XRP Bounces Above $0.50 as BTC Reverses Above $50,000

Posted on September 10, 2024 by Skerdian Meta

The crypto market has been in a consolidation mode for several months, with Bitcoin and XRP bouncing up and down in a range. In the last two weeks Bitcoin was trending down, losing more than $10,000 as the crypto market was retreating, but since Monday we have seen a bullish reversal, with Ripple coin also benefiting from this.

Continue reading “XRP Bounces Above $0.50 as BTC Reverses Above $50,000” →

Oracle Soars Over 11% After Announcing Strategic Alliance with Amazon and Reporting Strong Results

Posted on September 10, 2024 by Ignacio Teson

Oracle’s strong performance in the first fiscal quarter, driven by its cloud infrastructure and increasing focus on artificial intelligence, exceeded market expectations, highlighting its ability to adapt to emerging technology trends.

Oracle (ORCL) shares surged on Monday night after the tech giant reported first-quarter earnings and revenue that surpassed forecasts. Additionally, Oracle announced a strategic partnership with Amazon Web Services, a cloud services rival of Amazon.com (AMZN).

On Tuesday, Oracle’s stock was up more than 9% in pre-market trading. Once the market opened, shares jumped nearly 13%, closing with an 11.4% gain. This move signaled a breakout beyond the flat base buy point of $146.59, identified by MarketSurge’s pattern recognition.

Oracle reported adjusted earnings of $1.39 per share on revenue of $13.3 billion for the August quarter. Analysts, on average, had projected adjusted earnings of $1.33 per share on revenue of $13.2 billion, according to FactSet. In the same period last year, Oracle reported adjusted earnings of $1.19 per share on revenue of $12.5 billion.

Before the earnings report, Oracle’s stock had already gained more than 30% year-to-date. The company’s strong performance has been fueled by the growth of its Oracle Cloud Infrastructure business, which has secured cloud computing contracts with AI-focused startups. This has allowed Oracle to outperform other software stocks that have faced challenges this year.

Oracle had signed similar deals with Microsoft (MSFT) and Google Cloud’s parent company, Alphabet (GOOGL), over the past 12 months, sparking market speculation that Amazon would be next.

Oil Prices Close with Sharp Losses; Brent Falls Below $70

Posted on September 10, 2024September 10, 2024 by Ignacio Teson

The sell-off accelerated following the release of OPEC’s monthly report, which revised down its consumption forecasts for 2024 and 2025.

The price of Brent crude from the North Sea fell below $70 per barrel on Tuesday, marking its lowest point since December 2021, driven by reduced global demand for oil.

Brent dropped 3.69%, closing at $69.19. During the session, it hit a low of $68.68.

U.S. West Texas Intermediate (WTI) crude for October fell even further, losing 4.31% to settle at $65.75, after reaching a 16-month low.

The sell-off accelerated with the publication of OPEC’s monthly report, which revised down its crude consumption forecasts for 2024 and 2025.

The cartel now expects daily crude consumption to reach 104.2 million barrels in 2024 and 105.9 million barrels in 2025, compared to previous forecasts of 104.3 and 106.1 million barrels, respectively.

[[UKOIL-graph]]

“China’s consumption is a concern,” OPEC noted in the report, warning that the government’s stimulus measures “may be insufficient to significantly boost consumption.”

At the same time, the U.S. Energy Information Administration (EIA) also lowered its forecasts for both 2024 and 2025.

The EIA also pointed to China, where “new data shows declining demand for diesel, jet fuel, and a slowdown in refinery activity.”

“We can use OPEC’s report as an excuse, but this is a continuation of a trend that began several weeks ago,” said analysts. “The market is adjusting its forecasts based on weak demand.”

Since mid-July, Brent has lost nearly 19%.

Wall Street Closes Higher in Volatile Session Ahead of U.S. Presidential Debate

Posted on September 10, 2024 by Ignacio Teson

It was a whirlwind of emotions. Wall Street climbed in a volatile Tuesday session where conservative estimates from a top banking executive caught investors off guard.

JPMorgan Warned about Deteriorating Outlook for U.S. Banking as Interest Rates Decline and Interest Income Falls. Inestors are awaiting the first presidential debate between Kamala Harris and Donald Trump, but the tech sector provided a cushion that helped deliver a positive final balance.

Shaking off afternoon losses, the Nasdaq rose by 0.84% and the S&P 500 gained 0.45%, while the Dow Jones moderated its losses to a 0.23% decline by the close of trading. Oracle’s strong quarterly results (up 11.44%) supported the influential tech sector, as it was the best-performing stock among the S&P 500 and reached a new all-time high.

