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Indian athlete Neeraj Chopra won the first silver medal for India at the Paris Olympics, breaking a rut of bronze medals on Thursday (August 07). Despite the silver, Chopra, the strongest by far in qualifying and favorite to retain his title, struggled in the Olympic men's javelin final. His throw of 89.45, which won him the silver medal, was his only valid effort as he fouled on his five other attempts.

"Aside from the medal, it is time to improve my throw, tend to my injuries, and improve on weaker areas," said Chopra. Chopra, who has more than nine million Instagram followers, has had a huge impact in raising the profile of athletics in India. India's prime minister Narendra Modi tweeted after Chopra's silver win: "Neeraj Chopra is excellence personified! Time and again he's shown his brilliance.&nbsp;

India is elated that he comes back with yet another Olympic success. "Arshad Nadeem won the gold after beating defending champion Chopra to clinch Pakistan's first Olympic medal in athletics. Neeraj after winning India's first Paris Olympics Silver medal said: "It is always a great feeling winning a medal for the country. But personally, aside from the medal, it is time to improve my throw, tend to my injuries, and improve on weaker areas, I will sit and discuss this with my team". Overall, India's performance has been good at the Paris Olympics.

Indian athlete Neeraj Chopra clinched a historic silver medal in the men's javelin at the Paris Olympics on August 7, ending a streak of bronze medals. Despite only managing one valid throw of 89.45 meters and struggling with his remaining attempts, Chopra’s performance highlights his significant impact on athletics in India. Prime Minister Narendra Modi praised Chopra’s achievement, while Chopra himself emphasized the need for improvement and recovery.&nbsp;


Paris Olympics 2024: Neeraj Chopra adds silver medal to India's tally

US Markets:&nbsp;Wall Street closed higher on Monday (July 15), building on Friday's rally as increasing expectations of a second Donald Trump presidency in the wake of a failed assassination attempt raised hopes of a looser regulatory environment.

The growing probability that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September also helped feed risk appetite.

All three major U.S. stock indexes ended well below session highs.

The S&amp;P 500 gained 15.87 points, or 0.28 per cent, to end at 5,631.22 points, while the Nasdaq Composite gained 74.12 points, or 0.4 per cent, to 18,472.57.

The Dow Jones Industrial Average rose 210.82 points, or 0.53 per cent, to 40,211.72.

US Markets:&nbsp;The growing probability that the U.S. Federal Reserve will begin cutting its key interest rate as soon as September also helped feed risk appetite.


US Markets: Wall Street ends higher as investors firm bets on Trump 1

US Markets News: The S&amp;P 500 index and technology-laden Nasdaq rose on Wednesday to post record high closes, as data pointing to a softening economy raised hopes the Federal Reserve could cut interest rates in September.

The Dow Jones Industrial Average closed slightly lower, pressured by selling in healthcare and consumer stocks during a shortened trading session ahead of the Fourth of July. The market will stay closed on Thursday for U.S. Independence Day, keeping trading volumes thin throughout the week.

Both the ADP Employment report and weekly jobless claims data pointed to easing labor market conditions ahead of Friday's closely watched non-farm payrolls report. Markets hope signs of weakness in the labor market will encourage the Fed to cut interest rates.

"It's quite a strong unemployment claims number, and it's fitting in with an overall trend that's probably an indication of loosening up in the jobs market. It must be quite welcoming for the Fed," said David Morrison, Trade Nation senior market analyst.

Also, PMI data from the Institute for Supply Management was weaker than expected, and factory orders unexpectedly slumped. Investors boosted bets of a September rate cut to over 70 per cent, as per LSEG's FedWatch.

The Fed's June meeting minutes are due after the market closes.

Tesla (TSLA.O), opens new tab jumped 6.5 per cent, trading near a six-month high after rising more than 10 per cent on Tuesday following a smaller-than-expected drop in second-quarter vehicle deliveries.

The Philadelphia SE Semiconductor Index (.SOX), opens new tab rose 1.92 per cent, helped by gains in the U.S. listing of Taiwan Semiconductor Manufacturing and Broadcom (AVGO.O), opens new tab.

Nvidia (NVDA.O), opens new tab closed 4.6 per cent higher, after slipping on Tuesday, while some other mega-stocks were weaker such as Amazon (AMZN.O), opens new tab, closing 1.2 per cent lower.

"The tendency at the moment is towards rotation ... we have quite a few days where we see the Russell down, and tech up and vice versa," Morrison said, though noting that the market's optimism around megacap tech stocks was still strong.

The S&amp;P 500 has jumped over 15 per cent in the first half of 2024, largely supported by top-tier high momentum technology-related stocks. The benchmark index's equal-weighted counterpart (.SPXEW), opens new tab only rose 5 per cent and small and mid-cap stocks have significantly lagged.

