US Crude Oil Holds Strong Above $80 Despite Mixed Data
U.S. crude oil prices remained above $80 per barrel on Tuesday, continuing strong gains from Monday despite mixed economic data from China. West Texas Intermediate futures rose over 2% on Monday, driven by higher-than-expected retail sales in China, though industrial output and investment fell short. Analysts attribute the recent rally to speculators covering short positions […]
Putin In North Korea, Solidifies Anti-West Cooperation With Kim
Putin In North Korea, Solidifies Anti-West Cooperation With Kim Russian President Vladimir Putin arrived in the North Korean capital of Pyongyang on his first visit to the country in 24 years. He was greeted with streets decked out in Putin portraits, Russian flags, and banners – one of which read on the side of a building, […]
Holding And Hoping
Holding And Hoping By Bnejamin Picton, Senior Macro Strategist at Rabobank Holding and Hoping US stocks reset record highs overnight as the NASDAQ rose 1.25% and the S&P500 closed up 0.77%. Even European stocks shook off the turmoil of the last few days to close higher. The EuroStoxx 100 was up 0.85%, the DAX rose […]
Why Consumer Sentiment Fell To A Seven-Month Low
Why Consumer Sentiment Fell To A Seven-Month Low Authored by Daniel Lacalle, The University of Michigan Consumer Sentiment Survey plummeted to its lowest level in seven months. The index reading for June came in at 65.6, down from 69.1 in May and under the consensus expectation of 72. In the current conditions and expectations categories, the survey […]
Retail Sales Edge Up 0.1% in May, Falling Short of Forecasts
US retail sales rose by 0.1% in May, missing expectations due to lower gasoline prices affecting service station receipts. This follows a revised 0.2% drop in April. Economists had forecast a 0.3% increase. The trend shows slowing sales growth as households focus on essentials amid higher prices and interest rates. Banks are tightening credit access, […]
Falling Retail Sales Drive Treasury Yields Down, September Rate Cut Likely
Treasury yields fell following weaker-than-expected US retail sales data, increasing expectations for Federal Reserve interest rate cuts this year. The two-year note’s yield dropped by up to 6 basis points to 4.70%. Market odds of a rate cut by September rose to 68%, with a full cut anticipated by November. The weak retail sales and […]
Dramatic Footage Shows First Houthi Kamikaze Drone Boat Strike On Bulk Carrier
Dramatic Footage Shows First Houthi Kamikaze Drone Boat Strike On Bulk Carrier Unconfirmed footage has emerged on X showing what appears to be the commodity-hauling bulk carrier “Tutor” under attack by a drone boat, allegedly controlled remotely by Iran-backed Houthi rebels. If verified, this incident is the first known drone boat attack on a commercial vessel […]
Central Bankers Plan Record Increase in Gold Reserves, Survey Finds
A record percentage of central bankers plan to increase their gold holdings, according to the World Gold Council’s annual survey. The survey, which included 70 central bankers, revealed that 29% intend to boost their gold reserves in the next year, the highest level since 2018. This trend follows significant gold purchases in the past two […]
Global Central Banks Favor Gold Over Dollar, Expecting Increased Reserves
Central banks worldwide are expected to increase their gold reserves this year amid growing pessimism about the US dollar, according to a World Gold Council report. Over 80% of surveyed reserve managers anticipate higher global gold holdings, with nearly 30% planning to add to their reserves. The shift is driven by economic and political uncertainties […]
US Industrial Production Surges In May, Biggest MoM Jump Since Jan 2023 As ISM Tumbles
US Industrial Production Surges In May, Biggest MoM Jump Since Jan 2023 As ISM Tumbles US Industrial Production surged 0.9% MoM in May (triple the 0.3% MoM expected and well up from the unchanged MoM print in April). That is the biggest MoM jump since Jan 2023 and lifted the YoY print to +0.39%… Source: […]