSEG data. Baidu has in recent years focused increasingly on AI, creating a self-driving vehicle and investing heavily in generative AI, which is capable of creating text, images and other media. Baidu's Chief Financial Officer Rong Luo said the firm will continue to prioritise AI investments, especially in generative AI and foundation models, to power its growth. Baidu's online marketing revenue rose 5% in the third quarter to 19.7 billion yuan. During the quarter, Baidu reported adjusted net income of 7.27 billion yuan, up 23% from 5.89 billion yuan for the same period last year.

Persons: Tingshu Wang, Ernie, Rong Luo, Luo, Alibaba, Yuvraj Malik, Varun H, Miral Fahmy, Sharon Singleton Organizations: Baidu, REUTERS, HK, Tuesday, International Monetary Fund, Nvidia, Reuters, Huawei, Thomson Locations: Beijing, China, Washington, Bengaluru, Yelin Mo

☆ Myanmar hands over to China thousands of telecom fraud suspects
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 21 (Reuters) - Myanmar authorities have handed over 31,000 telecom fraud suspects to China since law enforcement officers from both countries launched a crackdown on online scams in September, Chinese authorities said on Tuesday. More than 100,000 people engage in telecom fraud each day in at least 1,000 scam centres in Myanmar, which shares a border with southwest China, Chinese state media has reported. The Myanmar ringleader of a gang committed suicide last week while on the run from Myanmar authorities, Chinese police said. With telecom scams in Myanmar targeting Chinese citizens surging, Assistant Foreign Minister Nong Rong visited Myanmar this month, saying China was ready to work with Myanmar on tackling cross-border crime including online gambling. Nong also said China supported Myanmar in maintaining stability on their common border as Myanmar's junta battled insurgents in the area.

Persons: Nong Rong, Nong, Albee Zhang, Ryan Woo Organizations: Ministry of Public Security, Thomson Locations: BEIJING, Myanmar, China

The Shanghai Composite index edged 0.1% higher to 3,054.37. Taiwan’s Taiex gained 0.2% and the Sensex in Mumbai fell 0.1%. Wall Street’s stocks drifted to a mixed finish Thursday as market momentum slowed following the sizzling rally of the first half of November. The Dow Jones Industrial Average slipped 0.1% to 34,945.47, and the Nasdaq composite gained 0.1% to 14,113.67. Stocks in the oil-and-gas industry swooned after the price of crude tumbled sharply to its lowest level since July.

Persons: Seng, Kazuo Ueda, Ueda, Australia’s, Taiwan’s Taiex, ” Yeap Jun Rong, IG, Macy’s, Sonos, Stocks, Halliburton, Brent Organizations: Nikkei, Bank of Japan Gov, U.S, U.S ., Dow Jones, Nasdaq, Walmart, Cisco Systems, Marathon Petroleum Locations: HONG KONG, U.S, New York, Shanghai, South Korea, Mumbai

☆ China's J-20 stealth jet isn't 'a dominating aircraft,' but it doesn't need to be for what China's military has planned
▼ + stars: | 2023-10-29 | by ( Christopher Woody | ) www.businessinsider.com time to read: +10 min

China's air force continues to improve and expand its fleet of J-20 stealth fighter jets. The J-20 is China's first stealth jet and a growing part of an already sizable aviation force. China's air force and navy now make up the largest aviation force in the region and the third largest in the world. They have a total of 1,900 fighter jets, including J-20s that have been "operationally fielded" by China's air force, according to the US Defense Department. AdvertisementAdvertisementA Chinese jet, believed to be a J-20 prototype, in Chengdu in January 2011.

