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Incumbent Prime Minister Scott Morrison conceded defeat Saturday evening. His LNP coalition lost 20 seats, including several high profile MPs. Australian Treasurer Josh Frydenberg lost his seat, a seat held by the conservatives for generations; for 120+ years up until Saturday. Frydenberg lost to an independent. Labor leader Anthony Albanese will form a new Australian
There’s a consistent theme of US dollar weakness across the board this week. That goes along with falling yields and rising gold. It’s a picture that looks more like a broader turn than anything we’re seeing in the stock market, though some of the strength into Friday’s close is promising. I’m not a fan of
SINGAPORE – Oil prices rose more than $1 a barrel in early Asian trade on Wednesday on hopes of demand recovery in China as the country gradually eases some of its strict COVID-19 containment measures. Brent crude futures were up $1.15, or 1.0%, at $113.08 a barrel at 0042 GMT, while U.S. West Texas Intermediate
Gold prices were flat on Thursday, as an elevated dollar weighed on greenback-priced bullion and countered support from lower Treasury yields, with the metal’s outlook already dulled by an aggressive Federal Reserve stance on inflation. FUNDAMENTALSSpot gold held its ground at $1,816.63 per ounce at 0047 GMT. U.S. gold futures edged 0.1% lower to $1,814.10.
The forex markets are treading water today. Sentiments were lifted by China’s rate cut. UK retail sales came in stronger than expected. ECB officials continued to talk up the prospect of a July hike. But none of these triggered any meaningful moves in the markets. For the week, Swiss Franc is still the best performer,
Risk aversion is once again a clear main theme of the day, with European indexes in deep red while US futures point to extended selloff. Safe-haven flows are also pushing benchmark global yields lower, with Germany 10-year yield back at 0.9% while US 10-year yield is back below 2.8%. Swiss Franc is the overwhelming winner