15-07-2024 at 20:41
Gold Inches Higher After Powell’s Remarks

Gold surged above $2,420 an ounce on Monday after Fed Chair Jerome Powell indicated that the central bank does not need to wait for inflation to reach 2% before cutting interest rates. He cited recent positive inflation data that suggests pricing pressures are easing and emphasized the need for stronger signs of a sustainable move toward the 2% target, rather than waiting for it to actually hit that mark. Additionally, concerns over potential political violence and its impact on market stability contributed to the rise in gold prices, although some analysts believe the incident could boost Trump's chances in the upcoming election. Gold also marked its third consecutive weekly gain on Friday, as cooling US inflation increased expectations for Federal Reserve rate cuts. Recent data showed that US consumer prices fell for the first time in four years in June, solidifying predictions of a Fed rate cut in September.

15-07-2024 at 20:30
Crypto currencies rising on Monday

Bitcoin and Ether are on the rise. Ether is leading the charge with a 4.27% gain. Bitcoin follows with a 3.96% increase.

15-07-2024 at 20:25
Agricultural Commodities Updates: Lumber Soars by 6.43%

Top commodity gainers are Lumber (6.43%), Cotton (2.90%) and Sugar (2.88%). Biggest losers are Corn (-5.94%), Wheat (-3.63%) and Coffee (-2.91%).

15-07-2024 at 20:22
Canadian Dollar Weakens for 3rd Session

The Canadian dollar weakened towards 1.37 per USD, stepping back from an eight-week high of 1.36 observed on July 4th, as it faced pressure from a stronger US dollar following the weekend's assassination attempt on former President Donald Trump. Meanwhile, the Bank of Canada’s Business Outlook Survey underscored continued pessimism among Canadian firms, attributing it to weak sales expectations and high equipment costs that deter investment. Additionally, Canada saw its domestic unemployment rate rise to the highest level since January 2022 in June, coupled with a surprise decline of 1.4K jobs against an expected increase of 22.5K, reinforcing the BoC’s concerns about the impact of higher interest rates on the job market. Attention now turns to the forthcoming release of Canada's Consumer Price Index inflation data, which could sway the BoC's decision on potential further rate cuts following a recent quarter-point reduction in June.

15-07-2024 at 20:20
Metals Commodities Updates: Copper Falls by 1.71%

Top commodity losers are Copper (-1.71%). Gains are led by Gold (0.51%).

15-07-2024 at 20:15
Energy Commodities Updates: Natural gas Plunges by 6.18%

Top commodity losers are Natural gas (-6.18%), Gasoline (-0.88%) and Ethanol (-0.78%). Gains are led by Methanol (1.03%). In addition, there was a slight change on Crude Oil WTI (-0.5231%) and Brent Crude Oil (-0.3528%).

15-07-2024 at 19:43
Mexican Peso Retreats from a Monthly High

The Mexican peso weakened past 17.8 per USD, retreating from a one-month high of 17.62 seen on July 12th, amid heightened risk aversion following an assassination attempt on former US President Donald Trump. The US dollar benefited from safe-haven demand and the increased likelihood of another Trump presidency, pressuring the peso. Market volatility also increased as investors focused on Banxico's interest rate discussions, with recent comments from Deputy Governor Omar Mejia Castelazo emphasizing the need for gradual rate adjustments. Despite resilient industrial production in May and evolving disinflation, Mexico’s economic activity has been weak, and inflation remains high, leading Banxico to maintain a cautious monetary stance. This, coupled with higher-than-expected June inflation figures, underscored the ongoing challenges in Mexico's economic landscape.

15-07-2024 at 19:30
Brazilian Real Weakens Amid Political Turmoil

The Brazilian real depreciated beyond 5.45 per USD, approaching its lowest level in over two and a half years since hitting 5.67 on July 2nd, amid renewed concerns over fiscal discipline due to disagreements between President Lula and Finance Minister Fernando Haddad. Haddad criticized the proposed Constitutional Amendment aiming to grant full financial and budgetary autonomy to the Central Bank, cautioning against transforming it into a public company. He emphasized potential drawbacks, advocating instead for maintaining the Central Bank's current operational framework under the oversight of the National Monetary Council rather than the Senate. He also criticized the extension of payroll tax exemption for 17 sectors, stating that it either increases the tax burden or spreads too thin across sectors. Meanwhile, declining business confidence reached a fourteen-month low, increasing pressure on the Brazilian central bank to consider loosening borrowing conditions.

15-07-2024 at 19:23
Peru Economic Activity Expands for the 2nd Month

Peru's GDP grew by 5.04% year-on-year in May 2024, slightly decelerating from a 5.28% expansion in the previous month, which was the largest increase since September 2021. This growth was driven primarily by increased output in manufacturing (18.59% compared to 11.43% in April) and fishing (329.16% compared to 158.4%), while mining activity (1.83% compared to -4.34%) and accommodation and restaurants (1.14% compared to -3.47%) rebounded. However, construction (5.54% compared to 7.02%), telecommunications and other information services (0.08% compared to 3.25%), utilities (1.72% compared to 2.62%), and agriculture (2.64% compared to 23.69%) showed slower growth rates. The financial and insurance sector also contracted at a slower pace (-1.06% compared to -2.76%).

