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☆ Gold retreats as Middle East tensions ebb
▼ + stars: | 2024-04-22 | by ( ) www.cnbc.com time to read: +2 min

Gold and silver bars of various sizes lie in a safe on a table at the precious metals dealer Pro Aurum in Munich. Gold prices dipped on Monday, as easing fears of a wider Middle East conflict lowered bullion's safe-haven appeal, while market participants awaited a key U.S. inflation reading due later this week for interest rate cues. Spot gold fell 0.9% to $2,369.97 per ounce, as of 0451 GMT. Asian stocks recovered some losses and bond yields rose as fears of a wider Middle East conflict ebbed, with investors gravitating back towards riskier assets. Among other precious metals, spot silver fell 2.3% to $27.99 per ounce, spot platinum rose 0.3% to $934.03, and palladium fell 0.3% to $1,023.17.

Persons: Kelvin Wong, Wong, Austan Goolsbee Organizations: Aurum, Asia Pacific, Treasury, Chicago Federal Locations: Munich, U.S, Tehran, Iran, OANDA, Israel, Hamas

☆ Gold shines as geopolitical tensions offset easing U.S. rate-cut bets
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: +2 min

An employee holds one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices climbed on Thursday, as risks of a widening Middle East conflict raised bullion's safe-haven appeal, overshadowing pressures from higher-for-longer U.S. interest rates. Spot gold was up 0.6% at $2,374.97 per ounce, as of 0429 GMT, after hitting an all-time high of $2,431.29 last Friday. Although, "U.S. interest rates remaining higher for a longer may be adding some pressure to the ongoing boost for gold ... Higher interest rates reduce the appeal of holding non-yielding bullion.

Persons: Kelvin Wong, Benjamin Netanyahu, Wong, Jerome Powell, Mario Centeno Organizations: Co, Asia Pacific Locations: Bangkok, Thailand, OANDA, Israel, Iran

☆ Gold hovers near record high with focus on U.S. data, Fed minutes
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +2 min

One kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Spot gold was up 0.3% at $2,345.09 per ounce, as of 0621 GMT, after hitting a record high of $2,353.79 on Monday. The minutes of the Fed's March policy meeting and the U.S. Consumer Price Index, or CPI, data are due on Wednesday. "Inflation data this week poses a risk if the readings come out on the hotter side of the ledger. Spot silver rose 0.2% to $27.90 per ounce, after hitting its highest levels since June 2021 earlier in the session.

Persons: Tim Waterer, Waterer, Kelvin Wong Organizations: Co, Federal, KCM Trade, U.S . Consumer, Fed, Asia Pacific, OANDA Locations: Bangkok, Thailand, ., U.S

Mickey Todiwala | CNBC Make ItShe first learned about the program from her husband, who'd read about it online. Mickey Todiwala | CNBC Make ItRubia Daniels says her background in construction is helpful to envision what her final space will look like. On one recent visit to Mussomeli, Daniels brought along two fellow Californians, Alfredo Ramirez and his mother, Elena, to tour the houses. Meredith Tabbone 1-euro homeowner from ChicagoTabbone flew to see her new home for the first time in June 2019. Mussomeli, Sicily, has seen its population decline from roughly 16,000 in the 1950s to less than 10,000 today.

Persons: Rubia Daniels, Daniels, who've, Vittorio Sgarbi, Mickey Todiwala, Toti, who'd, didn't, she's, Alfredo Ramirez, Elena, Meredith Tabbone, Tabbone, Chicago Tabbone, I've, Danny McCubbin, who's, Jamie Oliver, McCubbin, Mussomeli, Prezioso, Natalie Milazzo, Milazzo, Nigrelli, Martina Giracello, Gianluca Militello, Giracello, It's, Meredith Tabbone Tabbone Organizations: CNBC, realtors, U.S Locations: Sicily, Berkeley, Calif, Italy, Salemi, Towns, Sicily's, Palermo, Belgian, Mussomeli, California, Petaluma , Calif, Sambuca, Sicilia, Chicago, United States, Australia, London, Mussomeli's, Milan, Cammarata, Caltanissetta, Europe, Africa, Airbnbs

