Business News Asia
The Dow closed lower Friday (Sept. 2) under pressure from concerns about the European energy crisis and lower-than-expected U.S. economic data. The labor market may begin to slow, which would reduce pressure on the Federal Reserve (Fed) to raise interest rates sharply.
- The Dow Jones Industrial Average closed at 31,318.44, down 337.98, or -1.07%.
- The S&P 500 closed at 3,924.26 points, down 42.59 or -1.07%.
- The Nasdaq closed at 11,630.86 points, down 154.26 points, or -1.31%.
Crude oil futures closed higher as investors eye the OPEC and OPEC+ oil production policy meeting on Monday, September 5.
- WTI crude futures rose 26 cents, or 0.3%, to $86.87 a barrel, but are still down 6.6% for the week.
- BRENT crude futures rose 66 cents, or 0.7%, to $93.02 a barrel, but fell 6.1% for the week.
Gold contracts closed higher. The weaker U.S. dollar supported the purchase of gold contracts, as it makes gold contracts cheaper for holders of other currencies. In addition, the decline in U.S. Treasury bond yields and lower-than-expected U.S. economic data boosted gold futures. This week, however, gold futures continued to weaken.
- Gold futures rose $13.3, or 0.78%, to $1,722.6 per ounce, but gold futures are still down nearly 1.6% for the week.
- Silver futures were up 21.5 cents, or 1.22%, at $17.881 per ounce.
- The platinum contract was up $12.8, or 1.59%, at $818.3 per ounce.
- The palladium futures rose $29.80, or 1.5%, at $2,026.10 an ounce.
The dollar weakened against a basket of major currencies after the U.S. reported a decline in nonfarm payrolls in August. This could ease pressure on the U.S. Federal Reserve (Fed) to raise interest rates to curb inflation.
- The dollar index against the six major currencies in a basket of currencies fell 0.15% to 108.5320.
- The US dollar weakened against the yen to 140.12 yen from 140.20 yen.
- The dollar weakened against the Swiss franc to 0.9803 francs from 0.9822 francs.
- The US dollar also weakened against the Canadian dollar to 1.3124 Canadian dollars from 1.3165 Canadian dollars.
- The euro was higher against the US dollar at $0.9968 from $0.9947.
- The pound fell to $1.1513 from $1.1539.
- The Australian dollar strengthened to $0.6816 from $0.6784.