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☆ Dollar takes a breather as investors ponder U.S. rates outlook
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: +3 min

The dollar was soft on Thursday as traders assessed the U.S. interest rates outlook in the wake of comments from Federal Reserve officials that cemented expectation of monetary settings remaining restrictive for a while longer. The dollar was soft on Thursday as traders assessed the U.S. interest rates outlook in the wake of comments from Federal Reserve officials that cemented expectation of monetary settings remaining restrictive for a while longer. The yen strengthened 0.05% to 154.29 a dollar but remained close to the 34-year low of 154.79 touched on Tuesday. Japan last intervened in the currency market in 2022, spending an estimated $60 billion to defend the yen. Elsewhere, the Australian dollar was little changed at $0.6439, while the New Zealand dollar eased a bit to $0.5914 after spiking 0.6% on Wednesday.

Persons: Sterling, Michelle Bowman, Kristina Clifton, Tony Sycamore Organizations: Federal Reserve, Traders, Market Committee, Federal, Fed, Commonwealth Bank of Australia, IG, Japan, New Zealand Locations: U.S, Japan, South Korea, Tokyo, Seoul

☆ Oil prices fall after Iran attack as market draws down risk premium
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell at Asia's open on Monday, as market participants dialed back risk premiums following Iran's attack on Israel late on Saturday which the Israeli government said caused limited damage. The attack involving more than 300 missiles and drones was the first on Israel from another country in more than three decades. Oil benchmarks had risen on Friday in anticipation of a retaliatory attack by Iran, touching their highest levels since October. But prices still ended the week down about 1% after the International Energy Agency lowered its forecast for oil demand growth this year. A "less certain path to Fed rate cuts" because of persistent U.S. inflation also weighed on prices, Sycamore said.

Persons: Brent, Tony Sycamore, Jorge Leon, Analysts, Sycamore Organizations: West Texas, Israel's, Iran, International Energy Agency, Rystad Energy Locations: Tutong district, Brunei, Israel, Iran, Damascus, Gaza, U.S, Syria, Strait, Hormuz, East, Europe

☆ Yen crumbles under towering dollar and U.S. Treasury yields
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, the man is holding several U.S. dollar bills with some Chinese yuan in the background. The yen struggled to break away from a 34-year low on Friday and was headed for a weekly decline, while the dollar hovered near a five-month high alongside U.S. Treasury yields as traders heavily scaled back bets for a slew of U.S. rate cuts this year. The yen was last marginally higher at 153.17 per dollar, languishing near a 34-year trough of 153.32 per dollar hit in the previous session on the back of a surge in U.S. Treasury yields, which the dollar/yen pair tends to closely track. The benchmark 10-year yield was last at 4.5784%, flirting with a five-month peak of 4.5930% hit in the previous session. The renewed dollar strength also weighed on the Australian and New Zealand dollars , which each fell 0.02%.

Persons: Tony Sycamore, Shunichi Suzuki, David Doyle Organizations: U.S, Treasury, European Central Bank, Federal Reserve, IG, Japanese Finance, ECB, New, Macquarie Locations: U.S, United States, freefall, Tokyo, New Zealand

☆ Oil prices turn higher as Middle East ceasefire hopes wane
▼ + stars: | 2024-04-09 | by ( ) www.cnbc.com time to read: +2 min

Active pump jacks increase pressure to draw oil toward the surface at the South Belridge Oil Field on Feb. 26, 2022, in unincorporated Kern County, California. Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 40 cents to $90.78 a barrel by 0032 GMT. U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78. The market is continuing to weigh the risk of a disruption to oil supply.

Persons: Brent, Benjamin Netanyahu, Tony Sycamore, Pemex Organizations: Brent, . West Texas, IG, ANZ Locations: Kern County , California, Israel, Gaza, Cairo, Rafah, Syria, Tehran, Damascus, U.S, China, Americas, Europe

☆ Oil gains on upbeat manufacturing data, escalating Middle East tensions
▼ + stars: | 2024-04-02 | by ( ) www.cnbc.com time to read: +2 min

The May contract for U.S. West Texas Intermediate (WTI) crude futures rose 32 cents to $84.03 a barrel. Stronger than expected U.S. and Chinese manufacturing data is lifting prices, Tony Sycamore, a market analyst with IG, wrote in a note. U.S. futures could rise as high as the mid-$90s if they break a technical resistance level of $84.00 a barrel, Sycamore said. The last time the prompt-month WTI contract reached the $95 per barrel level was in August 2022. Iran's involvement could see its oil supply under threat," ANZ analysts wrote in a note.

