Author: FX

© Reuters. FILE PHOTO: Ireland’s Taoiseach (Prime Minister) Leo Varadkar walks to cast his vote in a referendum on changes to the Irish constitution called the Family Amendment and the Care Amendment, at Scoil Treasa Naofa in Dublin, Ireland March 8, 2024. REUTERS/C DUBLIN (Reuters) -Ireland looked set to reject proposals to replace constitutional references to the makeup of a family and a “mother’s duties in the home” in a significant defeat for the government. Prime Minister Leo Varadkar had pitched the referendum vote, held on Friday to coincide with International Women’s Day, as a chance to delete some “very…

2/2 © Reuters. Workers of Tesla’s plant near Berlin gather in front of the so-called Gigafactory to protest against an arson attack by far-left extremists that has caused a major power outage expected to last until the end of next week, in Gruenheide, near Berlin, March 2/2 (This March 8 story has been corrected to change the weekly output capacity to 6,000 cars in paragraph 7) By Oliver Barth GRUENHEIDE, Germany (Reuters) – Tesla (NASDAQ:)’s German plant near Berlin will resume operations next week, the head of its works council said on Friday, after a power outage stopped production. The…

Warning: OCCI is at high risk of cutting its dividend Source link

Euro Forecast: BearishEUR/USD has risen consistently since mid-FebruaryMarkets think the Fed will cut rates first, a scenario which favors Euro bullsThis week might see consolidation if not necessarily heavy falls for EUR/USDMost Read: USD/JPY Sinks on Bets BoJ Will End Negative Rates Soon, US Inflation in FocusThe euro has seen strong gains against the United States dollar in the past few sessions thanks to commentary from both the European Central Bank and the US Federal Reserve.Fed Chair Jerome Powell said on March 9 that he and his colleagues are ‘not far’ from cutting interest rates. Meanwhile, the European Central Bank…

5/5 © Reuters. Unpicked grapes wither on the vine near the town of Griffith in southeast Australia, February 26, 2024. REUTERS/Peter Hobson/File Photo 2/5 By Peter Hobson GRIFFITH, Australia (Reuters) – Millions of vines are being destroyed in Australia and tens of millions more must be pulled up to rein in overproduction that has crushed grape prices and threatens the livelihoods of growers and wine makers. Falling consumption of wine worldwide has hit Australia particularly hard as demand shrinks fastest for the cheaper reds that are its biggest product, and in China, the market it has relied on for growth…

Nathan Howard/Getty Images News President Joe Biden predicted that the Federal Reserve will cut interest rates. “I can’t guarantee it. But I bet — you betcha — those rates come down more, because I bet you that that little outfit that sets interest rates, it’s going to come down,” Biden said Friday in a speech in Philadelphia, according to media reports, including Bloomberg. Biden not specify when he thought the rate cuts might start. The process of “carefully” reducing interest rates “can and will begin over the course of this year” provided inflation comes in as expected, Federal Reserve Chair…

Consumer price inflation data from China for February 2024 shows an exit from deflation CPI +0.7% y/yexpected +0.3%, prior -0.8% (that -0.8% in January was the sharpest the steepest fall in more than 14 years) for the m/m, comes in at +1.0% (prior +0.3%)first rise in the CPI since August of 2023core CPI +1.2% y/y (prior +0.4%)PPI -2.7% y/yexpected -2.5%, prior -2.5%for the m/m, comes in at -0.2%Thats a very large jump in CPI from -0.8% y/y in January to +0.7% in February. Its not as if the yuan collapsed, which would ramp up the price of imports.Well, that ends…

It was an odd week of outcomes in FX, including big losses for USD and the Japanese yen surprisingly taking the top spot among the majors out of the blue! Source link

MicroStockHub/iStock via Getty Images China’s Cnooc (OTCPK:CEOHF) said Friday it discovered a new reserve in the deepwater South China Sea containing more than 100M metric tons of oil equivalent proved in-place. The reserve is located at Cnooc’s (OTCPK:CEOHF) deepwater Kaiping South oilfield in the Pearl River Delta near Guangdong province, and contains light crude, the company said. Cnooc (OTCPK:CEOHF) said the KP18-1-1d discovery well was tested to produce an average 7,680 bbl/day of crude oil and 520M cf/day of natural gas, leading the proved in-place volume of Kaiping South to reach 102M tons of oil equivalent. Cnooc (OTCPK:CEOHF) “has achieved…

Share: US NFP revisions worry the market on Friday. Unemployment Rate rises to 3.9%, above 3.7% consensus. China raises $27 billion investment vehicle to produce advanced chips. NASDAQ drops a full percentage point, while Nvidia loses 5%. Nvidia (NVDA) stock fell more than 5% on Friday after the US Nonfarm Payrolls (NFP) data for February distressed the market. February hiring was ahead of consensus, but January data saw a large-scale revision lower, while the Unemployment Rate rose to match the two-year high at 3.9%.  Nvidia closed Friday down 5.6% at $875.28, while the S&P 500 fell 0.65% and the NASDAQ dropped 1.16% in an…