Asian shares plunged to their lowest level in a month on Tuesday as hawkish remarks from central bankers dampened expectations of interest rate cuts. MSCI’s broadest index of Asia-Pacific shares (excluding Japan) dropped 1%, reaching its lowest level since mid-December. Japan’s Nikkei, after an impressive six-session winning streak, dipped 0.7% away from Monday’s 34-year high.
The Atlanta Federal Reserve (Fed) President, Raphael Bostic, recently expressed concerns about the potential impact of cutting interest rates too soon. He cautioned that such a move could result in inflation shifting unpredictably, as opposed to steadily reaching the central bank’s desired 2% target. Bostic emphasized the importance of ensuring inflation firmly returns to the
As the Japanese equity market continues its relentless climb, investors are left wondering if there is anything that can stop its upward momentum. With not much on the Asian economic and policy calendar to sway the market, attention turns to the upcoming Japanese producer price figures, which could potentially give a pause to the bullish
The CEO of Circle, the company behind the popular stablecoin USD Coin, Jeremy Allaire, is optimistic about the future of stablecoin regulation in the United States. With a $135.3 billion market, stablecoins have become an integral part of the cryptocurrency industry. However, unlike other jurisdictions around the world, the United States has yet to pass
The price of Brent crude oil has been on the rise for three consecutive days, reaching $79.00 per barrel as of today. This surge can be attributed to the unfolding events in the Red Sea, where transportation disruptions could potentially impact crude oil supply. With numerous tankers carrying energy carriers passing through these waters, any
Consumer spending plays a crucial role in shaping the overall economy and influencing interest rates. Recent trends in Australia indicate a downward trajectory in consumer spending, which can have a dampening effect on inflationary pressures. Economists predict a 1.5% increase in ANZ-Indeed Jobs Ads for December, following a significant 4.6% decline in November. These job
Japanese stocks have started off the year 2024 with a bang, reaching three-decade highs. This surge in the market can be attributed to two key factors: a weaker yen and the expectations of persistently low interest rates. The Nikkei has experienced a remarkable 6% gain over the past two weeks, marking the best start to
The European Central Bank (ECB) is currently faced with the decision of whether or not to implement a series of interest rate cuts. In an interview with ECB chief economist Philip Lane, he stated that the ECB would have key data by June to make an informed decision. However, Lane also expressed caution about moving
The recent approval of 11 spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) signifies a potential turning point for cryptocurrency investing. Led by industry veteran Cathie Wood, these new ETFs aim to promote the democratization of bitcoin access and provide more opportunities for investors. Wood, the CEO and Chief Investment Officer
Wells Fargo, one of the largest banks in the United States, reported a rise in fourth-quarter profit from a year ago. However, despite the positive news, the bank’s shares fell more than 1% before the market opened on Friday. The reason behind this decline was the bank’s warning about the potential for significantly lower net
The past trading session saw the EUR/USD pair closing slightly higher at 1.09736, representing a modest increase of 0.01%. Similarly, the GBP/USD pair experienced an uptick and closed at 1.27628, marking a rise of 0.16%. Concurrently, the US Dollar Index (DXY) also edged up by a negligible 0.01%, closing at 101.965. In the Eurozone, the
The AUD/USD pair has been showing signs of an upward movement, with the potential to rally if it manages to clear the resistance level of 0.6725. Starting from the support level of 0.6650, the Aussie Dollar has made a fresh increase, surpassing the resistance levels of 0.6680 and 0.6695 against the US Dollar. This positive