Wall Street’s banking index fell by 1.84%, briefly dragging the entire market down. JPMorgan President Daniel Pinto, speaking at a conference, said he expects to see lower net interest income in 2025, compared to analyst estimates, which he described as “not very reasonable.”

[[SPX-graph]]

Treasury yields dipped to new lows, Brent crude oil dropped below $70 per barrel, and gold appreciated to over $2,500 per ounce amid renewed concerns about the state of the global economy.

Also factored into the day’s movements were a solid three-year Treasury auction and a new OPEC+ report. For commodities overall, weak Chinese import growth reported on Tuesday had already caused some unease.

All of this is happening against the backdrop of election season, as tonight’s debate between Harris and Trump could shed light on what has so far been a tight presidential race.

Finally, on Wednesday, the U.S. will release the August Consumer Price Index (CPI), the last key macroeconomic data point before the highly anticipated Federal Reserve meeting next week, where the start of a monetary easing cycle is expected.

Mexican Peso Plummets Amid Concerns Over Judicial Reform

Posted on September 10, 2024 by Ignacio Teson

The local currency lost ground, ending the day above the 20 pesos per dollar mark, in a market closely monitoring the Senate’s discussions on judicial reform.

The Mexican peso depreciated against the U.S. dollar on Tuesday. The local currency lost ground and finished the day above the 20 pesos per dollar threshold, as the market remained focused on the Senate’s discussions regarding judicial reform.

The exchange rate closed the day at 20.0911 pesos per dollar. Compared to Monday’s official closing rate of 19.8939, according to data from the Bank of Mexico (Banxico), this represented a loss of 19.72 cents for the peso, equivalent to a 0.99% decline. The dollar traded within a range of a high of 20.1352 pesos and a low of 19.8811 pesos. The U.S. Dollar Index (DXY), which tracks the greenback against a basket of six major currencies, rose by 0.12% to 101.68 points.

Investors fueled the sell-off against the peso, driven by concerns over judicial reform and anticipation of the first debate between Donald Trump and Kamala Harris, set to take place tonight. The primary driver behind the peso’s movement is the Senate’s vote on judicial reform. There are reports that an opposition senator may vote in favor, which could lead to the approval of the changes tomorrow.

[[USD/MXN-graph]]

The judicial reform includes a proposal to elect judges, magistrates, and Supreme Court justices through a public vote, raising concerns among analysts about the potential weakening of checks and balances on the Executive branch.

Traders are also awaiting the first debate between U.S. presidential candidates Kamala Harris, representing the Democrats, and Donald Trump, the Republican candidate. Tomorrow, attention will shift to the release of U.S. consumer price data.

UK Labor Market Cools In July

Posted on September 10, 2024 by RTT Staff Writer

The UK unemployment rate dropped in the three months to July and the wage growth softened to a two-year low, signalling that the labor market conditions continued to cool, official data revealed Wednesday.

The unemployment rate fell to 4.1 percent in the three months to July from 4.2 percent in the preceding period, data published by the Office for National Statistics showed. The rate came in line with expectations.

Annual growth in average earnings, excluding bonuses, was 5.1 percent in the three months to July, as expected, but weaker than the 5.4 percent posted in the prior period. This was the weakest since 2022.

Earnings including bonuses climbed 4.0 percent from a year ago, following a 4.6 percent rise in three months to June. This was also slower than the forecast of 4.1 percent.

Capital Economics’ economist Ashley Webb said the further easing in wage growth will be welcomed by the Bank of England as a sign that labor market conditions are continuing to cool.

However, this will not be enough to prompt a back-to-back 25 basis points interest rate cut, from 5.00 percent to 4.75 percent in September, the economist added.

Further, data showed that vacancies decreased on the quarter for the 26th consecutive period. The number of vacancies decreased 42,000 sequentially to 857,000 in the June to August period.

Payrolled employees decreased 59,000 on month in August but increased 122,000 from the previous year to 30.3 million, data showed.

Nearly 42,000 working days were lost because of labor disputes in July. Most of the strikes were in the health and social work sector.

Gain the edge with RTTNews Economic Calendar. Updated in real-time, explore RTTNews Economic Calendar today

UK Labor Market Cools In July

Posted on September 10, 2024 by RTT Staff Writer

Earnings including bonuses climbed 4.0 percent from a year ago, following a 4.6 percent rise in three months to June. This was also slower than the forecast of 4.1 percent.