Persons: —, Wang Jingtian, We've, Brendan Mulvaney, Mulvaney, they've, Rick Joe, Zhang Hui, Kenneth Wilsbach, Wilsbach, Jia Tianyong, Rong Xu Organizations: Service, US Defense Department, US Air Force, Beijing, Getty, WS, Reuters, China Aerospace Studies Institute, Department of, US Pacific Air Forces, Air and Space Forces Association, Air Show, China News Service, Getty Images China, People's Liberation Army, PLA, People's Republic of China, US Air, Pentagon Locations: China, East China, Pacific, Taiwan, Changchun, Chengdu, People's Republic of, China's, Xiamen, Zhuhai, American

☆ Gold slips from 5-mth peak as investors look to U.S. economic data
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +2 min

Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices retreated from last session's five-month peak on Monday as the U.S. dollar and Treasury yields strengthened ahead of crucial economic data this week, with investors looking for any signs of a global fallout of the Middle East conflict. Spot gold was down 0.4% at $1,972.39 per ounce by 0334 GMT, and U.S. gold futures slid 0.5% to $1,983.50. COMEX gold speculators switched to net long position of 41,867 contracts in the week to Oct. 17, adding 56,655, data showed on Friday. Elsewhere, spot silver fell 0.5% to $23.23 an ounce, platinum slipped 0.6% to $889.48 and palladium was down 0.1% to $1,096.15.

Persons: Yeap Jun Rong Organizations: Aurum, U.S ., Treasury, U.S, Trust Locations: Israel

BANGKOK (AP) — Shares tumbled in Asia on Thursday following a retreat on Wall Street after big U.S. companies delivered mixed profit reports and Treasury yields added pressure on stocks. Exports rose 4.3% while imports sank 16.3% in September and the trade balance swung to a surplus of 62.4 trillion yen ($410 billion). A big threat for the global economy is what oil prices will do to inflation. It rose 2.6% after reporting stronger profit than expected for the latest quarter as its revenue rose after it hiked prices. In other trading early Thursday, the dollar fell to 149.80 Japanese yen from 149.93 yen.

Persons: Australia's, Sensex, ” Yeap Jun Rong, IG, Brent, Morgan Stanley, Gold Organizations: Hamas, Nikkei, Bank of, New York Mercantile Exchange, Dow Jones Industrial, Nasdaq, Netflix, United Airlines, American Airlines, Delta Air Lines, Procter, Gamble, Treasury Department, Federal Reserve Locations: BANGKOK, Asia, Hong Kong, Tokyo, Seoul, Japan, Israel, Bank of Korea, Shanghai, Gaza, Tel Aviv, U.S

☆ India rupee to struggle on US yield concerns; odds of record low seen rising
▼ + stars: | 2023-10-19 | by ( Nimesh Vora | ) www.reuters.com time to read: +2 min

A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. Non-deliverable forwards indicate the rupee will open at around 83.26-83.27 to the U.S. dollar compared with 83.2575 in the previous session and within a whisker of the 83.29 record low. The Reserve Bank of India has over the last several days intervened to prevent the rupee from falling to a lifetime low. "From what I have seen this week, odds of a new low (on rupee) are now higher." The 10-year U.S. Treasury yield rose to 4.9550% in Asia, the highest in sixteen years.

Persons: Francis Mascarenhas, John Williams, Jun Rong, Nimesh Vora, Sohini Goswami Organizations: REUTERS, Rights, Treasury, U.S, Reserve Bank of, Federal Reserve, New York Fed, IG Asia, Brent, Thomson Locations: Mumbai, India, Rights MUMBAI, Reserve Bank of India, Asia, Singapore

☆ Gold jumps on safe-haven demand after Gaza hospital strike
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rose to a one-month high on Wednesday, after a deadly blast in Gaza fueled fears about the regional conflict escalating and kept the safe-haven asset a favored choice against war risks. Spot gold rose 0.8% to $1,938.19 per ounce by 0501 GMT, after scaling its highest since Sept. 20 earlier in the session. "Safe-haven flows amid geopolitical tensions in the Middle East have remained the dominant catalyst for gold prices," IG market strategist Yeap Jun Rong said. Gold prices have surged about $100 since the conflict began, despite recent robust U.S. economic data boosting bets of higher-for-longer interest rates, which tends to weigh on non-yielding gold. Investors now await Federal Reserve Chair Jerome Powell's speech on Thursday for cues on interest rates.