The Dow Jones Industrial Average (.DJI), opens new tab fell 23.85 points, or 0.06 per cent, to close at 39,308.00, the S&amp;P 500 (.SPX), opens new tab gained 28.01 points, or 0.51 per cent, to 5,537.02 and the Nasdaq Composite (.IXIC), opens new tab gained 159.54 points, or 0.88 per cent, to 18,188.30.

Paramount Global (PARA.O), opens new tab rose almost 7 per cent after Shari Redstone's National Amusements reached a preliminary deal to sell its controlling interest in the media giant to David Ellison's Skydance Media.

First Foundation (FFWM.N), opens new tab slumped nearly 24 per cent after the lender, which holds a huge portfolio of multifamily real estate loans, disclosed a $228 million unexpected capital raise.

Advancing issues outnumbered decliners by a 2.65-to-1 ratio on the NYSE. There were 287 new highs and 50 new lows on the NYSE.

The S&amp;P 500 posted 20 new 52-week highs and 4 new lows while the Nasdaq Composite recorded 51 new highs and 114 new lows.

Volume for the abbreviated session on U.S. exchanges was 7.11 billion shares, compared with the 11.64 billion average for the full session over the last 20 trading days.

US Markets News:&nbsp;The S&amp;P 500 has jumped over 15% in the first half of 2024, largely supported by top-tier high momentum technology-related stocks.


S&P 500, Nasdaq post record closing highs as data stokes hope for rate cut

US Markets News: Wall Street's main stock indexes closed higher on Tuesday (July 2), boosted by gains in Tesla and megacap growth stocks, but volumes were thin ahead of the July Fourth holiday and the closely watched release of June nonfarm payrolls on Friday.

The job openings and labor turnover survey, or JOLTS, showed job openings increased in May after posting outsized declines in the prior two months, but layoffs picked up amid slowing economic activity.

The data is the first in this week's series of U.S. job reports, particularly Friday's release of June nonfarm payrolls, which will be crucial in assessing whether the U.S. labor market remains resilient against the backdrop of decades-high interest rates.

Tesla surged to its highest level since the start of January after the EV maker reported a smaller-than-expected 5% drop in vehicle deliveries in the second quarter.

Megacap stocks such as Apple, Amazon.com and Alphabet also climbed, with U.S. Treasury yields slipping across the board.

U.S. Federal Reserve Chairman Jerome Powell told a panel that recent economic data represented "significant progress," though he noted that the Fed needed to see more before changing policy.

The S&amp;P 500 gained 33.92 points, or 0.62%, to end at 5,509.01 points, while the Nasdaq Composite gained 149.46 points, or 0.84%, to 18,028.76. The Dow Jones Industrial Average rose 162.33 points, or 0.41%, to 39,331.85.

Trading volumes are expected to be light throughout the week, with the equity market closing early on Wednesday and shut all day Thursday for U.S. Independence Day.

US Markets News:&nbsp;The data is the first in this week's series of U.S. job reports, particularly Friday's release of June nonfarm payrolls, which will be crucial in assessing whether the U.S. labor market remains resilient against the backdrop of decades-high interest rates.


US Markets | Tesla, megacaps drive S&P 500, Nasdaq to higher close

<div>
Currency Market News, Dollar Price Update:&nbsp;The dollar was headed for a second straight quarterly gain and jumped to a near four-decade high on the battered yen in Asia trade on Friday (June 28), ahead of a crucial U.S. inflation reading.

Neither an overnight drop in U.S. yields nor data showing solid consumer price gains in Tokyo could arrest the downward slide in Japan's currency, which sank to its weakest since 1986, at 161.155 yen per U.S. dollar.

For the quarter it is down 6 per cent on the dollar and for the year so far it has lost 12 per cent&nbsp; &nbsp;- the largest fall of any G10 currency. At 172.37 yen per euro, it traded at a lifetime low on the common currency. Low Japanese interest rates have encouraged selling yen for higher-yielding currencies, known as a "carry trade", even as Japanese yields have started to rise and Japanese officials have warned of another round of currency intervention.

Later in the day traders are keenly awaiting the U.S. personal consumption expenditures price index, the Federal Reserve's preferred inflation measure and expect annual growth eased to 2.6 per cent in May, its slowest in more than three years.
</div>

For the quarter it is down 6 per cent on the dollar and for the year so far it has lost 12 per cent


Dollar barges past 161 yen and eyes quarterly rise

Stock market today:&nbsp;Domestic equity benchmarks Nifty50 and Sensex gained on Tuesday, May 14 amid buying in broader markets led by gains in oil &amp; gas, automobile, and metal stocks.&nbsp;The leaner Sensex index rose 328.48 points, or 0.45 per cent, to settle at 73,104.61. The 50-share index Nifty settled at 22,217.85, up 113.8 points, or 0.51 per cent.

Among the Nifty companies, 36 stocks were advancing while 14 were declining. Adani Enterprises, M&amp;M, Hero MotoCorp, ONGC, and L&amp;T led the gains, while Cipla, TCS, Tata Consumer Products, Nestle India, and Axis Bank were the top decliners.

