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POPULAR NEWS
Dow's Rise Toward Record High Capped by Roughly 85-Point Drag From Boeing's Stock

U.S. stock benchmarks edged higher Monday, amid optimism over tariff talks and better-than-expected corporate earnings, but a decline in shares of Boeing was capping gains in the blue-chip Dow index. The Dow Jones Industrial Average edged 20 points, or less than 0.1%, higher at 26,790. Boeing Co.™s stock extended its decline to a two-month low, down 3.6%, following a report on Friday that said the company may have misled federal aviation authorities about the safety of the 737 Max jet. The...

Silver Prices Finish Higher as Gold Posts Back-to-Back Declines

Silver futures finished higher on Monday, taking advantage of a rise in appetite for riskier assets while gold posted back-to-back declines as traders kept watch on Britain™s circuitous effort to leave the European Union and awaited developments in the U.S.-China trade fight. December silver rose 2.4 cents, or 0.1%, to settle at $17.602 an ounce after trading as high as $17.895 during the session. Gold for December delivery on Comex meanwhile, ended $6, or 0.4%, lower at $1,488.10 an...

Gold Holds Tight Range Ahead of Key Brexit Vote, Focus on Fed

Gold steadied in a tight range on Tuesday as investors adopted a cautious approach ahead of a crucial Brexit vote, while focus shifted to the U.S. Federal Reserve™s stance on interest rate cuts. Spot gold was steady at $1,484.60 per ounce. U.S. gold futures settled mostly unchanged at $1,487.5. œEverything is really quiet. The biggest factor, with the Fed looming and Brexit on the horizon, in the U.S. is really company earnings right now, said Michael Matousek, head trader at U.S....

Silver prices rally 1.6% -- leaving gold in the dust

Silver futures rallied Monday, taking advantage of a rise in appetite for riskier assets while gold edged slightly higher as traders kept watch on Britain's circuitous effort to leave the European Union and awaited developments in the U.S.-China trade fight. December silver jumped 28 cents, or 1.6%, to $17.850 an ounce. Gold for December delivery on Comex meanwhile, traded $3.90, or 0.3%, higher at $1,498 an ounce. In other metals trade, January platinum was up 0.4% at $899.70 an ounce,...

Oil Futures End Near a 2-Week Low as Investors Fret About Crude Demand

Oil futures settled at a nearly two-week low Monday, as investors failed to shake worries that growing signs of economic weakness will eventually hurt demand for crude oil. West Texas Intermediate crude for November delivery fell 47 cents, or 0.9%, to end at $53.31 a barrel on the New York Mercantile Exchange, after the U.S. benchmark contract posted a 1.7% weekly decline. The November contract, expires at Tuesday™s settlement. Global benchmark Brent crude for December lost 46 cents, or...

ECB signals its ready to cut rates; opens door to renewed QE measures
Thursday, 25 July 2019 21:43 WIB | FISCAL & MONETARY |Bank Sentral Eropa ECBMario Draghi

The European Central Bank on Thursday made clear it stands ready to cut rates and deliver "highly accommodative" monetary policy, including additional asset purchases, in its effort to push stubbornly low inflation back toward its target amid signs of deteriorating economic conditions in the eurozone.

However, investors appeared to take the statement and subsequent remarks by European Central Bank President Mario Draghi with a grain of salt, lamenting a lack of clear-cut details of policy plans. The euro initially dived following the statement, while European bonds rallied, pushing down yields. Those moves were reversed during Draghi's news conference.

œPolicy makers have clearly not yet made up their mind on exactly what to do, said Jack Allen-Reynolds, economist at Capital Economics, in a note. œWe still think that they will cut the deposit rate to -0.5% in September [from -0.4%]. But by October, we suspect that they will have reached a consensus to relaunch QE, probably with a greater weight on corporate bonds.

QE stands for quantitative easing, in which central banks purchase financial assets to inject liquidity into the economy. The ECB ended its program of monthly bond purchases in December, but has continued to reinvest proceeds from maturing holdings to maintain the size of its balance sheet.

In a statement following its policy meeting in Frankfurt, the ECB Governing Council said it left rates unchanged but expects them to œremain at their present or lower levels at least through the first half of 2020¦ Previously, the ECB had said it expected rates to remain at œpresent levels over that period.

The ECB said policy makers œalso underlined the need for a highly accommodative stance of monetary policy for a prolonged period, as inflation rates, both realized and projected, have been persistently below levels that are in line with its aim.

The ECB said it had tasked committees with examining options on ways to reinforce its forward guidance on policy rates as well as œmitigating measures, such as the design of a tiered system of rates on reserves held at the central bank and œoptions for the size and composition of new net asset purchases.

