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Canada's main stock index extended losses on Wednesday, with the energy stocks leading the declines, while data showing an unexpected rebound in quarterly economic growth sparked fresh fears of the Bank of Canada resuming monetary tightening. A Statscan report showed that the country's economy grew unexpectedly at an annualized rate of 3.1% in the first quarter, raising bets among market participants for a 25-basis point rate hike by the BoC next month. "The run of sturdy data undoubtedly raises the odds that the Bank of Canada needs to go back to the well of rate hikes," Douglas Porter, chief economist at BMO Capital Markets wrote in a note.
Crude prices fell again, putting the oil market on track for its biggest monthly decline since September and raising pressure on OPEC+ to deepen output cuts when the cartel meets this weekend. The slide is a symptom of slowing global growth as central banks press ahead with interest-rates increases and [China stumbles out of Covid-19 lockdowns](https://www.
Indonesia's energy minister said on Wednesday discussions are underway with copper miner Freeport Indonesia (PTFI), after media reported that Freeport-McMoRan will give 20% of its PTFI stake to the government in exchange for extending its permit. President Joko Widodo earlier said Freeport, which operates the Grasberg copper and gold mine in the country's eastern region of Papua, would get a 20-year extension on its mining permit in exchange for the shares, according to news website Kontan.co.id. A spokesperson for PTFI, Katri Krisnati, also said discussions on the permit extension were ongoing.
"I don't really see a compelling reason to pause rate hikes," Fed's Mester said, validating the recent hawkish repricing of interest rate expectations in the U.S.
China's yuan hit a six-month low and Asia's stockmarkets staggered toward a second month of losses on Wednesday as weak factory activity figures offered the latest evidence that recovery in the world's second-biggest economy is faltering. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.2% and is down 2.5% in a month where hopes a resurgent China would drive global growth have run dry.
The smell of ageing whisky, known as the angel's share, wafts across from 9,000 oak barrels stored from floor to ceiling in two vast warehouses at Scotland's historic Annandale Distillery."Annandale as a distillery doesn't offer returns on investment," he insisted.
Asia's stockmarkets slid toward a second month of losses in a row on Wednesday, and even the glittering Nikkei paused, as weak Chinese factory activity fed growing doubts about the post-pandemic recovery in the world's second biggest economy. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1% in early trade and is down 2.4% in a month where hopes for robust Chinese rebound have run dry. "There were concerns China's economic comeback could be so strong that it would complicate advanced economy central banks' fight against inflation," said Carol Kong, economist and currency strategist at the Commonwealth Bank of Australia.
Also: Bitcoin and volatility have a tricky relationship. BTC steadies below $28K after dip.
Investing.com -- Gold prices crept lower on Wednesday as markets awaited more cues on the raising of the U.S. debt ceiling, while copper prices slid after data offered more signals of a slowing economic rebound in China.
In the latest trading session, Newmont Corporation (NEM) closed at $40.40, marking a -0.69% move from the previous day.
BHP Group's (BHP) collaboration with Microsoft will help improve copper recovery at the Escondida mine with the help of artificial intelligence and machine learning.
After a persistent slide since mid-May, bullion traded on the spot market and gold futures on New York’s Comex hit two-week highs Tuesday amid fresh tensions over whether the U.S. debt ceiling deal between the White House and rival Republicans will get through Congress. “It won’t take a lot to disrupt this debt deal as optimism remains that Congress won’t mess with putting the economy at risk of an unnecessary catastrophe,” said Ed Moya, analyst at online trading platform OANDA.
At 10:15 a.m. ET (14:15 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 119.96 points, or 0.6%, at 19,847.99. The energy sector fell 2.0% and weighed the most on the TSX, tracking declines in crude oil prices.
Tether announced this month to invest a part of its net realized profits in BTC purchases and infrastructure.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips With a potential debt ceiling resolution, gold lost some shine. But don’t write off these gold mining stocks with high upside potential yet. The post 3 Stocks to Buy for 2023’s Coming Gold Rush appeared first on InvestorPlace. More From InvestorPlace Buy This $5 Stock BEFORE This Apple Project Goes Live The Best $1 Investment You Can Make Today Wall Street Titan: Here’s My #1 Stock for 2023 It doesn’t matter if you have $500 or $5 million. Do this now.
Optimism over a US-debt deal agreement weighed on gold prices as investors once again gravitate towards riskier assets.
As anxiety-inducing as the drama over the U.S. debt ceiling was, it has faded from oil traders’ radar with the tentative deal reached between the White House and rival Republicans, leaving the market to agonize over two other things: Fed action over rates and OPEC’s decision on output. Crude prices tumbled 4% on Tuesday amid mounting speculation that the Federal Reserve will raise rates for an eleventh time in 16 months when its policy-makers meet on June 14. The biggest signal for the central bank’s action will be in U.S. jobs data for May, due on Friday, that could show higher-than-expected payrolls growth that forces the Fed against pausing on rates.