"The domestic market has sustained its recovery path from recent lows, aided by a moderation in India’s CPI and favourable signals from its Asian peers. However, investors are cautious ahead of the upcoming U.S. CPI data, which is anticipated to show a slight increase from the previous month and could raise concerns about rate cut expectations. Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout," Vinod Nair, Head of Research, Geojit Financial Services said.

The domestically focussed Nifty SmallCap 100 and Nifty MidCap100 jumped 0.98 per cent and 2.03 per cent, respectively amid broad-based buying.

Nifty metal gained 2.77 per cent during the session. Meanwhile, Nifty IT settled 0.15 per cent higher ahead of US consumer price inflation data, due on Wednesday. In addition, Nifty Bank closed 0.22 per cent higher.&nbsp;

Aluminium producer Hindalco added about 2 per cent after its unit Novelis made public its filing for an initial public offering in the United States.

PepsiCo bottler Varun Beverages gained 0.86 per cent after beating fourth-quarter profit expectations on Monday.

<h2>Global Market</h2>

European shares were subdued as investors braced for a key US inflation data as well as Federal Reserve Chair Jerome Powell's remarks due later in the day. The pan-European STOXX 600 was sluggish at the last count.&nbsp;

For all other news related to business, politics, tech and auto, visit&nbsp;<a href="http://zeebiz.com/" target="_blank">Zeebiz.com</a>.

Stock market today:&nbsp;Domestic equity benchmarks Nifty50 and Sensex gained on Tuesday, May 14 amid buying in broader markets led by gains in oil &amp; gas, automobile, and metal stocks.&nbsp;


FINAL TRADE: Nifty reclaims 22,200, Sensex gains 328 pts amid buying in broader markets

Asian Markets News: Shares hovered around 15-month highs on Tuesday and the dollar was firm ahead of highly anticipated U.S. inflation data, while Japanese bonds were squeezed as the central bank pulled back a little on its bond buying programme.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed slightly and hit its highest since early 2023 in morning trade, as a strong rally in Hong Kong shares extended into a fourth consecutive week. [.HK]

Japan's Nikkei was flat. Benchmark 10-year Japanese government bond yields rose one basis point to 0.95 per cent, the highest yield since November, and five-year Japanese yields hit 0.555 per cent, the highest since 2011. [JP/]

World stocks and the S&amp;P 500 were steady overnight, poised just below record peaks. A survey released on Monday by the New York Fed showed Americans see inflation a year from now at 3.3 per cent, higher than they did a month earlier, and later on Tuesday U.S. producer price figures will be closely watched.

Alibaba will most likely report results later on Tuesday.

The main focus this week is on Wednesday's actual U.S. CPI figures, to see whether some upside surprises in the first quarter were a blip or a worrying trend. Expectations are for core CPI to slow from an annual 3.8 per cent in March to 3.6 per cent for April.

"This would be good, but not enough to confirm Fed easing plans in (the third quarter)," Bob Savage, head of markets strategy and insights at BNY Mellon, said in a note to clients.

In the currency market, nerves and the inflation expectation survey were enough to keep the dollar from falling. Dollar/yen hit its highest since the start of the month, when traders reckoned Japanese authorities were intervening to buy yen.

The yen traded as soft as 156.4 to the dollar. The euro was steady at $1.0786 and the Australian and New Zealand dollars kept to recent ranges, the Aussie at $0.6606 and kiwi at $0.6015.

<h2>HANG SENG SURGES</h2>

In China, Hong Kong's Hang Seng index is up 30 per cent from January's lows and has surged nearly 20 per cent in a month.

News and data in recent days included a third straight monthly rise in consumer prices, better than expected imports data, record low credit growth and marketing of a trillion yuan in long-data special treasury bonds.

Investors see positive demand signals and signs that as monetary policy is reaching its limits, and with borrowers shy, authorities are planning to spend to support growth.

"Walking through the recent policy announcements, including the expansion of stock connect and encouraging leading enterprises to list in Hong Kong, it is hard not to come to the conclusion that top management in China intends to reinstate Hong Kong's role as an IPO hub," said OCBC analysts.

In New Zealand, inflation expectations have dropped, data published on Monday showed, and construction supplier Fletcher Building cut its outlook, citing a housing slowdown.

Fletcher's Australia-listed shares hit a two-decade low on Tuesday. Australia's government is expected to boast another surplus in its annual budget due on Tuesday.

Shares in bellwether Australian automotive equipment seller GUD leapt 9 per cent after it forecast meeting expectations.

In Japan, the central bank announced its first cut to bond buying operations since December on Monday - a surprise hawkish signal to investors that drove selling in the market.