Draghi said the decision on the statement wasn™t unanimous but was the product of a œbroad convergence of views. He played down disagreements, saying that any time a large number of policy options are discussed there were bound to be differing views.

Meanwhile, Draghi warned that the economic outlook in the region was getting œworse and worse, particularly for the manufacturing sector, thanks to continued global uncertainty tied to trade tensions, the looming British exit from the European Union and other factors. Moreover, he emphasized that policy makers were unhappy with stubbornly low inflation and said the ECB would take a œsymmetrical approach to its goal of inflation running near but just below 2%. Annual inflation in the eurozone was seen at 1.3% in June.

In effect, that means the ECB won™t view a 2% inflation pace as a cap ” a major shift, according to longtime ECB watchers like Pictet Wealth Management™s Frederik Ducrozet, who called it a œhugely important and unprecedented step.

Still, the broader ECB commentary on its œinflation problem and its determination to address it was œstark, wrote Nick Kounis and Aline Schuiling, economists at ABN AMRO, in a note.

These comments suggest that net asset purchases could ultimately persist through 2020, they said.

Traders had seen a nearly 50% chance the ECB would move at its July meeting to deliver a rate cut after another round of downbeat survey data from Germany, the shared-currency region™s largest economy, this week.

Instead, the central bank delivered what analysts saw as a clear-cut signal it is prepared to move as early as September to push its deposit rate further into negative territory while also weighing the possibility of resuming asset purchases.

The euro reversed an initial decline to rise 0.3% to $1.1172 versus the U.S. dollar, while the pan-European Stoxx 600 turned lower, falling 0.8% as U.S. stocks moved to the downside. European bonds initially rallied, sending yields lower and dragging down yields on U.S. Treasurys, but also reversed course. Yields, which move in the opposite direction of bond prices, across much of Europe and the U.S. were higher.

Source : Marketwatch

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POPULAR NEWS
Dow's Rise Toward Record High Capped by Roughly 85-Point Drag From Boeing's Stock

U.S. stock benchmarks edged higher Monday, amid optimism over tariff talks and better-than-expected corporate earnings, but a decline in shares of Boeing was capping gains in the blue-chip Dow index. The Dow Jones Industrial Average edged 20 points, or less than 0.1%, higher at 26,790. Boeing Co.™s stock extended its decline to a two-month low, down 3.6%, following a report on Friday that said the company may have misled federal aviation authorities about the safety of the 737 Max jet. The...

Silver Prices Finish Higher as Gold Posts Back-to-Back Declines

Silver futures finished higher on Monday, taking advantage of a rise in appetite for riskier assets while gold posted back-to-back declines as traders kept watch on Britain™s circuitous effort to leave the European Union and awaited developments in the U.S.-China trade fight. December silver rose 2.4 cents, or 0.1%, to settle at $17.602 an ounce after trading as high as $17.895 during the session. Gold for December delivery on Comex meanwhile, ended $6, or 0.4%, lower at $1,488.10 an...

Gold Holds Tight Range Ahead of Key Brexit Vote, Focus on Fed

Gold steadied in a tight range on Tuesday as investors adopted a cautious approach ahead of a crucial Brexit vote, while focus shifted to the U.S. Federal Reserve™s stance on interest rate cuts. Spot gold was steady at $1,484.60 per ounce. U.S. gold futures settled mostly unchanged at $1,487.5. œEverything is really quiet. The biggest factor, with the Fed looming and Brexit on the horizon, in the U.S. is really company earnings right now, said Michael Matousek, head trader at U.S....

Silver prices rally 1.6% -- leaving gold in the dust

Silver futures rallied Monday, taking advantage of a rise in appetite for riskier assets while gold edged slightly higher as traders kept watch on Britain's circuitous effort to leave the European Union and awaited developments in the U.S.-China trade fight. December silver jumped 28 cents, or 1.6%, to $17.850 an ounce. Gold for December delivery on Comex meanwhile, traded $3.90, or 0.3%, higher at $1,498 an ounce. In other metals trade, January platinum was up 0.4% at $899.70 an ounce,...

Oil Futures End Near a 2-Week Low as Investors Fret About Crude Demand

Oil futures settled at a nearly two-week low Monday, as investors failed to shake worries that growing signs of economic weakness will eventually hurt demand for crude oil. West Texas Intermediate crude for November delivery fell 47 cents, or 0.9%, to end at $53.31 a barrel on the New York Mercantile Exchange, after the U.S. benchmark contract posted a 1.7% weekly decline. The November contract, expires at Tuesday™s settlement. Global benchmark Brent crude for December lost 46 cents, or...

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