With recent economic data increasing confidence the Federal Reserve will lower interest rates next month, the minutes of the central banks latest monetary policy meeting seemingly provided additional support for that sentiment. The minutes of the Feds late July meeting, released Wednesday afternoon, revealed that the vast majority of participants believed it would likely be...
Despite data showing a big drop in U.S. crude inventories in the week ended August 16th, oil prices fell to a seven-month low on Wednesday amid concerns about the outlook for demand. Data from the Labor Department saying the U.S. economy added far fewer jobs than originally reported in the year through March presumably hurt...
The U.S. dollar extended decline against its major counterparts in the New York session on Wednesday, as the minutes from the Federal Reserves July meeting reinforced expectations for a rate cut in September. The minutes showed that vast majority of participants believed it would likely be appropriate to lower rates at the next meeting if...
The Canadian market posted a fresh record closing high on Wednesday, lifted by gains in materials and technology stocks, as optimism about U.S. interest rate cut aided sentiment. The benchmark S&P/TSX Composite Index ended up 84.29 points or 0.37% at 23,121.73, a new closing high. Apart from technology and materials shares, real estate, healthcare and...
The U.S. dollar dropped to a more than 7-month low on Monday, weighed down by the prospects of an interest rate cut by the Federal Reserve in September. According to CME Groups FedWatch Tool, there is a 75.5% of a quarter point rate cut next month and a 24.5% chance of a half point rate...
The Canadian market ended on a positive note on Monday, extending its winning run to an eighth straight session. The benchmark S&P/TSX Composite Index recorded a fresh record closing high as well, with solid gains in the materials section contributing to its upmove. The Canadian benchmark ended with a gain of 61.78 points or 0.72%...
Asian stocks traded mixed on Tuesday as the Peoples Bank of China kept its benchmark loan prime rate unchanged following a surprise cut in July. Investors also assessed minutes from the Reserve Bank of Australias August meeting and looked ahead to the release of FOMC meeting minutes and Fed Chair Jerome Powells Jackson Hole Speech...
Home improvement major Lowes Companies, Inc. on Tuesday trimmed its fiscal 2024 earnings and sales outlook below market estimates after reporting weak results in its second quarter. However, the quarterly earnings per share beat the Street view. The company attributed lower-than-expected DIY sales and a pressured macroeconomic environment for the downward revision in annual forecast....
The Swedish krona strengthened against the U.S. dollar in the European session on Tuesday. In economic news, Swedens central bank lowered its key policy rate by a quarter-point as inflation continued to ease amid weakening growth prospects and signaled as much as three more interest reductions this year. The Executive Board of Riksbank decided to...
XPeng Inc. (XPEV), a Chinese smart electric vehicle company, reported Tuesday that its second-quarter net loss attributable to ordinary shareholders was RMB1.28 billion or $0.18 billion, narrower than last years loss of RMB2.80 billion. Adjusted net loss was RMB1.22 billion or $0.17 billion, compared to loss of RMB2.67 billion last year. Net loss per American...