Western Europe

On Thursday, the U.S. government’s?long term borrowing costs reached their highest level since 2007. Global shares also tried to recover after Microsoft’s?earnings reduced some AI concerns. The yield on 30-year Treasury bonds hit a high of 5,244% in New York trading the day before, after the Federal Reserve held interest rates at the same level as the previous day, even though Chair Kevin Warsh gave mixed messages about monetary policy and inflation expectations. The Fed's next moves were difficult to predict, and Warsh's decision not to provide any forward guidance made it even more difficult. Investors are frightened by the...

What's important in the U.S. and Global Markets Today By Mike Dolan. Editor-at-Large for Finance and Markets On Wednesday, the Federal Reserve maintained its line, but three policymakers voted "for a hike", the largest dissent since 1970 against a new Fed chairman. It is easy to see why the markets were so uncertain. The Fed's decision to "hold" did not reassure the markets. 30-year borrowing rates have risen to their highest level in 19 years, and the yield curve has steepened, suggesting that traders are worried about the Fed tolerating above-target inflation for the long run. Below, I'll go into...

Ankur Banerjee gives a look at what the markets will be like in Europe and globally. A divided Federal Reserve and a confusing message by Chair Kevin 'Warsh about where rates are heading has left the bond market scratching their heads and'somehow in control, in an 'odd reversal which raises questions regarding the credibility of the central bank. As expected, the U.S. Central Bank did nothing, but three dissenters highlighted the growing divide between policymakers about the next steps to combat inflation, which remains above the Fed’s target of 2 percent. Warsh pledged to contain inflation, but did not give...

The oil prices lost some of their gains on Thursday despite the escalating attacks across the Gulf. Investors' attention shifted to the supply flow through the major chokepoints within the region. Brent futures dropped 96 cents or 1.06% to $89.78 per barrel as of 0418 GMT. U.S. West Texas Intermediate (WTI), crude oil, fell 64 cents or 0.76% to $83.82 per barrel. Brent and WTI both rose by 6.56% during the previous session, one of the biggest spikes in the Iran War. This was after the pause of hostilities that occurred on Tuesday following a 5% drop. The prices of...

Asian stocks were choppy in trading on Thursday, after a week of market turmoil sparked by AI fears. A divided Federal Reserve remained steadfast on interest rates, leaving bond markets unsure about the next move. Brent futures fell below $90 a barrel after jumping by 7% the day before as fighting escalated in the Middle East. Data showed that tankers were still making their way out of this region despite continued strikes. Investors were confused by the Fed's split decision on whether it would raise rates to combat inflation. The yields on longer-dated U.S. Treasuries reached 19-year-highs. This week, Asian...

Asian stocks were unable to find direction on Thursday as investors grew increasingly nervous about the AI trade. The Federal Reserve, divided, kept interest rates unchanged, which left bond markets wondering where rates will go. Brent futures fell below $90 per barrel after a jump of over 7% the day before as the 'fighting' in the Middle East intensified. However, data shows that tankers continue to leave the region despite continued drone and missile strikes. Investors were confused by the Fed's split decision on whether it would raise rates to combat inflation. The yields on longer-dated U.S. Treasuries reached 19-year-highs....

Ankur Banerjee gives us a look at what the future holds for European and global markets The rout of chip stocks did not ease investor 'fears about AI risks despite the 'blockbuster earnings SK Hynix reported. This set a'stage for this week’s results from Big Tech companies. SK 'Hynix's 'April-June' operating profit soared by more than sixfold (557%) yet it still missed analysts' high estimates. This coincided with investors' concerns about the sustainability and long-term return of chip demand. The earnings of Microsoft and Meta, two members of the "Magnificent 7", later in the day will be an important test...

The world stock market fell to its lowest level in a month on Tuesday as investors dumped chips across the globe on fears of Chinese competition and funding for the AI boom. A possible U.S. interest rate hike this week also dampened the mood. The Nasdaq Composite, which is a tech-heavy stock, fell 1.37% Tuesday, and chipmakers were also impacted. Micron MU.O dropped 11.7%, Nvidia NVDA.O dropped 1.7%, and Intel INTC.O lost 8.5%. Asian chipmakers were the main culprits of the sell-off on Tuesday. South Korea's KOSPI plunged more than 10%, reaching a three month low. It triggered a circuit...

