Daily Market News by Xtreamforex.com

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  1. #541
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    Default Stocks decline as Wall Streets effort at a rally fails

    Daily Market News by Xtreamforex.com
    As markets struggled to maintain a recovery from earlier in the day, stocks modestly declined on Wednesday in turbulent trading. Traders also considered remarks made by Federal Reserve Chair Jerome Powell, who reaffirmed the position of the central bank in battling inflation. In the last hour of trade, the Dow Jones Industrial Average fell 47.12 points, or 0.15 percent, to 30,483.13. To 3,759.89, the S&P 500 fell 0.13 percent. To 11,053.08, the NASDAQ Composite dropped 0.15 percent.

    Stock prices have recently been affected by growing fears of a Wall Street slump. On Wednesday, Fed Chair Powell testified before Congress that the Fed has the resolve to rein in inflation, which has risen to 40-year highs. The Fed chairman told the Senate Banking Committee, At the Fed, we realise the suffering high inflation is inflicting. We are acting quickly to bring inflation back down because we are strongly committed to doing so.

    Until it sees compelling evidence that inflation is heading down, Powell continued, the Fed will maintain its current trajectory. He added that it has grown much more difficult to provide a smooth landing for the economy without one. The Federal Reserve increased interest rates by 0.75 percentage points last week and warned that a similar hike could occur again the following month. Investors were alarmed by the central banks previous week change to a more aggressive stance against inflation, fearing that it would prefer a recession to continued high inflation.

    Jerome Powell has made it clearly apparent that the Fed will keep raising interest rates until inflation starts to decline because inflation is still the largest risk to financial assets. Robert Schein, chief investment officer at Blanke Schein Wealth Management, wrote that a sustained rally for risk assets is difficult to envision until that time. Till the Fed gives the go-ahead, tight monetary conditions will continue to be a headwind for financial markets, Schein said.

    This week on Wall Street, anticipation of an impending recession grew. According to evidence showing that consumers are beginning to cut down on spending, Citigroup increased the likelihood of a worldwide recession to 50%. The cumulative probability of recession is now approaching 50%, according to a note from Citigroup. The experience of history indicates that disinflation generally bears considerable costs for growth, the paper stated.

    According to Goldman Sachs, the risks are greater and more front-loaded, making a recession for the American economy more likely. The Fed will feel compelled to respond forcefully to high headline inflation and consumer inflation expectations if energy prices continue to rise, even if activity slows sharply, the firm said in a note to clients. The main reasons are that our baseline growth path is now lower and that we are increasingly concerned. In the meantime, UBS stated in a note to clients on Tuesday that while in its base scenario it does not anticipate a U.S. or global recession in 2022 or 2023, it is obvious that the possibilities of a hard landing are rising.

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    Default Fears about economy is growing as Wall Streets hiring frenzy eases

    After a hiring frenzy last year, Wall Street is slowing down due to the growing uncertainty around the U.S. economic future and the ensuing decline in the financial markets. In 2021 and early this year, Wall Street firms, including banks like Citigroup Inc, JPMorgan Chase & Co, and Wells Fargo & Co, were obliged to pay more to attract and keep employees due to fierce hiring competition. The increase in bonuses was the biggest in 15 years.

    However, hiring fever is waning, according to executives, recruitment experts, and recent data. According to Alan Johnson, managing director of compensation consultancy firm Johnson Associates, by the end of 2021 it was white hot with unprecedented demand for employment and pay. Its changing swiftly from extremely hot to normal, and by the end of the year it might even turn cold. Undoubtedly, a change is taking place.

    According to the most recent U.S. Bureau of Labor Statistics data, firms in the securities, commodity contracts, investments, funds, and trusts sector were still adding jobs, but the rate of growth was noticeably slower in May, adding only 1,200 positions as opposed to 4,600 in April. In contrast, the industry experienced its largest annual headcount growth since 2000 in 2021, when the monthly average was 3,400.

    In light of the weakening global markets, some clients have paused some talent searches, according to Alberto Mirabal, senior vice president for investment banking at the recruitment firm GQR Global Markets. These clients want to see how things shake out before adding to their already sizable teams.

    Were observing a little slowness, he added. Some Wall Street firms are concerned about the possibility of a recession due to rising inflation that has been compounded by Russias invasion of Ukraine and subsequent interest rate increases. Layoffs are already happening in several areas of the banking sector, most notably the mortgage sector, which is especially vulnerable to interest rate increases that harm house sales.

