Hong Kong stocks dropped on Friday after four days of advances, as investors searched for fresh catalysts beyond expectations about a US interest-rate cut that reversed a tumble triggered by concerns about an artificial-intelligence bubble. The Hang Seng Index fell 0.2 per cent to 25,891.18 as of 11.13am local time. For the month, the benchmark…
(Bloomberg) — Gold declined as traders weighed the chances of another Federal Reserve interest-rate cut before the end of the year. Bullion traded near $4,040 an ounce after a modest weekly loss. Several US central bank officials sounded a cautious note on monetary policy, though New York Fed President John Williams said he sees room…
(Bloomberg) — China’s Premier Li Qiang came to the Group of 20 summit not only poised to defend his country’s rare earths curbs, but also armed with offerings to quell concerns of developing nations. Critical minerals became a defining theme of Africa’s first G-20 summit this weekend. Sessions were dedicated to the topic as European…
(Bloomberg) — Wall Street thought blowout earnings from Nvidia Corp (NVDA) would calm investors’ nerves about a bubble forming in artificial intelligence stocks. They didn’t. Most Read from Bloomberg So where does the AI trade stand now? It depends who you ask. On one side you have the skeptics. They’re concerned about soaring market valuations…
Traders work on the floor of the New York Stock Exchange. (Bloomberg) — Bond traders all but scrapped their bets on a December interest-rate cut after the government canceled the publication of the October employment report, leaving Federal Reserve officials without a key piece of economic data before their final meeting of the year. Most…
The Valero Houston refinery. Valero Energy Corp. and Turkiye Petrol Rafinerileri AS have seen stellar rises, while Orlen SA gained more than 100% year-to-date. (Bloomberg) — It’s a great time to be an oil refiner — but a less great time to be filling up at the pump. Most Read from Bloomberg In Europe, the…
(Bloomberg) — The Goldman Sachs Group Inc. strategist who correctly predicted Wall Street’s underperformance this year expects US equities to keep lagging for the next decade. Most Read from Bloomberg Peter Oppenheimer and his team recommended that investors increase diversification beyond the US as elevated stock valuations put a lid on gains. They expect the…
(Bloomberg) — FanDuel, the US online gambling division of Flutter Entertainment Plc, is launching its own prediction market product, which will allow it to open up in states where traditional sports betting is illegal and deal with competitive pressure from new startup exchanges in the space. The company plans to introduce a new mobile app…
Chinese President Xi Jinping has vowed to increase imports from Spain and deepen trade collaboration with Madrid in Latin America, amid rising tensions with Europe. Xi made the pledge during a meeting with Spain’s King Felipe in Beijing on Wednesday. “China is willing to import more high-quality products from Spain, explore cooperation potential in emerging…
This article first appeared on GuruFocus. The dollar is regaining its shine as global investors rediscover its yield power. After months of Sell America talk and a bruising 7% slide in the Bloomberg Dollar Spot Index its steepest in eight years the greenback has quietly climbed back about 3% from September lows. Bloomberg data shows…