News Results

* Spot gold hit its lowest level since February 2 on Thursday. * Silver, platinum and palladium head for weekly fall. By Ashitha Shivaprasad. Gold prices firmed on Friday but remained on course for a third consecutive weekly decline, due to expectations of a hawkish stance from major central banks amid inflationary risks spurred by the Middle East conflict.

Gold rose off a two-month low early Friday, rebounding despite a higher dollar, rising treasury yields and dimming hopes for lower interest rates. Gold for April delivery was last seen up $69.60 to US$4,675.60 per ounce, after falling to the lowest since Jan. 16 a day earlier.

Brazil's former Finance Minister Fernando Haddad said on Friday that President Luiz Inacio Lula da Silva has yet to choose candidates for two vacant seats on the central bank's board, and that he does not know what criteria will guide the picks.

U.S. equity funds witnessed the largest weekly net sales in nearly 2-1/2 months in the week to March 18 as expectations of higher oil prices, a hotter-than-expected inflation reading and the Federal Reserve's cautious stance dampened hopes for rate cuts this year.

According to Oskar Stone over at Desjardins, retail sales for the first two months of the year were "surprisingly strong", despite adverse weather conditions in parts of the country. Stone noted headline retail sales rose 1.1% in January, with a rebound in auto sales an important catalyst.

According to Oskar Stone over at RBC, retail sales for the first two months of the year were "surprisingly strong", despite adverse weather conditions in parts of the country. Stone noted headline retail sales rose 1.1% in January, with a rebound in auto sales an important catalyst.

* Futures off: Dow 0.27%, S&P 500 0.30%, Nasdaq 0.40% * Trump mulls Kharg Island takeover, report says. * S&P 500, Dow on track for fourth-straight weekly loss. * FedEx (FDX) up on strong forecast; Amazon (AMZN) plans smartphone comeback. By Johann M Cherian and Utkarsh Hathi.

U.S. Federal Reserve Governor Christopher Waller said he was planning to dissent in favor of a rate cut at this week's meeting of the central bank because of unexpected job losses in February, but a developing oil shock and the threat of more persistent inflation convinced him a more cautious approach is needed until the impact of the Iran war becomes clearer.

* Traders move to price in hikes for BoE and ECB this year. * Fed seen leaving rates on hold. * Oil prices, shares remain choppy. By Sophie Kiderlin and Rae Wee. Global shares and the dollar nudged higher on Friday but were set for weekly losses while bonds remained under pressure as central banks warned that the Iran war could reignite inflation.

Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday that the U.S. central bank is taking another look at what went wrong with Silicon Valley Bank three years ago. "What happened there was really a failure of supervision and a failure of bank management," Bowman said in an interview on Fox Business Network.

The risk of persistent inflation arising from the escalating war with Iran was strong enough to convince an influential Federal Reserve policymaker to switch his support to keeping interest rates on hold from cutting them this week, he said on Friday, as market expectations for the U.S. central bank's next move shifted rapidly toward a hike in borrowing costs.

Federal Reserve Vice Chair for Supervision Michelle Bowman said Friday she sees a series of interest rate cuts happening this year amid concerns about labor market softness. "I'm still concerned about...the job market," Bowman said in an interview on the Fox Business Network.

Global equity funds saw the biggest weekly selloff in three months in the week through March 18 as investors cut risk exposure ahead of major central bank meetings amid concerns over inflation and the economic fallout from the U.S.-Israeli conflict with Iran.

Global equity funds saw the biggest weekly selloff in three months in the week through March 18 as investors cut risk exposure ahead of major central bank meetings amid concerns over inflation and the economic fallout from the U.S.-Israeli conflict with Iran.

Russia's central bank Friday said its Russia Board of Directors decided to cut the key rate by 50 basis points to 15.00%, as expected. CBR is widely expected by analysts to deliver a 50bps rate cut on Friday, extending its 'symbolic' monetary easing cycle while maintaining a fundamentally cautious stance, wrote Commerzbank in a note before the policy decision.

San Juan Unified says it has saved $636 million on debt service over the years by keeping down maturities at the long end of GO bond issues.

* Middle East conflict makes central banks cautious. * Euro, yen, sterling gain against dollar as energy prices rise. * Fed not expected to raise rate this year. By Jiaxing Li and Samuel Indyk.

* ECB cites inflation risks, may discuss hikes. * Major banks now expect ECB April hike. * Italian bonds under pressure due to energy dependence, yields rise. By Amanda Cooper.

* Sterling lower, still set for weekly rise. * Markets price at least three BoE hikes. * Oil prices provide direction. By Samuel Indyk. The British pound fell on Friday, as oil prices resumed their upward trend, but stayed on course for a weekly rise after the Bank of England raised expectations of rate hikes this year.

Any prolongation of the Iran war risks creating an unprecedented crisis in energy supplies that sooner or later will hit every corner of the global economy. But it is already clear that some countries are either more exposed to that impact or less able to deal with it. THE G7 BIG ECONOMIES. Look first to Europe. GERMANY - Its industry-heavy economy has more to lose from costlier energy.

