Latest news with #CommerzbankCBK
Wall Street Journal
4 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. (
Wall Street Journal
17-04-2025
- Business
- Wall Street Journal
Oil Price Upside Looks Limited, Commerzbank Says
1327 GMT – Oil prices advance in afternoon trade, but further upside might be capped due to uncertainties over U.S. tariffs and ample global supplies in the near term, according to Commerzbank CBK -1.73%decrease; red down pointing triangle Research analysts. Brent crude rises 1.5% to $66.84 a barrel, while WTI is up 1.7% to $62.86 a barrel. Both benchmarks are on track to notch weekly gains of around 5%, boosted by the latest U.S. sanctions on Iranian oil exports. 'Iran recently exported 1.6 million barrels of crude oil per day,' says Thu Lan Nguyen, head of FX and commodity research, citing Bloomberg data. 'The U.S. Treasury Secretary declared his willingness to take all measures to reduce this to zero. However, this is unlikely to be possible so quickly.' Commerzbank analysts expect global oil markets to remain amply supplied, in part due to larger-than-anticipated output increases from OPEC and its allies. ( 1025 GMT – Fitch Ratings lowered its oil price forecast for this year on expectations of lower economic growth due to trade tariffs and higher-than-expected production increases from OPEC+ members. 'We forecast global oil demand growth to be well below 1 million barrels per day in 2025 due to slower global economic growth, particularly in China, and further weakness in the petrochemicals sector, which is already in a downturn,' the credit rating agency says. Fitch now estimates Brent crude at $65 a barrel and WTI at $60 a barrel, both down $5 a barrel from previous projections. (
Wall Street Journal
14-03-2025
- Business
- Wall Street Journal
UniCredit Gets ECB Green Light to Raise Commerzbank Stake
UniCredit UCG 1.33%increase; green up pointing triangle said it received authorization from the European Central Bank to increase its stake in potential takeover target Commerzbank CBK 2.81%increase; green up pointing triangle to up to 29.9% but that it will wait until next year before deciding whether to make a move. The Italian bank said it still needs the approval from Germany's competition regulator and others before its around 18.5% stake held through derivatives can be converted into physical shares.
