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Oil futures rose more than $1 on Monday, extending gains on the prospect of OPEC+ deepening supply cuts to shore up prices after four weeks of decline on demand worries. Brent crude futures rose $1.31 to $81.92 a barrel by 1238 GMT. U.S. West Texas Intermediate crude was up $1.16 at $77.05. The front-month December…
Cisco (NASDAQ:CSCO) tumbled 11% on Thursday after cuts to its annual forecasts raised fears that excess inventory with customers was sapping new orders in its mainstay networking equipment business. The company was set to lose more than $20 billion in market value, based on its premarket share price of $47.48, after it lowered its projections…
Oil prices hit fresh 2-1/2-month lows on Tuesday as mixed economic data from China offset the impact of Saudi Arabia and Russia extending output cuts. Brent crude futures were down $1.45, or 1.7%, to $83.73 a barrel as of 1242 GMT while U.S. West Texas Intermediate crude was at $79.58 a barrel, down $1.24, or…
European shares rose on Tuesday, while the Japanese yen slid to near a one-year low against the dollar after the Bank of Japan’s moves towards ending years of massive monetary stimulus underwhelmed some investors. European shares climbed 0.7% as investors drew comfort from resilient corporate earnings, providing some relief after Asian equities earlier lost ground…
Morgan Stanley economists anticipate that the Federal Reserve will maintain the policy rate at 5.375% at the upcoming meeting that concludes on November 01. The Fed is expected to acknowledge the recent improvements in economic activity but, due to tightening financial conditions, adjust its guidance regarding the need for further tightening. Chair Powell’s recent speech…
Wall Street index futures started an earnings-packed week on a firm footing though tensions over the Israel-Hamas conflict kept gains in check, while investors also awaited key economic data for clues on the U.S. economy. Israeli bombardments intensified ahead of a likely ground invasion in southern Gaza, dashing hopes of a brief ceasefire as residents…
Oil prices were up on Friday after the U.S. tightened its sanctions programme against Russian crude exports, raising supply concerns in an already tight market, and global inventories are forecast to decline through the fourth quarter. Brent futures rose 94 cents, or 1.1%, to $86.94 per barrel. U.S. West Texas Intermediate (WTI) crude gained $1.07,…
Global shares fell on Tuesday, crushed by a surge in U.S. bond yields that lifted the dollar after Federal Reserve officials served a reminder that borrowing costs won’t drop any time soon. The Fed’s outlook has pummelled other rate-sensitive assets such as oil, which slipped again on Tuesday. U.S. 10-year Treasury yields have soared above…
U.S. Treasury yields hit a peak not seen since the early tremors of the 2007-2008 global financial crisis on Tuesday, as fears of interest rates staying high for longer roiled risk assets globally and drove the dollar to a 10-month high. Asian and European stock benchmarks sagged, with U.S. equities set to follow suit, and…
The yen fell sharply on Friday after the Bank of Japan (BOJ) kept interest rates in negative territory days after the Federal Reserve signalled U.S. borrowing costs would stay high, piling pressure on the Japanese currency. Meanwhile, the U.S. dollar index was on track for its 10th consecutive weekly increase in the wake of the…
The U.S. dollar edged lower in early European trade Thursday after U.S. inflation release, while the euro climbed from recent lows ahead of the European Central Bank’s eagerly awaited rate-setting meeting. At 03:20 ET (07:20 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower to 104.269,…
European stock markets edged higher Friday, as investors digested better than expected French industrial production data at the end of a difficult week. At 03:40 ET (07:40 GMT), the DAX index in Germany traded 0.1% higher, the FTSE 100 in the U.K. rose 0.1% and the CAC 40 in France climbed 0.1%. Yet, these major…
A U.S. appeals court ruled in Favor of crypto investment firm Grayscale in its case against the Securities and Exchange Commission (SEC) over the proposed listing of an exchange-traded fund that directly tracks the price of bitcoin. The U.S. District of Columbia Court of Appeals on Tuesday ruled that the SEC was unable to fully…
European stock markets are expected to open largely lower Friday, following the weak lead from Wall Street overnight ahead of more monetary policy cues from the Jackson Hole Symposium. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.3% lower, CAC 40 futures in France dropped 0.2%, while the FTSE 100 futures…
Oil prices edged higher on Tuesday as China unexpectedly cut key policy rates for the second time in three months to shore up a sputtering economic recovery, but sluggish economic data from the country put a lid on gains. Brent crude futures rose 11 cents, or 0.1%, to trade at $86.32 per barrel at 0414…
Britain said on Thursday it was weighing how to respond to a decision by U.S. President Joe Biden to prohibit some tech investments in China, adding it was continuing to assess potential national security risks. Biden signed an executive order on Wednesday that authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in…
Gold prices edged lower on Thursday and were nursing steep losses for the week as signs of a resilient U.S. economy and job market pushed up fears of rising interest rates. The yellow metal slid nearly $30 over the past two days, with December futures pulling further away from the key $2,000 an ounce level…
Oil heads to 3-1/2 month high as supply tightness Oil prices climbed 1% on Thursday, recouping losses from the previous session, as supply tightness and expectations of stronger Chinese demand overrode concerns about an economic slowdown. Brent crude futures advanced 72 cents, or 0.9%, to 83.64 barrel by 0522 GMT, while U.S. West Texas Intermediate…
Cryptocurrencies were testing year highs on Friday as a run of favourable regulatory and investment moves have started to shift momentum in markets that had been stuck in a rut for months. Bitcoin traded at its highest price since June 2022 overnight, touching $31,818 on the Bitstamp exchange. It is up more than 90% for…
Bitcoin hit a 13-month high on Thursday, rising by as much as 3.28% to $31,500. The jump in the world’s largest cryptocurrency comes amid reports that fund managers are looking to create a U.S.-listed spot bitcoin exchange-traded fund, or ETF. Major financial firms, including BlackRock (NYSE:BLK), Invesco (NYSE:IVZ), and Fidelity have filed applications to U.S.…