    According to Bloomberg, JPMorgan Chase & Co. is this week reassigning hundreds of workers from its home loan division and firing hundreds more. The industry is not yet experiencing widespread hiring freezes or layoffs, the recruiters claimed, although in general. In addition, some smaller companies, such as boutique investment bank Lazard, are trying to seize the opportunity presented by the evolving market to attract top personnel for themselves.

    After 2021, which he described as being the most difficult in a decade for staff retention and remuneration, Lazard Chief Executive Kenneth Jacobs claimed that a hiring slowdown was assisting his company in attracting new talent. Jacobs stated last week at a Morgan Stanley conference that the rivalry for talent is lessening. I believe well try to profit from this.

    Equity capital markets have experienced the sharpest reduction in activity; according to Julian Bell is the managing director and head of the Americas for the Sheffield Haworth talent firm. Broker-dealers will suffer more than full-service banks as a result, according to this. According to him, brokers in the main equities capital markets sectors of healthcare/biotech and technology will suffer the most. Investment bankers are not worried about impending layoffs, despite the fact that hiring is decreasing and salary expectations have decreased following an extraordinarily robust payout in 2021.

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    Default

    gg Cảm ơn bạn nhiều
    LH 6473848793

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    org Cho mình một vé

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    Default Gold prices increase as ban on new Russian imports

    Gold prices rose on Monday as speculation grew that some Western countries could formally forbid the import of the metal from Russia in response to that countrys invasion of Ukraine. By 0231 GMT, spot gold increased 0.5 percent to $1,835.58 per ounce. At $1,836.30, U.S. gold futures were up 0.3 percent. The G-7s import embargo on Russian gold appears to be giving early Asian markets some short-term assistance.

    However, in practise for the grouping, it is largely a rubber stamp exercise, and I do not expect this to reflect a structural change in the supply/demand outlook that will underpin pricing. In an effort to put more pressure on Moscow and eliminate its sources of funding for the invasion of Ukraine, four of the wealthy Group of Seven (G-7) countries decided to outlaw the import of Russian gold on Sunday. According to Stephen Innes, managing partner at SPI Asset Management, the headline will be rapidly absorbed, and the market should return to its tug of war between higher front-end rates, negative for gold, and recession odds suggesting sooner rate reduction, positive for gold.

    Even as markets hailed economic data showing inflation expectations to be less worrying than initially thought, a couple of U.S. central bankers indicated on Friday they favoured future strong rate hikes to curb rapid price increases. Although gold is regarded as an inflation hedge, owning bullion, which pays no interest, has a higher opportunity cost as interest rates rise. Overall, gold is still stuck in the $1,780-$1,880 range that has been in place since early May. To change this dynamic, Halley added, the U.S. dollar must make a significant directional shift.

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    org Đang cần gấp

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    Default UAE claims it has no spare capacity, oil prices jump by 1%

    in ro ham eslah kon:
    The energy minister of the United Arab Emirates stated that the country is producing near capacity, defying expectations that this could assist boost supply in a tight market. As a result, oil prices increased by nearly 1% in early Asian trade on Tuesday. According to some estimates, Saudi Arabia and the United Arab Emirates are the only two OPEC members with extra capacity to make up for lost Russian supplies and subpar performance from other members.

    At 00:28 GMT, US West Texas Intermediate (WTI) crude CLc1 futures increased $1.07, or 1%, to $110.64 a barrel, building on a prior session rise of 1.8 percent. The price of Brent oil LCOc1 futures increased $1.08, or 0.9 percent, to $116.17 a barrel, following a prior session increase of 1.7 percent.

    The market was helped by rumours of a seam of restricted supply. According to reports, the capacity limits for two key producers, Saudi Arabia and the UAE, are being reached or will soon be reached Tobin Gorey, a commodities analyst at Commonwealth Bank, stated in a note. According to its quota of 3.168 million barrels per day (bpd) under the deal with OPEC and its allies, collectively known as OPEC+, the UAEs energy minister Suhail al-Mazrouei stated on Monday that the country was producing at or close to its full capacity.

    His statements corroborated those of French President Emmanuel Macron, who told US President Joe Biden outside the Group of Seven meeting that Saudi Arabia could only increase output by 150,000 bpd, well below its nominal spare capacity of about 2 million bpd, and that the UAE was operating at maximum capacity. Analysts also noted that political upheaval in Libya and Ecuador could further constrain supply. Libyas National Oil Corp said on Monday that if oil terminal production and shipping dont pick up within the next three days, it may be necessary to declare force majeure in the Gulf of Sirte region.

    According to Ecuadors Energy Ministry, due to anti-government demonstrations, the nation may fully halt oil production over the next two days. Before the demonstrations, the former OPEC nation was producing about 520,000 barrels per day.

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