Latest news with #JOLTS
Business Recorder
12 hours ago
- Business
- Business Recorder
Copper inches up; focus on trade developments
Copper prices edged higher on Wednesday, helped by stronger-than-expected U.S. jobs data, even as investors stayed cautious amid ongoing trade negotiations. Three-month copper on the London Metal Exchange was up 0.1% to $9,643.5 per metric ton by 0945 GMT. Providing support, the U.S. dollar slipped, making metals more affordable for holders of other currencies. 'Yesterday's JOLTS, which was better than expected, leaves markets surprised by the resilience of the U.S. economy,' said Alastair Munro at broker Marex. Job openings, a measure of labor demand, rose 191,000 to 7.391 million by the last day of April, the Labor Department's Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or JOLTS report, on Tuesday. Meanwhile, Trump signed an executive proclamation that puts into effect from Wednesday his surprise announcement last week that he was taking the tariffs on steel and aluminum imports that had been in place since March to 50% from 25%. Wednesday is also when the White House would like trading partners to submit their proposals for deals that might help them avoid Trump's hefty 'Liberation Day' tariffs from taking effect in five weeks. Copper falls as China's factory activity misses expectations LME copper also benefited from continued outflows from LME-registered warehouses. LME's daily data showed inventory fell to 141,350 tons, a near one-year low, after 2,500 were delivered out. The latest metal tariffs have renewed focus on the ongoing U.S. investigation into potential new copper import duties, aimed at boosting domestic production. This has pushed COMEX copper prices above LME levels, prompting traders to reroute copper supplies to the U.S. to take advantage of the price gap. LME tin gained 3% to $32,300, aluminium firmed 0.8% to $2,483.5 a ton, zinc rose 0.4% to $2,717.5, nickel was up 0.2% to $15,465, and lead inched down 0.1% to $1,984.5.
CNBC
19 hours ago
- Business
- CNBC
Dollar edges down as trade tensions simmer ahead of jobs data
The dollar drifted lower on Wednesday as the market looked ahead to U.S. employment data for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners including China. The Trump administration has given a Wednesday deadline for countries to submit their best offers on trade, the same day a doubling of duties to 50% on imported steel and aluminum comes into effect. Trump is also tipped by the White House to have a call this week with Chinese President Xi Jinping after the two sides accused each other of violating the terms of an agreement last month to roll back some tariffs. In the meantime, macroeconomic indicators have returned as a driver of the U.S. currency this week, even if trade frictions remain center stage. The dollar slumped 0.8% against major peers on Monday following a contraction in manufacturing, only to rebound by almost the same amount overnight after a surprise increase in U.S. job openings. Early on Wednesday, the dollar was down 0.09% at 143.82 yen and the euro was up 0.13% at $1.1385. The dollar index, which measures the currency against those two peers and four other counterparts, was flat at 99.159. Traders will have an eye on the ADP employment report later in the day, in the run-up to crucial U.S. monthly payrolls figures on Friday. "Job openings were much stronger than expected," Commonwealth Bank of Australia analyst Joseph Capurso said of the overnight JOLTS data, which is closely watched by the Federal Reserve. "The low estimate for ADP means the USD and U.S. bond yields have a small hurdle to climb for a positive surprise tonight." Elsewhere, the Australian dollar was little changed at $0.6460 ahead of the release of GDP figures. South Korea's won strengthened about 0.2% to 1,375.25 per dollar after the victory of liberal candidate Lee Jae-myung in the country's presidential election.
