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FxWirePro: The Day Ahead- 3rd August, 2016

Aug 03, 2016 04:33 am UTC| Commentary

Lots of economic dockets scheduled for today and some with high volatility risks associated. Data released so far: New Zealand: ANZ commodity prices grew 2 percent in July. China: Caixin china services PMI...

Asian markets continue to trade lower, gold stable above $1,360

Aug 03, 2016 03:30 am UTC| Commentary

Major Asian indices are trading on a lower note on Wednesday. The big event for the day is U.S. ADP job results. Gold and silver are trading marginally lower around $1,362 and $20.62 marks respectively. Japans Nikkei...

Australia residential building approvals drop again in June

Aug 02, 2016 15:38 pm UTC| Commentary

Data released by the Australian Bureau of Statistics earlier on Tuesday showed that Australias building approvals declined 2.9 percent in June, following a 5.4 percent decrease in the previous month. Two consecutive months...

Australia’s trade deficit missed expectations, continues to widen in June

Aug 02, 2016 15:00 pm UTC| Commentary

Australias seasonally adjusted trade deficit missed expectations and widened sharply in June to A$3.2 billion, from A$2.42 billion in May, the Australian Bureau of Statistics said Tuesday. The deficit was much wider than...

UK construction PMI in July posts lowest reading since June 2009, confirms clear loss of momentum after Brexit

Aug 02, 2016 14:40 pm UTC| Commentary

In a report released by market research firm Markit and the Chartered Institute of Purchasing Supply (CIPS), UK construction purchasing managers index fell to a seasonally adjusted 45.9 from Junes reading of 46.0. The...

RBA cuts rate to record lows, but refrains from providing clearer easing bias

Aug 02, 2016 14:08 pm UTC| Commentary

The Reserve Bank of Australia has cut rates to a new record low as it looks to spark historically weak inflation. At its policy meeting on Tuesday, the central bank said it had decided to reduce the cash rate by 25 basis...

Japan announced further stimulus measures totaling JPY 28.1 trln

Aug 02, 2016 13:33 pm UTC| Commentary

The much-awaited Japanese economic stimulus package was finally announced earlier Tuesday. Following are the details: Stimulus measures totaling JPY 28.1 trln Fiscal measures total JPY 13.5trln JPY 7.5 trln in...

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Economy

Gold Price Today: Gold Slips as Dollar Rebounds Ahead of Fed Minutes

Gold prices edged lower on Monday as the U.S. dollar regained ground after last weeks sharp decline, with investors awaiting the Federal Reserves June meeting minutes for fresh clues on the outlook for U.S. interest rates....

Dollar Rebounds as Euro, Pound Slip Ahead of Fed Minutes, Yen Near Intervention Zone

The U.S. dollar strengthened modestly on Monday, recovering some of last weeks losses as the euro and British pound weakened ahead of key economic data releases and the Federal Reserves June meeting minutes. Investors...

Oil Prices Slip as OPEC+ Boosts August Output, Oversupply Concerns Weigh on Crude Market

Oil prices edged lower in early Asian trading on Monday after OPEC+ agreed to increase production targets for August, adding to expectations of stronger global crude supplies and easing concerns over disruptions in the...

US Stock Futures Rise as Investors Eye Fed Minutes, AI Stocks, and Q2 Earnings

U.S. stock index futures moved higher on Sunday evening as investors prepared for a key week featuring the release of the Federal Reserves June meeting minutes and the unofficial start of the second-quarter earnings...

Gold Price Rises as Softer Dollar and Fed Rate Expectations Boost Bullion Demand

Gold prices climbed during Asian trading on Monday as a weaker U.S. dollar and fading expectations of another Federal Reserve interest rate hike this year supported demand for the precious metal. The recovery extended...

Politics

China Submarine Missile Test Sparks Concern Across Asia-Pacific

China conducted a missile test from a nuclear-powered submarine into the Pacific Ocean on Monday, prompting concern from Japan, Australia, and New Zealand over regional security and military transparency. According to...