Investors dumped chipmakers around the world on Tuesday due to concerns over Chinese competition and the funding of the AI Boom. The possibility of an interest rate increase in the U.S. as soon as this week also dampened the mood. Asian chipmakers were at the 'heart' of the selloff on Tuesday. South Korea's KOSPI plunged more than 10%?to an all-time low. It triggered a circuit breaker on its way down, as it headed for its biggest monthly drop on record. The index's value had tripled over the past 12 months, but has lost more than a quarter of that value...

Saudi Aramco closed its Jizan oil refinery, which produces 400,000 barrels per day in Saudi Arabia, on July 27, following an attack on the facility by Yemeni Houthi militants. A note seen by revealed that this was due to an attack on Saturday by Yemen's Houthi terrorists. The market is already constrained by the tight fuel supply in the world, as well as disruptions from the Middle East and Russia's ban on diesel exports. The outage has also had a significant impact on the refinery profit margins, which have reached'record highs' in certain regions. The note stated that the attack...

What's important in the U.S. and international markets today by Mike Dolan Editor-at-Large of?Finance and Markets Chip stock corrections accelerated again over night amid concerns about circular financing and rising competition. The correction comes before a series of crucial earnings reports by tech companies in Wall Street and Asia - as well as a further drop?in oil price below $90 per barrel amid a tense pause?in the Iran conflict. Below, I'll go into more detail. Check out my most recent column where I discuss the various inflationary drivers central banks are increasingly struggling to "see through". Listen to the Morning...

Investors dumped chipmakers over concerns about Chinese competition, and the funding of the AI boom. Meanwhile, rising odds?of an interest rate increase in the U.S. as soon as this week further dampened mood. Asian chipmakers were 'at the 'heart' of Tuesday's sale. South Korea's KOSPI plunged more than 10%, hitting a three-month high. This triggered a circuit breaker on its way down, as it headed for its biggest monthly drop on record, surpassing the declines experienced during the Asian Financial Crisis in 1997. The index's value had tripled over the past 12 months, but has lost more than a quarter...

Holcim's?second-quarter sales and earnings were better than expected on Friday, as the building materials manufacturer upgraded its outlook for the full year. The Swiss company reported that it was seeing an increase in demand for its low-carbon cement products and recycled demolition and construction materials. All of these factors boost profits. Holcim also saw a rise in sales in Germany and Switzerland as well as in Spain, Eastern Europe and Mexico. Demand for housing and infrastructure in Mexico, Peru, and Central America was also strong. Holcim's sales grew 6.4% in the second quarter to $4.41 billion Swiss Francs ($5.46 billion),...

Gold prices rose on Thursday, as the U.S. Dollar weakened. Investors also weighed up the Federal Reserve's decision not to change interest rates and watched the escalating tensions that may have triggered inflationary pressures in the Middle East. By 1131 GMT, spot gold had risen 0.3% to $4.076.52 an ounce. U.S. Gold Futures for August Delivery rose 1% to $4074.30. The move for gold is "primarily driven" by the weaker U.S. Dollar, and markets are adjusting their expectations modestly on what next moves will be made by the Fed. UBS analyst Giovanni Staunovo stated. The U.S. Dollar Index has weakened...

ArcelorMittal's finance chief stated on Thursday that U.S. tariffs?on imported steel?cost the steelmaker about $150 million each quarter because they affect?its?Canadian exports?. GenuinoChristino stated in an interview that "we continue to incur a target cost of approximately $600 million per year in Canada." Canada's response, in the form of tariffs, has not been sufficient to offset the impact on the Luxembourg-based company's operations there. He added, "What's also good is that we didn't lose market share. We continue to ship products to the U.S. Automotive Industry (as ArcelorMittal) is seen as the market leader with the best technology and best...

Investors weighed the decision of the Federal Reserve to hold interest rates at the same level this month, as well as the rising tensions that are affecting the Middle East and have raised inflation concerns. The spot gold price was unchanged at $4,062.30 an ounce as of 0841 GMT. U.S. Gold Futures for August Delivery rose by 0.7% to $4,060.60. Kevin Warsh, the U.S. central bank's chief, pledged to keep inflation under control. After the decision, spot gold prices rose by about 2%. The U.S. Military said that it had struck dozens Islamic Revolutionary Guard Corps targets in Iran in...

