Author: FX
Resilient labour market conditions and persistent services sector’s prices were not well-received by Wall Street yesterday, as the overnight data called for a hawkish bias in Federal Reserve’s (Fed) policies. A significant beat in the US ADP report (497,000 versus 228,000 forecast) was followed up with continued strength in the services sector, as the US ISM services purchasing managers index (PMI) data came in at its highest reading in four months (53.9 versus 51 forecast). Still-robust labour demand was also reinforced by a renewed expansion in the services PMI employment index (53.1 versus 49.9 forecast).Given that the Fed has previously…
bombermoon/iStock via Getty Images Solar energy stocks (NYSEARCA:TAN) finished broadly lower Thursday as analysts at Susquehanna cut price targets on several top names in the sector, saying “recent industry checks and conversations with installers and equipment providers suggest softening demand across the U.S. market.” Susquehanna said its biggest takeaway from conversations with installers has been softening demand in U.S. residential markets, especially outside of California, where installations are still working through the pre-NEM backlog and which should sustain installations through Q3. Higher interest rates have taken their toll on the appetite for solar, and electricity price inflation has largely moderated,…
© Reuters. Meta Threads and Twitter app logos are seen in this illustration taken, July 6, 2023. REUTERS/Dado Ruvic/Illustration By Jody Godoy (Reuters) -Twitter has threatened to sue Meta Platforms over its new Threads platform in a letter sent to the Facebook (NASDAQ:) parent’s CEO Mark Zuckerberg by Twitter’s lawyer Alex Spiro. Meta, which launched Threads on Wednesday and has logged more than 30 million sign ups, looks to take on Elon Musk’s Twitter by leveraging Instagram’s billions of users. Spiro, in his letter, accused Meta of hiring former Twitter employees who “had and continue to have access to Twitter’s…
WGC is the The World Gold Council, a gold lobby group. More on them below. The group says its expects central banks in developed markets are nearing the conclusion of their tightening cycles. And that market consensus is that the US will have a slight recession in late 2023 and that developed markets would experience slow expansion. Investors are concerned that a hard landing may still be in store given the historical gap between monetary policy and economic performance.Given this background and the fact that gold experienced positive returns in H1, the WGC anticipates that gold will continue to be…
Looking for another top-tier catalyst to trade? You might wanna start prepping for the Reserve Bank of New Zealand (RBNZ) policy decision next week! Here are points to note if you’re planning on trading NZD during the release: Events in Focus: Reserve Bank of New Zealand Monetary Policy Statement When Will it Be Released: July 12, Wednesday: 2:00 am GMT Use our Forex Market Hours tool to convert GMT to your local time zone. Expectations: RBNZ is likely to keep interest rates on hold at 5.50% RBNZ policymakers are expected to signal willingness to resume hiking if inflation picks up…
Share: Gold suffers a 0.20% loss as robust US job figures and mounting rate hike prospects drive US Treasury yields higher. Hawkish comments from Dallas Fed President Lorie Logan and a strong ADP report underpin expectations of a July rate hike. Traders anticipate further clues from the upcoming US Nonfarm Payrolls report, which could impact Gold’s trajectory. Gold price slides for two consecutive days after a busy economic calendar in the United States (US) emphasized the resilience of the economy, which justifies the Federal Reserve (Fed) 25 bps rate hike at the upcoming July meeting. On Thursday, the…
The Connecticut Light and Power Company PFD 2.04% goes ex-dividend tomorrow Source link
Zero-knowledge proofs (ZK-proofs) are a key technology explored by many in the crypto industry. A zero-knowledge protocol is a cryptographic method that allows one party to prove to another party that something is true without revealing any information. The technology is vital for layer-2 solutions to achieve blockchain scalability, and to the privacy and security of ZK transaction networks. The top ZK tokens, such as Polygon (MATIC) and Zcash (ZEC), have surpassed $9 billion in market cap since their inception. Continue Reading on Coin Telegraph Source link
S&P 500 OUTLOOK:S&P 500 falls as U.S. Treasury rates skyrocket following strong U.S. economic dataSolid private sector payrolls and services sector activity data reinforce expectations for additional monetary tighteningThe S&P 500 appears to be carving out a double-top pattern. If confirmed, this technical formation could portend losses for the equity index Recommended by Diego Colman Get Your Free Equities Forecast Most Read: Q3 Top Trade: S&P 500 Vulnerable to Pullback on Weak Fundamentals and Frothy MarketsU.S. stocks sold off on Thursday undercut by soaring U.S. yields, which moved sharply higher across the Treasury curve. The 2-year note, for instance, surged…
JOLTS job openings declines in MayPrior month 10.103M revised to 10.320MThe number of job openings decreased to 9.8 million on the last business day of May, a drop of 496,000 from April.The job openings rate declined by 0.3 percentage points to 5.9%.Health care and social assistance saw the largest decrease in job openings (-285,000), followed by finance and insurance (-139,000), and other services (-78,000).Job openings increased in educational services (+45,000), state and local government education (+37,000), and the federal government (+24,000).The number and rate of hires in May were mostly unchanged at 6.2 million and 4.0%, respectively. There was an…