Markets

US stocks closed higher Wednesday as minutes from the Federal Reserve’s meeting last month underscored policymakers’ resolve to combat hot inflation but also suggested a potential breather in its rate-hike campaign.  Tech stocks as measured by the Nasdaq Composite scored a third straight win after pushing past earlier weakness. Tech behemoths Apple and Amazon were… Continue reading US stocks end higher in choppy session as Fed minutes show policymakers determined to tame soaring inflation

Zimbabwe will begin to sell gold coins later this month to rein in hyperinflation as the local currency dramatically loses value.  The governor of Zimbabwe’s central bank said Monday that the coins will be sold based on the international price of gold and cost of production. They can be purchased in Zimbabwean dollars, US Dollars,… Continue reading Zimbabwe will issue gold ‘Mosi-oa-tunya’ coins as sky-high inflation slams local currency

The euro, which dropped closer to parity with the US dollar on Wednesday, is “unbuyable” as the shared currency struggles with Europe’s reliance on Russian energy and the European Central Bank’s overreaction to a jump in regional bond yields, Societe Generale said Wednesday.  The note from Kit Juckes, SocGen’s chief global currency strategist, arrived on… Continue reading The euro is facing a deeper slide under the weight of Europe’s gas crisis and the ECB’s bond-rout response, says Societe Generale

The US and its allies are discussing the cap on Russian oil, with a potential range between $40 and $60 a barrel, sources told Bloomberg. Leaders at the G-7 summit last week agreed to explore options for a price cap, which is intended to cut Russia’s revenue and hurt its war efforts against Ukraine, while… Continue reading The US and allies have reportedly floated capping Russian oil prices at as low as $40 a barrel

The worst of the ongoing cryptocurrency rout that sent tokens plummeting and caused the collapse of some firms is over, FTX’s Sam Bankman-Fried said in an interview with Reuters on Wednesday.  He said that his exchange still had “a few billion” on hand to further stem turmoil across digital assets and the companies that trade… Continue reading Sam Bankman-Fried says the worst of the crypto liquidity crisis is likely over with FTX holding ‘a few billion’ to prop up failing ventures

Crypto exchanges aren’t the only ones to struggle amid the wave of sell-offs. Public bitcoin miners are also suffering, having lost over 80% of their revenue since crypto’s peak of last year, according to a report by Arcane Research.  Daily revenue for public bitcoin firms sank to $18 million as of June, said analyst Jaran… Continue reading Rising energy costs and plummeting crypto prices mean public bitcoin miners are ‘fighting to survive’

The long-term “supercycle” bull case for commodity prices is starting to wear thin as technical indicators start to deteriorate, Ned Davis Research said in a Tuesday note. That could have big implications for the stock and bond market, as investors grapple with the worst start to the year since 1970.  “The NDR Commodity Model has… Continue reading The ‘supercycle’ bull-case for commodities is wearing thin as technical indicators begin to deteriorate, research firm says

The US dollar’s dominance will remain unchallenged even with the rise of digital assets and other geopolitical factors, according to a new study by the Federal Reserve Bank of New York.  “The dollar’s international role, whether for trade, investment or use as a global reserve currency, remains quite strong, with nothing on the horizon likely… Continue reading Dollar dominance is going to stick around in global markets as there’s nothing on the horizon to rival the greenback, Fed study says