ArcelorMittal South Africa announced on Thursday that its?half-year loss had increased by a staggering?47%, as the 'business was weighed down by a sluggish steel price and a surge in steel imports mainly from China. The South African division of steelmaker ArcelorMittal reported a headline loss?1.489 billion Rand ($89.29 millions) for the six-month period ended June 30. The company had reported a loss of?1.014bn rand in the previous year. The company is battling a weak 'local demand', high electricity prices as well as competition from South African scrap metal recycling micro-mills as well as imports from China. ArcelorMittal South Africa confirmed...

Outokumpu's shares fell 10% on Thursday after it reported a core profit for the second quarter that was below market expectations. The European stainless steel demand has remained largely unchanged, and increased costs have offset increases in volume and pricing. The adjusted earnings of the Finnish company before interest, tax, depreciation, and amortisation in the April-June quarter rose by 33%, but they were still below the EUR114 million consensus forecast provided by the company. Outokumpu's profitability in Europe, its largest business unit, was broadly stable, as positive effects from higher volumes and a higher selling price were offset by a...

Gold prices fell on Thursday due to higher?U.S. Markets assessed the yields on Treasury bonds, as well as comments made by Federal Reserve Chairman Kevin Warsh about tackling inflation following this week's unchanged interest rates. As of 0714 GMT spot gold was down 0.5% to $4,045.59 an ounce after a 2% rise in the previous session. U.S. Gold Futures for August Delivery gained 0.2%, to $4043.70. The yields on the benchmark 10-year U.S. Treasury notes increased, increasing the cost of bullion. Soni Kumari, an ANZ analyst, said that "Yields" are a result of rate expectations. If the market believes that...

Heidelberg Materials said that it expects the war in Iran to further increase energy costs for this year. The German cement manufacturer also lowered its profit forecasts for 2026. The group stated that inflation and high financing costs would continue to have a negative impact on global residential construction. High energy costs were also cited as a major factor. Even though CEO Dominik von Achten highlighted "a?environment which remains geopolitically & economically'very challenging", he said that there were still first signs of a visible demand recovery in the core markets. Heidelberg Materials expects to see its operating profit drop from...

Gold prices fell on Thursday due to higher U.S. Treasury yields. Markets also assessed Kevin Warsh's comments on the Federal Reserve's efforts to combat inflation following its decision this week not change interest rates. As of 0445 GMT spot gold was down by 0.4%, at $4,048.39 an ounce. It had risen as high as 2% the previous session. U.S. Gold futures for August delivery rose 0.3% to $4.045.70. The yields on the benchmark U.S. Treasury 10-year note increased, increasing 'the opportunity cost' of holding gold. Soni Kumari, an ANZ analyst, said that "yields are a product of rate expectations." If...

Three people familiar with the matter have confirmed that global commodity trader IXM has expanded its portfolio to include iron ore. This is despite the fact that the near-record low price volatility of the steelmaking ingredient reduces profit opportunities and dampens investor interest. IXM in Geneva, one of the largest traders of non-ferrous physical metals like?copper or nickel?, signed last week a prepayment agreement with Brazilian miner Itaminas, to lock-in supply. One of the sources, who asked to remain anonymous because they weren't authorised to talk to the media about the matter, confirmed this. The terms of the agreement were...

ASML is Europe's most valuable firm thanks to its dominance of lithography systems. These are?huge?chip printing? machines that cost up to $400 million and are essential to companies driving the?AI boom. Chipmakers have expanded their capacity quickly due to AI advances and the global expansion of data centers. ASML supplies memory chip makers such as SK Hynix and Micron, as well to TSMC which manufactures chips for Nvidia. In the middle of the product range, the company faces new competitors from China. It is also being pressured by the United States regarding exports of certain tools to?Asian nations. The Dutch...

Gold prices fell on Tuesday, as a result of a strong?dollar? that hovered around a month-high. Investors were waiting for the Federal Reserve's interest rate announcement this week and Kevin Warsh's comments to get a sense of policy direction. Spot gold dropped 1.1% per ounce to $4.032.42 by 9:27 am EDT (1327 GMT), and U.S. Gold Futures for August Delivery fell 1.1%, to $4.032.40. The dollar remained near a one-month high on Tuesday, making greenback-priced bullion expensive for buyers overseas. The dollar remained near its one-month-high on Tuesday, making bullion priced in greenbacks expensive for overseas buyers. David Meger is...