Persons: Brent, Tony Sycamore, Sycamore Organizations: U.S . West Texas, IG, ANZ, of Petroleum, Ministerial Locations: China, U.S, Syria

☆ The home insurance market is crumbling. These owners are paying the price
▼ + stars: | 2024-03-29 | by ( Nathaniel Meyersohn | Anna Bahney | ) edition.cnn.com time to read: +9 min

Courtesy Victoria ZangaraIn the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association. Jim Watson/AFP/Getty ImagesHomeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.

Persons: Alfredo Herrera, Herrera, Zangara, “, ”, ” Herrera, policyholders, Mark Friedlander, Neil Fernandes, Fernandes, David Swanson, Matthew Carletti, Jim Watson, Diana Troxell, Diana Wright Troxell, Bruce, ” CNN’s Ella Nilsen Organizations: New, New York CNN, Louisiana Citizens, ”, National Oceanic, Atmospheric Administration, Louisiana State University, Insurance Information Institute, Farmers Insurance, Farmers, AAA, CNN, Firefighters, Reuters, State, Citizens Property Insurance, JMP Securities, Getty, Homeowners, Consumer Federation of America, CFA, Social Security, Foremost Insurance, California FAIR, FAIR Locations: New York, New Orleans, City, Louisiana, New Orleans , Louisiana, America, United States, Santa Clarita , California, California, Florida, Sycamore, Whittier , California, AFP, Cottonwood , California, ‘

☆ Dollar dips, yen draws support from Tokyo's jawboning
▼ + stars: | 2024-03-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly stronger yen as Japanese government officials continued with their jawboning to defend the currency. "But it's even tougher for the (dollar) to weaken when other central banks were sounding more dovish than a dovish Fed." The dollar index was last 0.02% lower at 104.20, while the euro rose 0.03% to $1.0840. "While they say that the fundamentals don't justify the price, the market's telling them something else," said IG's Sycamore.

Persons: he's, Tony Sycamore, Thierry Wizman, Shunichi Suzuki Organizations: New Zealand, Federal, IG, FX, Macquarie, Fed, Japanese Finance, Bank of Japan's Locations: U.S, Japan, United States, Sycamore

☆ Colorful paintings of daily life uncovered in 4,300-year-old Egyptian tomb
▼ + stars: | 2024-03-25 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +3 min

CNN —Colorful paintings of daily life in ancient Egypt have been discovered in a tomb dating back more than 4,300 years. The tomb, known as a mastaba, was found in the pyramid necropolis of Dahshur, about 25 miles south of Cairo, during a recent Egyptian-German archaeological mission. The main attractions there are two large pyramids of King Sneferu: the so-called Bent Pyramid and the Red Pyramid. The daily life of the ancient Egyptians and their animals can be seen in the paintings. It added: “Cleaning and documentation work will be carried out on the tomb and its inscriptions during the coming period.”

Persons: King Sneferu, Idut, DAIK Stephan Seidlmayer, ”, “, Hathor, King Amenemhat III Organizations: CNN, Archaeological Institute, Egyptian Ministry of Tourism and, Egyptian Ministry of Tourism, Antiquities Locations: Egypt, Dahshur, Cairo, Old Kingdom, Memphis, Berlin, Kingdom, Sycamore, ”, Archaeological Institute Cairo, Old, Middle Kingdom

☆ Oil prices rise on tighter supply, geopolitical risks
▼ + stars: | 2024-03-18 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Oil prices ticked up in early Asian trading on Monday, firming up gains from last week when prices rose nearly 4% on the view that supply was tightening. Brent crude oil futures for May delivery inched up 3 cents to $85.37 a barrel by 0045 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 10 cents to $81.14. Lower interest rates would stimulate demand in the U.S., supporting oil prices.

Persons: firming, Benjamin Netanyahu, Olaf Scholz, Tony Sycamore, Sycamore Organizations: Brent, U.S . West Texas, ANZ, U.S, U.S . Federal, IG, International Energy Agency Locations: Kasnodar, East, U.S ., U.S, Red, Brent

☆ There's a good chance the Fed doesn't cut rates at all in 2024, says Sycamore's Mark Okada
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThere's a good chance the Fed doesn't cut rates at all in 2024, says Sycamore's Mark OkadaMark Okada, Sycamore Tree Capital Partners co-founder and CEO, joins 'Closing Bell' to discuss his market and Fed outlooks and finally turning bullish on the market.