Two-year Japanese yields were untraded early on Tuesday but hit their highest since 2009. U.S. Treasuries were steady in Asia trade to leave 10-year yields at 4.49 per cent and two-year yields at 4.86 per cent. [US/]

The so-called meme stocks, which swung wildly after finding popularity in retail trading blogs and social media posts, leapt to life overnight after user "Roaring Kitty", credited with sparking the 2021 frenzy, returned to post on X.com.

Videogame store operator GameStop rose 74 per cent. Oil and gold were broadly steady with Brent crude futures at $83.40 a barrel and spot gold at $2,339 an ounce.

Asian Markets News:&nbsp;Benchmark 10-year Japanese government bond yields rose one basis point to 0.95 per cent, the highest yield since November, and five-year Japanese yields hit 0.555 per cent, the highest since 2011.


Asia shares hit 15-month high as traders wait for CPI

US stock market: The S&amp;P 500 closed very slightly lower on Monday as investors took a breather after three weekly gains while they awaited key inflation readings and earnings reports due this week while a survey showed consumers concerned about inflation.

A Federal Reserve Bank of New York survey, released on Monday, found that Americans see inflation at 3.3 per cent a year from now from March’s 3 per cent while they expect inflation three years from now at 2.8 per cent. This followed a University of Michigan report on Friday that showed US consumer sentiment sagged to a six-month low in May as households worried about the cost of living.

Last week the Nasdaq composite and the S&amp;P 500 both registered their third straight weeks of gains, boosted by strong earnings reports and signs of a cooling labor market that fueled bets of one or two Federal Reserve rate cuts this year.

But on Monday investors appeared anxious to stay clear of making big bets ahead of April Consumer Price Index (CPI) data due out on Wednesday. They will also preparing to monitor producer price index data, retail sales data, weekly jobless claims and earnings reports from big retailers Home Depot (HD.N) and Walmart (WMT.N), all due out this week.

"Investors are like somebody looking out the window trying to see what the weather's like before deciding what to wear. Today and tomorrow are going to be all about Wednesday's consumer inflation report," said Burns McKinney, portfolio manager at NFJ Investment Group in Dallas.

"In the last three months that's been the single biggest mover. Each of these times inflation's come in a little bit stickier than investors had expected. Each time that's happened investors have ratcheted back expectations for interest rate cuts."

The Dow Jones Industrial Average (.DJI) fell 81.33 points, or 0.21 per cent, to 39,431.51, the S&amp;P 500 (.SPX) lost 1.26 points, or 0.02 per cent, to 5,221.42 and the Nasdaq Composite (.IXIC) gained 47.37 points, or 0.29 per cent, to 16,388.24.

Anthony Saglimbene, Ameriprise chief market strategist, said the "marked deterioration in consumer sentiment and rising expectations around inflation" from the consumer sentiment surveys puts even more weight on the upcoming inflation data.

"Stocks are just kind of stuck in this really tight trading range until we get some more information on inflation trends," said Saglimbene. Core consumer prices are expected to have risen 0.3 per cent on a month-over-month basis in April and 3.6 per cent on an annual basis according to economist forecasts in a Reuters poll ahead of Wednesday's release.

Fed Vice Chair Phillip Jefferson said earlier on Monday that he supports keeping interest rates steady until it is clear that price pressures are moderating. 
Among the S&amp;P 500's 11 major industry sectors only two gained ground on Monday.

Technology (.SPLRCT) provided the biggest boost and Apple (AAPL.O) was its biggest index point contributor. Investors in the sector were focused on artificial intelligence technology with Apple shares closing up 1.8 per cent after a report that it had closed in on an agreement with ChatGPT-maker OpenAI to use the startup's technology on the iPhone.

OpenAI, which is backed by Microsoft (MSFT.O), said it would release a new AI model capable of realistic voice conversation and able to interact across text and image. 
Alphabet (GOOGL.O), expected to show off its own new AI-related features at its developers' conference on Tuesday, managed to close up 0.3 per cent after falling as much as 2.7 per cent during the session.

Shares of videogame retailer GameStop (GME.N) jumped soared 74 per cent after "Roaring Kitty", a former marketer at an insurance firm credited with sparking the 2021 meme stock rally, returned to X.com after a three-year hiatus.

Other highly shorted names involved in the 2021 meme rally also rose. AMC Entertainment (AMC.N) jumped 78 per cent and Koss Corp (KOSS.O) closed up 36.7 per cent. On US exchanges 10.09 billion shares changed hands compared with the 10.79 billion moving average for the last 20 sessions.

Advancing issues outnumbered decliners by a 1.23-to-1 ratio on the NYSE where there were 311 new highs and 40 new lows. On the Nasdaq, advancing issues outnumbered decliners by a 1.14-to-1 ratio. The S&amp;P 500 posted 34 new 52-week highs and no new lows while the Nasdaq recorded 145 new highs and 91 new lows.

US stock market:&nbsp;The S&amp;P 500 closed very slightly lower on Monday as investors took a breather after three weekly gains while they awaited key inflation readings and earnings reports due this week while a survey showed consumers concerned about inflation.