☆ Gold stays below key $2,000 level as markets temper Fed rate-cut bets
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: +2 min

An employee handles one kilogram gold bullion at the YLG Bullion International Co. headquarters in Bangkok, Thailand, on Friday, Dec. 22, 2023. Gold prices lingered near a two-month low on Wednesday, trading below the key $2,000-per-ounce level, as a stronger-than-expected U.S. inflation report prompted traders to trim bets for deeper rate cuts by the Federal Reserve. Spot gold was flat at $1,992.21 per ounce (Oz), as of 0429 GMT, after hitting its lowest since Dec. 13 on Tuesday. The next key support level for spot gold is $1,975/Oz as it coincided with the December Federal Open Market Committee meeting where they announced three-quarter point rate cuts in 2024, fuelling a gold rally, said Wong. Traders have lowered their bets from four quarter-point rate cuts for 2024, in line with the Fed's "dot plot" released in December.

Persons: Bullion, Gold, Kelvin Wong, Wong Organizations: Co, Federal Reserve, Asia Pacific, Traders, U.S, Investors Locations: Bangkok, Thailand, OANDA

☆ Dollar reigns supreme as hot CPI cools bets for Fed cuts
▼ + stars: | 2024-02-14 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, the man is holding several U.S. dollar bills with some Chinese yuan in the background. The dollar traded near three-month highs to major peers on Wednesday as traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight. The dollar has added about 10 yen in price since the start of this year. The euro was steady at $1.0710, after dipping to a three-month low of $1.07005 overnight. The Australian dollar languished near a three-month low of $0.6443 reached overnight, last trading at $0.64545.

Persons: James Kniveton, Kazuo Ueda, Kniveton, Masato Kanda, cryptocurrency bitcoin, bitcoin, Craig Erlam Organizations: Fed, Traders, Bank of Japan, Treasury, Bank of England, Australian, U.S, CPI, OANDA Locations: U.S

☆ Premarket stocks: Crypto fans got what they wanted. So why is bitcoin falling?
▼ + stars: | 2024-01-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

So, why is the price of bitcoin falling, even after investors got what they wanted? Part of the reason is likely a “buy the rumor, sell the news” mentality, according to Antoni Trenchev, co-founder of crypto lender Nexo. Interestingly, bitcoin ETF activity actually shows net buying. Greyscale’s fund is the largest bitcoin ETF, holding roughly $20 billion in assets. ETFs hold just a small portion of the bitcoin that’s traded, says Eric Balchunas, senior ETF analyst at Bloomberg Intelligence.

Persons: cryptocurrencies, bitcoin, Antoni Trenchev, that’s, Eric Balchunas, ”, Bitcoin, FTX, “ We’re, Craig Erlam, vibing, Bryan Mena, Read, It’s, Janet Yellen, Matt Egan, Yellen, Biden Organizations: CNN Business, Bell, New York CNN —, US Securities and Exchange, SEC, Investors, Bloomberg Intelligence, CNN, Economic, of Chicago, Treasury Locations: New York, America, Chicago, Covid

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. But fueling this latest rally are prospects for the possible approval of spot bitcoin exchange traded funds — a pooled investment security that can be bought and sold like stocks. While analysts expect the potential approval of spot bitcoin ETFs to create a much larger pool of crypto investors, future volumes could go either way, Carey added. Despite the recent excitement around bitcoin, experts still maintain that crypto is a risky bet with wildly unpredictable fluctuations in value. As of around 1:30 p.m. Eastern time Monday, the price of bitcoin stood at $41,709.