Persons: Sycamore's Mark Okada Mark Okada Organizations: Sycamore Tree Capital Partners Locations: Sycamore

LOS ANGELES (AP) — Thousands of fans watching Tiger Woods in his 2024 debut missed out on the best golf Thursday at the Genesis Invitational. In the group ahead of Woods was Patrick Cantlay, looking as though he wants to be the next Southern California native to win at Riviera. Cantlay opened with three birdies in four holes and never really slowed until a sycamore tree halted his great run. “Jordan and I were a bunch under on the front nine and a day where I putted really, really well. That shank was a shocker, and perhaps more concerning was Woods saying his back was acting up int the final hour, leading to the shank.

Persons: Tiger Woods, Woods, Patrick Cantlay, Jason Day, Luke List, Cam Davis, Jordan Spieth, Justin Thomas, Sam Burns, Rory McIlroy, Cantlay —, Spieth, —, ” Cantlay, “ Jordan, “ I've, Max Homa, John Merrick, shocker, ” Woods, “, ” McIlroy, McIlroy, Scottie Scheffler, Scheffler, steadied, ___ Organizations: ANGELES, Riviera, ricochet, Virginia Country Club, UCLA Locations: Southern California, Cantlay, Australia, LA, Bay Hill

☆ Dollar nears 150 yen ahead of US inflation test; bitcoin buoyant
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: +4 min

The dollar flirted with the psychological threshold of 150 yen on Tuesday and held broadly steady ahead of a key reading on U.S. inflation due later in the day, while bitcoin hovered around the $50,000 mark for a second day running. The greenback last bought 149.39 yen, edging higher toward the closely-watched 150 level that analysts said would likely trigger further jawboning from Japanese officials in an attempt to support the currency. The projected rise in inflation three years from now dropped to 2.4%, the lowest since March 2020, from December's 2.6%. Analysts said the latest boost to bitcoin comes ahead of its halving event, which will cut the reward for successfully mining a bitcoin block in half. The expectation of rate cuts certainly helps, but it doesn't explain what's really set fire to bitcoin over the past four, five sessions," said IG's Sycamore.

Persons: pare, that's, Tony Sycamore, It's, Kyle Rodda Organizations: greenback, Bank of, IG, Federal Reserve Bank of New, U.S ., New Zealand, U.S, bitcoin Locations: Asia, China, Hong Kong, Bank of Japan, U.S, United States, Federal Reserve Bank of New York, December's, Europe

☆ Dollar oscillates on less dovish Fed comments; China inflation data awaited
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +3 min

In this photo illustration, a person is seen holding 100, 50, and 5 US dollar bills in his hand. The U.S. dollar was trading in a tight range on Thursday as traders digested less dovish remarks from policymakers overnight and looked ahead to fresh economic data from the United States. Attention was also on inflation data out of China in the Asian morning amid concerns about deflation in the world's second-largest economy. Forecasts suggest mixed signals, with year-on-year consumer price deflation expected to have intensified in January but month-over-month prices up at the fastest pace in a year. The offshore Chinese yuan was down 0.11% to $7.2036 per dollar ahead of the data.

Persons: Susan Collins, Tony Sycamore, Sterling, Wei Liang Chang Organizations: U.S, Boston, Traders, IG, Bank of, DBS Locations: United States, China, Asia

☆ Oil ticks down in Asian trade despite rising Middle East tensions
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: +2 min

California produces 311,000 barrels of crude oil every day, around 2.4 percent of all US production, making it the seventh largest producing state in the union. Oil prices edged off in early Asian trading on Wednesday on continued bearish fundamentals, following gains in the previous session amid an escalating conflict in the Middle East. The March Brent crude futures , which expires today, fell 37 cents to $82.50 a barrel by 0146 GMT. But ANZ analysts said in a note that "a strong military response from the U.S." to the drone attack "could still trigger a strong reaction from the market." It appeared to be the most serious peace initiative since the war's first and only brief ceasefire which fell apart in November.

Persons: Fred Holmes, Brent, Tony Sycamore, Biden, Sycamore Organizations: . West Texas, IG, ANZ, U.S . Pentagon, U.S, China Evergrande Group, PMI Locations: Taft, Kern County , California, California, U.S, Jordan, Syria, East, Iran, Israel, Gaza, Red

☆ Oil extends losses as economic headwinds weigh on demand outlook
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. "This morning's subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," IG analyst Tony Sycamore said. Russian producer Novatek aid on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire. In the Middle East, the Gaza war rages on while the U.S. struck another anti-ship missile preparing to launch into the Gulf of Aden by Yemen's Houthi militants on Saturday.