Any prolongation of the Iran war risks creating an unprecedented crisis in energy supplies that sooner or later will hit every corner of the global economy. But it is already clear that some countries are either more exposed to that impact or less able to deal with it. THE G7 BIG ECONOMIES. Look first to Europe. GERMANY - Its industry-heavy economy has more to lose from costlier energy.

Three weeks ago, there was a diverse range of outlooks for developed market central banks, said National Bank of Canada. For some, rate stability was expected -- such as the European Central Bank and the Bank of Canada -- while others were primed for modest tightening -- for example, the Reserve Bank of Australia -- or easing, noted the bank.

* Futures off: Dow 0.52%, S&P 500 0.59%, Nasdaq 0.82% U.S. stock index futures slipped in choppy trading on Friday as the Iran war approached its fourth week, roiling energy markets and prompting investors to aggressively reprice bets on interest rate cuts by the U.S. Federal Reserve.

Aluminium and copper prices extended losses on Friday after news that the U.S. was sending thousands of more troops to the Middle East boosted the dollar and fuelled worries that a prolonged conflict and surging oil prices will hurt economic growth and metals demand.

March 20 - Everything Mike Dolan and the ROI team are excited to read, watch and listen to over the weekend. From the Editor. Hello Morning Bid readers! We are now officially in the doomsday scenario for energy markets. * What might a strong dollar surprise mean for global growth and corporate earnings? * Can Asia's earnings boom survive the Middle East stress test?

* Traders scale back Fed rate cut expectations. * Iran and Israel launch fresh attacks on each other. * Gold lost over 6% this week. By Pablo Sinha. Gold prices rose on Friday on bargain hunting, but remained poised for a third straight weekly drop as signals of a hawkish U.S. Federal Reserve tempered non-yielding bullion's appeal.

The European Central Bank opted for a cautious tone in light of energy price volatility on Thursday, but President Christine Lagarde's press conference had a hawkish undertone as she conveyed a sense of heightened concern for upside risks to inflation, said ING.

Federal Reserve Chair Jerome Powell's upcoming decision on whether to keep his seat on the U.S. central bank's Board of Governors after his leadership term ends is now a key factor in how the tenure of his would-be successor Kevin Warsh evolves, and whether President Donald Trump and Treasury Secretary Scott Bessent can pursue any overhaul of the Fed's structure, operations and monetary policy.

* Middle East developments expected to dominate markets. * Oil surge, rising Treasury yields in focus. * Investors watch technical levels as S&P 500 drops below key trendline. By Lewis Krauskopf. A Middle East crisis that has convulsed markets should remain the focal point for Wall Street in the near term, as investors stay glued to developments in Iran and the fallout from surging energy prices.

* Powell undecided on remaining Fed governor amid Trump administration probe. * Republican senators, notably Tillis, want probe shut down. * Powell's decision could sway central bank policy, reforms. By Howard Schneider.

* Traders move to price in hikes for BoE and ECB this year. * Fed seen leaving rates on hold. * Hawkish rate repricing hits bonds. * Oil prices, shares remain choppy. By Sophie Kiderlin and Rae Wee.

* Middle East conflict makes central banks cautious. * Euro, yen, sterling gain against dollar as energy prices rise. * Fed not expected to raise rate this year. By Jiaxing Li and Samuel Indyk.

Copper was set to log its steepest weekly loss in nearly a year on Friday, as the Middle East war stoked fears of higher inflation and slower global growth amid surging oil prices. The most active copper contract on the Shanghai Futures Exchange ended daytime trading 1.12% lower at 94,780 yuan, down 6.05% for the week.

* ECB cites inflation risks, may discuss hikes. * Major banks now expect ECB April hike. * Italian bonds under pressure due to energy dependence, yields rise. By Amanda Cooper.

* Markets ramp up global rate hike bets. * RBA sole hiker, Fed, BoC, ECB, BoE hold rates, seen as hawkish. * Japan holds, but keeps door open to April hike. * Markets and analysts see chance of ECB and BoE hikes in April. By Alun John.

Nearly all major developed market central banks kept rates unchanged this week, but emphasised their readiness to act to curb inflation should the energy shock caused by the U.S.-Israeli strikes on Iran drive a broader surge in prices.

* Traders move to price in hikes for BoE and ECB this year; Fed seen leaving rates on hold. * Hawkish rate repricing hits bonds, topples dollar. * Oil prices retreat; shares choppy. By Rae Wee. The dollar headed towards a weekly loss on Friday while bonds remained under pressure, after global central bankers warned that the Middle East war could reignite inflation.

The dollar slipped from multi-month highs this week as soaring energy prices upended the outlook for global interest rates, with the U.S. Federal Reserve left alone as the only major central bank that is not expected to raise rates this year. Before the U.S.-Israeli war on Iran began at the end of February, investors expected two Fed cuts this year and now they believe one is a distant prospect.

A look at the day ahead in European and global markets from Rae Wee. After a remarkable rally in the face of the ongoing U.S.-Israel war on Iran, the dollar has finally toppled from its peak.