US stock market: S&P 500 barely changes as investors hold tight ahead of inflation data

Brent crude oil price news: Oil prices rose on Tuesday as the supply-demand balance looked set to tighten on operational disruptions, stronger demand and voluntary output cuts. US West Texas Intermediate crude futures rose 18 cents to $79.30 a barrel by 1224 GMT. Brent crude futures gained 19 cents, reaching $83.55 a barrel.

The market is watching wildfires in remote western Canada that could disrupt the country's oil supply, Tony Sycamore, market analyst with IG, said in a note. As Canada's wildfire season begins, firefighters on Monday were racing to contain one blaze in British Columbia and two in Alberta near the heart of the country's oil sands industry. No operational disruptions had been reported.

But Alex Hodes, analyst at energy brokerage StoneX, said Canada's 3.3 million barrel per day production capacity is "very likely to be affected". Oil prices settled up about 1 per cent in the previous trading session on improving demand from the US and China.

US motorist group AAA has forecast Labour Day road trips for the May 25-27 long weekend rising to the highest level since 2000, while Chinese data over the weekend showed consumer prices rising for a third straight month.

The market also continued to react to bullish comments from Iraq's oil minister, Hayyan Abdul Ghani, over the weekend, according to a note from ANZ analysts. Ghani said on Sunday that Iraq would honour voluntary output cuts made by OPEC+, which includes the Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers, at its upcoming meeting on June 1.

That reversed course from his Saturday comments that Iraq had made enough voluntary reductions and would not agree to any new output cuts.

Brent crude oil price news:&nbsp;Oil prices rose on Tuesday as the supply-demand balance looked set to tighten on operational disruptions, stronger demand and voluntary output cuts.


Oil prices tick up on tighter supply outlook

US dollar rate index news: The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the US rates outlook, while the yen was hovering near a two-week low, stoking intervention worries.The currency market has been sedate this week, with investors seeking to gauge what the path the Federal Reserve will take this year in the wake of recent softer-than-expected US labour market data and comments from central bankers.

They have had to dial back their expectations of rate cuts this year due to sticky inflation and are now pricing in 42 basis points of easing this year, with 60 per cent chance of a cut in September, according to CME FedWatch tool.

All eyes this week will be on the consumer price index on Wednesday which is expected to show core CPI rose 0.3 per cent month-on-month in April, less than 0.4 per cent growth the prior month, according to a Reuters poll.

But before that, US Producer Price Index is due to be released later on Tuesday, which analysts will parse through to get a sense of whether inflation is heading towards the Fed's target of 2 per cent. "The focUS will centre on the key items that feed into core personal consumption expenditures (PCE), i.e., healthcare services, portfolio management, and domestic airfares," said Tony Sycamore, market analyst at IG.

The euro was little changed at $1.0786 but is up 1 per cent against the dollar so far this month, while sterling last bought $1.2554, up roughly 0.5 per cent so far in May. 
The dollar index , which measures the US currency against six rivals, was last at 105.25.

Nearly two-thirds of economists expect the Fed to cut its key interest rate twice this year, starting in September, a Reuters poll showed. That's up from a jUS t over half of economists in the previoUS survey.

YEN WORRIES

Traders are back on tenterhooks as the yen nears levels that saw sUS pected interventions by Tokyo. It was last at 156.32 per US dollar, having touched a two-week low of 156.40 earlier in the session.

Japan's Ministry of Finance is sUS pected to have intervened in the currency market at the end of April through early May after the yen hit a 34-year low of 160.245 on April 29. 
But the market remains bearish on the currency given the massive gap between Japan's ultra-low yields and those in other major economies.

Japan's Finance Minister Shunichi Suzuki said on Tuesday the government will closely work with the Bank of Japan on the foreign exchange to ensure there is no friction between their mutual policy objectives.

"We'll take all possible measures to closely monitor the currency," Suzuki said, adding it is important for the exchange rate to move in a stable manner reflecting fundamentals, rather than focUS ing on its level.

The yen was briefly supported on Monday when the Bank of Japan sent a hawkish signal by cutting its offer amount for a segment of Japanese government bonds. Meanwhile, International Monetary Fund said Japan's commitment to allow the yen to move flexibly will help the central bank focUS on achieving price stability, warning against growing calls by some analysts to US e monetary policy to slow the currency's decline.

In other currencies, the AUS tralian dollar and New Zealand dollar were both flat in early trading. The AUS sie last fetched $0.6608, while the kiwi was at $0.6017.

US dollar rate index news:&nbsp;The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the U.S. rates outlook, while the yen was hovering near a two-week low, stoking intervention worries.


Dollar drifts as traders eye US inflation data; frail yen in focus

Brent crude oil price news:&nbsp;Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from US Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy.