UN Rights Council Launches Sudan Probe Over RSF Violence in al-Obeid

The United Nations Human Rights Council on Monday approved a resolution condemning the escalating violence allegedly carried out by Sudans paramilitary Rapid Support Forces (RSF) in the city of al-Obeid and authorized an...

Russia Strikes Kyiv as Ukraine Faces Patriot Missile Shortage Before NATO Summit

Russia launched a massive overnight missile and drone attack on Kyiv early Monday, killing at least 12 people and injuring more than 50, as Ukraine struggled to intercept ballistic missiles due to a critical shortage of...

Sara Duterte Impeachment Trial Opens, Putting 2028 Philippine Election in Focus

The impeachment trial of Philippine Vice President Sara Duterte officially began on Monday, marking the first impeachment proceedings against a sitting vice president in the countrys history. The closely watched case is...

Flavio Bolsonaro Urges Trump to Delay Brazil Tariffs Until After 2026 Election

Brazilian Senator Flavio Bolsonaro is set to ask the Trump administration during a hearing in Washington on Monday to postpone a proposed 25% tariff on Brazilian goods until after Brazils October 2026 presidential...

Science

Blue Origin New Glenn Explosion Could Delay Launch Operations Until 2028

Blue Origin is facing a significant setback after a dramatic explosion involving its New Glenn rocket severely damaged a launch pad at Cape Canaveral, Florida. According to NASA Administrator Jared Isaacman, repairs to the...

Blue Origin New Glenn Rocket Explodes During Launch Pad Test, Delaying Space Ambitions

Blue Origin suffered a major setback after its uncrewed New Glenn rocket exploded during a launch pad test in Florida on Thursday, raising new challenges for Jeff Bezos space company as it competes with Elon Musks SpaceX...

SpaceX Delays Starship V3 Launch Ahead of Potential Record IPO

SpaceX on Thursday postponed the highly anticipated launch of its 12th Starship rocket test from Texas after technical issues interrupted the final countdown. The company now plans to attempt the Starship V3 launch again...

Trump Administration Releases New UFO Files and Apollo Mission Records

The U.S. Defense Department has released dozens of previously classified UFO-related files following an order from President Donald Trump, sparking renewed debate over unidentified anomalous phenomena (UAP) and government...

China vs. NASA: The New Moon Race and What's at Stake by 2030

The space race is back and this time, its a direct competition between the United States and China for dominance on the lunar surface. NASAs Artemis II mission recently made history when four astronauts flew farther into...

Technology

Bank of America Upgrades T-Mobile to Buy, Says LEO Satellite Fears Are Overdone

Bank of America upgraded T-Mobile US (NASDAQ: TMUS) to Buy from Neutral on Monday, arguing that the recent selloff in telecom stocks has created an attractive buying opportunity and that investors are overstating the...

Foxconn Q2 Revenue Surges Nearly 40% on Strong AI Server Demand

Foxconn, officially known as Hon Hai Precision Industry, reported a sharp rise in second-quarter revenue as booming demand for artificial intelligence infrastructure continued to drive growth across its cloud and...

Citi Raises TSMC Price Target as AI Chip Demand Strengthens Growth Outlook

Citi has raised its target price for Taiwan Semiconductor Manufacturing Co. (TSMC) to NT$3,800 from NT$2,875, while maintaining its Buy rating, citing stronger confidence in the chipmakers long-term growth as demand for...

AI Memory Chip Shortage Likely to Persist Despite Korea Investment Boom, Nomura Says

Concerns that a new wave of investment announcements by South Korean memory chipmakers could trigger another memory chip oversupply cycle may be exaggerated, according to Nomura analysts, who believe strong artificial...

Samsung Q2 Profit Seen Soaring as AI Memory Demand Keeps Chip Prices Elevated

Samsung Electronics is expected to report another record-breaking quarter as booming artificial intelligence (AI) demand continues to fuel higher memory chip prices and tighten global supply. Analysts estimate the South...