Major markets see sharp declines as tariffs, bans, and anti-American attitudes challenge U.S. distillers’ international growth prospects

Major markets see sharp declines as tariffs, bans, and anti-American attitudes challenge U.S. distillers’ international growth prospects

KUALA LUMPUR: The ringgit opened almost unchanged against the US dollar on Monday as mixed global sentiment limited gains while investors assessed political developments and movements in major currencies. At 8am, the ringgit was trading almost flat at 3.9430/9560 against the US dollar from 3.9440/9525 at the close last Friday. Bank Muamalat Malaysia Bhd Chief Economist Dr Mohd Afzanizam Abdul Rashid said various global factors had shaped the foreign exchange market and the US dollar-ringgit was expected to trade between RM3.93 and RM3.95 today. “We expect emerging market currencies including the ringgit to remain in positive momentum amid easing market […]

Investing.com - Canada’s main stock exchange futures slipped lower Wednesday, matching the weaker global sentiment after tech-dominated losses on Wall Street during the prior session. By 06.55 ET (10:55 GMT), the S&P/TSX 60 index standard futures contract had inched up by just over 2 points, or 0.2%, to 1652.51. Toronto Stock Exchange’s S&P/TSX composite index closed Tuesday 0.4%, just under 100 points, lower at 27,823.88. Technology shares were the worst-hit on Wall Street, weighed by uncertainty over monetary policy, as investors locked-in recent profits in the sector. Reports that the U.S. government was considering taking equity stakes in major chipmakers also weighed on the sector. At home, July’s inflation eased more than expected, but markets aren’t convinced a Bank of Canada rate cut will land as soon as September. Canadians moved $23 billion into U.S. assets last month, and foreign investment in homegrown stocks remains lackluster. Air Canada (TSX:AC), meanwhile, jumped after reaching a last-minute deal to avert a strike, though it paused financial forecasts to assess the recent disruption. The new housing price index for July is due later in the session, and is expected to show a minor bounce of 0.1% after the prior month’s 0.2% drop. Fed’s minutes in focus Away from Canada, the minutes from the last Federal Reserve meeting are due for release later Wednesday, and could show the extent of the dissent over monetary policy within the central bank. Two FOMC members dissented at the last meeting, favoring a rate cut while the majority opted to keep rates unchanged. Markets are currently indicating an 84% chance for a quarter-point rate cut at the Fed’s next policy meeting in September. Crude bounces after losses Oil prices rose Wednesday, bouncing after the previous session’s losses as traders awaited fresh news over the next steps to end the war in Ukraine. At 06:55 ET, Brent futures gained 1.1% to $66.50 a barrel, and U.S. West Texas Intermediate crude futures rose 1.2% to $62.51 a barrel. Prices settled down more than 1% on Tuesday on optimism that a deal to end the war seemed closer, which would likely lead to an easing of sanctions on Russia and an increase in global supply. Gold prices edged higher Wednesday, rebounding after losing ground this week amid heightened uncertainty over U.S. interest rates before a key central bank conference. spot gold rose 0.3% to $3,326.09 an ounce and gold futures for October gained 0.3% to $3,368.45/oz. The yellow metal saw limited demand even as sentiment in broader financial markets turned largely risk-off, with Wall Street and global stocks logging steep losses this week.

European stocks to start the week higher, buoyed by positive global sentiment  CNBC

European stocks to start the week higher, buoyed by positive global sentiment  NBC10 Philadelphia

Investing.com -- British shares slipped at the open on Friday, while the pound fell against dollar, dragged down by escalating Middle East tensions after Israeli strikes on Iran triggered a broader global market downturn. As of 0703 GMT, the blue-chip index FTSE 100 dropped 0.6% and the British pound fell 0.5% against the dollar to 1.35. European markets also experienced a downturn, with Germany’s DAX index slipping 1.3% and France’s CAC 40 falling 1.1%. Israel strikes Iran Israel launched widespread airstrikes on Iran early Friday, targeting multiple military and nuclear sites, while declaring a state of emergency at home amid warnings of imminent retaliation. Iranian media reported unconfirmed claims that Revolutionary Guards chief Hossein Salami was killed. Tehran vowed a severe response against both Israel and the U.S., though Washington emphasized the strikes were carried out independently by Israel in self-defense. Eurozone inflation cools as Germany, Sweden, and France report softer price gains Inflation in Germany eased to 2.1% year-on-year in May, confirming earlier estimates, according to official data released Friday. Sweden reported a 0.1% monthly rise and a 2.3% annual increase in consumer prices, aligning with the central bank’s target. Meanwhile, France’s inflation rate slipped to 0.7% annually, indicating broader signs of weakening price pressures across major eurozone economies. GSK seeks EU approval to extend Arexvy RSV vaccine coverage GSK plc (LON:GSK) said on Friday that the European Medicines Agency (EMA) has accepted its request to broaden the approved age range for its respiratory syncytial virus (RSV) vaccine, Arexvy, to include individuals aged 18 and older. The RSV vaccine is currently authorized for specific age groups within the European Union. Dundee Precious to acquire British firm Adriatic Metals (LON:ADT1) Dundee Precious Metals Inc (TSX:DPM) said on Friday that it will purchase U.K.-listed Adriatic Metals Plc (ASX:ADT) in a transaction worth $1.3 billion. The deal will grant Dundee full control of the Vareš mining project in Bosnia and Herzegovina, broadening its asset base in the region. Crude gain after amid Middle East tensions Oil prices surged on Friday as Israeli attacks on Iran intensified concerns over a wider conflict in the Middle East and potential disruptions to supplies from the oil-producing region. By 07:09 GMT, Brent crude was up 4.3% at $72.39 per barrel, while U.S. West Texas Intermediate gained 4.8% to trade at $71.40. (This story will be updated)