Author: FX
S&P, Nasdaq, Dow fall as geopolitical concerns erupt in Middle East Source link
The US banking groups JPMorgan Chase, Citigroup and Wells Fargo are set to report their third quarter 2023 earnings before the market opens this Friday (13 October). S&P 500 and Dow Jones US Bank Index performance. Source: SPGlobal For 2023, the year-to-date performance of the S&P 500 remains above 10%, in contrast to the Dow Jones US Bank Index, which is down nearly -15%. The latter’s decline has been significant, falling below 100 following multiple local bank failures. The index touched a year-to-date low of 81.71 in early May, then rose at a moderate pace throughout July (but remained below…
© Reuters. FILE PHOTO: A United Auto Workers union member holds a sign outside Stellantis Sterling Heights Assembly Plant, to mark the beginning of contract negotiations in Sterling Heights, Michigan, U.S. July 12, 2023. REUTERS/Rebecca Cook/File Photo (Reuters) – Union workers at Volvo (OTC:) Group-owned Mack Trucks overwhelmingly rejected a proposed five-year contract deal and will go on strike at 7 a.m. Monday (1100 GMT), the United Auto Workers said late on Sunday. About 73% of workers voted against the deal covering 4,000 workers, the UAW said. The proposed deal had included a 19% pay hike. (This story has been…
Australian Dollar, AUD/USD, BoJ, RBA, Fed, Treasury Yields, ACGB, JGB – Talking PointsThe Australian Dollar lost its footing going into Monday’s trading sessionThe news of violence erupting in the Middle East has roiled marketsTreasury yields and the US Dollar are stretching higher. Will that sink AUD/USD? Recommended by Daniel McCarthy How to Trade AUD/USD The Australian Dollar sunk on Monday morning after weekend news of an all-out assault by the terrorist group Hamas on Israel, opening up another theatre of war.The US Dollar is broadly stronger to start the week but especially so against the growth and risk sensitive currencies…
China is back from its week-long holiday today.People’s Bank of China USD/CNY reference rate is due around 0115 GMT.The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2% and some think it could widen to 3% this year. How the process works:Daily midpoint setting: Each morning, the PBOC…
Share: The US S&P 500 futures, a risk barometer, are under intense selling pressure in early dealings on Monday, as Asian traders react to the news of a renewed military conflict in the Middle East between Palestine and Israel, which could risk spreading to other parts of the region. On Saturday, the Palestinian militant group, Hamas, invaded Israel by launching an unprecedented attack from the Gaza Strip into nearby Israeli towns, killing residents and taking hostages. In retaliation, Israeli conducted airstrikes in Gaza, flattening residential buildings in giant explosions, including a 14-story tower that held dozens of apartments as…
2/2 © Reuters. A man and a dog run to a bomb shelter as rockets from Gaza are launched towards Israel in Ashkelon, southern Israel October 8, 2023. REUTERS/Ronen Zvulun 2/2 By Dan Williams and Emily Rose TEL AVIV (Reuters) – Arik Nani went to a dance party in southern Israel to celebrate his 26th birthday on Friday night but ended up fleeing a massacre as missiles roared overhead and Hamas gunmen shot down people as they tried to escape. Thousands of young people attended the Nature Party, near Kibbutz Re’im close to Gaza, which became one of the first…
Chip Somodevilla/Getty Images News For years, the Federal Reserve’s monetary policy actions were a mystery. The policymakers held meetings without letting markets know whether they had hiked or cut rates or kept policy unchanged. Fed watchers deduced the decisions from the movement of short-term interest rates. Now the central bank, which was formed in 1913, has an account on Instagram and holds press conferences after each meeting. Times have changed. Here’s a timeline hitting the highlights of how the Federal Open Market Committee’s communications policy has changed over the years: For more than 30 years after the FOMC’s current structure…
Justin Sullivan/Getty Images News Labor constraints in the hospital space are improving after pandemic-era challenges, Fitch Ratings said in a recent research report, indicating a protracted bargaining process for 75,000-strong Kaiser Permanente employees who opted to strike over working conditions and pay last week. Kaiser, one of the largest not-for-profit health providers in the U.S., is expected to resume negotiations this week as protesting workers agreed to return to work on Saturday. The 72-hour trade union action of nurses, lab technicians, and support staff crippled routine medical care for nearly 13M patients nationwide, from California to Virginia, in what turned…
Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team Subscribe to Newsletter Most Read: September Jobs Report: Payrolls at 336,000; Gold and US Dollar Go Their Own WayU.S. stocks sank in the third quarter, hurt by soaring U.S. Treasury yields. During this period, the Nasdaq 100 fell about 2.75% while the S&P 500 plunged approximately 3.40%. Meanwhile, the surge in nominal and real rates propelled the broader U.S. dollar (DXY) to the highest level since November 2022, creating a hostile environment for gold and silver.The fourth quarter’s trajectory for key…