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Top 5 Things to Know in the Market on Today
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Loading...1. Dollar on track for weekly loss
The dollar remained weaker against the other major currencies on Friday and was on track for a weekly loss amid ongoing uncertainty over the timing of the next interest rate hike from the Federal Reserve.
2. Oil lower amid profit taking
Oil prices fell on Friday as traders locked in profits after a rally in the previous session after government data showed a far larger than expected drawdown in U.S. crude inventories.
U.S. crude was down 51 cents, or 1.07%, to $47.12 a barrel during morning hours in New York, while Brent fell 50 cents, or 1%, to $49.48.
3. China inflation slows to weakest in nearly a year
Chinese consumer price inflation slowed to its weakest pace in almost a year in August, but broader inflation trends added to signs that the economy is stabilizing.
Beijing reported that the consumer price index rose 1.3% in August from a year earlier, slowing from a 1.8% annual rate in July. It was the slowest pace of inflation since October 2015.
4. Global stocks lower after ECB disappointment
European and Asian stock markets were lower on Friday amid ongoing disappointment over the ECB’s decision not to ease policy further at Thursday’s meeting.
U.S. stock index futures pointed to a lower open on Friday as traders awaited comments from a series of Fed speakers for further guidance on the timing of the next interest rate hike.
5. Gold dips, but on track for weekly gain
Gold dipped on Friday, but the bullion remained on track for its second successive weekly gain. Gold futures for December delivery were down 0.16% at $1,339.35, not far from Wednesday’s three-week high of $1,350.50.
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