Latest news with #DavidMorrison
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Gold Futures Fall as U.S. Dollar Strengthens
1232 GMT – Gold futures fall on U.S. Federal Reserve comments and a strengthening in the dollar. Futures are down 0.8% at $3,381.50 a troy ounce. The precious metal slid following Wednesday's meeting, which saw the Fed keep monetary policy unchanged and caution of continued inflation risks from tariffs. Higher interest rates for longer typically damp investor enthusiasm for non-yielding bullion. The pullback in gold coincided with a rally in the U.S. dollar, with gold drifting lower overnight, Trade Nation's David Morrison says in a note. The short-term outlook is uncertain, and many traders will be basing their decisions on where the U.S. dollar goes next, Morrison adds. ( 1033 GMT – Gold futures fall as markets pare back safe-haven bets. Futures are down 0.4% at $3,394.40 a troy ounce. Gold has perhaps surprisingly continued to trade in a tight range despite flaring Middle East geopolitical tensions, Pepperstone's Michael Brown says in a note. The precious metal briefly surged last Friday after Israel's initial strikes on Iran before rapidly paring gains, though some degree of safe-haven demand has lingered, Brown says. This demand has kept gold underpinned even if the initial impulsive rally has fizzled out. The risk balance continues to point to further short-term upside for gold as participants will seek to hedge against risk ahead of the weekend, Brown writes. Pepperstone remains in dip-buying mode for gold, and the longer-term bullish case for gold remains solid, he adds. (
Daily Tribune
4 days ago
- Business
- Daily Tribune
Oil fall, stocks rise as IranIsrael war fears ease
Stocks rose and oil prices retreated yesterday as fears of a wider Middle East conflict eased even as Israel and Iran pounded each other with missiles for a fourth day. The dollar and safe-haven gold declined slightly. "As things stand, investors seem less fearful than they were going into the weekend of the possibility that the war between Israel and Iran spreads across the Middle East, and beyond," said David Morrison, senior market analyst at financial services provider Trade Nation. "It appears that most of the Israeli airstrikes and missile launches avoided the most significant parts of Iran's energy infrastructure. And so far Iran's retaliation has done relatively little damage," he added. Wall Street opened in the green, with the tech-heavy Nasdaq up around one% in early deals, while London, Paris and Frankfurt were all higher in afternoon trading. That tracked gains in Asia, where Tokyo closed up 1.3%, boosted by a weaker yen, while Hong Kong and Shanghai also advanced. Israel's surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices soaring as much as 13% at one point on fears about supplies from the region. However, concerns over the conflict spreading appeared to have eased, with both main oil contracts retreating by more than 1% on Monday. Analysts said the recent decision by the OPEC+ group of crude producing nations, led by Saudi Arabia and Russia, to raise output again in July also played a role. "Financial markets are very good at absorbing geopolitical risk, and OPEC+'s supply boost is also helping to cushion the blow," said Kathleen Brooks, research director at trading group XTB. "There may need to be a major escalation in the conflict before we get another sharp upswing in oil and gold prices," she added. Analysts had warned that the spike could send inflation surging globally again, dealing a blow to long-running efforts by governments and central banks to get it under control. Investors were gearing up for monetary policy decisions this week from the US Federal Reserve, Bank of England and Bank of Japan. All are expected to stand pat but traders will be keeping a close watch on their statements for clues on interest-rate outlooks, with US officials under pressure from President Donald Trump to cut borrowing costs.
Sharjah 24
4 days ago
- Business
- Sharjah 24
Oil prices drop as stocks climb amid eased war fears
Market insights David Morrison, a senior market analyst at Trade Nation, noted, "Investors seem less fearful than they were going into the weekend regarding the possibility of the war spreading." He highlighted that most Israeli airstrikes avoided significant parts of Iran's energy infrastructure, and Iran's retaliatory actions have resulted in minimal damage. Wall Street performance Wall Street's main stock indices finished higher, with the S&P 500 gaining nearly one percent throughout the day. European markets also closed with gains, tracking positive momentum from Asia, where Tokyo rose by 1.3 percent, supported by a weaker yen. Oil market reactions Following Israel's surprise strikes on Iranian military and nuclear sites—resulting in the deaths of top commanders and scientists—oil prices initially soared by as much as 13 percent. However, concerns over the conflict's escalation appeared to ease, leading to a decline in oil prices on Monday. Chris Beauchamp, chief market analyst at IG, stated, "As long as the Straits of Hormuz remain stable, it is hard to envision a scenario where Friday's gains can be sustained." OPEC+ influence Analysts pointed to the recent decision by the OPEC+ group, led by Saudi Arabia and Russia, to increase output in July as another factor influencing oil prices. Kathleen Brooks from XTB remarked, "A major escalation in the conflict may be needed for another sharp upswing in oil and gold prices." Upcoming monetary policy decisions Investors are preparing for monetary policy announcements this week from the US Federal Reserve, Bank of England, and Bank of Japan. All are expected to maintain current rates, but traders will be closely watching for hints on future interest-rate outlooks amid pressure from President Trump to lower borrowing costs. Corporate news highlights In corporate developments, shares of Nippon Steel rose over three percent after Trump signed an executive order approving its $14.9 billion merger with US Steel, concluding a long-standing saga. US Steel shares increased by 5.1 percent. Additionally, shares in Kering, the owner of Gucci, climbed nearly 12 percent following reports that the outgoing CEO of Renault would take over as chief executive of the struggling luxury group. Conversely, Renault shares plummeted 8.7 percent after announcing that Luca de Meo would step down in July.
