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☆ Gold holds steady as traders await U.S. data for more Fed cues
▼ + stars: | 2024-03-28 | by ( ) www.cnbc.com time to read: +2 min

Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Gold prices steadied on Thursday as investors digested comments from Federal Reserve Governor Christopher Waller on interest rate cuts and looked forward to more U.S. economic data for policy clues. Fed Governor Waller on Wednesday said recent disappointing inflation data affirms the case for the U.S. central bank holding off on cutting its short-term interest rate target. Traders are currently pricing in a 62% probability the Fed will begin cutting rates in June, according to the CME Group's FedWatch Tool. Lower interest rates reduce the opportunity cost of holding bullion.

Persons: Christopher Waller, Ilya Spivak, Fed Governor Waller Organizations: Federal Reserve, Fed, U.S, Traders Locations: Ukraine

☆ Oil prices dip on demand worries as U.S. gasoline stocks surge
▼ + stars: | 2024-01-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Oil prices edged lower Wednesday as U.S. gasoline stocks rose significantly, suggesting demand might be faltering in the world's largest economy. U.S. crude oil inventories tumbled by 6.67 million barrels for the week ending Jan. 19, but gasoline stocks surged by 7.18 million barrels, according to the American Petroleum Institute. Rising gasoline stocks are a signal that demand might be weakening as supply returns to the market after disruptions in Libya and North Dakota. Geopolitical risk is largely already factored into prices, according to Dwivedi. The market is waiting for the Energy Information Agency to release the latest weekly U.S. crude supply data at 10:30 am ET.

Persons: Brent, Vikas Dwivedi, Tamas Varga Organizations: West Texas Intermediate, American Petroleum Institute, U.S, Macquarie, PVM Oil Associates, Energy Information Agency Locations: Libya, North Dakota

☆ Oil prices rise after storm disrupts Kazakh, Russian exports
▼ + stars: | 2023-11-29 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Wednesday as a storm in the Black Sea region disrupted oil exports from Kazakhstan and Russia, raising fears of supply tightness, while investors awaited a crucial decision by OPEC+, which may deepen or extend output cuts. A severe storm in the Black Sea region has disrupted up to 2 million barrels per day of oil exports from Kazakhstan and Russia, according to state's officials and port agent data. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. A weaker dollar typically supports oil prices as it makes oil cheaper for those holding other currencies. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Hiroyuki Kikukawa Organizations: OPEC, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S Locations: Kazakhstan, Russia, OPEC, Kazakh

"Investors covered short positions ahead of the OPEC+ meeting amid worries over supply disruption from Kazakhstan," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets, after delaying the meeting from Nov. 26. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. Kazakhstan's largest oilfields are cutting combined daily oil output by 56% from Nov. 27, the Kazakh energy ministry said. Meanwhile, U.S. crude oil inventories fell by 817,000 barrels last week, according to market sources citing American Petroleum Institute figures.

Persons: Turar, Hiroyuki Kikukawa, Warren Patterson, Ewa Manthey, Brent, Yuka Obayashi, Muyu Xu, Lincoln, Kim Coghill Organizations: REUTERS, Rights, Brent, . West Texas, of, Petroleum, NS, Nissan Securities, ING, Federal Reserve, American Petroleum Institute, Reuters, Weekly U.S, Thomson Locations: Mangystau, Kazakhstan, Rights TOKYO, SINGAPORE, Russia, OPEC, Kazakh

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

☆ Oil rises, Brent tops $80 ahead of OPEC+ meeting
▼ + stars: | 2023-11-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

Persons: Andrew Kelly, Tamas Varga, Alex Lawler, Sudarshan, Kim Coghill, David Goodman Organizations: REUTERS, of, Petroleum, Brent, . West Texas, Reuters, American Petroleum Institute, Thomson Locations: Manhattan , New York City, U.S, OPEC, Russia, Saudi Arabia