Persons: Bitcoin, Riyad Carey, Carey, Binance, Changpeng Zhao, ”, “, Edward Moya, FTX, bitcoin Organizations: Federal, Industry, Regulators, Associated Locations: Silicon, bitcoin, cryptocurrencies, U.S

☆ Bitcoin and gold are smashing through key levels. Here's what's driving the moves
▼ + stars: | 2023-12-04 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Both gold and bitcoin kicked off the week by hitting new milestones — spot gold hit a record high above $2,100 per ounce, and bitcoin topped $42,000 to hit its highest level since April 2022. The digital currency appears to have broken through key technical levels and could continue to rally through the end of the year, according to Joel Kruger, market strategist at LMAX Group. "A Bitcoin ETF allows easy access to Bitcoin via broker accounts, RIAs and wealth/private banking channels. Think of Bitcoin ETF as the largest pipe ever built between traditional financial markets and crypto financial markets," the note said. XAU= 5D mountain Gold retreated from the record high reached on Sunday evening in New York.

Persons: bitcoin, Joel Kruger, Kruger, Bernstein, Gautam Chhugani, Chhugani, Bitcoin, Maximilian Layton, Layton, Gold, Craig Erlam Organizations: LMAX, CNBC, Securities, Exchange Commission, SEC, BlackRock, ETF Locations: Bitcoin, U.S, New York

With his rental earnings and increased salary, Vij was able to buy more rental properties in southern Ontario. Investing in rental propertiesVij's first rental property was a two-story detached home with seven rentable rooms, two miles away from McMaster's main campus. Otherwise, whatever money Vij made from his job and rental property went straight into savings for more rental properties. "I want to own as many assets as possible that generate cash flow and use any extra cash to buy more assets." In 2023, Vij broke even on his rental properties.

Persons: Karun Vij, Vij, —, I'd, Karun, Jeremy Applebaum, I'm, Seema, Vij Vij, He's Organizations: CNBC, aha, McMaster University, McMaster, Fortune, Fiverr Savings, Spotify, Amazon Prime, Google, Walt Disney Locations: Hamilton , Ontario, Canada, McMaster's, Cambridge, Ontario, Chicago, Brampton , Ontario, Toronto, Mississauga, Hamilton, Milton , Ontario, Windsor , Ontario

☆ Gold hits near 7-month peak as dollar, yields weaken on Fed rate cut bets
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +2 min

Spot gold rose 0.2% to $2,044.53 per ounce by 0453 GMT after hitting its highest since May 5. U.S. gold futures for December delivery rose 0.3% to $2,045.40 per ounce. "The key point data to look for is the PCE (personal consumption expenditures) data and markets are expecting another slowdown in inflationary pressure in U.S.," said Wong. Investors' attention is now on the revised U.S. third-quarter GDP figures, due at 1330 GMT and on key PCE data — Fed's preferred inflation gauge — on Thursday. According to Reuters' technical analyst Wang Tao, spot gold may extend gains into a range of $2,059 to $2,069 per ounce.

Persons: Kelvin Wong, Wong, Christopher Waller —, CME's, Wang Tao Organizations: U.S ., Federal Reserve, Asia Pacific, Traders, Reuters Locations: OANDA, —

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Gold gains as weaker U.S. dollar, yields lift demand
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +2 min

A worker handles an Argor-Heraeus SA one kilogram gold bar at Solar Capital Gold Zrt. arranged in Budapest, HungaryGold prices rose on Thursday, hovering close to a key $2,000 per ounce level, as an overall weaker U.S. dollar and lower Treasury yields buoyed demand for bullion. The dollar was down 0.1% against its rivals after gains in the last two sessions, making gold less expensive for other currency holders. The benchmark U.S. 10-year Treasury yields fell to a two-month low on Wednesday. Lower interest rates decrease the opportunity cost of holding gold.