Brent crude futures slid 26 cents, or 0.3 per cent, to $82.53 a barrel by 0025 GMT while US West Texas Intermediate crude futures was at $78.03 a barrel, down 23 cents, or 0.3 per cent.

Both benchmarks settled about $1 lower on Friday as Fed officials debated whether US interest rates are high enough to bring inflation back to 2 per cent. Analysts expect the US central bank to keep its policy rate at the current level for longer, supporting the dollar. A strong greenback makes dollar-denominated oil more expensive for investors holding other currencies.

Oil prices also fell amid signs of weak demand, ANZ analysts said in a note, as US gasoline and distillate inventories rose in the week of ahead of the start of the US driving season.

Refiners globally are struggling with slumping profits for diesel as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand. 
Still, the market remained supported by expectations that the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, could extend supply cuts into the second half of the year.

Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by OPEC and is keen to cooperate with member countries on efforts to achieve more stability in global oil markets, its oil minister told the state news agency on Sunday.

The minister's comments followed his suggestion on Saturday that Iraq had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ producer group at its meeting in early June.

Earlier this month, OPEC+ called out Iraq for pumping over its output quota by a cumulative 602,000 barrels per day in the first three months of 2024. The group said that Baghdad had agreed to compensate with additional production cuts over the rest of the year.

Brent crude oil price news:&nbsp;Oil prices extended declines on Monday amid signs of weak fuel demand and as comments from&nbsp;US&nbsp;Federal Reserve officials dampened hopes of interest rate cuts, which could slow growth and crimp fuel demand in the world's biggest economy.


Oil extends decline on signs of weak fuel demand, strong dollar

Asian stock market:&nbsp;Asian share markets made a cautious start on Monday in a week where inflation figures could make or break hopes for earlier US rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy.

Beijing has already reported a welcome pickup in inflation to an annual 0.3 per cent in April, helping to soothe worries about a slide into prolonged deflation. Forecasts favour further gains in April retail sales and industrial output due on Friday.

There are also reports Chinese authorities are laying the groundwork for a sale of 1 trillion yuan ($138.39 billion) in longer-dated bonds to help fund stimulus spending at home. The improved sentiment has helped lift Chinese blue chips (.CSI300) to a seven-month high. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was flat, having hit its highest in more than 15 months last week.

Japan's Nikkei (.N225) eased 0.2 per cent, still saddled with speculation further losses for the yen could lead the Bank of Japan to raise rates in the next few months. Much now depends on whether the US April inflation report will show a moderation after three months of upside surprises. Median forecasts are for core consumer prices to rise 0.3 per cent in the month, compared to 0.4 per cent in March, pulling the annual rate down to 3.6 per cent.

So crucial are the data that rounding to the second decimal place could make all the difference. "Our unrounded core CPI forecast at 0.27 per cent m/m suggests larger risks for a dovish surprise to a rounded 0.2 per cent increase," noted analysts at TD Securities.

A low number would likely boost bets the Federal Reserve could ease as soon as July, which is currently priced at only a 25 per cent chance. Equally, a high inflation print could push a rate cut out past September and challenge pricing for 42 basis points of easing this year.

Also due are figures on US producer prices, retail sales and jobless claims, along with final reports on European inflation that should reinforce expectations for a June rate cut from the European Central Bank.

There are a host of Fed speakers this week to update markets on their thinking, including Fed Chair Jerome Powell who appears with the head of the Dutch central bank on Tuesday.

UPBEAT US EARNINGS

S&amp;P 500 futures and Nasdaq futures were both little changed early on Monday, after rallying last week as company earnings came in strong. With 80 per cent of the S&amp;P 500 having reported results, companies are on track to have increased earnings by 7.8 per cent, well ahead of the April expectation of 5.1 per cent.

Once Nvidia (NVDA.O) reports on May 22, Magnificent Seven quarterly earnings are on track to jump 49 per cent, according to Tajinder Dhillon, senior research analyst at LSEG. Companies reporting this week include Walmart (WMT.N), Home Depot (HD.N) and Cisco (CSCO.O).

Global share indices have also bounced to record highs in recent weeks, even as markets have scaled back some of their more aggressive wagers for rate cuts this year.

"A straightforward interpretation of financial market performance is that there is more underlying strength in the global economy than had been anticipated and higher interest rates are reflecting rather than impeding global growth," says Bruce Kasman, head of economic research at JPMorgan.

"We lean in this direction as our 2024 growth and policy rate forecasts both move higher."

The relative outperformance of the US economy continues to underpin the dollar, while only the threat of Japanese intervention is stopping it from re-testing the 160 yen barrier.

The dollar was holding firm at 155.92 yen on Monday, while the euro was flat at $1.0770 having faced resistance around $1.0791 last week.

Gold stood at $2,362 an ounce , after rising 2.5 per cent last week on demand from momentum funds and talk of persistent buying by China.

Oil prices faded late last week as US gasoline and distillate inventories rose ahead of the start of the summer driving season.

