By Winni Zhou and Ankur Banerjee SHANGHAI/SINGAPORE (Reuters) – A sliding yuan and extensive outflows of cash from the mainland into Hong Kong show China’s domestic investors are shelving expectations for any immediate recovery in their home markets and fleeing to the closest better-yielding assets. The yuan has dropped to seven-month lows this week, alongside…
UK retail sales volume rose 2.9% mom in May, above expectation of 1.5% mom. More broadly, sales volumes rose by 1.0% in the three months to May 2024 when compared with the previous three months. Over the year to May 2024, volumes rose by 1.3%, and were -0.5% below their pre-coronavirus (COVID-19) pandemic level in…
Forecasts of a hotter summer, published during April and May, led to a sustained bullish trend in the natural gas market, as this commodity is heavily used for air conditioning. Specifically:→ The XNG/USD chart indicates that from 1st April to today, the price of natural gas has increased by more than 55%.→ According to Bloomberg,…
As shown on the XAU/USD chart, this morning the price of gold exceeded $2360 per ounce (approximately +1.5% since the start of the week). According to Reuters, the increase in the price of gold was driven by: → Rising geopolitical tensions in the Middle East.Hezbollah leader Sayyed Hassan Nasrallah warns of an “all-out war” if…
Gold price started a fresh increase above the $2,335 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $82.50. Important Takeaways for Gold and Oil Prices Analysis Today · Gold price started a decent increase from the $2,300 zone against the US Dollar. · A connecting bullish trend line is forming…
Ripple Labs is facing another civil securities lawsuit for “misleading statements” made by its CEO, Brad Garlinghouse, in a 2017 interview. A California federal court judge has greenlighted the lawsuit but denied a summary judgment, meaning a jury will hear the case. A Statement Made in 2017 In an interview with Canada’s BNN Bloomberg in…
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The market spotlight was focused on a couple of major central bank announcements, with one delivering a surprise rate cut. How did the rest of the asset classes fare? Headlines: People’s Bank of China kept 1-year and 5-year prime loan rates unchanged at 3.45% and 3.95% respectively Swiss trade surplus in May: 5.81 billion CHF…
As expected, the Bank of England (BOE) kept interest rates on hold at 5.25% in a 7-2 MPC vote this June. In their official statement, the BOE acknowledged that annual inflation fell to 2% in May but also noted that CPI is expected to pick up slightly in the second half of the year. The…
Federal Reserve Bank of San Francisco President Mary Daly is speaking as part of a panel: “The Transformative Power of AI: How is Technology Changing Our Lives?” in coordination with Syracuse University and the Maxwell School of Citizenship and Public Affairs. The topic doesn’t sound like there will be anything from here on the economy…