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CANADA STOCKS-TSX dips as losses in miners, dismal manufacturing data weigh
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
(Updates prices, sectors)June 14 (Reuters) - Canada’s main stock index edged lower on Monday, as losses in mining stocks and dismal domestic manufacturing data overshadowed gains in energy stocks. * The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.7% as gold futures fell 1.6% to $1,848.2 an ounce. * The energy sector climbed 1.4% as U.S. crude prices were up 1% a barrel, while Brent crude rose 0.9%. * On the TSX, 120 issues were higher, while 107 issues declined for a 1.12-to-1 ratio favouring gainers, with a trading volume of 22.35 million shares. * Across all Canadian issues, there were 95 new 52-week highs and four new lows, with total volume of 43.57 million shares.
Persons: Brent, industrials, Amal S, Rashmi Aich Organizations: Statistics, Toronto Stock, TSX, Inc, Kinaxis Inc, Nexgen Energy Ltd, Cameco Corp, Natural Resources, Mining Locations: Statistics Canada, Bengaluru
COLUMN-Hedge funds bullish as oil prices hit multi-year highs: Kemp
  + stars: | 2021-06-14 | by ( John Kemp | ) www.reuters.com + 0.00   time to read: +3 min
Money managers purchased the equivalent of 52 million barrels in the six most important petroleum futures and options contracts in the week to June 8, exchange and regulatory data shows. The net position climbed to 919 million barrels, the highest since January 2020 before the pandemic took hold. Portfolio managers were big buyers of both NYMEX and ICE WTI (+28 million barrels) and Brent (+23 million) and small purchasers of European gas oil (+4 million), but sellers of U.S. diesel (-1 million) and gasoline (-2 million). In NYMEX WTI, the number of bearish short positions has fallen to its lowest for more than two years as the renewed uptrend in prices forces short sellers to buy back their positions (tmsnrt.rs/3xf8Eyw). Related columns:- Oil output restraint draws hedge fund buying (Reuters, June 7)- U.S. shale restraint pushes oil prices to multi-year high (Reuters, June 4)- Empty supply chain will keep global economy booming (Reuters, June 3)- Oil funds trim positions as prices approach post-pandemic high (Reuters, June 1) (Editing by David Goodman)
Persons: John Kemp, Brent, WTI, David Goodman Organizations: ICE, . diesel, diesel, Reuters Locations: United States, China, U.S, OPEC, Iran
U.S. Stock Futures Edge Higher to Start the Week
  + stars: | 2021-06-14 | by ( ) www.wsj.com sentiment -0.99   time to read: +1 min
U.S. stock futures edged up to start the week after the S&P 500 hit another record close and notched its third consecutive week of gains. Futures on the S&P 500 gained 0.1% and futures on the Dow Jones Industrial Average strengthened 0.1%. In Europe, the Stoxx Europe 600 climbed 0.6% in morning trade, and it is at its highest level in a year. Other stock indexes in Europe also mostly climbed as France’s CAC 40 added 0.6%, the U.K.’s FTSE 250 rose 0.5% and Germany’s DAX gained 0.6%. The yield on German 10-year bunds strengthened to minus 0.269% and the 10-year U.K. government debt known as gilts yield gained to 0.713%.
Persons: Germany’s DAX, bunds, Richard B, Levine, Dow Jones, 87990cbe856818d5eddac44c7b1cdeb8 Organizations: Dow Jones, ITV, , CAC, Swiss, U.S ., Brent, Treasury, Nikkei, Nasdaq, Press, Dow Jones & Company, Inc Locations: Europe, Asia, China, Taiwan, Australia
Oil prices rise as demand improves, supplies tighten
  + stars: | 2021-06-14 | by ( Bozorgmehr Sharafedin | ) www.reuters.com sentiment -0.82   time to read: +2 min
LONDON (Reuters) -Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. REUTERS/Nick OxfordBrent was up 85 cents, or 1.2%, at $73.54 a barrel by 0908 GMT, their highest since April 2019. IEA urged the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to increase output to meet the rising demand. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May. [RIG/U]It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Nick Oxford Brent, , , Stephen Brennock, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum Locations: Midland , Texas, U.S, North America, Europe, OPEC, . U.S
Oil prices climb as demand outlook improves, supplies tighten
  + stars: | 2021-06-14 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -0.96   time to read: +2 min
The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. U.S. West Texas Intermediate gained 47 cents, or 0.7%, to $71.38 a barrel, the highest since October 2018. read moreThe OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May. read more"OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the IEA said. It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Alexey Malgavko, Brent, Avtar Sandu, Goldman Sachs, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, Phillip Futures, of, Petroleum, International Energy Agency, Thomson Locations: Omsk, Russia, North America, Europe, India, Singapore, OPEC
Oil holds near multi-year highs amid demand recovery
  + stars: | 2021-06-14 | by ( ) www.cnbc.com sentiment -0.99   time to read: +1 min
An oil pumping jack, also known as a "nodding donkey", in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020. U.S. oil rigs rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report. It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Brent, Goldman Sachs, Baker Hughes Organizations: . West Texas, of, Petroleum, International Energy Agency Locations: Dyurtyuli, Republic of Bashkortostan, Russia, North America, Europe, OPEC, U.S
World stocks near record high as investors await dovish Fed act
  + stars: | 2021-06-14 | by ( Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +4 min
REUTERS/Kim Kyung-HoonGlobal shares held firm near record highs on Monday while U.S. bond yields flirted with three-month lows as investors expect the Federal Reserve to stick to its dovish mantra later this week. The MSCI all-country world equity index (.MIWD00000PUS), the U.S. S&P 500 (.SPX) and the pan-regional STOXX Europe 600 index (.STOXX) all closed at record highs on Friday. Many investors expect the Fed to repeat its dovish view at its two-day meeting from Tuesday. "There will probably be no surprise from the Fed this week," said Mitsubishi UFJ's Fujito. U.S. West Texas Intermediate (WTI) crude futures added 0.2% to $71.05 per barrel, near their highest since October 2018.
