Fed’s Hammack sees thriving economy, backs further rate hikes
Cleveland Fed President Beth Hammack said that further tightening is needed but reiterated earlier remarks that she is open “to adjusting the pace of rate increases.”
Economy
WTI hits two-week high Middle East tensions overshadow Russian diesel supplies
West Texas Intermediate (WTI) Oil reverses course on Monday and climbs to a two-week high as doubts over a Russia-Ukraine energy ceasefire and supply concerns in the Middle East keep a geopolitical premium in energy mar…
Hackers force French supermarket fridges to heat up to 50C in ‘unprecedented’ cyber-attack
Hundreds of Intermarché shops and Coopérative U outlets in France hit, with fears Dutch chains also affected
Japanese Yen struggles amid Oil rally, fiscal concerns
USD/JPY extends its advance on Monday, gaining 0.28% on the day to trade around 158.70 at the time of writing.
Stellantis and Renault back UK to get EU car industry protection
Bosses of Citroën owner and French carmaker also urge UK government to consider limiting imports from China
Fed’s Hammack calls for higher rates as inflation pressures broaden
Cleveland Federal Reserve (Fed) President Beth Hammack said Monday that interest rates need to be higher, that inflation remains “too high”, and that more economic tightness is needed.
AI minister warns 'likely' UK's cyber defences will be breached
Kanishka Narayan said the government will use advanced AI to strengthen the UK against cyber attacks.
Chinese Yuan: Gradual appreciation with trade pressures – MUFG
MUFG’s Lee Hardman notes the Chinese Renminbi has outperformed the Euro against the Dollar, with USD/CNY hitting a year-to-date low near 6.6900. PBoC’s lower daily fixes have supported trade‑weighted CNY gains. Growing …
Dow Jones Industrial Average edges higher with no memory chips to sell
Micron fell about 4% on Monday and the NASDAQ 100 fell with it, while the Dow Jones Industrial Average (DJIA), which holds no memory-chip maker, finished higher. The S&P 500, which holds Micron and all 30 Dow members, f…
Gold tumbles as Oil shock fuels US Dollar rally and Fed hike bets
Gold (XAU/USD) price drifts lower by about 1.49% on Monday as the Greenback gains ground amid escalating hostilities in the Middle East, pushing energy prices higher and increasing the likelihood of higher interest rate…
Singapore Dollar: Range bias holds near 1.2835 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann note USD/SGD was little changed around 1.2800 on Friday and expect consolidation to persist. Intraday, they see the pair confined between 1.2790 and 1.2820, wi…
Swedish Krona: Riksbank outlook supports SEK against Euro – Rabobank
Rabobank's Senior FX Strategist Jane Foley discusses EUR/SEK, noting Sweden’s resilient economy, stronger-than-expected GDP and a hawkish shift at the Riksbank.
Mexican Peso: Steepening curve and carry risks – Rabobank
Rabobank strategist Molly Schwartz and Christian Lawrence discuss Mexico’s rates outlook after Banxico held the overnight rate at 6.50%. They note upside risks to inflation, market pricing for more than 100bp of hikes o…
New Zealand Dollar retreats toward 17-month low on Oil-driven risk aversion
NZD/USD declines by 0.23% on Monday, trading around 0.5600 at the time of writing, as the New Zealand Dollar (NZD) remains under pressure against the US Dollar (USD). The pair approaches its lowest level in 17 months ar…
0.8447 under pressure: EUR/GBP tests 16-month lows with France in the spotlight
The Euro (EUR) has resumed its broader bearish trend against the British Pound (GBP) on Monday after a mild recovery attempt at the end of last week. EUR/GBP bears are testing the 16-month low of 0.8447 hit on Wednesday…
Nobel Prize for economics awarded to Hall and Woodford for work on ‘smoothing’ crises
US economists developed models that help central bankers and finance ministers to stabilise their economies
BofA keeps this stock as top pick as pricing power seen driving earnings upside
The third quarter is now in full swing, and Wall Street strategists are reassessing where the market goes from here. Recent earnings have largely reinforced confidence in corporate America, while resilient economic data…
EU to limit Chinese hybrid vehicle imports to 350,000 a year
The EU is to limit the number of hybrid electric vehicles imported from China to 350,000 cars a year, the European Commission has confirmed.
A New Middle East Flashpoint Raises the Stakes for Inflation
By Africa Risk Control / Analysis – The escalation of conflict involving Iran has rapidly transformed from a regional confrontation into a global economic disruption. Energy supply chains and maritime security are at th…
Revealed: Nigel Farage adviser had unpublicised role at polling firm
Exclusive: Chris Bruni-Lowe used Redfield & Wilton Strategies role to develop potential campaign tactics, sources say
4 Years Into the Bull Market
Anniversaries are often a time to reflect on how far we've come. This week marks the fourth anniversary of the current bull market, which began on October 12, 2022. At that time, the S&P 500 had fallen roughly 25% from …
Bonds at 5%: Is The 10-Year Treasury Finally a Buy?
With the 10-year Treasury yield at its highest level since 2002, buying bonds at 5% is the first real alternative that stock investors have had in nearly two decades.
Canadian Dollar struggles as Fed and BoC policy outlooks diverge
USD/CAD trims part of its earlier decline on Monday as the US Dollar (USD) regains ground after opening the week lower. The Canadian Dollar (CAD) struggles to attract buyers as differing monetary policy expectations for…
US Dollar: Geopolitics support extends gains – ING
ING’s Chris Turner notes that the Dollar stays well supported as markets focus on solid US growth, above-target inflation and expectations for further Federal Reserve tightening. A potentially strong US September CPI is…