Persons: Kelvin Wong, Yeap Jun Rong, Jerome Powell's, OCBC, Bullion Organizations: Asia Pacific, West Bank, Investors, Federal Locations: Gaza, OANDA, Gaza City

That shift in legal doctrine was profound, shaping how courts have applied antitrust law ever since. Khan’s ideas have challenged the closest thing to a sacred cow in antitrust law. The most ambitious of those never became law, but Khan’s role in the probe, which Cicilline described as “critical,” helped further raise her profile. Amazon and Meta have both pushed for Khan to recuse herself from matters involving the companies, questioning her objectivity. The US Federal Trade Commission sued Amazon.com Inc. in a long-anticipated antitrust case, accusing the e-commerce giant of monopolizing online marketplace services by degrading quality for shoppers and overcharging sellers.

Persons: Lina Khan, Khan, Stephanie Keith, ” Khan, “, Joe Biden, ”, William Kovacic, George W, Bush, Barry Lynn, Lynn, New America Foundation —, Obama, —, ” Lina Khan, Rong Xu, ” Lynn, it’s, ’ ”, Reagan, Robert Hockett, Khan’s, David Cicilline, Lina, ” Cicilline, Cicilline, Justin Tallis, Biden, Trump, Douglas Farrar, Gary Gensler, Tom Williams, Jonathan Kanter, Roe, Wade, Kevin Kiley, Meta, she’s, “ We’ve, they’re, Federal Trade Commission Lina Khan, Al Drago, Kathleen Bradish, Bradish, Christine Wilson, Wilson, Noah Phillips, Gabby Jones, NetChoice, Carl Szabo, “ It’s, ” Szabo, There’s, ” Kovacic Organizations: CNN, Federal Trade Commission, Amazon, FTC, Big, Microsoft, Meta, Bloomberg, Getty, Republican, White House, Williams College, New America Foundation, Washington Monthly, Yale Law, Washington Post, Cornell Law School, Big Tech, Rhode, Rhode Island Democratic, Apple, Facebook, Cambridge, Activision, SEC, Financial Services, General Government, Securities and Exchange Commission, Capitol, Justice Department, Epic Games, California Republican, Washington , D.C, American Antitrust Institute, GOP, US Federal Trade Commission, Amazon.com Inc Locations: Big Tech, Robbinsville , New Jersey, Washington, Larchmont , New York, Rhode Island, Washington ,, New York

SINGAPORE, Oct 5 (Reuters) - Oil prices inched up on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains. Brent crude oil futures were 63 cents higher at $86.44 a barrel at 0335 GMT, while U.S. West Texas Intermediate crude (WTI) rose 49 cents to $84.71. The latest data also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year, the U.S. Energy Information Administration (EIA) reported on Wednesday. Oil prices will struggle to push higher given the more uncertain demand outlook, along with weaker U.S. economic data released on Wednesday and a significant build in gasoline inventories, he added.

Persons: clawing, Jun Rong, Katya Golubkova, Sonali Paul, Jamie Freed Organizations: Brent, U.S, West Texas, of, Petroleum, National Australia Bank, U.S . Energy Information Administration, IG, Thomson Locations: SINGAPORE, OPEC, Russia, Saudi Arabia, U.S, Tokyo, Singapore

☆ Gold set to break longest losing streak in 7 years as bond selloff cools
▼ + stars: | 2023-10-05 | by ( ) www.cnbc.com time to read: +2 min

Gold edged higher on Thursday, set to end its eight-session-long losing streak, last seen around the same time in 2016, as U.S. bond yields and the dollar retreated from recent highs ahead of a keenly awaited non-farm payrolls report this week. Spot gold rose 0.3% to $1,826.49 per ounce by 0314 GMT, attempting a rebound from its weakest levels since March touched on Tuesday. Benchmark U.S. 10-year bond yields fell from 16-year highs on Thursday and the U.S. dollar was 0.2% lower, allaying some pressure on non-yielding gold. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 869.31 metric tons on Wednesday, its lowest since August 2019. The subdued dollar also buoyed other greenback-priced precious metals, with spot silver up 1.1% to $21.19 per ounce, having slipped to its lowest since mid-March this week.