Free Malaysia Today
4 days ago
- Business
- Free Malaysia Today
Oil prices drop, stocks climb as Iran-Israel war fears ease
Wall Street's key indices advanced, with the S&P 500 gaining nearly one percent after staying positive throughout the session. (AP pic) NEW YORK : Stocks rose and oil prices retreated Monday as fears of a wider Middle East conflict eased even as Israel and Iran pounded each other with missiles for a fourth day. The dollar dipped against the euro and pound, while safe-haven gold declined slightly. 'As things stand, investors seem less fearful than they were going into the weekend of the possibility that the war between Israel and Iran spreads across the Middle East, and beyond,' said David Morrison, senior market analyst at financial services provider Trade Nation. 'It appears that most of the Israeli airstrikes and missile launches avoided the most significant parts of Iran's energy infrastructure. And so far Iran's retaliation has done relatively little damage,' he added. Wall Street's main stock indices pushed higher, with the broad-based S&P 500 finishing up nearly one percent after spending the entire day in positive territory. In Europe, London, Paris and Frankfurt all closed the day with gains. They tracked gains in Asia, where Tokyo closed up 1.3%, boosted by a weaker yen, while Hong Kong and Shanghai also advanced. Israel's surprise strike against Iranian military and nuclear sites on Friday – killing top commanders and scientists – sent crude prices soaring as much as 13% at one point on fears about supplies from the region. However, concerns over the conflict spreading appeared to have receded, with both main oil contracts declining on Monday. 'Unpleasant as it is to watch two sides trade missiles on a sustained basis, so long as the Straits of Hormuz remain quiescent it is hard to envisage a scenario where Friday's gains can be sustained,' said Chris Beauchamp, chief market analyst at online trading platform IG. Analysts said the recent decision by the Opec+ group of crude producing nations, led by Saudi Arabia and Russia, to raise output again in July also played a role. 'There may need to be a major escalation in the conflict before we get another sharp upswing in oil and gold prices,' said Kathleen Brooks, research director at trading group XTB. Investors were gearing up for monetary policy decisions this week from the US Federal Reserve, Bank of England and Bank of Japan. All are expected to hold steady but traders will be keeping a close watch on their statements for clues on interest-rate outlooks, with US officials under pressure from President Donald Trump to cut borrowing costs. Also in focus is the G7 summit in the Canadian Rockies, which kicked off Sunday, where the Middle East crisis will be discussed along with trade after Trump's tariff blitz. In corporate news, shares in Nippon Steel rose more than three percent in Tokyo after Trump on Friday signed an executive order approving its US$14.9 billion merger with US Steel, bringing an end to the long-running saga. US Steel advanced 5.1%. Shares in Gucci owner Kering climbed almost 12% in Parison reports that the outgoing boss of French automaker Renault would take over as chief executive of the struggling luxury group. Kering announced the appointment after European markets closed. Renault shares slumped 8.7%, following its announcement on Sunday that Luca de Meo would step down in July.
Al Etihad
5 days ago
- Business
- Al Etihad
Oil prices drop, stocks climb as Iran-Israel war fears ease
16 June 2025 20:33 LONDON (AFP)Stocks rose and oil prices retreated Monday as fears of a wider Middle East conflict eased even as Israel and Iran pounded each other with missiles for a fourth dollar dipped against the euro and pound, while safe-haven gold declined slightly."As things stand, investors seem less fearful than they were going into the weekend of the possibility that the war between Israel and Iran spreads across the Middle East, and beyond," said David Morrison, senior market analyst at financial services provider Trade Nation."It appears that most of the Israeli airstrikes and missile launches avoided the most significant parts of Iran's energy infrastructure. And so far Iran's retaliation has done relatively little damage," he Street's main stock indices pushed higher, with the tech-heavy Nasdaq up around 1.5 percent in late morning Europe, London, Paris and Frankfurt all closed the day with tracked gains in Asia, where Tokyo closed up 1.3 percent, boosted by a weaker yen, while Hong Kong and Shanghai also surprise strike against Iranian military and nuclear sites on Friday -- killing top commanders and scientists -- sent crude prices soaring as much as 13 percent at one point on fears about supplies from the concerns over the conflict spreading appeared to have receded, with both main oil contracts retreating 3.7 percent on said the recent decision by the OPEC+ group of crude producing nations to raise output again in July also played a role."There may need to be a major escalation in the conflict before we get another sharp upswing in oil and gold prices," said Kathleen Brooks, research director at trading group were gearing up for monetary policy decisions this week from the US Federal Reserve, Bank of England and Bank of are expected to stand pat but traders will be keeping a close watch on their statements for clues on interest-rate outlooks, with US officials under pressure from President Donald Trump to cut borrowing in focus is the G7 summit in the Canadian Rockies, which kicked off Sunday, where the Middle East crisis will be discussed along with trade after Trump's tariff corporate news, shares in Nippon Steel rose more than three percent in Tokyo after Trump on Friday signed an executive order approving its $14.9 billion merger with US Steel, bringing an end to the long-running in Gucci owner Kering climbed almost 12 percent in Paris on reports that the outgoing boss of French automaker Renault would take over as chief executive of the struggling luxury announced the appointment after European markets closed. Renault shares slumped 8.7 percent, following its announcement on Sunday that Luca de Meo would step down in July.
