Oil hits 3-week highs as OPEC+ agrees deep cuts and US inventories fall

OPEC+ met on Wednesday and cut production despite tight supply U.S. crude and fuel stocks fell last week – EIA Price around $90 vs $120 in July US opposed to OPEC cuts wants lower prices NEW YORK, Oct 5 (Reuters) – Oil prices rose to three-week highs on Wednesday as OPEC+ agreed to its biggest … Read more

Wall Street ends as two-day rally slumps on data, Fed message

Stocks rise late in the day in oversold conditions US private sector payroll rises in September – ADP Twitter drops from 1-year high to all-time high, Tesla drops 6% Energy stocks jump as OPEC+ agrees to cut oil production The indices fall: Dow down 0.14%, S&P 0.20%, Nasdaq 0.25% Oct 5 (Reuters) – Shares on … Read more

Nasdaq jumps as easing in Treasury yields lifts growth stocks; Twitter surges

Twitter jumps on Musk news to resume buyout at $54.20/share Rivian jumps on the reaffirmation of the view of fiscal year deliveries; raises his peers US job openings post biggest drop in 2.5 years in August Indices up: Dow 2.42%, S&P 2.63%, Nasdaq 2.92% Oct 4 (Reuters) – The Nasdaq led Wall Street higher on … Read more

UK tax rollback sends equities and pound rebounding

Britain abandons small part of tax plan; relieved markets The Reserve Bank of Australia surprises with a short hike high VIX; Credit Suisse shares slide to nerves below SYDNEY, Oct 4 (Reuters) – Asian stocks rebounded on Tuesday after Britain scrapped elements of a controversial tax cut plan, temporarily improving global market sentiment and rallying … Read more

Wall Street closes with net gains at the start of the last quarter

US factory activity slowest in ~2.5 years in September -ISM Credit Suisse and Citi cut their 2022 year-end target for the S&P 500 Dow, S&P 500, Nasdaq up Oct 3 (Reuters) – Wall Street stocks closed strong on Monday at the start of the final quarter of a tumultuous year with interest rate hikes amid … Read more

Pound jumps after UK tax cut rescinded, oil climbs higher

TOKYO, Oct 3 (Reuters) – Oil surged on Monday as OPEC+ considered cutting output at its meeting later this week, while the pound appreciated after the British government announced it would would undo a controversial tax cut that had rocked UK markets. Asian stocks mostly fell over the holidays, although Japanese markets found support from … Read more

Oil rebounds 3% as OPEC+ weighs biggest production cut since 2020

OPEC+ eyes cut of more than 1 million bpd – sources China issues largest quota of petroleum products this year SINGAPORE, Oct 3 (Reuters) – Oil prices jumped more than 3% at the start of Asian trading on Monday as OPEC+ plans to cut production by more than a million barrels a day for its … Read more

Wall St posts third straight quarterly loss as inflation weighs and recession looms

S&P 500 posts biggest September percentage decline in 20 years All three major U.S. stock indexes post three-quarter declines Core inflation data is warmer than expected Indices down: Dow 1.71%, S&P 1.51%, Nasdaq 1.51% NEW YORK, Sept 30 (Reuters) – The S&P 500 closed its biggest September decline in two decades on Friday, skidding across … Read more

US weekly jobless claims hit five-month low; darkening economic picture

Weekly jobless claims fall from 16,000 to 193,000 Continuing claims fall by 29,000 to 1.347 million Unrevised second-quarter GDP contraction at a rate of 0.6% Gross domestic income revised down to GDP WASHINGTON, Sept 29 (Reuters) – The number of Americans filing new claims for unemployment benefits fell to its lowest level in five months … Read more

Oil prices rise on surprise drop in US crude and fuel inventories

NEW YORK, Sept 28 (Reuters) – Oil prices rose on Wednesday on unexpected declines in U.S. crude and fuel inventories, offsetting downward pressure from the continued strength of the U.S. dollar. Brent crude futures were up $2.33, or 2.7%, at $88.60 a barrel as of 11:05 a.m. EST (1505 GMT). U.S. West Texas Intermediate (WTI) … Read more