Lori Logan, President of the Dallas Federal Reserve, expects the central bank to cut interest rates in the future. She believes the Fed should continue reducing its balance sheet. If the economy behaves as expected, lowering interest rates gradually will help manage risks and meet the Fed's goals.
The US dollar and other foreign currencies slightly increased against the Egyptian pound on Monday. This rise followed important statements by Egypt's President Abdel Fattah El-Sisi about the country's IMF program. El-Sisi highlighted that the IMF program is happening during tough global economic challenges. He emphasized
Crude oil prices went up by about 2% on Monday. This increase is linked to optimism about rising global demand for oil. China's expected demand growth is a key factor behind this rise.
The yen falls to 151 against the dollar, reaching its lowest level since the end of July. The Australian dollar rises by 0.4%, driven by an increase in government bond yields.
Dow Jones Industrial Average: Dropped 318 points (0.8%). S&P 500: Fell 0.6%. Nasdaq Composite: Decreased by about 0.6%. The 10-year Treasury yield rose by 9 basis points to 4.168%.
Changes occurred after statements by President Abdel Fattah El-Sisi regarding the IMF. The current IMF program is influenced by complex global economic challenges. These challenges adversely affect many economies. Suggested reassessing the IMF position if the economic reform program becomes too burdensome for citizens.
U.S. stocks experienced slight declines on Monday. Key Index Performances: S&P 500: Fell 0.1%. Nasdaq Composite: Decreased by 0.1%. Dow Jones Industrial Average: Dropped 55 points (0.1%). This follows a six-week winning streak for the S&P 500 and Dow.
Chart Timeframe: 4H Current Price Action: Testing previous resistance level. Expected Movement: Potential downward movement forming an ascending triangle pattern. Possible surge higher if resistance is broken. Focus Price Levels: Resistance: 195.80, 196.60 Support: 194.70, 194.15
Saudi Aramco CEO Amin Nasser called for a new and updated energy transition plan. He said the current plan isn't working and doesn’t consider the needs of all countries, especially in Asia and the Global South. In his speech at Singapore International Energy Week, he emphasized Asia’
UBS is selling its 50% stake in Swisscard, a credit card provider. UBS got this stake when it acquired Credit Suisse last year. The stake is being sold to American Express (Amex), which already owns the other 50%. Once the deal is complete, Amex will fully own Swisscard. Credit Suisse
The Turkish Lira has continued to drop significantly. Morgan Stanley issued a report suggesting economic challenges for Turkey. Turkish banks are expected to face delays in recovering their profit margins due to economic pressure and regulations. The Central Bank of Turkey is focusing on reducing inflation, which may negatively impact
Iran has supported Russia during its war against Ukraine. Now, Iran is facing pressure due to conflicts with Israel on two fronts. Iran might ask Russia for help, especially in air defense and military intelligence. Russia could help, but it is unclear how much assistance it will offer. If Russia