Get ready for a wild ride through the world of finance! Today's investing news is a rollercoaster, with some surprising twists and turns. The USD is taking a tumble, but it's China that's got everyone talking.
Let's dive into the details and uncover the stories behind these moves.
US stock markets had a sizzling start, but a midday slump left investors on edge. However, they recovered, ending the day with gains. Link to the full article
Gold is stealing the show, but oil is poised to reclaim its spotlight soon. Read more about it here
Crude oil settled at $58.27, but the price action has been volatile. Check out the latest update
In the UK, Reeves dismissed concerns about higher taxes on the wealthy, calling it 'scaremongering'. Get the full story
The Beige Book, a key report from the Federal Reserve, showed no signs of acceleration in the US economy. Explore the details
But here's where it gets controversial... Fed's Waller predicts job losses due to the rapid advancement of AI. Understand the implications
Fed's Miran adds to the AI discussion, suggesting that AI investment could lead to a higher neutral rate. Dive into the economic analysis
European indices closed mixed, while US stocks ended higher. Gold hit a new record. Stay updated with the market wrap
Treas Sec Bessent assured support for Argentina if they implement sound policies. Learn more about the US stance
ECB's Nagel shared positive news about the German economy's improvement. Read the full report
Fed's Miran again, this time predicting two more rate cuts this year as a realistic scenario. Discuss the potential impact on the comments section
And this is the part most people miss... Can Trump's trade war stance withstand the potential stock market turmoil? Join the debate
Bessent takes a strong stance, suggesting the need to decouple if China continues its unreliable behavior. Understand the implications of this statement
USTR's Greer highlights China's actions as a complete repudiation of recent US-China agreements. Explore the diplomatic angle
Hassett announces a generous bailout for farmers once the shutdown ends. Get the details on this relief package
Bessent shares positive news about US-Canada trade talks getting back on track. Stay informed
Canada's August wholesale trade data came in at -1.2%, slightly better than expected. Analyze the numbers
NY Manufacturing index for August surprised with a reading of 10.7, beating estimates. Delve into the economic indicators
The USD started the NA trading session on a weaker note. Explore the technical analysis for insights
In the European markets, the dollar dropped while equities jumped, and gold hit an incredible $4,200. Read the European market wrap
As the US session drew to a close, the USD continued its downward trend. The biggest mover was GBPUSD, which rose by 0.52%. The dollar's decline was attributed to follow-through selling and Fed Chair Powell's focus on potential employment weaknesses. The market anticipates rate cuts in November and December.
Treasury Secretary Bessent emphasized the US's desire to help China but warned of the economic consequences of China's actions. He highlighted the need for multiple meetings on China's trade restrictions and the potential for decoupling if China remains an unreliable partner. Bessent's remarks reflected a firm stance while leaving room for de-escalation.
Fed's Miran, a recent Trump nominee, took a dovish tone, stating that two more rate cuts this year are realistic. He argued that the current policy is more restrictive than it seems due to shifts in immigration and AI investment. Miran expressed confidence in easing inflation and emphasized his disagreement with colleagues on the pace of easing, not the ultimate destination.
The Beige Book reported little change in US economic activity, with some districts noting softening demand and increasing layoffs. Labor supply remains tight in certain sectors, and inflation pressures persist. Policymakers are relying on these insights due to delayed official inflation data.
Crude oil prices continue to be subdued despite record-high demand. The main factor is OPEC+'s continued supply additions. However, low prices may eventually lead to reduced drilling and investment, tightening supply. Demand is expected to grow, but the timing remains uncertain.
Meanwhile, gold and silver are on a tear, reaching record levels. Bitcoin, on the other hand, has seen a pullback after reaching a new high. US stock indices traded up and down, with the Dow giving back some gains.
In the US debt market, yields modestly increased across the board.
What are your thoughts on today's investing news? Do you agree with the market's expectations for rate cuts? Share your insights and predictions in the comments below!
