Gold Edges Higher As Traders Pare Rate Hike Bets

Gold prices rose slightly on Tuesday and the dollar was little changed amid bets that central banks would not push global economies into recession by raising interest rates.

Spot gold rose 0.4 percent to $1,929.86 per ounce, while U.S. gold futures were up 0.4 percent at $1,937.50.

The Reserve Bank of Australia held rates steady earlier today, with Governor Philip Lowe saying that inflation had ‘passed its peak’.

While recent U.S. data pointed to a resilient U.S. economy, slowing inflation added to optimism about the outlook for interest rates.

Weaker-than-expected U.S. economic data released on Monday, including PMIs, have added to expectations that the Federal Reserve may rethink its rate trajectory.
U.S. markets remain closed today for the Independence Day holiday.

Looking ahead, traders await the minutes of the June FOMC meeting due on Wednesday followed by the U.S. monthly jobs data on Friday for clarity on U.S. interest rates.

Sensex, Nifty Reach Fresh Record Highs On Fed Optimism

Indian shares rose on Tuesday as weaker-than-expected U.S. economic data released on Monday, including PMIs, have added to expectations that the Federal Reserve may rethink its rate trajectory.

Following a decision by the Reserve Bank of Australia (RBA) to once again pause its interest rate hiking cycle earlier today, investors grew optimistic that central banks would not push global economies into recession by raising interest rates.

Benchmark indexes Sensex and Nifty hit record closing highs for a fourth straight session, aided by robust inflows from foreign investors.

The benchmark S&P/BSE Sensex rose 274 points, or 0.42 percent, to 65,479.05 while the broader NSE Nifty index settled 66.45 points, or 0.34 percent, higher at 19,389.

Bajaj twin shares soared, with Bajaj Finance and Bajaj FinServ climbing 7.3 percent and 5.7 percent, respectively.

Among other prominent gainers, Hero MotoCorp jumped 4.7 percent, Tech Mahindra added 2.5 percent and Sun Pharma rose 2 percent.

Gold edged up in European trade and the dollar was little changed while oil prices rose over 1 percent after Saudi Arabia and Russia said they are extending cuts to the amount of oil they pump to the world to try to prop up prices.

Wajax Buys Polyphase Engineered Controls

Wajax Corp. (WJX.TO), a Canadian industrial products and services provider, said on Tuesday that its wholly-owned unit, Tundra Process Solutions Ltd., has acquired all shares of Polyphase Engineered Controls 1977 Ltd., a producer of custom electrical and instrumentation equipment.

The financial terms of the transaction are not known.

Ashley Allers, CEO of Tundra, said: “…Its addition expands our electrical solutions portfolio to include PLC control panels, protection panels, DCS panels and marshalling cabinets, to name a few. In-house capabilities related to electrical design, production, testing, staging and project management also expand the breadth of our electrical and instrumentation solutions offerings.”

Founded in 1999 and acquired by Wajax in 2021, Tundra plays a vital role in Wajax’s Industrial Parts and Engineered Repair Services.

Left-wing Progressive Leader Of Chinese Origin Elected As Toronto's Mayor

Left-wing progressive leader Olivia Chow has been elected as the Mayor of Toronto. The daughter of Chinese immigrants, she is the first Chinese-Canadian mayor of Canada’s largest city.

In her victory speech, the Hong Kong-born Chow recalled arriving in Canada at age 13.

Chow, 66, vowed to raise low property taxes and support people facing unaffordable housing. During her election campaign, Chow had pledged to resolve Toronto’s housing affordability crisis.

She also promised to work to build a city that is “more caring, affordable and safe.”

She emerged victorious from among a record field of 102 candidates to end more than a decade of conservative rule.

Chow received 37 percent of the vote in Monday’s election.

A second mayoral election in eight months was necessitated by the sudden resignation of incumbent John Tory over a newspaper report about his relationship with a 31-year-old staffer.

The provincial government in Ontario had granted more powers to Toronto’s mayor last year.

Andrew Ferguson, Melissa Holyoak Republican Nominees To Federal Trade Commission

President Joe Biden has nominated Utah Solicitor General Melissa Holyoak and Virginia’s Solicitor General Andrew N. Ferguson to serve as Republican members of the Federal Trade Commission (FTC).

With this, two vacanies in the five-member Commission have been filled.

The Commission is headed by five Commissioners, nominated by the President and confirmed by the Senate, each serving a seven-year term. No more than three Commissioners can be of the same political party.

The Commission’s chairperson Lina Khan and two commissioners are Democratic nominees.

The FTC protects consumers and enforces antitrust laws to ensure fair competition. Its mission is to stop anticompetitive, deceptive, or unfair business practices.

KFC Launches New Ultimate BBQ Fried Chicken Sandwich

With the Fourth of July just around the corner, KFC has introduced its new Ultimate BBQ Fried Chicken Sandwich, which will be available for limited time.

KFC’s Ultimate BBQ Fried Chicken Sandwich, which was test launched in Tampa, Florida in February, will be available nationwide beginning July 3, but only for a limited time.

The sandwich includes an Extra Crispy 100% white meat filet topped with hickory smoked bacon, KFC’s signature honey BBQ Sauce, fried onions, melted cheese and pickles and is served on a brioche bun.

“With the best tastes of summer and our finger-lickin’ good fried chicken between two buttery brioche buns, the Ultimate BBQ Fried Chicken Sandwich is an invitation to savor every last joyful ‘bite’ of summer. It’s a BBQ in every bite!” said Nick Chavez, CMO, KFC U.S.

KFC customers also have a chance to win a trip to Aruba.

Customers who place an online order for KFC’s Ultimate BBQ sandwich from July 3 to August 13 order the new sandwich via the KFC app or KFC.com will get an email featuring a link to the Ultimate Summer Getaway Giveaway, which offers four days and three nights in Aruba for the winner and a guest.

Additionally, up to 500 other winners will be selected to receive a free year-long premium membership to Going.com, a travel site that has partnered with KFC to offer the prize.

KFC is also launching a new Blackberry Lemonade this summer.