Money managers through Nov. 14 expanded their net long in CBOT soybean meal futures and options to 131,404 contracts from 111,987 a week earlier, also on new longs. January meal futures surged 21% during those five weeks and nearly 4% in the most recent week, reaching their highest ever levels for the date. The pre-2023 record open interest in meal futures and options was 594,016 contracts set in mid-2018 after drought significantly cut down top meal exporter Argentina’s soybean crop. March CBOT wheat futures rose fractionally during the week, and funds trimmed nearly 3,000 contracts from their huge net short, resulting in 89,271 futures and options contracts. wheat, funds have been very heavy sellers of spring wheat futures since late July.

Persons: Gustavo Bonato, Soyoil, Karen Braun, Diane Craft Organizations: REUTERS, Rights, Reuters, Thomson Locations: Campo Verde, Mato Grosso, Brazil, Rights NAPERVILLE , Illinois, United States, U.S, Kansas City, Minneapolis

Looking at export inspection data versus export sales data suggests that the actual shipments, not demand, are the standout factor. USDA predicts U.S. wheat exports at a 52-year low of 19.05 million tons in 2023-24, which began on June 1. As of Oct. 26, export sales totaled 11.4 million tons, some 60% of the full-year target, above the date’s recent average of 58%. USDA’s projections call for 2023-24 U.S. wheat exports to decline 8% on the year, and export sales were down 7% as of Oct. 26. Since June 1, wheat export inspections at the U.S. Gulf are down 40% from a year ago, while the Pacific Northwest volume is down 16%.

Persons: Karen Braun, Matthew Lewis Organizations: Weekly, U.S . Department of Agriculture, USDA, Reuters, Thomson Locations: NAPERVILLE , Illinois, States, U.S, Mississippi, Gulf, Pacific, Pacific Northwest, China, United States

Nicknamed "Pirola" on social media, the BA.2.86 Omicron subvariant is being tracked by both the World Health Organization (WHO) and the U.S. Centers for Disease Control and Prevention (CDC). As of Aug. 30, CDC said the BA.2.86 variant was detected in at least four U.S. states in people or wastewater. Delaware on Tuesday said it had detected a BA.2.86 infection at a hospital. Moderna on Wednesday said clinical data showed that its retooled COVID vaccine generated a nearly 9-fold increase in human antibodies that can neutralize BA.2.86. Pfizer said on Wednesday that its updated COVID shot showed neutralizing activity against BA.2.86 and EG.5 in studies conducted on mice.

Persons: Emily Elconin, David Dowdy, Dowdy, Dan Barouch, David Ho, Deena Beasley, Julie Steenhuysen, Bill Berkrot Organizations: REUTERS, Moderna, Pfizer, World Health Organization, WHO, U.S . Centers for Disease Control, Prevention, CDC, EG, Omicron, East, Johns Hopkins Bloomberg School of Public Health, Center, Virology, Vaccine, Beth Israel Deaconess Medical, Columbia University, U.S . Food, Drug Administration, Thomson Locations: Waterford , Michigan, U.S, Europe, Asia, Delaware, East Coast, Boston, Sweden, China

Consumers purchase gasoline at a gas station as a plane approaches to land at the airport in San Diego, California October 8, 2012. National retail gasoline prices will average $3.90 a gallon this month, predict analysts at Goldman Sachs. Jones said he was relieved prices were not close to the $5 a gallon level of last summer. Total U.S. gasoline stocks this month fell to 216.4 million barrels, the fifth decline in six weeks, according to U.S. government data. Reporting by Laura Sanicola and Shariq Khan; editing by Stephanie Kelly and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Blake, Goldman Sachs, Martin Jones, Jones, Irving Oil's, Patrick De Haan, Laura Sanicola, Shariq, Stephanie Kelly, Aurora Ellis Organizations: REUTERS, Consumers, American Automobile Association, Toyota Corolla, Washington , D.C, U.S . Midwest, Total U.S, U.S . National Oceanic, Atmospheric Administration, NOAA, Hurricanes, Thomson Locations: San Diego , California, California, Washington, Massachusetts, Washington ,, U.S, Ohio, Michigan, Whiting , Indiana, New Brunswick, Canada, Trainer ,, Texas, Gulf

