Market news
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NZD/USD Steady as Market Awaits US CPI Data
The NZD/USD pair holds near 0.7030 after mixed Chinese inflation figures, with traders eyeing the upcoming US CPI report.
China Buys 10 Tonnes of Gold in May, Largest Since Jan 2025
China added 10 tonnes of gold to its reserves in May, the biggest monthly increase since January 2025, extending its buying streak to 19 consecutive months. Total official gold reserves hit a record 2,331 tonnes.
China May CPI Misses Expectations at 1.2%
China's consumer price index rose 1.2% year-on-year in May, matching April's pace but below the 1.3% market forecast, according to the National Bureau of Statistics. The data may have implications for the Australian dollar.
Yen Lingers Near One-Month Low on USD/JPY Despite Strong PPI
USD/JPY consolidates in Asian session after Japan's stronger-than-expected Producer Price Index, but geopolitical tensions in the Middle East keep the Yen under pressure near a one-month low.
WTI Steadies Near $87.50 After Previous Day’s Drop
West Texas Intermediate crude oil stabilizes around $87.40 per barrel during Asian hours after falling more than 2.5% the previous day, as renewed supply concerns offset recent losses.
PBOC Sets USD/CNY Reference Rate at 6.8130
The People's Bank of China fixed the USD/CNY central parity rate at 6.8130 for Wednesday, slightly lower than the previous day's 6.8147.
AUD/USD Extends Losses as Traders Await China CPI Data
The Australian dollar continued its decline against the US dollar on Wednesday, trading near 0.7020 as market participants look ahead to China's consumer and producer price data for May.
EUR/USD Slips Below 1.1550 on US-Iran Tensions
The euro edged lower to near 1.1540 during early Asian trading as renewed Middle East tensions following US strikes against Iran weighed on the common currency.
Xi and Kim Reach Consensus, Pledge Stronger Ties
Chinese President Xi Jinping and North Korean leader Kim Jong Un reached an important consensus during talks, with Xi calling his visit to North Korea a success. Both sides pledged to strengthen strategic ties and work to safeguard regional and global peace, per KCNA.
Supertanker Orders Surge to Record High, Exceeding 2008 Peak
The number of supertankers on order globally has hit a record 262, a more than 1,000% increase from two years ago, surpassing the 2008 record that later led to a market crash in shipping rates.
US Launches Strikes on Iran in Retaliation for Downed Helicopter
The United States has launched a second round of military strikes on Iran, targeting air defense and radar systems, according to US officials cited by Axios.
Iran Warns US to Leave Region, Threatens Response to Attacks
Iranian Foreign Minister Abbas Araghchi warned the United States to leave the region or face consequences, stating that Iran's armed forces will not ignore any attack or threat.
Gold Slumps Below $4,250 on US-Iran Tensions, Rate Hike Expectations
Gold (XAU/USD) fell to around $4,235 in early Asia on Wednesday, the lowest since March 23, pressured by renewed US-Iran tensions and rising bets on a US interest rate hike ahead of CPI data.
GBP/USD Rally Fades After Touching 200-Day EMA
Sterling briefly rallied on Tuesday, pushing GBP/USD above 1.3400 before retreating as resistance at the 200-day EMA held.
AI Stocks Rally Fails, Signaling Deeper Selloff Risk
Tuesday's attempted recovery in AI-related equities fizzled, confirming that Monday's bounce was a dead-cat rally and raising fears of further downside.
AI Boom Drives Magnificent 7 Revenue Per Employee Surge, Small Caps Slump
Revenue per employee for the Magnificent 7 has soared 20% since early 2023 to ~$270,000, while Russell 2000 companies have seen a 14% decline to $122,000, highlighting a stark productivity gap.
Australian Dollar Tests Six-Week Low as Trump Rattles Markets
The Aussie dollar slipped 0.25% against the greenback on Tuesday, hitting a six-week low of 0.7027, as market sentiment soured after Trump threatened retaliation against Iran over a downed helicopter in the Strait of Hormuz.
US consumer financial sentiment hits highest since January 2023
In May, 43.6% of Americans said they are financially worse off than a year ago, the highest since January 2023. The share expecting to be worse off in the next year also rose sharply.
Rising Inflation Could Drive Real Yields Lower, Boosting Gold
Despite rising nominal rates, accelerating price inflation may reduce real interest rates, creating a bullish environment for gold and silver.
USD/CHF Eyes 0.80 as Inverse Head-and-Shoulders Breakout Holds
USD/CHF advanced to near nine-week highs of 0.7991, with the inverse head-and-shoulders pattern targeting the 0.8000 level as risk aversion boosts the Greenback.
California American Water Reaches Partial Rate Case Settlement, $24M Additional Revenue Seen in 2027
California American Water announced a partial rate case settlement that would generate $24 million in additional annualized revenue by 2027 and increase customer assistance discounts to 50% in Central California, pending CPUC approval.
US Dollar Holds Steady Near 99.90 Ahead of CPI Data Amid Middle East Tensions
The US Dollar Index (DXY) is trading cautiously near the 99.90 level as traders await Wednesday's CPI report. Geopolitical risks from the Middle East conflict are also supporting the greenback.
AI Stock Valuations Questioned as SpaceX, OpenAI IPOs Loom
Investors are growing skeptical of AI stock valuations after recent gains, with upcoming IPOs from SpaceX and OpenAI expected to add significant equity supply. Renewed volatility in semiconductor stocks adds to the uncertainty.
Wall Street Rotates From Tech Into Broader Sectors Amid Growth Hopes
Investors shifted out of major technology stocks into a wider range of sectors tied to improving economic growth. Chipmakers and AI shares fell, but gains across most S&P 500 companies limited overall market losses.