Gold Declines as Investors Assess U.S. Rate Cut Prospects: Following last week’s weak jobs report,
traders adjusted their expectations for interest rate cuts, now expecting a cut of about 105 basis points by the end of the year.
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China’s Daily Crude Oil Imports in July Drop to Lowest Levels Since September 2022
Weak processing margins and reduced fuel demand have curbed operations at state-owned and independent refineries.
Data from the General Administration of Customs revealed that the world’s largest crude oil
importer brought in 42.34 million tons in July, or about 9.97 million daily barrels.
Gold Declines as Investors Assess U.S. Rate Cut Prospects:
Traders adjusted their expectations for interest rate cuts following last week’s weak jobs report,
now expecting a cut of about 105 basis points by the end of the year.
However, the CME Group’s FedWatch tool showed that markets anticipate a 65%
chance of the Federal Reserve cutting rates by 50 basis points in September, compared to 85% yesterday.
U.S. Secretary of State Antony Blinken said on Tuesday that the U.S. has sent a message
To Iran and Israel, escalation in the Middle East conflict should be avoided.
Meanwhile, the Department of Defense warned it would not tolerate attacks on U.S. forces in the region.
Asian Stocks Rise After Japan Eases Interest Rate Concerns:
Major stock indices in Japan rose after the yen dropped more than 2% against the dollar.
Bank of Japan Deputy Governor Shinichi Uchida referred to recent market volatility,
stating that the BOJ’s interest rate path would change if it impacted monetary policy expectations.
Stocks in Taiwan and South Korea continued their gains, with the regional index up by 1.7%.
Gold Declines as Investors Assess U.S. Rate-Cut Prospects