Share markets in China took another tumble early Tuesday, leading losses in the region as the 8.5 percent plunge in the benchmark Shanghai Composite index in the previous session and a persistent decline in commodities ignited risk-off sentiment.
Gold prices eased 0.3 percent at $1,093.20 an ounce, edging closer to last week’s five-and-a-half-year low, as expectations for a rate hike in the U.S. kept momentum firmly with the bears. Crude oil futures hit four-month lows; Brent crude settled down $1.15 at $53.47 a barrel, and U.S. crude closed down 75 cents at $47.39.
Wall Street sank overnight, with the Nasdaq Composite shaving off 1 percent. The Dow Jones Industrial Average lost 0.7 percent to end at a five-month low, while the S&P 500 closed down 0.6 percent to chalk up a five-session losing streak for the first time since January.
Recommended Content
Editors’ Picks
EUR/USD stays below 1.0800 after upbeat US data
EUR/USD stays under bearish pressure and trades slightly below 1.0800 in the American session on Thursday. The data from the US showed that the real GDP growth for the fourth quarter got revised higher to 3.4% from 3.2%, supporting the USD and weighing on the pair.
GBP/USD stays in daily range above 1.2600
GBP/USD fluctuates in a narrow channel above 1.2600 on Thursday. The better-than-expected Initial Jobless Claims data from the US and the upward revision to the Q4 GDP growth helps the USD stay resilient against its rivals and limits the pair's upside.
Gold clings to strong daily gains above $2,200
Gold retreats from daily highs but holds comfortably above $2,200 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays above 4.2% after upbeat US data and makes it difficult for XAU/USD to preserve its bullish momentum.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
Portfolio rebalancing and reflation trades emerge into Q2
Yesterday’s price action pointed at a possible end-of-quarter portfolio rebalancing as the session saw the laggards of the quarter like Apple and Tesla gain, and the stars like Microsoft and Nvidia retreat.