As the US core PCE reading for July revealed a 2.6% increase in prices year over year, in line with expectations but slightly below estimates, the markets reacted by pushing gold prices below $2,500. The headline PCE came in at 2.5% year over year, falling short of the projected 2.6% rise. This data led to
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The latest data on the Euro area’s inflation reveals an interesting trend. While overall inflation has seen a slight retreat, services inflation has surged to 4.2% in August. This rise, particularly in the midst of a possible “Olympic effect” in France, raises questions about the true nature of economic stability. The Paris Games may have
Chinese President Xi Jinping expressed his hopes for a better relationship between China and the United States during a meeting with U.S. national security advisor Jake Sullivan. Xi emphasized the importance of finding the right way for the two countries to get along, despite the recent tensions that have arisen in various sectors such as
The energy sector in Brazil is facing challenges due to a drop in reservoir levels at hydroelectric plants. Despite the growth of wind and solar power, more than half of Brazil’s power supply still depends on hydroelectric plants. This has led to the implementation of a pricing system by the local power regulator, Aneel, which
Gold prices have been hovering around the $2525 mark on the spot market, facing significant resistance. Despite the repeated attempts to break through this glass ceiling, the precious metal has been met with smaller pullbacks and more frequent rallies towards this key level. This indicates a strong buying pressure in the market, hinting at a
China’s manufacturing sector experienced a decline in August, reaching a six-month low, according to an official factory survey. The official Purchasing Managers’ Index (PMI) dropped to 49.1 in August from 49.4 in July, falling below the 50-mark that separates growth from contraction. This was lower than the median forecast of 49.5 in a Reuters poll.
The recent surge in Wall Street stocks and the Dow reaching an all-time high were largely attributed to fresh U.S. economic data which hinted at a potential interest rate cut by the Federal Reserve in September. The solid increase in consumer spending during July showcased the strength of the economy while moderate price rises indicated
Warren Buffett turned 94 on Friday and his sprawling, one-of-a-kind conglomerate has never been worth more than it is today. Berkshire Hathaway became the first nontechnology company to top a $1 trillion market capitalization this week. Moreover, Berkshire Class A shares also topped $700,000 apiece for the first time ever. Howard Marks, a great investor
The price of gold continues to maintain its firm tone, holding near a new all-time high as investors await the release of US PCE data. This data is expected to provide fresh signals that will impact the market’s direction. Gold has been well supported by strong demand, acting as a safe haven asset and experiencing
In Friday’s early Asian session, the EUR/USD pair was seen trading stronger near 1.1080. This recovery came after the US Gross Domestic Product (GDP) growth rate rose at an annual rate of 3.0% in the second quarter (Q2). This figure surpassed expectations and the initial estimate of 2.8% which was released by the Department of
China’s recent announcement of an anti-subsidy investigation into imported dairy products from the European Union has raised tensions between the two economic powerhouses. The probe, which includes various types of cheeses, milks, and creams intended for human consumption, was initiated based on a complaint from the Dairy Association of China and the China Dairy Industry
The Euro has faced resistance at the 1.12000 level, leading to a correction down to 1.1100. The current range-bound trading between 1.1200 and 1.1090 raises questions about potential scenarios in upcoming sessions. A break below 1.1090 could trigger a downward correction towards 1.1050-1.0980, while consolidation above 1.1200 may resume the upward momentum towards 1.1400-1.1300. Technical