Latest News - UnitedFXA

Cryptos extend rally, Bitcoin skyrockets 13%

info — Sat, 10 Aug 2024 11:53:35 +0000

The world’s largest cryptocurrencies continued to rally after Wall Street’s closing bell on Thursday as investors digested the latest data on the United States labor market which showed that initial jobless claims came in lower than expected, seemingly sparking optimism that the country could avoid recession.

Crypto-related stocks saw significant gains during the New York session, with Coinbase closing the session up 7.39% and MicroStrategy Inc. following with a 9.07% increase. Earlier this week, concerns about Washington’s economic stability recently dragged Bitcoin’s price down to its lowest point since February.

Bitcoin surged 13.02% to sell at $62,307.21 at 7:06 pm ET. Ethereum soared 15.20% to $2,702.700 at the same time.

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Asia-Pacific mostly higher as US recession fears ease

info — Sat, 10 Aug 2024 11:52:42 +0000

Stock markets in the Asia-Pacific traded mostly higher on Friday after the release of China’s consumer price index and producer price index for July. Markets continued to recoup weekly losses echoing Wall Street’s latest rally driven by lower-than-expected jobless claims in the United States, which helped alleviate concerns about an impending recession.

The Nikkei 225 was flat at 7:17 am CET, the Kospi Composite added 1.01%, and the S&P/ASX 200 rose by 1.10%. A minute later, the Hang Seng improved by 1.39%. At 7:05 am CET, the Shanghai Composite decreased by 0.07%, and the Shenzhen Composite lost 0.22%.

The dollar traded 0.23% lower against the yen and went for 146.86600 at 7:20 am CET.

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Europe mixed in premarket with focus on CPI prints

info — Sat, 10 Aug 2024 11:51:27 +0000

Major European stock indexes were mixed in the premarket trading on Friday, with the spotlight on the consumer price index updates from Germany and Italy scheduled for release during the morning session.

At 8:00 am CET, the FTSE 100 was flat. The Euro Stoxx 50 jumped by 0.24%. The DAX gained 0.21%. The CAC 40 fell by 0.06%.

The euro and the pound sterling both traded flat against the dollar at 7:58 am CET to sell for $1.09199 and $1.27541, respectively.

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US markets open lower after S&P 500’s best day since 2022

info — Sat, 10 Aug 2024 11:49:39 +0000

Major US stock markets opened lower on Friday closing out a volatile week that saw the S&P 500’s best day since 2022 on Thursday.

During the day, news broke that TSMC reported strong July revenue, which showed an increase of nearly 45% year-over-year. In addition, Paramount Global rose more than 6% after posting adjusted earnings that beat estimates and announcing that it will cut 15% of its US workforce.

The Dow Jones lost 0.23% at 9:30 am ET, with Intel declining 2.00%. The Nasdaq 100 fell 0.18%, and ASML ADR was leading the losses, decreasing by 2.39%. A minute later, the S&P 500 declined 0.08%, as Insulet dropped by 12.76%.

The euro was flat against the dollar at 9:27 am ET, selling for $1.09217.

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Europe closes higher following CPI readings

info — Sat, 10 Aug 2024 11:48:28 +0000

Major stock markets in Europe traded in the green at the end of Friday’s session as investors digested the latest inflation reports. Namely, German annual inflation climbed by 2.3% in July, while on a monthly basis, it increased by 0.3%. Meanwhile, a final report showed that July’s inflation in Italy jumped 1.3% year-over-year and 0.4% month-on-month.

The DAX added 0.26% at close, as Rheinmetall AG surged 4.81%. The FTSE 100 improved by 0.28%, with EasyJet plc climbing by 3.17%. The CAC 40 advanced by 0.31%, while Accor SA rose 1.56%. The Euro Stoxx 50 went up by 0.12%, and Inditex SA added 1.87%.

The euro was flat compared to the dollar, selling for $1.09239 at 5:31 pm CET. At the same time, the pound jumped 0.16% against the greenback to go for $1.27986.

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Baker Hughes: US oil rig count up by 3 to 485

info — Sat, 10 Aug 2024 11:47:10 +0000

The number of oil rigs in the United States stood at 485 in the week ending August 9, increasing by three compared to the previous week, according to the Baker Hughes weekly rig count released on Friday. On an annual basis, the number of oil rigs dropped by 40.

The US gas rig count fell by one to 97 during the same week, while it fell by 26 compared to last year. The total number of rigs in the country currently stands at 588, up by two from last week and tumbling by 66 from the previous year.

In Canada, the number of rigs decreased by two to land at 217 on a weekly basis. The number of oil rigs in Canada fell by three to 147, and the number of gas rigs remained unchanged at 69. Canada’s oil rig count was up by 31 from the same period in 2023.

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US markets turn green, Dow surges over 100 points

info — Sat, 10 Aug 2024 11:45:49 +0000

Major stock indexes in the United States erased losses observed at the start of Friday’s session and moved to the green territory, with the Dow Jones gaining more than 100 points. Investors’ concerns over the health of the US economy and fears of a potential recession, which led markets to crash on Monday, seemingly calmed after Federal Reserve Bank of Boston President Susan Collins signaled that the central bank could start cutting interest rates soon.

At 1:18 pm ET, the Dow Jones improved by 0.26% or 103 points. At the same time, the Nasdaq 100 gained 0.55%, and the S&P 500 added 0.51%.

The euro traded flat against the dollar at 1:20 pm ET, changing hands at 1.09195.

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US closes higher with recession fears fading

info — Sat, 10 Aug 2024 11:44:40 +0000

Major stock markets in the United States closed higher on Friday after fears of economic recession seemed to abate in the wake of comments about a potential interest rate cut soon. After a major market plunge on Monday and volatile trading sessions during the week, investors recovered optimism after the latest job report. Traders also assessed fresh quarterly earnings by many major companies, such as Disney and financial services giant Robinhood.

The Down Jones was up by 0.13% with the American Express Company gaining 1.85%. Nasdaq 100 rose by 0.54% after the Trade Desk Inc surged 12.50%. The S&P 500 grew by 0.47%, the biggest gains recorded by Akamai Technologies Inc which jumped 10.86%.

The euro traded flat against the dollar, selling for $1.09195 at 4:00 pm ET.

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Gold up by 1.3% after US labor data

info — Sat, 10 Aug 2024 11:33:10 +0000

The prices of precious metals continued to grow on Thursday after the United States posted a new decline in initial jobless claims, signaling that the country might avoid recession, leading to a rise in the 10-year Treasury yield. The news seemingly encouraged traders, who went on to invest in the metals and stock market.

Gold increased by 1.36% at 11:06 am ET to sell for $2,415.17 per ounce. A minute later, silver jumped by 2.92% to go for $27.39 per ounce. Platinum went up by 1.87% to sell for $935.39 per ounce. Palladium soared by 3.53% to go for $909.38 per ounce.

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