Persons: Kelvin Wong, CME's Organizations: Heraeus SA, Solar, U.S, U.S ., Asia Pacific, . U.S, U.S . Federal Reserve, Fed Locations: Budapest, Hungary, ., OANDA

Investors cautioned that tax breaks would not be sufficient to raise business investment while UK interest rates stayed high. But Wednesday, equity markets focused on Hunt's business boosts, such as a move to make full expensing on investment permanent. UK stock markets have underperformed their European and U.S. peers in 2023. The FTSE 100 index 12-month forward price-to-earnings ratio is around 10.7, about half that of U.S. stocks, with Hunt's budget unlikely to move the dial too far. Reuters GraphicsSTERLING SOGGYThe pound struggled to gain any traction on the back of Hunt's budget.

Persons: Dado Ruvic, Kwasi Kwarteng, Leigh Himsworth, Simon Harvey, Philip Shaw, Thomas McGarrity, Fuller, Smith, Turner, Oli Creasey, It's, BoE, GILTS, Craig Erlam, Goldman Sachs, Naomi Rovnick, Samuel Indyk, Lucy Raitano, Amanda Cooper, Harry Robertson, Angus MacSwan Organizations: REUTERS, Wednesday, Traders, Investors, Fidelity International, Reuters Graphics, Bank of England, BT, Investec, RBC Wealth Management, Reuters, BREWERS, Debt Management, Reuters Graphics STERLING, Thomson Locations: U.S, Cheviot, gilts, London

☆ Reaction to Sam Altman's return as OpenAI CEO
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +4 min

Sam Altman, CEO of Microsoft-backed OpenAI and ChatGPT creator speaks during a talk at Tel Aviv University in Tel Aviv, Israel June 5, 2023. REUTERS/Amir Cohen Acquire Licensing RightsCompanies Openai LLC FollowNov 22 (Reuters) - OpenAI said on Tuesday it had reached an agreement for Sam Altman to return as CEO days after his ouster, capping frenzied discussions about the future of the startup at the center of the artificial intelligence boom. THRIVE CAPITAL, OPENAI SHAREHOLDER"OpenAI has the potential to be one of the most consequential companies in the history of computing. "Sam Altman seems awfully powerful and it is unclear that any board would be able to oversee him. Altman and (Microsoft CEO) Nadella may have pushed to allow Altman a much freer hand."

Persons: Sam Altman, Amir Cohen, OpenAI, DANNI HEWSON, BELL, Altman, DANIELA HATHORN, Altman's, Greg, Brockman, ChatGPT's, would've, SUSANNAH STREETER, HARGREAVES LANSDOWN, Sam Altman's, KELVIN WONG, MAK, Nadella, hasn't, Supantha Mukherjee, Ankika Biswas, Bansari Mayur, Aditya Soni, Miyoung Kim, Nivedita Organizations: Microsoft, Tel Aviv University, REUTERS, BANK, OpenAI, MNC, OF, UNIVERSITY OF, UNIVERSITY OF SINGAPORE BUSINSS, Thomson Locations: Tel Aviv, Israel, UNIVERSITY OF SINGAPORE, OpenAI, Stockholm, Bengaluru

☆ Gas prices could fall further as oil drops 4% on OPEC meeting delay
▼ + stars: | 2023-11-22 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Oil prices tumbled more than 4% Wednesday after a group of the biggest oil producing nations said they would delay a meeting, originally scheduled for Sunday, that was expected to discuss making further cuts to global supply. Brent crude, the global benchmark, and West Texas Intermediate (WTI) crude, the US benchmark, both fell over 4% late morning ET. Likewise, earlier on Wednesday, Bloomberg reported that Saudi officials were unhappy with some OPEC members’ levels of output. Both Brent and WTI prices have fallen for four consecutive weeks, pressured by record crude oil production in the United States and worries about waning global demand, particularly in China, the world’s biggest oil importer. Rystad still expects OPEC+ to reach an agreement at the meeting on November 30, but the process will likely be “challenging,” he added.

