EIA Reports Mixed US Petroleum Stockpiles
Weekly data from the EIA showed a larger-than-expected draw in gasoline stocks, while crude oil and distillates diverged from forecasts.
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Weekly data from the EIA showed a larger-than-expected draw in gasoline stocks, while crude oil and distillates diverged from forecasts.
US crude oil stockpiles decreased by 3.775 million barrels last week, a smaller draw than the 5.1 million barrels analysts expected.
Eurozone inflation dipped in June, primarily due to energy costs, though underlying price pressures remain a key concern for the European Central Bank.
US construction spending saw a marginal increase of 0.1% in May, aligning with market expectations, following a downward revision for April.
The Institute for Supply Management (ISM) reported a slowdown in US manufacturing expansion for June, with the PMI reaching 53.3.
US manufacturing activity expanded for the eleventh consecutive month in June, though the pace of growth moderated significantly.
Uncertainty surrounding the United States-Mexico-Canada Agreement (USMCA) review is expected to extend policy risks for Mexico, potentially impacting economic growth and capital expenditure.
HSBC analysts suggest the US Dollar's credibility is reinforced by the Federal Reserve's commitment to maintaining current policy rates.
A White House economic official recently suggested that increasing interest rates could be an error, sparking discussion on monetary policy.
Lower-than-expected inflation in the Euro area for June may allow the European Central Bank to maintain a cautious approach on interest rates.
Gold is stabilizing around the $4,000 level as market participants await crucial US labor statistics and remarks from the Federal Reserve Chair.
Top central bankers, including the Fed chair, ECB president, and BoE and BoC governors, will participate in a policy panel today.
USD/JPY has climbed to levels not seen since 1986, driven by a hawkish shift in US monetary policy expectations.
US employers announced fewer job cuts in June, a notable decrease from May, with artificial intelligence cited as a primary factor in tech layoffs.
ECB Governing Council member Pierre Wunsch indicated that stronger second-round inflation effects would be necessary to justify further monetary tightening.
Eurozone inflation eased more than anticipated in June, potentially offering the European Central Bank greater flexibility in its policy decisions.
The Japanese Yen showed marginal gains against most currencies but softened versus the US Dollar, nearing 162.66 on Wednesday.
Commerzbank interprets recent remarks from a Czech National Bank official as indicating a pause in interest rate hikes following a recent adjustment.
Reports indicate that the United States and Iran are engaged in indirect technical talks in Doha, mediated by Qatar and Pakistan.
US stock index futures show mixed performance during European trading as market participants await key manufacturing data.
Industrial metals, particularly copper, saw price increases as markets reacted to US-Iran diplomatic developments and Red Sea shipping concerns.
The UK's manufacturing sector experienced a slowdown in growth during June, with the final PMI reading confirming an earlier estimate.
ECB's Nagel emphasized data dependency for July and September meetings, anticipating sustained high inflation and above-target levels into 2027.
Eurozone manufacturing activity expanded at its slowest pace in four months during June, though inflationary pressures showed signs of moderating.
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