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Euro Falls To Lowest Level This Year Against Dollar
The euro fell to its lowest level against the dollar so far in 2024 as bond markets reassessed interest-rate cut pricing, driving Treasury yields higher, Danske Bank Research said. “EUR/USD faced renewed pressure as markets reassessed the aggressive pricing of rate cuts.” Danske Bank Research maintained its strategic case for a lower EUR/USD, and in…
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Central Bankers Push Back Against Rate Cuts
Stock futures fell on Wednesday as central-bank officials’ cautious comments regarding the speed of rate cuts continued to weigh. European Central Bank President Christine Lagarde said this morning that interest-rate cuts were likely, but data dependent and that there was still some uncertainty. This came after Fed governor Christopher Waller said Tuesday that continued declines…
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Wall Street Highlights: Tesla Cuts Prices in Germany, Interactive Brokers Increases Revenue by 17%, and More
In Wednesday’s pre-market, U.S. index futures extended the downward trend seen in the previous session. As of 6:02 AM, Dow Jones futures (DOWI:DJI) fell 164 points, or 0.44%. S&P 500 futures fell 0.48% and Nasdaq-100 futures retreated 0.58%. The yield on 10-year Treasury bonds was at 4.062%. In the commodities market, West Texas Intermediate crude…
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US Futures, European Stocks Down as Market Dials Back Rate-Cut Bets
U.S. futures for the S&P 500 were down 0.4% and futures for the Dow Jones Industrial Average declined 0.3%. Changes in futures do not necessarily predict movements after the opening bell. In Europe, the Stoxx Europe 600 dropped 1.2% in morning trading. Lindt & Spruengli rose 6.6% and Genus PLC added 2.9%. On the other…
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Top Company News of the Day: BP, Tesla, Hyundai, Shein
BP Confirms Murray Auchincloss as CEO BP has formally appointed Murray Auchincloss as its new chief executive officer with immediate effect following ex-CEO Bernard Looney’s sudden exit in September. Chinese EV Shares Slump, Pressured by Tesla Price Cuts, Weak Sales Shares of Chinese electric-vehicle makers fell sharply amid intensified competition after Tesla cut prices again…
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U.S. Stocks Close Lower After Cautious Session
U.S. stocks closed notably lower on Tuesday as higher Treasury yields and concerns that the Federal Reserve may not cut interest rates anytime soon hurt sentiment. The major averages all ended in the red with the Dow finishing with a more pronounced loss. The Dow settled with a loss of 231.86 points or 0.62 percent…
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Crypto: Fantom Reduces Staking Requirements, TrueUSD Parity Drop, and More
Market contrast: Bitcoin rises while ETFs fall In the last 24 hours, Bitcoin (COIN:BTCUSD) experienced a modest increase, surpassing $43,000, while exchange-traded funds (ETFs) showed a contrasting trend. Notably, ETFs from BlackRock (NASDAQ:IBIT) and Van Eck (AMEX:HODL) suffered losses, each dropping by 1.1% during this period. This decline is part of a broader downward trend…
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Base Metals Down
Most base metals were lower in Europe on a stronger dollar and renewed concerns over China’s demand outlook after the country left its key policy rates unchanged. “The appetite across the [London Metal Exchange] remained lacklustre, as volatility is being sold across the board,” Sucden Financial said. “Moreover, the [People’s Bank of China] has kept…
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Oil Prices Edge Up
Oil prices edged higher but current sentiment is divided between concerns over weaker economic growth and escalating tensions in the Middle East following fresh attacks from Iran-backed Houthis on U.S. ships. Recent attacks in the Red Sea are fuelling fears of a broader regional conflict in the Middle East, but oil production hasn’t been directly…
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Euro To Weaken In Medium Term
The euro is expected to move in a range against the dollar in the near term and to weaken in the medium term, Danske Bank Research said. “While our forecast for the Federal Reserve and the European Central Bank suggests upside risk to the cross in 1Q, we stress that a broader central bank pricing…