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Major tech stocks, led by Apple and Tesla, drove the Nasdaq to a higher close on Monday, while the Dow Jones and the S&P 500 also posted modest gains amidst light pre-holiday trading. Investors are eagerly awaiting key U.S. labor market data later this week for insights into the interest rate outlook. Notable increases in
The U.S. dollar surged to a 38-year peak against the yen on Monday, driven by a sharp rise in long-term Treasury yields. This significant movement in the currency market has heightened expectations of potential intervention from Japanese authorities to support the yen. The yen’s decline was further exacerbated by data indicating Japan’s economy contracted more
The Arctic region could face heightened environmental risks from oil spills if ships switch to very-low sulfur fuel oil (VLSFO) under new fuel regulations, the Arctic Council cautioned on Monday. This warning follows a United Nations shipping agency, the International Maritime Organization (IMO), implementing a ban on heavy bunker fuel oil (HFO) in Arctic waters,
UniCredit announced on Monday that it is contesting the European Central Bank’s (ECB) directives to reduce its exposure to Russia. The Italian bank is seeking a ruling from the European Union’s General Court and has requested a suspension of the ECB’s demands in the interim. In recent weeks, Eurozone banks with ongoing Russian ties, more
Asian currencies remained stable on Monday as mixed signals from Chinese business activity data and the possibility of a U.S. interest rate cut kept traders cautious. The dollar retreated slightly amid increasing bets on a rate cut, adding another layer of complexity to the market. Chinese Yuan Remains Weak Amid Mixed Economic Data The Chinese
The Indian rupee, once one of Asia’s most volatile currencies, has become one of its most stable over the past decade. This remarkable turnaround highlights India’s growing economic influence and the central bank’s strategic interventions to manage currency fluctuations. The timing of this stability is crucial as Indian bonds are set to join a significant
The stock market showed mixed results in the final stretch of a strong quarter, primarily driven by high-performing technology shares. A recent effort to diversify beyond mega-cap tech stocks was short-lived, highlighting ongoing concerns about market breadth and the rally’s sustainability. According to Bloomberg Intelligence data, the divergence between S&P 500 performance and market breadth
Zimbabwe has significantly increased power cuts across the country due to an El Niño-induced drought, which has drastically reduced water levels at the Kariba Dam, the world’s largest man-made reservoir. This reduction has severely impacted the country’s electricity generation capacity. The southern African nation, currently in winter, has extended rotational blackouts from approximately two hours
Bank of Canada Governor Tiff Macklem has expressed optimism about the country’s economic outlook, suggesting that a significant rise in unemployment is not necessary to achieve the central bank’s inflation target. Speaking in Winnipeg on Monday, Macklem highlighted that Canada’s unemployment rate, which stood at 6.2% in May, is just above pre-pandemic levels when the
Japan is intensifying its push to have automakers develop smart cars with advanced safety and entertainment systems managed through cloud technology. This initiative comes as Japanese car manufacturers lag behind their counterparts in the US and China. The Japanese government has set an ambitious goal: to ensure that Japanese companies capture 30% of the global
