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It’s not just investors watching the Fed: Central bankers across Southeast Asia are trying to time rate cuts to ensure their currencies don’t collapse

As 2024 began, Fed watchers thought it was a matter of when, not if, the U.S. central bank would cut interest rates. Four months into the year, most aren’t quite so optimistic: The Federal Reserve now is signaling that it’s in no rush to cut rates, thanks to a more resilient than expected U.S. economy [...] READ MORE

GDP growth slowed to a 1.6% rate in the first quarter, well below expectations

KEY POINTS Gross domestic product, a broad measure of goods and services produced in the January-through-March period, increased at a 1.6% annualized pace, below the 2.4% estimate. The personal consumption expenditures price index, a key inflation variable for the Federal Reserve, rose at a 3.4% annualized pace for the quarter, its biggest gain in a [...] READ MORE

Gold gains despite higher US Treasury yields, weaker dollar lends support

Production of gold at Novosibirsk precious metals plant (Reuters) - Gold prices firmed on a weaker dollar on Thursday, even as U.S. Treasury yields rose after economic data showed signs of persistent inflation, lowering hopes of the Federal Reserve cutting interest rates anytime soon.   Spot gold rose 0.8% to $2,333.79 per ounce by 2:07 [...] READ MORE

Feature: Turkish investors flock to gold amid Middle East turmoils

This photo taken on April 17, 2024 shows gold ornaments on display in a jewelry store in Istanbul, Türkiye. (Photo by Safar Rajabov/Xinhua) ISTANBUL, April 24 (Xinhua) -- Faruk Mutlu, a Turkish citizen, stepped into a bustling jewelry store in Türkiye's vibrant city of Istanbul. Armed with his savings, he resolved to convert them into [...] READ MORE

Tech Giants Hit in Late Hours After Meta’s Outlook: Markets Wrap

Wall Street traders gearing up for GDP report on Thursday Yen weakens past key 155 level, adding to intervention risk   Big tech sold off in late hours after Meta Platforms Inc.’s disappointing outlook raised concern on whether the industry that has powered the bull market in equities has run too far.   A $250 [...] READ MORE

Investors loved weak yen boosting shares until it went too far

(Bloomberg) — The yen has become stuck around a 34-year low against the dollar after months of declines, increasing concern the currency is becoming a liability for Japan’s economy and stocks. Japan’s depreciating currency has helped the country’s shares climb to records, as many of the biggest companies are manufacturers whose income earned abroad rises [...] READ MORE

Oil Rises as Risk-On Mood Counters Waning Geopolitical Concerns

West Texas Intermediate rose to settle near $83 a barrel after fluctuating in a range of more than $2. Equities rallied following a report showing growth for US business activity was at the slowest pace this year. The weakening economic data is being interpreted as bullish for markets as traders parse clues for the Federal [...] READ MORE

Gold little changed as spotlight shifts to US data

Traders expect first Fed rate cut in September Dollar index U.S. PCE report due on Friday   April 24 (Reuters) - Gold prices steadied on Wednesday as risk premiums over tensions in the Middle East eased, while investors strapped in for U.S. economic data due later in the week that could offer clues to the [...] READ MORE

JPMorgan warns stock market sell-off has ‘further to go’

Stocks rebounded from their recent slump on Monday, but some bearish Wall Street strategists still see concerns that aren't going away anytime soon for investors.   With expectations that the Federal Reserve will cut interest rates fading, signs of inflation remaining sticky, and stocks still trading at higher-than-average valuations, many believe the market is in [...] READ MORE