Capital Economics’ economist Ashley Webb said the further easing in wage growth will be welcomed by the Bank of England as a sign that labor market conditions are continuing to cool.

However, this will not be enough to prompt a back-to-back 25 basis points interest rate cut, from 5.00 percent to 4.75 percent in September, the economist added.

Further, data showed that vacancies decreased on the quarter for the 26th consecutive period. The number of vacancies decreased 42,000 sequentially to 857,000 in the June to August period.

Payrolled employees decreased 59,000 on month in August but increased 122,000 from the previous year to 30.3 million, data showed.

Nearly 42,000 working days were lost because of labor disputes in July. Most of the strikes were in the health and social work sector.

Gain the edge with RTTNews Economic Calendar. Updated in real-time, explore RTTNews Economic Calendar today

Pound Rises On Strong U.K. Jobs Data

Posted on September 10, 2024 by RTT Staff Writer

The British pound strengthened against other major currencies in the European session on Tuesday, after data showed that U.K. unemployment rate dropped in the three months to July and the wage growth softened to a two-year low, signaling that the labor market conditions continued to cool.

Data from the Office for National Statistics showed that the unemployment rate fell to 4.1 percent in the three months to July from 4.2 percent in the preceding period. The rate came in line with expectations.

Earnings including bonuses climbed 4.0 percent from a year ago, following a 4.6 percent rise in three months to June. This was also slower than the forecast of 4.1 percent.

Further, data showed that vacancies decreased on the quarter for the 26th consecutive period. The number of vacancies decreased 42,000 sequentially to 857,000 in the June to August period.

The British sterling held steady against its major rivals in the Asian trading today.

In the European trading now, the pound rose to 4-day highs of 0.8426 against the euro and 1.1122 against the Swiss franc, from early lows of 0.8448 and 1.1088, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.82 against the euro and 1.14 against the franc.

Against the U.S. dollar, the pound advanced to 1.3108 from an early near 3-week low of 1.3058. The pound may test resistance near the 1.33 region.

The pound edged up to 188.11 against the yen, from an early low of 186.98. On the upside, 190.00 is seen as the next resistance level for the pound.

Looking ahead, U.S. Redbook report is slated for release in the New York session.

Pound Rises On Strong U.K. Jobs Data

Posted on September 10, 2024 by RTT Staff Writer

Earnings including bonuses climbed 4.0 percent from a year ago, following a 4.6 percent rise in three months to June. This was also slower than the forecast of 4.1 percent.

Further, data showed that vacancies decreased on the quarter for the 26th consecutive period. The number of vacancies decreased 42,000 sequentially to 857,000 in the June to August period.

The British sterling held steady against its major rivals in the Asian trading today.

Against the U.S. dollar, the pound advanced to 1.3108 from an early near 3-week low of 1.3058. The pound may test resistance near the 1.33 region.

The pound edged up to 188.11 against the yen, from an early low of 186.98. On the upside, 190.00 is seen as the next resistance level for the pound.

Looking ahead, U.S. Redbook report is slated for release in the New York session.

Bank Of America Lifts Hourly Wages To $24

Posted on September 10, 2024 by RTT Staff Writer

Bank of America Corp. announced that it has raised its minimum wage in the United States to $24 per hour, as part of its move to keep $25 by 2025. The increase applies to all full-time and part-time hourly positions in the U.S.

With the increase, the minimum annualized salary for full-time employees in the U.S. will rise to nearly $50,000, up by nearly $20,000 since 2017. In the last seven years, the banking major said it has the minimum hourly wage from $15.

In September 2023, the company had raised its U.S. minimum hourly wage for employees to $23. By 2025, its minimum hourly wage will have increased by nearly $14 per hour, or more than 121%, since 2010.

The bank also offers industry-leading benefits and employee programs for all. Additional benefits include, but are not limited to, 16 weeks of paid parental leave, an industry-leading sabbatical program, personalized support for employees navigating critical life events through Life Event Services Team, and also fostering career growth and upskilling.

Sheri Bronstein, chief human resources officer, said, “Providing a competitive minimum wage is core to being a great place to work – and I am proud that Bank of America is leading by example.”

According to the company, 97% of its employees have received awards beyond regular compensation, mostly in the form of its restricted common stock. More than $4.8 billion has been awarded since the program was introduced in 2017.

The bank also offers an onboarding, education and professional development organization called The Academy at Bank of America, which also provides free education to individuals in local communities to help advance their career growth and success.

In pre-market activity on the NYSE, Bank of America shares were gaining around 1.6 percent to trade at $40.11.