Oil prices drifted lower on Tuesday as concerns over banking turmoil persisted, dampening market confidence. Brent crude futures for May delivery fell by 1%, or 73 cents, to $73.06 per barrel at 0736 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 0.8%, or 56 cents, to $67.08.
PIMCO, one of the world’s largest bond investment firms, has reportedly lost about $340 million on a type of Credit Suisse bonds that were wiped out during UBS’s takeover, according to a source familiar with the matter. The American investment manager’s overall exposure to the Swiss lender is running into.
Introduction Gold prices rallied sharply in the past week as growing fears of a U.S. and European banking collapse spurred heavy flows into traditional safe-haven assets. In addition, bets that the Federal Reserve will lack the economic headroom to keep raising rates have dented the dollar, further fueling the surge.
Japanese markets were closed for a holiday, impacting Treasuries and currency trade in Asia. The lack of trading in Japan had an effect on the market, with Treasuries left untraded in Asia. The holiday also lightened currency trade, which could have an impact on the market in the coming days..
Introduction Philippine financial authorities have expressed optimism that the deepening global banking crisis will not pose a significant risk to the local industry and domestic economy. Despite the string of bank failures and fears of contagion in global financial markets, the Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla believes.
The Pressure on the Banking Industry Executives in the banking industry are growing increasingly nervous as the Federal Reserve considers further interest rate increases. At a recent meeting of the Virginia Bankers Association, Richmond Fed President Thomas Barkin acknowledged that “everywhere I go in the industry people are feeling.
Introduction The AUD/USD currency pair pulled back from a nearly two-week high on Monday as investors awaited fresh catalysts. While an intraday recovery in global risk sentiment helped limit the downside, the pair faced headwinds from bets for a less hawkish Federal Reserve. Traders now turn their attention to the.
Introduction Several big banks, including JPMorgan Chase & Co, Citigroup Inc, and Bank of America Corp, have been involved in providing unprecedented support during the ongoing pandemic crisis. However, despite their efforts, their shares have experienced a slight decline, with JPMorgan Chase & Co, Citigroup Inc, and Bank of America.
Introduction: Goldman Sachs, the American multinational investment bank, has reduced its economic growth forecast for the euro zone due to ongoing stress in the global banking system and an increase in economic uncertainty. The investment bank predicts a 0.3% hit to the euro zone’s real gross domestic product (GDP),.
Introduction The USD/JPY currency pair fell sharply on Monday, dropping to its lowest level since February. This move came amid renewed selling pressure and a prevalent risk-off environment, which boosted the Japanese yen’s safe-haven status. While the US dollar saw some modest strength, the fundamental backdrop still favors bears, and.
The EUR/JPY currency pair has extended its downtrend to fresh lows in the sub-139.00 zone, signaling further losses for the cross. The bearish trend, which started in early March 2023, has continued to be driven by a range of factors, including the ongoing COVID-19 pandemic and the strength of the.
The GBP/USD pair has been on an upward trend, reaching its highest level since February 14, but has struggled to sustain its momentum in the face of a risk-off environment and cautious sentiment among traders. The pair rose to a high of 1.3991 on Monday, but lacked follow-through buying, as.