☆ Oil prices up on China economic support pledge, tighter supply
▼ + stars: | 2023-07-19 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

TOKYO, July 19 (Reuters) - Global oil prices rose on Wednesday, boosted by China's pledge to support economic growth, tighter supply from Russia and on lower weekly U.S. crude oil inventories. "Crude oil gained amid signs of further tightening across the market. Russia appears to be making good on its promise to reduce supply," ANZ Research said in a client note on Wednesday. U.S. crude oil, gasoline and distillate inventories all fell last week, according to market sources citing figures by American Petroleum Institute, an industry group, on Tuesday, with crude stocks down by about 800,000 barrels. The market is expecting the weekly inventory report by the U.S. Energy Information Administration later on Wednesday which is expected to show further a drawdown in U.S. crude oil inventories, providing some more support to prices, ANZ's note added.

Persons: China's, Brent, Katya Golubkova, Lincoln Organizations: U.S, West Texas, ANZ Research, American Petroleum Institute, U.S . Energy Information Administration, Thomson Locations: TOKYO, Russia, .

☆ Stock Market Today: Dow Futures Fall; Meta Stock Rises Premarket
▼ + stars: | 2023-07-06 | by ( ) www.wsj.com time to read: +1 min

Government-bond yields rose in the U.S. and Europe, reflecting recent statements by major central banks that they will keep raising interest rates to curtail inflation. Weakening activity in the services sector is a big reason for the pressure on global markets today, said Samy Chaar, chief economist at Lombard Odier. U.S. stock futures fell. Government-bond yields rose. Yields rose in Germany, the U.K. and France, too.

Persons: Samy Chaar, ”, Dow, Hang Seng Organizations: Services, Lombard, Nasdaq, Overseas, Nikkei Locations: Government, U.S, Europe, Shanghai, Germany, France, Brent, Iran

U.S. West Texas Intermediate crude rose $2.15 from Monday's close, or 3.1%, to $71.91 a barrel by 11:36 a.m. EDT (1536 GMT). Brent crude futures rose 45 cents, or 0.5%, to $76.66 a barrel, after gaining $1.60 a barrel on Tuesday. "The July voluntary cuts and the extension into August should considerably tighten the oil market, but investors will stay on the sidelines until oil inventories will show substantial draws," said UBS analyst Giovanni Staunovo. The American Petroleum Association will report its weekly U.S. crude oil and products inventory report after 4:30 p.m. EDT (2030 GMT) on Wednesday. Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

Persons: Prince Abdulaziz bin Salman, Giovanni Staunovo, Staunovo, Morgan Stanley, Shariq Khan, Natalie Grover, Yuka Obayashi, Muyu Xu, David Goodman, Jan Harvey, David Gregorio Our Organizations: Brent's Tuesday, Brent, . West Texas, American Petroleum Association, U.S . Energy, Administration, U.S, Thomson Locations: Saudi Arabia, Russia, BENGALURU, Monday's, Algeria, Saudi, OPEC, China, Europe

☆ Morning Bid: Canadian cloud, rates markets checked
▼ + stars: | 2023-06-08 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanWildfire smoke wasn't the only cloud from Canada that drifted over the United States this week. It was enough to nudge borrowing rates back up slightly across the maturity spectrum and served a shot across the bow to otherwise buoyant stock markets and subdued risk gauges. Futures markets still see the Fed skipping a rate rise next week, delivering one final quarter-point hike in July and reversing that move by year end. Two-year Treasury yields firmed about 10 basis points to 3.80% - and sovereign debt yields around the world edged higher in sympathy. With Fed policymakers in a blackout period before next week's meeting, and new data points thin this week, market edginess was dominated by shifting sentiment more than anything.