15-07-2024 at 19:00
US 10 Year Treasury Yield Rises on Monday

The yield on the US 10-year Treasury note rose above 4.23% on Monday, rebounding from 4-month lows as an assassination attempt on US presidential candidate Donald Trump raised his odds of retaking the White House in November. Markets have been considering a Trump win bullish for Treasury yields as his policies are seen as inflationary due to tax cuts, tighter immigration policy and higher tariffs on imports. Meanwhile, the 10-year yield came under pressure last week as cooling US inflation bolstered bets for Federal Reserve interest rate cuts. Fed Powell indicated that the last three inflation readings have increased confidence in the economy's performance and noted that while the Federal Reserve's policy remains restrictive, it is not severe. He emphasized that the Fed can act preemptively before inflation reaches 2% but refused to signal any specific timing for potential rate cuts.

15-07-2024 at 18:54
US Stocks Rise as Powell Acknowledges Inflation Progress

Stocks rose toward all-time highs as anticipated market volatility did not occur after Donald Trump’s assassination attack increased his chances of winning the White House. Traders focused on Jerome Powell’s remarks that the last three inflation readings have increased confidence in the economy's performance and noted that while the Federal Reserve's policy remains restrictive, it is not severe. He emphasized that the Fed can act preemptively before inflation reaches 2% but refused to signal any specific timing for potential rate cuts. Powell also noted that the labor market is improving. All major equity indexes gained, with the S&P 500 nearing a record, and Trump Media & Technology Group Corp. soared 30%. In corporate news, Goldman Sachs rose 1.3% to a record high of $485 after surpassing earnings and revenue expectations and BlackRock increased by 0.9% after reporting a rise in assets under management to a record $10.6 trillion.

15-07-2024 at 18:42
Japanese Yen Hits 4-week High

USDJPY decreased to a 4-week low of 157.34. Over the past 4 weeks, US Dollar Japanese Yen lost 0.23%, and in the last 12 months, it increased 13.42%.

15-07-2024 at 18:32
Stryker Hits 7-week Low

Stryker decreased to a 7-week low of 330.17 USD. Over the past 4 weeks, Stryker lost 3.67%, and in the last 12 months, it increased 10.25%.

15-07-2024 at 18:17
Colombia Industrial Output Turns Negative in May

Manufacturing production in Colombia decreased by 3.6% year-on-year in May 2024, retreating from the 4.1% increase in the previous month, marking the fourteenth decline in the last fifteen months. Notably, the sectors contributing most significantly to the downturn were non-metallic mineral production (-12.5%), other food products (-13.7%), vehicles (-60.8%), chemical products (-12%), and dairy products (-11.2%).

15-07-2024 at 18:14
IBEX Closes 1% Down

The IBEX 35 fell by 1% to close at 11,138 on Monday, ending a three-day streak of gains. The decline mirrors the cautious sentiment across European markets following disappointing economic data from China and as traders process the assassination attempt on Donald Trump, which potentially increased his odds of winning the US presidential election. Major Spanish stocks were mostly down, including Inditex (-1.7%), Iberdrola (-1.8%), Santander (-0.9%) and Cellnex (-1.7%), while BBVA (+0.3%) and Aena (+0.3%) bucked the trend with a slight gain. Meanwhile, Grifols (-6.2%) and Solaria (-5%) were among the worst performers.

15-07-2024 at 18:12
The FTSE MIB Index Closes 0.57% Lower

In Milan, the FTSE MIB Index fell 196 points or 0.57 percent on Monday. Leading the losses are Buzzi Unicem (-2.54%), Moncler (-2.26%) and Prysmian (-1.92%). Top gainers were Saipem (1.98%), Leonardo SpA (1.37%) and Tenaris (1.20%).

15-07-2024 at 18:11
The DAX Index Closes 0.77% Lower

In Frankfurt, the DAX Index dropped 144 points or 0.77 percent on Monday. Losses were led by Siemens Energy (-4.94%), RWE (-3.36%) and Fresenius Medical Care (-2.99%). Offsetting the fall, top gainers were Rheinmetall (1.14%), Zalando (0.86%) and Daimler Truck Holding AG (0.29%).

15-07-2024 at 18:10
The CAC 40 Index Closes 1.22% Lower

In Paris, the CAC 40 Index decreased 95 points or 1.22 percent on Monday. Losses were driven by Kering (-5.39%), LVMH (-2.88%) and Eurofins Scientific SE (-2.88%).

15-07-2024 at 18:07
The FTSE 100 Index Closes 0.80% Lower

In London, the FTSE 100 Index fell 66 points or 0.80 percent on Monday. Leading the losses are Burberry (-16.20%), Antofagasta (-3.60%) and Frasers Group (-3.37%). Top gainers were Ashtead (2.45%), Barclays (1.25%) and DS Smith (1.24%).

15-07-2024 at 18:07
DAX Falls from 1-Month High

The DAX fell by 0.8% to 18600 on Monday, pulling back from one-month highs reached on Friday and mirroring the decline seen in other European markets. Disappointing economic data from China, along with negative corporate news and quarterly results, dampened investor sentiment. Market participants were also processing news of an assassination attempt on Donald Trump, which some believe could increase his chances of winning the US presidential election. Siemens Energy posted the largest loss at 5%, followed by RWE's drop of over 3%. Also, Siemens fell by 1.6%, SAP by 0.5%, Allianz by 0.4%, and Deutsche Telekom by 0.2%.

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