Persons: Brent, ” Craig Erlam, WTI, Jorge León, León Organizations: London CNN, Brent, West Texas, AAA, of, Petroleum, Bloomberg, Saudi, OANDA, OPEC, Rystad Energy Locations: OPEC, United States, China, Saudi Arabia, Russia, Nigeria

☆ Oil retreats on caution ahead of OPEC+ meeting
▼ + stars: | 2023-11-21 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Brent crude futures fell 51 cents, or 0.6%, to $81.81 a barrel by 0746 GMT, while U.S. West Texas Intermediate crude futures were at $77.32 a barrel, down 51 cents, or 0.7%. Both contracts climbed about 2% on Monday after three OPEC+ sources told Reuters that the group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, was set to consider whether to make additional oil supply cuts when it meets on Nov. 26. "Market participants have started to price in an extension of the current quantum oil supply cut into 2024 or even deeper cuts in the upcoming OPEC+ meeting," he added. OPEC+ is likely to extend or even deepen oil supply cuts into next year, eight analysts have predicted. Weekly stockpile reports from the American Petroleum Institute and the Energy Information Administration are due later on Tuesday and Wednesday, respectively.

Persons: Kelvin Wong, Helima Croft, Florence Tan, Yuka Obayashi, Sonali Paul, Jacqueline Wong Organizations: cnsphoto, REUTERS, Walmart Inc, SINGAPORE, Brent, U.S, West Texas, Reuters, Organization of, Petroleum, RBC Capital, Traders, Walmart, American Petroleum Institute, Energy Information Administration, Thomson Locations: Zhoushan, Zhejiang province, China, Singapore, OPEC, Saudi Arabia, U.S, Tokyo

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Brent crude futures closed below $84 a barrel for the first time since Hamas Islamists' Oct. 7 attack on Israel. A recovery in oil exports from the Organization of Petroleum Exporting Countries also added to the pressure on oil prices, UBS analyst Giovanni Staunovo said. On the demand side, China's crude oil imports in October showed robust growth but its total exports of goods and services contracted at a quicker pace than expected. "There are concerns in the oil markets about both rising supply and sliding demand," said Mizuho analyst Robert Yawger.

Persons: Nick Oxford, Powell, Craig Erlam, Giovanni Staunovo, Staunovo, Brent, Fiona Cincotta, Neel Kashkari, Jerome Powell, Robert Yawger, It's, Shariq Khan, Trixie Yap, Yuka Obayashi, David Gregorio, Matthew Lewis Organizations: Midland , Texas U.S, REUTERS, bbl, BENGALURU, Brent, U.S, West Texas, Traders, Organization of Petroleum, UBS, U.S . Energy Information Administration, ., Minneapolis Federal, Investors, Thomson Locations: Midland , Texas, Israel, U.S, Bengaluru, Singapore, Tokyo

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsNov 7 (Reuters) - Oil prices slipped by 1% on Tuesday, erasing most of Monday's gains, as mixed economic data from the world's second largest oil consumer China and winter demand worries offset the impact of Saudi Arabia and Russia extending output cuts. Both benchmarks gained about 30 cents on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Expectations of crude run reductions by China-based refiners between November and December may limit oil demand and exacerbate price declines. Looking ahead on the supply side, markets are waiting to see how long Saudi Arabia and Russia are ready to rein in production. Moscow also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December.

Persons: Nick Oxford, Leon Li, Kelvin Wong, Trixie Yap, Yuka Obayashi, Jamie Freed, Simon Cameron, Moore Organizations: Midland , Texas U.S, REUTERS, Brent, U.S, West Texas, Markets, ING, Thomson Locations: Midland , Texas, China, Saudi Arabia, Russia, Shanghai, OPEC, Moscow, Singapore, Tokyo

☆ Gold slips as yields tick higher, Powell speech in focus
▼ + stars: | 2023-11-06 | by ( ) www.cnbc.com time to read: +2 min