Brent was down another 27 cents at $82.52 a barrel, while US crude dipped 21 cents to $78.05 per barrel.

Asian stock market:&nbsp;Asian share markets made a cautious start on Monday in a week where inflation figures could make or break hopes for earlier&nbsp;US&nbsp;rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy.


Asia stocks brace for US inflation test, China data

Major currencies were steady on Monday with the dollar consolidating against peers, as market participants awaited US inflation data to assess the prospects of interest rate cuts this year. After a softer-than-expected US payrolls report for April and a Federal Reserve policy announcement, expectations have increased for rate reductions this year.

Markets have priced in a 61.2 per cent chance of some degree of rate reductions to begin at the Fed's September meeting, with about 50 basis points of cuts in total expected, CME's FedWatch Tool showed.

But comments by Fed officials last week were varied as speakers debated whether interest rates were high enough. A jump in consumers' inflation expectations, revealed in a survey on Friday, could further complicate the conversation.

"The rise in inflation expectations likely reflects stalling disinflation progress and will do little to help cool price pressures," wrote Westpac economists in a client note.

With recent data indicating the economy is slowing, investors are looking to confirm how sticky inflation is. The market will have a chance this week, with inflation readings in the form of the producer price index (PPI) on Tuesday followed by the consumer price index (CPI) on Wednesday.

Fed Chair Jerome Powell will also make an appearance on Tuesday at a meeting of the Foreign Bankers' Association in Amsterdam. "For the wheels to truly fall off of the US dollar, incoming data needs to point to disinflation, not just pockets of weakness here and there," said Matt Simpson, senior market analyst at City Index.

"If inflation data ticks higher again this month it will surely undo the work of softer growth and slightly weaker employment figures." The dollar index , which measures the greenback against a basket of currencies, was mostly flat at 105.34, following its first weekly gain last week after two successive weeks of decline.

The euro was unchanged at $1.0769 as the euro zone prepares for an inflation reading of its own on Friday.

Sterling was firm at $1.2517, down 0.03 per cent on the day. Data on Friday showed Britain's economy grew in the first quarter by the most in nearly three years, ending the shallow recession it entered in the second half of last year.

The yen weakened 0.11 per cent to 155.91. The dollar has marched up after a 3 per cent decline at the start of the month, its steepest weekly percentage drop since early December 2022, after two suspected interventions by Japanese authorities.

While the market continues to be bearish on the Japanese currency, yen futures data from CFTC showed non-commercial short positions have fallen from 179,919 contracts on April 23, which was the most since June 2007.

As the yen creeps lower, markets will be cautious of further intervention. China's offshore yuan held steady around its lowest in a week at 7.2352. Data released over the weekend showed Chinese consumer prices rose in April while producer prices extended declines, signalling improvement in domestic demand as the government navigates challenges to shore up a shaky economy.

The central bank also pledged to support economic recovery.

Major currencies were steady on Monday with the dollar consolidating against peers, as market participants awaited US inflation data to assess the prospects of interest rate cuts this year.


Currency market calm as US inflation data holds focus this week

Britain's economy grew by the most in nearly three years in the first quarter of 2024, ending the shallow recession it entered in the second half of last year and delivering a boost to Prime Minister Rishi Sunak ahead of an election.

Gross domestic product expanded by 0.6% in the three months to March, the Office for National Statistics said, the strongest growth since the fourth quarter of 2021 when it rose by 1.5%.

The data was welcomed by Sunak who said the economy had "turned a corner", while the opposition Labour Party, which has a large lead in opinion polls, accused Sunak and finance minister Jeremy Hunt of being out of touch.

"There is no doubt it has been a difficult few years, but today's growth figures are proof that the economy is returning to full health for the first time since the pandemic," Hunt said. Labour contested those claims.

"This is no time for Conservative ministers to be doing a victory lap and telling the British people that they have never had it so good," said Rachel Reeves, who hopes to succeed Hunt as finance minister after an election expected later this year.

First-quarter economic growth was faster than the 0.3% in the euro zone and the 0.4% quarterly growth in the United States. However, Britain has still had one of the slowest recoveries from the effects of the coronavirus pandemic among major advanced economies, exacerbated by a surge in European natural gas prices after Russia invaded Ukraine in 2022.

At the end of the first quarter of 2024, the country's economy was just 1.7% bigger than its level in late 2019, before the pandemic, with only Germany in the G7 faring worse.

"Despite the better near-term outlook, the improvement in GDP growth looks likely to be constrained by the ongoing weakness in productivity growth as well as reduced scope to increase employment levels," Yael Selfin, chief economist at KPMG UK, said.

The first-quarter growth exceeded all forecasts in a Reuters poll of 39 economists which had pointed to a 0.4% expansion of gross domestic product in the January-to-March period, after GDP shrank by 0.3% in the final quarter of 2023. Friday's data also showed that GDP in March was 0.7% higher than a year earlier, above expectations of a 0.3% rise.