Persons: headwinds, Brent, Tony Sycamore, Yemen's, IG's Sycamore, Baker Hughes, JP Morgan Organizations: West Texas, U.S . Energy Information Administration, International Energy Agency, Organization of, Petroleum, Energy Locations: Red, Ras Behar, Egypt, Europe, Ukrainian, Russian, Gaza, U.S, Aden, Iran, China

☆ Dollar holds near one-month peak as dovish Fed bets recede
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: +2 min

The dollar held close to a one-month peak versus major peers on Thursday after robust U.S. retail sales data overnight added to building expectations the Federal Reserve will not rush to lower interest rates. Australia's dollar weakened after data showed an unexpected decline in employment. Traders have trimmed the odds of a first Fed rate cut by March to 53.8%, down from 63.1% on Tuesday, according to CME's FedWatch Tool. ECB President Christine Lagarde told Bloomberg there would likely be majority support among ECB officials for an interest rate cut in the summer, although she stressed they would be data-dependent. Elsewhere, the Australian dollar weakened after data showed a 65,100 drop in jobs for December, where economists had forecast a 17,600 increase.

Persons: CME's, Christopher Waller, Tony Sycamore, Sycamore, Christine Lagarde, Sterling Organizations: Reserve, U.S, hawkish Bank, Japan, Traders, IG, Bloomberg, Bank of England, British, greenback Locations: Japan

☆ Dollar at one-month high as rate cut expectations ease on Fedspeak
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

The dollar index hovered at a one-month high against a basket of currencies on Wednesday as remarks by Federal Reserve Governor Christopher Waller dampened expectations for a March rate cut. "I will need more information in the coming months confirming or (conceivably) challenging the notion that inflation is moving down sustainably toward our inflation goal," before backing rate cuts, he said on Tuesday. Market expectations of a rate cut in March have eased to a 62.2% chance versus an 76.9% view in the prior session, according to CME's FedWatch Tool. "Rate cuts are coming but not as soon as some might be hoping for," Sycamore said. Meanwhile, the euro was hanging near a one-month low at $1.0875 after its steepest one-day percentage drop in two weeks, following comments from several ECB policymakers this week that maintained uncertainty over the timing of rate cuts.

Persons: Christopher Waller, Waller, CME's, Tony Sycamore, Christine Lagarde, Sycamore, Sterling, Rodrigo Catril Organizations: Federal Reserve, IG, European Central Bank, Treasury, Bank of Japan, National Australia Bank Locations: U.S, Asia

☆ Oil slides as Saudi price cuts counter Middle East worries
▼ + stars: | 2024-01-08 | by ( ) www.cnbc.com time to read: +2 min

In an aerial view, oil storage tanks at the Enterprise Sealy Station are seen on August 28, 2023 in Sealy, Texas. Oil prices fell by more than 3% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East. On Sunday rising supply and competition with rival producers prompted Saudi Arabia to cut the February official selling price (OSP) of its flagship Arab Light crude to Asia to the lowest level in 27 months. A Reuters survey on Friday found that OPEC oil output rose in December as increases in Iraq, Angola and Nigeria offset continuing cuts by Saudi Arabia and other members of the wider OPEC+ alliance. "However, that doesn't take into account the fact that geopolitical tensions in the Middle East are undeniably rising again, which will mean limited downside."

Persons: John Evans, Tony Sycamore, Antony Blinken, Vandana Hari Organizations: Enterprise, Brent, West Texas, PVM, Reuters, West, Vanda Insights, Libya's National Oil Corporation Locations: Sealy , Texas, Saudi Arabia, Yemeni, Red, Asia, Iraq, Angola, Nigeria, OPEC, Saudi, Gaza, West Bank, Lebanon, Syria

☆ Oil climbs as Mideast tension back in focus
▼ + stars: | 2023-12-04 | by ( ) www.cnbc.com time to read: +2 min

Oil futures rose on Monday as geopolitical tension in the Middle East returned to focus, spurring concerns about supply from the region, but uncertainty over OPEC+ voluntary output cuts and global fuel demand growth clouded the sector's outlook. Brent crude futures climbed 28 cents, or 0.4%, to $79.16 a barrel by 0018 GMT, while U.S. West Texas Intermediate crude futures were at $74.36 a barrel, up 29 cents, or 0.4%. "A re-emergence of geopolitical tension over the weekend has come to the aid of an ailing crude oil price on the reopen this morning," IG markets analyst Tony Sycamore said. The resumption of the Israel-Hamas war fueled the bullish momentum for oil prices, CMC Markets analyst Tina Teng said. "However, oil prices may continue to be under pressure for the time being due to China's disappointing economic recovery and the ramp-up of U.S. production," Teng said.