Gold bars arranged at the Korea Gold Exchange store in Seoul, South Korea, on Friday, Oct. 13, 2023. Gold prices slipped on Monday due to a slight uptick in U.S. bond yields, ahead of a speech by Federal Reserve Chair Jerome Powell later this week for more clarity on the interest rate outlook. Spot gold was down 0.4% at $1,983.49 per ounce by 0444 GMT after rising above the key $2,000 level on Friday. "The major factor that will influence gold in the near-term will be the U.S. 10-year Treasury yields ... if you start to see resurgence in yields, gold could break below the key support level around $1,974," said Kelvin Wong, senior market analyst for Asia Pacific at OANDA. Benchmark 10-year Treasury yields rose to 4.5910% after hitting a five-week low on Friday, decreasing appeal for non-yielding bullion.

Persons: Jerome Powell, Kelvin Wong Organizations: Korea Gold Exchange, Federal, Asia Pacific, Traders, Trust, ANZ Locations: Seoul, South Korea, U.S

☆ Oil gains ahead of Fed meeting as Middle East conflict persists
▼ + stars: | 2023-11-01 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged up in early Asian trade on Wednesday ahead of key global central bank meetings this week including the U.S. Federal Reserve, as the market also closely watches the latest developments in the Israel-Hamas conflict. Brent January crude futures rose 36 cents, or 0.4%, to $85.38 a barrel by 0040 GMT, after falling $1.33 on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken Organizations: Raffles, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel Locations: Yantai, East China's Shandong province, Israel, ., Europe, East, Gaza, U.S

An aerial view shows an oil factory of Idemitsu Kosan Co. in Ichihara, east of Tokyo, Japan November 12, 2021, in this photo taken by Kyodo. Brent January crude futures rose 0.3%, or 28 cents, to $85.30 a barrel by 0330 GMT, after falling more than 1% on Tuesday. Brent December futures settled 4 cents lower at $87.41 a barrel at the contract's expiry on Tuesday. Interest rate hikes aimed at taming inflation can slow economic growth and reduce oil demand, while rate cuts to spur spending could increase oil consumption. The Fed, which will end its meeting on Wednesday, is expected to hold rates steady, according to a poll by CME's Fedwatch tool.

Persons: Brent, Edward Moya, CME's, Goldman Sachs, Antony Blinken, Mohi Narayan, Emily Chow, Jamie Freed Organizations: Kyodo, U.S . Federal Reserve, . West Texas, Treasury, Federal, Market, American Petroleum Institute, Central Bank, Bank of England, Israel, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, DELHI, Israel, ., U.S, Europe, China, East, Gaza, New Delhi, Singapore

☆ Tesla falls as production cut by battery supplier Panasonic fans EV demand fears
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Tesla investor Gary Black attributed the weakness in Tesla shares to chipmaker Onsemi's (ON.O) bleak forecast. "ON sells to automotive players with over 50% share of global EV sales, including 4 of the top 5 China EV makers," he said in a post on social media platform X on Monday. loadingOnsemi CEO Hassane El-Khoury said the company's top European clients were working to clear their inventory and noted that the company sees "increasing risk to automotive demand due to high interest rates." It contracted to 17.9% between July and September from 25.1% a year earlier due the EV maker's rampant price cuts, which also triggered a price war in key markets such as China. Tesla was trading at about 56 times its 12-month forward earnings estimates, compared with 5.6 times for Ford and General Motors' 4.1, according to LSEG data.

Persons: Phil Noble, Elon Musk's, Edward Moya, General Motors, Stellantis, Gary Black, chipmaker, Hassane El, Khoury, Tesla, Chavi Mehta, Akash Sriram, Shinjini Organizations: REUTERS, Tesla, Panasonic Holdings, Panasonic, Tesla's, Oanda, General, United Auto Workers, Ford Motor, Chrysler, UAW, General Motors, China EV, Ford, EV maker's, Thomson Locations: Manchester, Britain, North America, Stellantis's, China, Bengaluru

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.

Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, “, —, “ We’re, it’s, ”, it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies

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