Persons: Yeap Jun Rong Organizations: U.S ., U.S, CPI, Labor, Wednesday, Benchmark, Trust Locations: ., U.S

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsOct 4 (Reuters) - Oil edged lower on Wednesday ahead of a panel meeting of OPEC+ ministers, as the market weighed expectations of supply tightness against fears that high interest rates could reduce fuel demand. Brent crude oil futures dipped 6 cents to $90.86 a barrel by 0345 GMT, while U.S. West Texas Intermediate crude (WTI) , fell 5 cents to $89.18 per barrel. "A resilient labour market is deemed to be providing more room for the Federal Reserve (Fed) to keep rates high for longer," said Yeap Jun Rong, market analyst at IG. Eight analysts polled by Reuters estimated on average that crude inventories fell by about 500,000 barrels in the week to Sept. 29.

Persons: Agustin Marcarian, Jun Rong, Brian Martin, Daniel Hynes, Alexander Novak, Laura Sanicola, Muyu Xu, Gerry Doyle, Kim Coghill Organizations: REUTERS, Brent, U.S, West Texas, Federal Reserve, IG, of, Petroleum, ANZ, Reuters, Industry, American Petroleum Institute, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, OPEC, Saudi Arabia, Russia, Asia, Turkey, United States, .

☆ Gold fragile on lofty U.S. dollar and yields, palladium at 5-year low
▼ + stars: | 2023-10-04 | by ( ) www.cnbc.com time to read: +2 min

Gold prices headed back towards seven-month lows on Wednesday as an ascending dollar and bond yields after strong U.S. jobs data kept markets expectant of further monetary policy tightening, while palladium slipped to its lowest level since late 2018. Spot gold eased 0.1% to $1,820.70 per ounce by 0332 GMT, while U.S. gold futures dropped 0.3% to $1,836.20. The unexpected rise in August U.S. job openings highlights the durability of labor demand, NAB Resources said, adding that gold continues to decline on the higher-for-longer Federal Reserve rates outlook, strengthening U.S. bond yields and dollar. Benchmark U.S. 10-year bond yields were at 16-year highs, diminishing demand for non-interest-paying bullion. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 0.2% on Tuesday.

Persons: Janet Yellen, Yeap Jun Rong Organizations: U.S ., NAB Resources, U.S, Treasury, Benchmark, Trust, Palladium Locations: Moscow, Russia

☆ Gold hits over 1-month low on higher-for-longer U.S. rates theme
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +2 min

Gold prices dropped to a more than one-month low on Wednesday, beaten down by an assurgent U.S. dollar as markets made adjustments to a rising interest rate scenario. There is a 40% chance that the Federal Reserve will need to raise rates "meaningfully" to beat inflation, Minneapolis Fed Bank President Neel Kashkari said on Tuesday. Higher interest rates raise the opportunity cost of holding bullion, which is priced in dollars and does not yield any interest. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings touched a more than four-year low. Spot silver dropped 0.8% to a 12-day low of $22.69 per ounce, while platinum was up 0.1% to $904.87.

Persons: Neel Kashkari, Yeap Jun Rong Organizations: Federal, Minneapolis Fed, Labor Department, Trust, Palladium Locations: U.S

☆ Evergrande stock crashes again as fears of collapse grow
▼ + stars: | 2023-09-27 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of Evergrande Group crashed again on Wednesday as fears grew of a potential liquidation of the company, the poster child of China’s property crisis. Evergrande’s woes deepened this week, after it warned that its offshore debt restructuring plan may be in trouble because of a regulatory probe into its main subsidiary in mainland China. That was thanks to a rise in revenue because of a “short boom” in China’s property market earlier this year, the company said then. Evergrande has been trying to implement a government-supervised restructuring of its debts, which stood at $328 billion at the end of June. Evergrande was forced to cancel meetings with creditors scheduled for this week, in part because recent sales have been weaker than it expected.

Persons: Evergrande, ”, Jun Rong Yeap, Frederic Neumann, ” — Marc Stewart Organizations: Hong Kong CNN —, Evergrande Group, Hong, Hong Kong, IG Group, HSBC, CNN Locations: Hong Kong, China, Evergrande, United States, Asia, Beijing

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