Latest news with #Commerzbank
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
Long U.S. Treasury Yields Ease; Fed Rate Cut Isn't Imminent
0617 GMT – Long-dated U.S. Treasury yields are little changed in European hours, while there was no cash trading in Tokyo on Japanese holiday. Following last week's CPI print for June, money markets continue to rule out an interest-rate cut by the Federal Reserve in July, according to LSEG. 'I think we could see a rate cut in September, and possibly another reduction in December,' FP Markets' Aaron Hill says in a note. However, 'this all ultimately depends on how the data performs and the impact that tariffs have had,' he says. The two-year Treasury yield is flat at 3.877%, while the 10-year yield is down 1.5 bps at 4.414%, according to Tradeweb. ( 0606 GMT – German Bunds are likely to stabilize further this week, with buyers entering at levels about 2.70% for the 10-year Bund, say Commerzbank Research's Hauke Siemssen and Erik Liem in a note. 'In Bunds, 10-year yields got repeatedly bought above 2.70%, with the steepening mostly driven by the weak ultra-long end,' the rates strategists say. Shaky risk sentiment and subdued purchasing manager indexes are likely to provide support, they say. This would also cap a rise in yields. Flash estimate purchasing managers' data for July for France, Germany and the eurozone are due on Thursday, prior to the European Central Bank's interest-rate decision later that day. The 10-year German Bund yield closed at 2.699% last Friday, according to Tradeweb. (
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Gold Futures Inch Higher But Rally Loses Steam
1524 GMT – Gold futures rise, though they are on track to end the week slightly lower. Futures are up 0.4% at $3,359.40 a troy ounce, but are 0.1% lower on week. Gold's impressive year-to-date rally seems to be increasingly running out of steam, Commerzbank CBK -0.67%decrease; red down pointing triangle analysts say in a note. Though the U.S. dollar weakened to its lowest level against the euro in four years at the beginning of July, the precious metal traded broadly sideways, analysts write. Sharp increases in the prices of silver, platinum and other precious metals over the same time period indicate traders see little further upside in gold and are looking for alternatives, Commerzbank says. After gold's price increase of nearly 27% year to date, mostly in the first few months of 2025, this is hardly surprising, analysts say. ( 1044 GMT – Gold futures rise, though they remain stuck in narrow range as the market awaits fresh catalysts. Futures are up 0.4% at $3,358.30 a troy ounce, though they remain down 0.2% on week. The precious metal has been broadly rangebound in recent months, with technical trading indicators neutral and offering no clues as to the short-term direction, Trade Nation's David Morrison says in a note. A recovery in the U.S. dollar this month appears to be capping any potential gains for gold for now, Morrison writes. Gold could experience downside pressure if the dollar were to spike higher, a possibility due to large short positions on the currency, Morrison says. A stronger dollar challenges gold's safe-haven characteristics and makes dollar-denominated assets more expensive for international purchasers to buy. (
Asharq Al-Awsat
5 days ago
- Business
- Asharq Al-Awsat
Oil Edges Higher after EU New Sanctions on Russia
Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia. Brent crude futures climbed 50 cents, or 0.72%, to $70.02 a barrel as of 0912 GMT, US West Texas Intermediate crude futures gained 61 cents, or 0.9%, to $68.15 a barrel. At those levels, the contracts were headed for a marginal weekly loss of 0.5% and 0.4% respectively, Reuters reported. Investors mulled the potential impact on global oil balances of the EU's agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries. Its latest sanctions package will lower the G7's price cap for buying Russian crude oil to $47.6 per barrel, diplomats told Reuters. "Neither the price cap for Russian oil nor adding shadow fleet tankers on a sanction list managed to disrupt Russian oil exports so far, so the market remains sceptical of the impact of the latest sanctions," UBS analyst Giovanni Staunovo said. Investors are awaiting news from the US on possible further sanctions, after President Donald Trump earlier this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days. "Ultimately, it is now a matter of waiting for possible major changes in US sanctions and tariff policy," Commerzbank analysts said in a note. Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up by $1 on Thursday. The attacks "are bound to take their toll as the region's output has been slashed from 280,000 bpd to around 130,000 barrels per day," said PVM analyst Tamas Varga. Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility. Despite the attack, Iraq's federal government said on Thursday that Iraqi Kurdistan will resume oil exports through a pipeline to Türkiye after a two-year halt.
Bloomberg
5 days ago
- Business
- Bloomberg
Merz Warns of Financial Risks From UniCredit-Commerzbank Tie-Up
German Chancellor Friedrich Merz reiterated his opposition to UniCredit SpA 's bid to take over Commerzbank AG, criticizing the Italian lender's 'unfriendly approach' and warning a combination could carry financial risks. Asked about the issue at a news conference in Berlin Friday, Merz explained that his 'reservations' about UniCredit's move for Germany's second-biggest bank are twofold.
CNA
5 days ago
- Business
- CNA
Oil edges higher after EU new sanctions on Russia
LONDON :Oil prices edged higher on Friday, heading for a small weekly loss, as investors weighed new European Union sanctions against Russia. Brent crude futures climbed 50 cents, or 0.72 per cent, to $70.02 a barrel as of 0912 GMT, U.S. West Texas Intermediate crude futures gained 61 cents, or 0.9 per cent, to $68.15 a barrel. At those levels, the contracts were headed for a marginal weekly loss of 0.5 per cent and 0.4 per cent respectively. Investors mulled the potential impact on global oil balances of the EU's agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia's oil and energy industries. Its latest sanctions package will lower the G7's price cap for buying Russian crude oil to $47.6 per barrel, diplomats told Reuters. "Neither the price cap for Russian oil nor adding shadow fleet tankers on a sanction list managed to disrupt Russian oil exports so far, so the market remains sceptical of the impact of the latest sanctions," UBS analyst Giovanni Staunovo said. Investors are awaiting news from the U.S. on possible further sanctions, after President Donald Trump earlier this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days. "Ultimately, it is now a matter of waiting for possible major changes in U.S. sanctions and tariff policy," Commerzbank analysts said in a note. Four days of drone attacks on oilfields in Iraqi Kurdistan that shut down half the region's output have supported prices, pushing both contracts up by $1 on Thursday. The attacks "are bound to take their toll as the region's output has been slashed from 280,000 bpd to around 130,000 barrels per day," said PVM analyst Tamas Varga. Officials pointed to Iran-backed militias as the likely source of attacks this week on the region's oilfields, although no group has claimed responsibility.