Persons: Mike Dolan, Russell, Jane Merriman Organizations: Federal Reserve, Weekly U.S, Fed, Stock, Treasury, Reuters Graphics Reuters, Thomson, Reuters Locations: U.S, Canada, United States, Brussels

☆ Morning Bid: World markets leaving March like a lamb
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanIn like a lion, out like a lamb. Farmers' almanacs suggest a stormy and turbulent start to March means it's likely to end calm and serene - and so it appears with world financial markets this year. The evidence is sketchy so far and the impact on lending and credit generally will be examined forensically from here. That U-turn in thinking during the month saw wild swings in the bond and rates markets, where key volatility gauges (.MOVE) hit their highest since the 2008 crash. (.CESIUSD)Elsewhere, European markets continued to advance on Thursday, with banking stocks (.SX7P) up another 2% and credit default swaps on many banks lower too.

U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $69.28. Traders and analysts will be looking out for data from the U.S. Energy Information Administration on Wednesday to see whether it confirms signs of weaker crude demand. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse. An emergency rescue of Credit Suisse over the weekend helped revive oil prices. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

☆ FTSE 100 at record high on positive Centrica, StanChart earnings
▼ + stars: | 2023-02-16 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 hits record high, trading above 8,000 pointsCentrica, StanChart, Relx jump on upbeat resultsVodafone rises on report of looking at options for Africa unitFTSE 100 up 0.3%, FTSE 250 adds 0.4%Feb 16 (Reuters) - UK's FTSE 100 rose to a record high on Thursday, underpinned by corporate earnings from Centrica and Standard Chartered, while higher commodity prices drove up heavyweight miners. The blue-chip FTSE 100 (.FTSE) gained 0.3%, trading comfortably above the 8,000-point mark it had breached in the previous session. The exporter-heavy FTSE has had a stellar start to the year as positive corporate earnings and rising commodity prices supported the index. Shares of Centrica (CNA.L) jumped to top the FTSE 100, adding 4.2%, after the British gas owner's annual profit more than tripled and as it announced an extension of its share buyback programme. Standard Chartered (STAN.L) rose 1.8% after the lender reported a 28% rise in annual pretax profit and unveiled a $1 billion share buyback programme.

Export inspections, a proxy for actual exports, totaled a preliminary 8.2 million tonnes in January 2023 compared with 6.5 million a year ago and 8.9 million in January 2021. January 2022 soy shipments totaled 6.4 million tonnes, a couple of cargoes above the five-year average. U.S. soy export sales were decent last month as Brazilian farmers have been stingy sellers of their huge impending harvest. Trade estimates ahead of the U.S. Department of Agriculture’s Wednesday supply and demand report suggest analysts are mostly content with the agency’s latest forecast for 2022-23 U.S. soybean exports of 1.99 billion bushels (54.2 million tonnes). Weekly U.S. soybean export inspectionsKaren Braun is a market analyst for Reuters.

☆ Gold edges higher as investors weigh Fed slowdown chances
▼ + stars: | 2023-01-19 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was up 0.1% at $1,906.01 per ounce, as of 0252 GMT. U.S. gold futures fell 0.1% to $1,906.00. Few Fed officials signalled on Wednesday that they would push on with more interest rate hikes, while Philadelphia Fed President Patrick Harker and Dallas Fed President Lorie Logan said they supported a slower pace of tightening. Lower interest rates tend to boost bullion's appeal as they decrease the opportunity cost of holding the non-yielding asset. Spot silver lost 0.2% to $23.38 per ounce, platinum was flat at $1,038.38, and palladium fell 0.1% to $1,716.13.