Yahoo
19 hours ago
- Business
- Yahoo
Stock market today: Dow, S&P 500, Nasdaq futures slip as Trump tariffs test Wall Street optimism
US stock futures drifted down as Wall Street largely shrugged off tariff risks even as President Trump doubled duties on steel and aluminum imports. Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) slid 0.1%. Trump signed a proclamation on Tuesday evening that hiked tariffs on steel and aluminum imports from 25% to 50%. The United Kingdom is the only country exempt from the increase. The president's latest tariff move comes amid escalating tensions between the US and key trading partners China and the European Union. Read more: The latest on Trump's tariffs During the day on Tuesday, stocks extended Monday's gains as an unexpectedly upbeat April JOLTS report and Nvidia's (NVDA) stock rally lifted investor hopes that the economy can weather the impact of Trump's trade policy. Wall Street will get another pulse check on the labor market with the release of ADP employment data on Wednesday. The main event lands on Friday with the closely watched May jobs report. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New Straits Times
21 hours ago
- Business
- New Straits Times
Dollar edges down as trade tensions simmer ahead of jobs data
TOKYO: The dollar drifted lower on Wednesday as the market looked ahead to US employment data for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners including China. The Trump administration has given a Wednesday deadline for countries to submit their best offers on trade, the same day a doubling of duties to 50 per cent on imported steel and aluminium comes into effect. Trump is also tipped by the White House to have a call this week with Chinese President Xi Jinping after the two sides accused each other of violating the terms of an agreement last month to roll back some tariffs. In the meantime, macroeconomic indicators have returned as a driver of the US currency this week, even if trade frictions remain centre stage. The dollar slumped 0.8 per cent against major peers on Monday following a contraction in manufacturing, only to rebound by almost the same amount overnight after a surprise increase in US job openings. Early on Wednesday, the dollar was down 0.09 per cent at 143.82 yen and the euro was up 0.13 per cent at US$1.1385. The dollar index, which measures the currency against those two peers and four other counterparts, was flat at 99.159. Traders will have an eye on the ADP employment report later in the day, in the run-up to crucial US monthly payrolls figures on Friday. "Job openings were much stronger than expected," Commonwealth Bank of Australia analyst Joseph Capurso said of the overnight JOLTS data, which is closely watched by the Federal Reserve. "The low estimate for ADP means the USD and US bond yields have a small hurdle to climb for a positive surprise tonight." Elsewhere, the Australian dollar was little changed at US$0.6460 ahead of the release of GDP figures.
Business Recorder
21 hours ago
- Business
- Business Recorder
Dollar edges down as trade tensions simmer ahead of jobs data
TOKYO: The dollar drifted lower on Wednesday as the market looked ahead to U.S. employment data for immediate trading cues, while waiting on developments in President Donald Trump's tariff negotiations with key trading partners including China. The Trump administration has given a Wednesday deadline for countries to submit their best offers on trade, the same day a doubling of duties to 50% on imported steel and aluminium comes into effect. Trump is also tipped by the White House to have a call this week with Chinese President Xi Jinping after the two sides accused each other of violating the terms of an agreement last month to roll back some tariffs. In the meantime, macroeconomic indicators have returned as a driver of the U.S. currency this week, even if trade frictions remain centre stage. The dollar slumped 0.8% against major peers on Monday following a contraction in manufacturing, only to rebound by almost the same amount overnight after a surprise increase in U.S. job openings. Early on Wednesday, the dollar was down 0.09% at 143.82 yen and the euro was up 0.13% at $1.1385. The dollar index , which measures the currency against those two peers and four other counterparts, was flat at 99.159. Traders will have an eye on the ADP employment report later in the day, in the run-up to crucial U.S. monthly payrolls figures on Friday. US dollar declines as steel tariffs, China tensions hurt sentiment 'Job openings were much stronger than expected,' Commonwealth Bank of Australia analyst Joseph Capurso said of the overnight JOLTS data, which is closely watched by the Federal Reserve. 'The low estimate for ADP means the USD and U.S. bond yields have a small hurdle to climb for a positive surprise tonight.' Elsewhere, the Australian dollar was little changed at $0.6460 ahead of the release of GDP figures. South Korea's won strengthened about 0.2% to 1,375.25 per dollar after the victory of liberal candidate Lee Jae-myung in the country's presidential election.
