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Sources say Federal Reserve Chairman Warsh has appointed two conservative policy veterans as interim advisors.The Dow Jones Industrial Average rose 228.91 points, or 0.45%, to close at 51,307.79 on Tuesday, June 2; the S&P 500 rose 9.94 points, or 0.13%, to close at 7,609.90; and the Nasdaq Composite rose 7.09 points, or 0.03%, to close at 27,093.90.June 3rd - U.S. stocks closed Tuesday with the Dow Jones Industrial Average up 0.45%, the S&P 500 up 0.1%, and the Nasdaq Composite slightly higher. Microsoft (MSFT.O) fell 4%, Google (GOOG.O) fell nearly 4%, and Marvell Technology (MRVL.O) surged 32%. The Nasdaq China Golden Dragon Index closed up 1.8%, and Alibaba (BABA.N) rose over 4%.June 3 - According to data compiled by agencies, Alphabets (GOOG.O) $80 billion equity financing round to raise funds for its artificial intelligence infrastructure is expected to become the largest equity capital market deal in history. The joint offering of shares (including common stock, capital stock, and similar mandatory convertible preferred stock) was priced late Tuesday. Its size will exceed the approximately $70 billion common and preferred stock offering by Petrobras in 2010. The largest single transaction in this deal for Googles parent company—a $40 billion "market offering"—is expected to launch in the third quarter. Such offerings allow the company to sell shares to the market from time to time without prior notice, but must regularly disclose the amount raised in regulatory filings.U.S. Secretary of State Marco Rubio: The United States is discussing appointing an official to coordinate the Ebola response.

Copper Prices Rise on China Stimulus Hopes, While Gold Prices Remain Stable

Skylar Williams

Aug 17, 2022 11:40

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As the stock market recovered on Wednesday, demand for safe-haven assets declined, while copper prices rose on the possibility of fresh stimulus measures in China, the largest importer in the world.


Spot gold prices were relatively stable at $1,775.35 per ounce at 20:18 ET (00:18 GMT), while gold futures prices remained unchanged at $1,787.70 per ounce.


The yellow metal was pushed down by Wall Street's gain as a run of positive earnings announcements from Walmart (NYSE:WMT) Inc and Home Depot (NYSE:HD) boosted market sentiment.


Despite recent inflationary pressures, the steady performance of retailers indicates that consumer spending, a vital engine of the U.S. economy, has remained resilient.


This increased risk-taking and decreased demand for safe assets such as gold. Expectations of an ongoing increase in U.S. interest rates, which have attracted speculators to the dollar, have also weighed on gold.


The price of gold is anticipated to decline for a third consecutive session and is down more than 2% year-to-date. Other precious metals also traded sideways on Wednesday. Platinum and silver futures fell 0.1% each.


Copper prices sustained Tuesday's solid rise as traders awaited fresh economic development-promoting stimulus measures from China.


Copper futures rose 0.2% to $3.6315 per pound, extending Tuesday's 0.7% increase, following China's announcement of plans to increase infrastructure spending and release additional cash.


Tuesday, Chinese officials declared that the government will accelerate infrastructure construction through the use of special bonds and increased credit guarantees. In addition, the government intends to aid its suffering real estate market by issuing additional loans.


In an effort to boost economic growth in the face of COVID-19 lockdowns, the People's Bank of China surprisingly reduced interest rates this week.


The United States is the world's largest importer of copper, and the possibility of rising economic activity signals a growth in copper demand.


This approach supported the prices of other industrial metals as well. Zinc grew by 2.1%, while nickel rose by 2.5%.

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