Author Archive

Jenni Reid

LONDON — European markets retreated Thursday, with a flurry of corporate earnings and a selloff on Wall Street in focus.

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Gold prices rose on Wednesday as the dollar slipped with investors’ focus shifting to U.S. economic data due this week for fresh signals on the timing of the central bank’s interest rate cuts.

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Lim Hui Jie

Key Points

• China’s central bank cut the medium-term facility lending rate to 2.3% from 2.5%, in its latest move to stimulate the economy after lowering its loan prime rates on Monday.
• South Korea’s GDP grew 2.3% year on year, lower than the 2.5% expected by economists polled by Reuters. On a quarter on quarter basis, the country’s economy shrank 0.2%, compared to a 0.1% rise expected

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Sophie Kiderlin@in/sophie-kiderlin-b327b914a/@SKiderlin

LONDON — European markets were lower on Wednesday as earnings season ramped up.

The pan-European Stoxx 600 was down 0.36% at 1:22 p.m. London time, with major bourses in the region and most sectors pulling back. Household goods stocks fell 1.6%, while travel and leisure stocks added 0.4% after low-cost airline Easyjet reported higher profit and forecast a second straight record-breaking summer.

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Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline.

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Lim Hui Jie

KEY POINTS

• Australia saw its private sector activity expand at a slower pace in July, with the composite purchasing managers index at 50.2 compared to 50.7 in June, according to Juno Bank.
• The region will also look for any spillover to tech and EV stocks after U.S. tech giants Alphabet and Tesla reported their second quarter earnings, with Tesla falling short of estimates.

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Lee Ying Shan@IN/YING-SHAN-LEE@LEEYINGSHAN

KEY POINTS

• India is slated to unveil its first budget under Prime Minister Narendra Modi’s third five-year term.
• Traders in Asia will also watch out for Singapore’s inflation data for June.

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Holly Ellyatt@HOLLYELLYATT

LONDON — European stocks opened higher Monday as global markets reacted to the news that U.S. President Joe Biden had dropped out of the U.S. presidential race.

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Gold prices dipped more than 2% on Friday, as the dollar gained and profit taking kicked in following bullion’s all-time peak hit earlier this week, which was fuelled by rising expectations of U.S. interest rate cuts in September.

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Lim Hui Jie

KEY POINTS

• U.S. President Joe Biden announced his withdrawal from the 2024 presidential race, endorsing Vice President Kamala Harris.=
• Traders return to the markets after machines running Microsoft’s Windows operating system crashed Friday due to a glitch in an update issued by cybersecurity company CrowdStrike. Shares of CrowdStrike plunged 11% on Friday.
• China’s loan prime rate will be releases later in the day, with the one- and five-year LPR expected to be unchanged, according to economists polled by Reuters.

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