The Bank of England, which held interest rates at a 16-year high on Thursday, had forecast quarterly growth of 0.4% for the first quarter and a smaller 0.2% rise for the second quarter, and a weak expansion of just 0.5% for 2024 as a whole.

Officials on the BoE's Monetary Policy Committee signalled the central bank could shift to cutting rates as early as June, but some economists suggested on Friday that stronger GDP growth could delay the Bank's efforts and stoke inflation.

"This is likely to be a surprise to the MPC and may result in upward revisions to inflation at the next Monetary Policy Report," economists at Japanese bank Nomura said. 
Sterling strengthened against the U.S. dollar after Friday's ONS figures were released.

LIVING STANDARDS

On a monthly basis, the economy grew by 0.4% in March, much faster than the 0.1% growth forecast by economists in the Reuters poll, reflecting strength in retail, public transport, haulage and health - partly due to fewer public-sector strikes. Car manufacturing also performed well, offset by continued weakness in construction, the ONS said.

GDP per head rose for the first time in two years in the first quarter, up 0.4%, but was still 0.7% lower than a year earlier, highlighting the ongoing squeeze on living standards and Britain's struggle to boost productivity.

"In per capita terms, it could be said that UK households have seen little meaningful improvement in living standards in the last two years," Gora Suri, economist at PwC, said.

Gross domestic product expanded by 0.6% in the three months to March, the Office for National Statistics said, the strongest growth since the fourth quarter of 2021 when it rose by 1.5%.


UK exits recession with fastest growth in nearly three years

Asian Markets News: Stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data.

Sterling was steady at $1.2515, having touched over two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.66 per cent and was on course for a nearly 1 per cent gain for the week, its third straight week of gains. Japan's Nikkei was 1.6 per cent higher.

China stocks also gained, with blue-chip shares 0.14 per cent higher, while Hong Kong's Hang Seng Index rose 1.4 per cent, having touched an eight month high in early trading.

Data on Thursday showed U.S. initial claims for state unemployment benefits increased more than expected by 22,000 to a seasonally adjusted 231,000 for the week ended May 4, the Labor Department said.

The figures follow last week's report showing U.S. job growth slowed more than expected in April and the increase in annual wages fell below 4.0 per cent for the first time in nearly three years.

"After a period of remarkable strength and resilience, signs are growing that the U.S. labour market may be starting to soften," said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.

Brandham said the softer labour market should help the Fed in the fight against inflation, even if the central bank is hoping to tame prices without materially impacting the labour market.

Markets will be closely watching April U.S. producer price index (PPI) and the consumer price index (CPI) out next week for signs that inflation has resumed its downward trend towards the Fed's 2 per cent target rate.

Hotter-than-expected inflation reports last month knocked back any lingering expectations of interest rate cuts in the near term, with markets now fully pricing in a 25-basis-point rate cut only in November though there remains a chance of a cut in September.

Traders now anticipate 47 bps of cuts this year from the Fed, drastically lower than the 150 bps they priced in at the start of 2024.

The shifting expectations around U.S. rates have kept the dollar adrift, with the euro holding to its 0.3 per cent overnight gains and last at $1.0778. The single currency was on track for its fourth straight week of gains on the dollar.

The dollar index, which measures the U.S. currency versus six peers, was little changed at 105.24.

BOE Governor Andrew Bailey said there could be more reductions than investors expect, with central bank's move was the latest sign of the growing divergence between Europe and U.S. rate outlook, with interest rates expected to fall earlier and further across Europe than in the United States.

Markets now imply a 50-50 chance of a BoE cut in June and are almost fully priced for August. They also imply an 88 per cent chance the European Central Bank will ease in June.

The yen remains in the spotlight after last week's suspected rounds of interventions from Japanese authorities. It was last at 155.51 per dollar, with Japan's Finance Minister Shunichi Suzuki repeating Tokyo's recent warnings that it was ready to take action against disorderly currency moves.

Data from Bank of Japan suggests Tokyo spent nearly $60 billion last week in suspected interventions to pull the yen off its 34-year lows of 106.245 per dollar. However, with the yen nudging its way up to the 155 levels, traders are once again on intervention alert.

Ben Bennett, Asia-Pacific investment strategist at Legal And General Investment Management, said the Ministry of Finance wants to avoid spikes in volatility which could negatively impact domestic financial markets.

"So like we suspect a few days ago, they will intervene if intraday moves become too large. But I don't think they’ll push against a steady depreciation, like we’ve seen since."

In commodities, oil prices were on the rise, with U.S. crude up 0.63 per cent to $79.76 per barrel and Brent at $84.33, up 0.54 per cent on the day. [O/R]

Spot gold added 0.3 per cent to $2,352.92 an ounce. [GOL/]

Asian Markets News:&nbsp;MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.66 per cent and was on course for a nearly 1 per cent gain for the week, its third straight week of gains.


Reuters