Earlier news today that Treasury Secretary Yellen was meeting with regulators offered some support for markets and hope of weekend action to shore up deposits. The initial readout was vague: The statement was: Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session
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Oil prices fell sharply on Friday amid declining European banking shares and after U.S. Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects. Brent crude fell $1.55, or 2%, to $74.36 a barrel by 1358 GMT, while West Texas Intermediate U.S. crude futures dived $1.48,
Yen is drawing some attention in today’s Asian trading session, supported by declining benchmark US and European treasury yields and robust core-core inflation in Japan. Risk-sensitive currencies, such as Sterling and commodity currencies, are under pressure as major Asian indexes trade lower. Dollar is recovering against the Euro but still lags far behind for the
Gold prices edged lower on Friday amid a rise in the US dollar index (DXY). That said, the prices hovered close to all-time high levels. On MCX, April Gold futures were trading at Rs 59,480 in early trade, down Rs 85 per 10 grams or 0.14%. May Silver futures were trading Rs 112 or 0.16%
As Reuters Reports: Global stocks were pressured on Friday and safe-haven buying supported government bonds as concerns about the stability of the banking system lingered. Global stocks were pressured on Friday and safe-haven buying supported government bonds as concerns about the stability of the banking system lingered. The STOXX sub-index of bank shares, which had
Market’s response to the rate hikes by SNB and BoE has been relatively muted. Following today’s rate decisions, SNB signaled the possibility of further tightening, while BoE remains open to either a hike or a pause in the future. Dollar is currently the day’s worst performer, followed by Swiss Franc and Japanese Yen, with commodity
New Delhi, Gold price climbed by Rs 450 to Rs 59,350 per 10 grams in the national capital on Thursday amid strong global trends, according to HDFC Securities. In the previous trade, the precious metal had settled at Rs 58,900 per 10 grams. Silver also zoomed Rs 815 to Rs 69,800 per kilogram. “Spot gold
Judo Bank / Markit preliminary purchasing managers’ indexes (PMI) for manufacturing and services sector activity in March 2023. Manufacturing 48.7 prior 50.5 Services 48.2 prior 50.7 Composite 48.1 prior 50.6 From the report Warren Hogan, Chief Economic Advisor at Judo Bank said: The Flash PMI results for March confirm that the economic slowdown that commenced
Dollar faced broad sell-off overnight after the less hawkish than expected Fed rate hike and press conference, with Euro emerging as the biggest winner against the greenback. Sterling and Swiss Franc followed suit, while Australian and New Zealand dollars also strengthened but lagged on a weekly basis. Attention now shifts to BoE and SNB rate
MCX silver futures hit a seven-month high on Thursday while gold futures built up on their Wednesday gains aided by the US Federal Reserve’s dovish commentary and a 25 bps rate hike, which was on expected lines. A bouquet of triggers, including the slipping of the US dollar, lower bond yields and the safe-haven appeal
One for the ‘Small-print-bros’ via Reuters FINMA has instructed Credit Suisse to completely write down its AT1 instruments and to inform the bondholders concerned without delay. “The AT1 instruments issued by Credit Suisse contractually provide that they will be completely written down in a ‘viability event’, in particular if extraordinary government support is granted,” FINMA
Sterling is performing strongly after the release of stronger than expected UK CPI data, indicating a rise in inflation rather than a slow-down in February. As a result, it is highly likely that the BoE will hike interest rates by another 25bps during their meeting tomorrow. However, there is now speculation on whether there will
Gold prices have shot up nearly 8% this year-to-date and the yellow metal has outperformed all other asset classes. As the prices remain elevated, investors must wait for some correction in yellow metal before resuming a buy. While the jury is still out on whether the Federal Reserve will increase interest rates or do a
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As the mood in the financial markets seems to be rather upbeat, Asian markets are riding the wave of positivity, tracing the upward trajectory set by their US counterparts. All eyes are on FOMC rate decision today, with most expecting a 25 basis point increase. However, uncertainty lingers as opinions within the market remain divided
Gold price tumbled Rs 480 to Rs 58,770 per 10 gram in the national capital on Wednesday amid a fall in rates of the precious metal internationally, according to HDFC Securities. The yellow metal had settled at Rs 59,250 per 10 gram in the previous trade. Silver also declined Rs 345 to Rs 68,850 per
The latest consumer price inflation report here is going to make the BOE’s job this week extremely tough. Policymakers were hoping to keep up the narrative that we have seen a peak in UK inflation but a surprisingly higher reading, in which the headline came back up to double-digits, will invalidate any of that talk.
Euro rises broadly today partly as overall sentiment stabilized. Technical also play a role as the common currency defended near term support levels against both Sterling and Aussie. Poor Germany economic sentiment data was basically ignored by the markets. Market participants appeared to dismiss the poor economic sentiment data from Germany, with the belief that