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POPULAR NEWS
Gold Rises, Set For Best Week in Over a Month as Virus Rapidly Spreads

Gold prices hit their highest in seven years on Friday and were set to post their best week in one-and-a-half months, as demand for the safe-heaven asset was boosted by a surge in new coronavirus cases in South Korea. South Korea reported 52 new cases of the virus, taking the national total to 156, while Japan reported the first fatalities from aboard a cruise ship that accounts for the biggest cluster of infections outside China. Spot gold rose 0.4% to $1,625.05 per ounce by 0409 GMT, after...

Oil posts 6th positive session in 7 on smaller-than-expected inventory build

Oil prices rose on Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China. Data from the U.S. Energy Information Administration (EIA) showed that crude inventories rose only 414,000 barrels last week, compared with expectations of a 2.5 million barrel rise from analysts in a Reuters poll. Brent crude rose 47 cents, or 0.8%, to $59.59 per barrel. The front-month U.S. West...

Gold Hits New 7-Year High as Virus Prompts More Upgrades

Gold prices surged to fresh seven-year highs as portfolio investors flocked to haven assets as the coronavirus spread menacingly outside of China. The number of confirmed cases in South Korea leaped to over 200, putting investors on alert for signs that the virus may be difficult to contain even in countries with advanced health care systems (and reliable data). By 7:45 AM ET (1245 GMT), gold futures for delivery on the Comex exchange were up 1.1% at $1637,65 a troy ounce, only a whisker...

Gold Steady Near 7-Year Peak as Persistent Virus Fears Dampen China Stimulus

Gold prices held steady at a near seven-year high on Friday as nervous investors opted for safe haven assets amid fears about the economic damage from China™s coronavirus epidemic that eclipsed Beijing™s stimulus efforts. Spot gold was little changed at $1,619.33 per ounce by 0108 GMT. In the previous session, bullion prices had hit a seven-year high at $1,623.45. U.S. gold futures were up 0.1% to $1,622.60. Daegu, a city of 2.5 million people in South Korea, has become the latest...

Gold futures post a nearly 4% weekly gain

Gold futures rallied on Friday, posting a gain of 3.9% for the week and logging their highest most-active contract settlement since February 2013. "Gold has broken out of its historical shackles as a niche asset... and is on its way to much higher levels," said Peter Grosskopf, chief executive officer at Sprott, in emailed commentary. April gold rose $28.30, or nearly 1.8%, to settle at $1,648.80 an ounce. The weekly percentage climb was the largest since June, according to FactSet...

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
Gold Rises, Set For Best Week in Over a Month as Virus Rapidly Spreads

Gold prices hit their highest in seven years on Friday and were set to post their best week in one-and-a-half months, as demand for the safe-heaven asset was boosted by a surge in new coronavirus cases in South Korea. South Korea reported 52 new cases of the virus, taking the national total to 156, while Japan reported the first fatalities from aboard a cruise ship that accounts for the biggest cluster of infections outside China. Spot gold rose 0.4% to $1,625.05 per ounce by 0409 GMT, after...

Oil posts 6th positive session in 7 on smaller-than-expected inventory build

Oil prices rose on Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China. Data from the U.S. Energy Information Administration (EIA) showed that crude inventories rose only 414,000 barrels last week, compared with expectations of a 2.5 million barrel rise from analysts in a Reuters poll. Brent crude rose 47 cents, or 0.8%, to $59.59 per barrel. The front-month U.S. West...

Gold Hits New 7-Year High as Virus Prompts More Upgrades

Gold prices surged to fresh seven-year highs as portfolio investors flocked to haven assets as the coronavirus spread menacingly outside of China. The number of confirmed cases in South Korea leaped to over 200, putting investors on alert for signs that the virus may be difficult to contain even in countries with advanced health care systems (and reliable data). By 7:45 AM ET (1245 GMT), gold futures for delivery on the Comex exchange were up 1.1% at $1637,65 a troy ounce, only a whisker...

Gold Steady Near 7-Year Peak as Persistent Virus Fears Dampen China Stimulus

Gold prices held steady at a near seven-year high on Friday as nervous investors opted for safe haven assets amid fears about the economic damage from China™s coronavirus epidemic that eclipsed Beijing™s stimulus efforts. Spot gold was little changed at $1,619.33 per ounce by 0108 GMT. In the previous session, bullion prices had hit a seven-year high at $1,623.45. U.S. gold futures were up 0.1% to $1,622.60. Daegu, a city of 2.5 million people in South Korea, has become the latest...

Gold futures post a nearly 4% weekly gain

Gold futures rallied on Friday, posting a gain of 3.9% for the week and logging their highest most-active contract settlement since February 2013. "Gold has broken out of its historical shackles as a niche asset... and is on its way to much higher levels," said Peter Grosskopf, chief executive officer at Sprott, in emailed commentary. April gold rose $28.30, or nearly 1.8%, to settle at $1,648.80 an ounce. The weekly percentage climb was the largest since June, according to FactSet...

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