Persons: Brent, Tony Sycamore, Israel's, Tina Teng, Teng, Baker Hughes, Mike Tran Organizations: Chevron Corporation, U.S, West Texas, IG, CMC, Organization of, Petroleum, RBC Capital, Washington Locations: San Ardo , California, Middle, Gaza, Israel, U.S, Russia, Moscow, Ukraine, Venezuela, India

☆ Dollar hangs at three-month low as traders eye PCE data
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: +3 min

United States one dollar bills are curled and inspected during production at the Bureau of Engraving and Printing in Washington. The dollar index , a measure of the greenback against a basket of currencies, was last at 103.11, its lowest since Aug. 31. The dollar was track for a loss of more than 3% in November, its worst performance in a year. Market expectation that the Fed's rate increase cycle has finally come to an end has also put downward pressure on the greenback. PCE tops off a slew of other key economic events this week, including Chinese purchasing managers' index data and OPEC+ decision.

Persons: Kyle Rodda, Tony Sycamore Organizations: Engraving, The U.S, Federal Reserve, Reuters, greenback . U.S, Fed, Traders, Australian, Reserve Bank of New, Bank of Japan, IG Locations: United, Washington, The, U.S, OPEC, Reserve Bank of New Zealand

[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

☆ Brent climbs ahead of OPEC+ oil production decision
▼ + stars: | 2023-11-24 | by ( Colleen Howe | ) www.reuters.com time to read: +2 min

[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. Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent, Colleen Howe, Sonali Paul Organizations: REUTERS, Rights, Brent, . West Texas, of Petroleum, IG, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Rights BEIJING, WTI, U.S, Saudi Arabia, OPEC, Sydney

☆ Oil declines as traders speculate on OPEC agreement on output
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices fell slightly Friday as traders speculated on whether OPEC+ would come to an agreement on further production cuts. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent Organizations: Brent, U.S, West Texas, of Petroleum, IG, ANZ, Petrobras Locations: Stanton , Texas, OPEC, Sydney, U.S, China

☆ Dollar hovers near 2-1/2-month lows, easing pressure on yen
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: +3 min

The Japanese yen and U.S. dollar on display in Yichang, Hubei province, Nov 13, 2023. The dollar index held around 2-1/2-month lows after minutes of the Federal Reserve's last meeting did little to dislodge market expectations that its monetary tightening cycle was over. Treasury yields slipped again overnight to hover around 4.40%, easing further pressure on the yen. The Japanese yen advanced around 0.1% versus the greenback to 148.28, clinging to recent gains after ticking up slightly from as low as 147.155 overnight. While speculation that the Bank of Japan could exit from negative interest rates early next year should help stabilize the yen, the Japanese currency still faces strong headwinds.

Persons: Matt Simpson, CME's, Sterling, Simpson, Tony Sycamore Organizations: U.S, Index, Treasury, Bank of Japan, IG Locations: Yichang, Hubei province, U.S

☆ Japan's Nikkei seen rising to 35,000 by mid-2024 on earnings boost: Reuters poll
▼ + stars: | 2023-11-21 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

A man looks at an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan June 14, 2023. The median forecast for the Nikkei's level in mid-2024 was 35,000, with responses ranging from 31,143 to 39,500, the Reuters poll of 10 stocks strategists taken Nov. 10-20 showed. Japan's equity benchmark started this week by pushing to its highest level since March 1990 at 33,853.46 following a three-week winning streak. That would mean some stagnation for equities in the latter half of next year, with the Nikkei still stuck at 35,000 at year-end, according to the median poll response. "35,000 looks to be about the level where Nikkei gains line up with the timing of the BOJ getting rid of negative interest rate policy," Sycamore said.

Persons: Kim Kyung, Masayuki Kichikawa, IG's, Tony Sycamore, Sycamore, Kevin Buckland, Junko Fujita, Noriyuki, Rahul Trivedi, Pranoy, Alex Richardson Organizations: Nikkei, REUTERS, Rights, Bank of Japan, Federal, Sumitomo Mitsui DS Asset Management, Thomson Locations: Tokyo, Japan, IG's Sydney

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