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POPULAR NEWS
Gold futures climb by nearly 2% to highest finish since Feb. 2013

Gold futures rose nearly 2% on Monday to mark their highest finish since February 2013. Concerns surrounding COVID-19 and expectations for further monetary easing among global central banks in response to the virus's economic impact continued to provide support for haven gold, analysts said. April gold rose $27.80, or 1.7%, to settle at $1,676.60 an ounce. Source : MarketWatch

Gold futures give back most of their gain from a day earlier

Gold futures fell nearly 2% on Tuesday, with prices giving back nearly all of what they gained a day earlier. "While economic growth concerns surrounding the coronavirus were the most recent impetus supporting gold prices, there is very little reason for gold prices to move significantly lower given the current global environment," said Jeff Klearman, portfolio manager at GraniteShares. "Gold prices have benefited from three main factors, including heightened investor appetite for safe haven...

U.S. oil prices settle down nearly 4% as coronavirus outbreak spreads

Oil futures settled lower on Monday, with U.S. prices losing almost 4% as the market continued to fret over the impact of coronavirus on energy demand. "It could be a bloodbath for oil in the short-term as the risks of a global pandemic will cripple travel and trade," said Edward Moya, senior market analyst at Oanda, in a market update. He said U.S. benchmark crude futures may trade in the mid-$40s by the end of the week "if the number of cases continue to spread across Europe and the Middle...

Gold Drops From 7-Year High as Equity Sell-Off Eases

Gold retreated from the highest level since 2013 as a sell-off in global stocks eased in Asia Tuesday, while authorities around the world moved to keep the coronavirus from spreading. Spot gold as much as -1% to $1,642.93/oz, before paring declines to $1,655.72 at 10:24am in Singapore. Metal as much as +2.8% to $1,689.31 on Monday, highest level since 2013. Bloomberg Dollar Spot Index -0.1% Other precious metals: Silver -0.2% to $18.6048/oz, Platinum +0.2% to...

Oil falls 3% to settle under $50 for first time in 2 weeks

Oil fell below $55 a barrel on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses. Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic. Brent crude fell $1.48 to trade at $54.86 per barrel. U.S. West Texas...

RBA's Lowe Says Risk of Rate Cut Now Outweighs Likely Benefit
Friday, 7 February 2020 08:15 WIB | FISCAL & MONETARY |RBA

Australia's central bank chief Philip Lowe signaled his board is firmly on hold for now, saying further cuts to the nation's already historically-low interest rate risk doing more long-term damage to the economy than the short-term benefit they would create.

"While it's plausible that we can move toward our goals, at least right at the moment the risks have slightly tilted to outweigh the benefits," the governor told a parliamentary panel in Canberra Friday. œBut that could turn, particularly if the unemployment rate deteriorates.

He warned of œsignificant areas of uncertainty including the outbreak of coronavirus in China, the nation's largest trading partner, and said signs of rising unemployment and stalled inflation would swing the balance back toward rate cuts.

"If the unemployment rate were to be moving materially in the wrong direction and there was no further progress being made toward the inflation target, the balance of arguments would tilt toward a further easing of monetary policy," he said, in his opening statement to the panel.

The Reserve Bank of Australia kept the cash rate unchanged this week at a record low 0.75% as the labor market holds up and amid resurgent property prices. Lowe cut rates three times last year to boost economic growth and is reluctant to ease further as he fears unleashing a renewed borrowing binge.

Lowe defended the central bank™s rate cuts in recent years, saying it was responding to weakness in the economy, not causing it.

"Household confidence is weak because income growth is weak and housing prices have fallen," he said. "We're responding to that.

The central bank's key concern is consumption, which has weakened as households struggle to come to grips with high debt amid stagnant real wage growth over the past half decade. To date, they™ve used the RBA's rate cuts to pay down their mortgages faster and saved government tax rebates.

Lowe maintains that this is a normal response and suggests that once Australians have consolidated their financial position, they will resume spending. Household debt has indeed fallen recently from a record high.

The governor™s other key challenge is to push the jobless rate down sufficiently to spur wage growth and rekindle inflation, with a level of 4.5% seen as needed rather than the current 5.1%. While the economy has recorded strong employment over the past three years, it has mainly been absorbed by a swelling labor force.

All this comes against the backdrop of a disastrous summer of drought and wildfires that smashed tourism and consumption as land and wildlife were incinerated and cities inundated with acrid smoke.

The RBA estimates blazes that devastated Australia™s east coast will cut 0.2 percentage point from GDP across the final quarter of 2019 and first quarter of this year, before reconstruction efforts take hold. The upshot is it™s unlikely to impact overall annual growth.

Compounding this is coronavirus. Australia™s economic fortunes are heavily dependent on the world™s number 2 economy: China buys one-third of Australian goods and services. Halting flights to limit the spread of the virus will strike at the heart of education and tourism, some of the nation™s most valuable exports. A weaker Chinese economy also has less need for iron ore, and the price is tumbling accordingly.

œThe outbreak of the coronavirus represents a new source of uncertainty, Lowe said on Friday, adding that œmuch will depend on the success of the various efforts to control the virus. Under questioning from lawmakers, he said the virus posed a greater threat to the Australian economy than the SARs virus almost two decades ago, with reports of disruption to trading supply chains and the tourism industry.

Source : Bloomberg

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POPULAR NEWS
Gold futures climb by nearly 2% to highest finish since Feb. 2013

Gold futures rose nearly 2% on Monday to mark their highest finish since February 2013. Concerns surrounding COVID-19 and expectations for further monetary easing among global central banks in response to the virus's economic impact continued to provide support for haven gold, analysts said. April gold rose $27.80, or 1.7%, to settle at $1,676.60 an ounce. Source : MarketWatch

Gold futures give back most of their gain from a day earlier

Gold futures fell nearly 2% on Tuesday, with prices giving back nearly all of what they gained a day earlier. "While economic growth concerns surrounding the coronavirus were the most recent impetus supporting gold prices, there is very little reason for gold prices to move significantly lower given the current global environment," said Jeff Klearman, portfolio manager at GraniteShares. "Gold prices have benefited from three main factors, including heightened investor appetite for safe haven...

U.S. oil prices settle down nearly 4% as coronavirus outbreak spreads

Oil futures settled lower on Monday, with U.S. prices losing almost 4% as the market continued to fret over the impact of coronavirus on energy demand. "It could be a bloodbath for oil in the short-term as the risks of a global pandemic will cripple travel and trade," said Edward Moya, senior market analyst at Oanda, in a market update. He said U.S. benchmark crude futures may trade in the mid-$40s by the end of the week "if the number of cases continue to spread across Europe and the Middle...

Gold Drops From 7-Year High as Equity Sell-Off Eases

Gold retreated from the highest level since 2013 as a sell-off in global stocks eased in Asia Tuesday, while authorities around the world moved to keep the coronavirus from spreading. Spot gold as much as -1% to $1,642.93/oz, before paring declines to $1,655.72 at 10:24am in Singapore. Metal as much as +2.8% to $1,689.31 on Monday, highest level since 2013. Bloomberg Dollar Spot Index -0.1% Other precious metals: Silver -0.2% to $18.6048/oz, Platinum +0.2% to...

Oil falls 3% to settle under $50 for first time in 2 weeks

Oil fell below $55 a barrel on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses. Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic. Brent crude fell $1.48 to trade at $54.86 per barrel. U.S. West Texas...

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