Asian stocks rise on optimism over China stimulus: Markets wrap
Asian stock markets experienced a notable uptick on Monday, driven by China’s commitment to implement more proactive fiscal policies and a shift towards a “moderately loose” monetary stance. This policy adjustment, the first of its kind in 14 years, aims to counteract deflationary pressures and rejuvenate the property sector. In response to these developments, Hong […]
Korean stocks gain after losing $100 billion to political crisis
Korean stocks rebounded sharply on Monday, recovering some of the losses incurred during a prolonged political crisis that erased over $100 billion in market value. The recovery comes after investors grew increasingly concerned about the instability surrounding the country’s leadership, which had led to widespread uncertainty in the economy. The Seoul stock market, which had […]
GBP/JPY climbs above 193.00 as BoJ rate hike uncertainty fuels volatility
The GBP/JPY currency pair has continued its upward trajectory, climbing to 193.10 during Tuesday’s European session. This marks the second consecutive session of gains, driven largely by a weaker Japanese Yen (JPY) amid uncertain expectations regarding a potential Bank of Japan (BoJ) rate hike in December. As traders digest mixed signals from the BoJ, the […]
RBA keeps rates on hold at 4.35% in final 2024 meeting as inflation risks ease
In its final policy meeting of 2024, the Reserve Bank of Australia (RBA) decided to leave its cash rate target unchanged at 4.35%, a 13-year high. This decision marks the continuation of a pause in rate hikes that has lasted for over a year, following the 13th increase in a series of tightening measures that […]
Pound Sterling holds steady as traders brace for crucial US inflation data
The Pound Sterling (GBP) is consolidating in a narrow range near 1.2750 against the US Dollar (USD) as investors await the upcoming US inflation data for November, which will be released on Wednesday. Economists expect annual headline inflation to have increased to 2.7%, with core CPI rising to 3.3%. Unless there is a major deviation […]
New Mexico’s oil income investments now surpass personal income tax revenue
New Mexico’s oil income has officially surpassed personal income tax as the state’s largest revenue source, marking a significant economic milestone. The state’s record-breaking oil production has fueled an unprecedented surge in revenue, enabling massive investments in public infrastructure and education. This development highlights the vital role of the Permian Basin, one of the world’s […]
Bitcoin wavers, smaller tokens sink as frothy crypto rally frays
Bitcoin’s rally stumbled, trading near $44,000 after a sharp surge earlier this month. The cryptocurrency’s recent movements reflect increasing investor caution as macroeconomic uncertainties and regulatory scrutiny cast shadows on digital assets. Market volatility has dampened enthusiasm, with analysts warning of potential corrections in an overheated market. Smaller tokens bore the brunt of the downturn, […]
Gold poised for further gains as geopolitical risks surge and US Dollar weakens
Gold prices (XAU/USD) maintain a positive bias, staying close to a two-week high. The precious metal continues to be supported by a mix of geopolitical risks, softer US Dollar movements, and expectations of a Federal Reserve rate cut this month. As the Russia-Ukraine conflict deepens and political turmoil spreads in South Korea and France, safe-haven […]
USD/CAD climbs to multi-year highs as BoC rate cut bets loom
The USD/CAD pair continued its bullish momentum, trading higher for the third consecutive day and touching a level not seen since April 2020 during the Asian session on Tuesday. While it remained just below the 1.4200 psychological mark, the pair’s upward trajectory reflects a confluence of factors favoring the US Dollar against the Canadian Dollar […]
PBOC sets USD/CNY reference rate at 7.1896 vs. 7.1870 previous
The People’s Bank of China (PBOC) set the USD/CNY reference rate at 7.1896 on Monday, slightly higher than the previous 7.1870. The move suggests a cautious yet deliberate approach by the central bank to manage the yuan amid ongoing economic challenges and global market pressures. This marginal adjustment comes as China grapples with slower-than-expected economic […]