Brazil’s corn exports should wind down in the coming months, inviting the possibility that China turns to the U.S. market. SHRINKING SHIPMENTSThe 2022 U.S. corn crop was smaller than expected and lighter than in the two prior years, curbing export potential. 2 shipper Brazil has the United States in serious jeopardy of losing its corn crown, something many believed could not happen this soon. For context, Brazil’s corn exports first topped 10 million tonnes in the 2010-11 trade year, and they broke 26 million tonnes two years later. Brazil’s 2022-23 corn crop is seen at a record 125 million tonnes, nearly a quarter larger than the recent average.

The United States was gripped by a frigid Arctic blast in late December, affecting transportation and commerce. The U.S. Department of Agriculture already projects 2022-23 U.S. wheat exports at a 51-year low of 21.1 million tonnes (775 million bushels). That volume is 26% lower than in 2016-17, the last time the United States was the world’s leading wheat exporter. Through the first half of 2022-23, which began on June 1, U.S. wheat exports covered 54% of USDA’s December forecast. U.S. wheat supplies have contracted after two disappointing harvests, driven by both low area and yield.

☆ Asian shares slip as COVID surge in China makes investors uneasy
▼ + stars: | 2022-12-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, Dec 29 (Reuters) - Asian equities weakened slightly on Thursday as soaring COVID cases in China unsettled investors and cast doubt over chances of a swift recovery for the world's second biggest economy after the relaxation of stringent COVID curbs. Around half the passengers on two flights from China to Milan's main airport, Malpensa, tested positive for COVID on Wednesday. China shares (.SSEC) fell 0.3%, while Hong Kong's stock market (.HSI) slid 1%. State Street's Investor Confidence Index, which analyses buying and selling patterns of institutional investors, fell to 75.9 in December, the lowest since the pandemic began three years ago. The yield on 10-year Treasury notes was down 2.2 basis points to 3.864%, not far off six-week high of 3.89%.

☆ Gold prices inch higher as U.S. dollar, yields slip
▼ + stars: | 2022-12-29 | by ( ) www.cnbc.com time to read: +1 min

Gold prices ticked up on Thursday as the U.S. dollar and Treasury yields eased, with market participants awaiting new indications on the Federal Reserve's rate hike plans. Benchmark U.S. 10-year Treasury yields eased after hitting a six-week high in the previous session. If it shows an increases in claims, then it should weaken dollar and support gold," said Ajay Kedia, director at Kedia Commodities, Mumbai. Bullion is on track for a yearly decline of about 1% pressured by aggressive U.S. rate hikes. "In 2022, gold has already priced in the rate hikes.

☆ Gold rangebound as traders await economic data
▼ + stars: | 2022-12-22 | by ( ) www.cnbc.com time to read: +2 min

One kilo gold bars are pictured at the plant of gold and silver refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. Gold edged up on Thursday, helped by a softer dollar in holiday-thinned trading, but prices moved in a tight range as market participants awaited economic data for further direction. Spot gold rose 0.2% to $1,818.40 per ounce as of 0225 GMT. The Federal Reserve lowered its pace of rate hikes gradually to 50 bps in December after four straight 75 bps rate hikes. However, Fed Chair Jerome Powell has signaled that the U.S. central bank will deliver more rate hikes next year.

☆ Foreigners turn net buyers of Japanese stocks last week
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +1 min

Dec 15 (Reuters) - Foreign investors were net buyers of Japanese stocks last week, as worries about the U.S. Federal Reserve's interest rate hikes eased and sentiment improved after China eased its COVID-19 restrictions. Overseas investors purchased Japanese stocks worth a net 338.5 billion yen ($2.50 billion) in the week ended Dec. 8, after selling a net 781.55 billion yen worth in the previous week, data from exchanges showed. Foreign flows into Japanese stocksThey accumulated derivatives worth a net 418.27 billion yen but disposed of cash equities of 79.77 billion yen. According to the data, they have been net sellers of about 2.8 trillion yen worth of Japanese stocks so far this year. Data showed cross-border investors drew a net 6.14 trillion yen worth of Japanese bonds last week, which marked their biggest weekly net purchase since Jan. 2021.

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