Asian stocks lost early gains on Tuesday as relief that a possible default by the U.S. government had been averted gave way to concern that the deal to suspend its debt ceiling was a compromise that would have negative consequences. The package still has to be approved by the Republican-controlled House of Representatives and Democratic-controlled Senate before the debt limit is reached, likely by next Monday. "The U.S had a poor resolution to the debt ceiling negotiations with still a huge increase in government debt and no real cuts to spending, but (it) has relieved pressure for now," said James Rosenberg, an advisor at broker Ord Minnett in Sydney.
Asian stocks were mostly higher on Tuesday as investors cheered the prospect that the world's largest economy will avert a major debt default, improving sentiment across most asset classes. Australian shares were up 0.03% while the Nikkei stock index slipped 0.28%, cooling a bit after the Japanese benchmark hit a 33-year high on optimism over the U.S debt deal and a weaker yen, which helps the country's exporters. "The U.S had a poor resolution to the debt ceiling negotiations with still a huge increase in government debt and no real cuts to spending but has relieved pressure for now," said James Rosenberg, an advisor at broker Ord Minnett in Sydney.
ALSO: The Commitment of Traders report shows that asset managers have increased their open long positions in bitcoin after falling in the two prior weeks.
Investing.com -- Gold prices fell slightly on Tuesday, sticking to more than two-month lows amid optimism over a debt ceiling deal and as expectations of more interest rate hikes by the Federal Reserve spurred flows into the dollar.
Key Insights Newmont's estimated fair value is US$53.88 based on 2 Stage Free Cash Flow to Equity Newmont's US$40.68...
European stock indexes edged lower on Monday and euro zone bond yields dropped, but news that the U.S. had reached a debt ceiling deal over the weekend kept Wall Street futures positive. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt.
European stock indexes slipped slightly on Monday, lacking momentum in thin trade while optimism about the U.S. having reached a debt ceiling deal over the weekend kept Wall Street futures positive. U.S. President Joe Biden and top congressional Republican Kevin McCarthy reached a tentative deal on Saturday to raise the federal government's $31.4 trillion debt ceiling, aiming to stop the U.S. from defaulting on its debt. At 0949 GMT, the MSCI world equity index was up 0.1% .
(Bloomberg) -- Iraq’s central bank boosted its gold reserves by about 2% in a single day last week as part of what it calls a gradual plan to stock up on the precious metal that’s seen as a traditional haven in times of economic distress.Most Read from BloombergWorld’s Most Valuable Chipmaker Nvidia Unveils More AI Products After $184 Billion RallyXi Charm Offensive Turns to Space as ‘Divine Craft’ LaunchesManchin Gets Mountain Valley Pipeline Deal Into Debt BillDebt-Limit Deal Brings Relief Tin
Gold prices hovered near two-month lows in holiday-thinned trading on Monday as the U.S. debt ceiling agreement eased investor worries, while chances of the Federal Reserve raising rates dampened the demand for bullion. Spot gold was mostly unchanged at $1,946.28 per ounce by 9:51 a.m. EDT (1351 GMT), while U.S. gold futures inched up 0.1% to $1,945.50. "Until a couple of days ago, a majority of investors were betting that the Federal Reserve was remaining steady with rates and would not raise them in the coming month," said Carlo Alberto De Casa, external analyst at Kinesis Money.
Investing.com -- Gold prices fell on Monday, extending three weeks of losses as strong inflation readings boosted the dollar and ramped up expectations of more interest rate hikes by the Fed, while fears of a U.S. debt default eased.
InvestorPlace - Stock Market News, Stock Advice & Trading Tips Three unstoppable stocks long-term investors should consider on any major market corrections moving forward. The post 3 Unstoppable Stocks Strong Enough to Defy a Market Crash appeared first on InvestorPlace. More From InvestorPlace Buy This $5 Stock BEFORE This Apple Project Goes Live The Best $1 Investment You Can Make Today Wall Street Titan: Here’s My #1 Stock for 2023 It doesn’t matter if you have $500 or $5 million. Do this now.
This article explores Rhenium production by top 10 countries. You can skip the detailed industry analysis and jump straight to the Top 5 Countries by Rhenium Production. With an impressively high melting point, superb heat resistance, and extraordinary electrical conductivity, Rhenium finds extensive use in aerospace applications, where it is incorporated into high-temperature superalloys. This […]
Nike’s .SWOOSH NFT drop was filled with missteps, while a Bitcoin NFT collection topped the charts and NFT lending is gaining momentum with Binance and Astaria entering the market.