The number of Americans filing new applications for jobless benefits rose by the most in about three months last week in an initial signal that layoffs may be picking up and adding to signs the labor market is weakening.
Oil prices rose by nearly a dollar a barrel as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil consuming nation.
China, one of the most restrictive global jurisdictions for cryptocurrencies, is reportedly considering allowing Chinese yuan-backed stablecoins in what would be a major policy reversal. Chinese authorities may authorize yuan-backed stablecoins for the first time to promote global use of its currency.
Gold rose as the U.S. dollar eased, with market participants bracing for the upcoming Jackson Hole symposium, while minutes revealed that Federal Reserve dissenters appeared alone in favoring a rate cut at the July meeting.
Britain’s FTSE 100 clinched a fresh record close with consumer-related stocks leading the gains, while investors digested an inflation report that diminished hopes for a near-term Bank of England rate cut.
The dollar was mixed as traders awaited the Federal Reserve’s Jackson Hole Economic Policy Symposium later this week for further clues on U.S. interest rate policy. A speech on Friday by Fed Chair Jerome Powell is this week’s main focus