Persons: Kim Kyung, Norihiro Fujito, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Treasuries, Akira Takei, Boris Johnson's, Johnson Organizations: Nikkei, REUTERS, Hoon Global, Federal Reserve, Japan's Nikkei, U.S . Federal Reserve, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, Asset Management, European Central Bank, British, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Hong Kong, Australia, U.S, Europe, India
Stocks wait at record peaks for Fed; oil marches higher
  + stars: | 2021-06-14 | by ( Hideyuki Sano | ) www.reuters.com + 0.00   time to read: +4 min
Japan's Nikkei (.N225) rose 0.7% while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 0.2%. The MSCI world equity index (.MIWD00000PUS), the U.S. S&P 500 (.SPX) and the pan-regional STOXX Europe 600 index (.STOXX) all closed at record highs on Friday. "Yes, PPIs are racing higher, but will that be reflected in higher consumer goods prices from China? Certainly, that's what the U.S. bond market is saying to us." Speculators are also building up long positions in U.S. debt, with their net long positions in U.S. bond futures hitting the highest level since October 2017 , U.S. financial watchdog data showed.
Persons: Athit, Jeffrey Halley, Treasuries, Akira Takei, Norihiro Fujito, Mitsubishi UFJ, Mitsubishi UFJ Morgan Stanley, Boris Johnson's, Johnson, Bitcoin Organizations: REUTERS, Federal Reserve, Japan's Nikkei, U.S . Federal Reserve, Oil, Asset Management, Mitsubishi, Mitsubishi UFJ Morgan, Mitsubishi UFJ Morgan Stanley Securities, European Central Bank, British, Brent, Elon Musk, Thomson Locations: Tokyo, Japan, Asia, Pacific, China, Hong Kong, Australia, U.S, Europe
CLASS WARFARE: Some of Rep. Matt Gaetz's law-school classmates wish he'd just disappear. Insider spoke with 14 of Gaetz's former classmates. Read the email for yourself:Matt Gaetz's personal email address and the name of a former classmate have been removed for personal privacy. Another former classmate opined that Gaetz's behavior was "more over-the-top now": Thirty-four of Gaetz's fellow classmates joined a group of more than 500 William & Mary Law School alumni who signed a petition urging him to resign. Read more on Gaetz's law-school days and how he bragged about growing up in the "Truman Show" house.
Persons: Alejandro Mayorkas, Matt Gaetz's, he'd, & Mary Law School's, Matt, Gaetz, William, William & Mary, Read, Truman, Benjamin Netanyahu, Netanyahu, Naftali Bennett, Bibi, Joe Biden, it's, Roosevelt, Diana Flores, Amelia, Dr, Ali Ebneshahidi, I'm, Biden, Scott Franklin, Mark Green, Pramila, Jayapal, Lynn Hughes, Hughes, Trump's, Donald Trump's, Donald McGahn, Trump, Jill Biden, Queen, CHRIS JACKSON, Queen Elizabeth II, Vladimir Putin, Xi Jinping, Kate Felmet, Esme, mignon, Michael Loccisano Organizations: &, Super Bowl, Mary Law School, William &, NATO, Washington Post, Republican, CrossAmerica Partners, Washington Democrat, World Health Organization, China, Houston Methodist, COVID, Apple, New York Times, Democratic, Windsor, Westminster Kennel Club, Union Locations: Mexico, Florida, dealmaking, Afghanistan, Washington, COVID, Nuremberg, Oregon
G-7 is 'a step toward presenting a unified front on the China issue': CFR
  + stars: | 2021-06-14 | by ( ) www.cnbc.com + 0.96   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailG-7 is 'a step toward presenting a unified front on the China issue': CFRBrent McIntosh, senior fellow at the Council on Foreign Relations, discusses the key developments made in the G-7 summit and why he expects "more of the same" from the NATO summit.
Persons: CFR Brent McIntosh Organizations: CFR, Council, Foreign Relations, NATO Locations: China
Airline stocks have soared. They're not in the clear yet
  + stars: | 2021-06-14 | by ( Julia Horowitz | Cnn Business | ) edition.cnn.com + 0.00   time to read: +6 min
A version of this story first appeared in CNN Business' Before the Bell newsletter. You can sign up right hereLondon (CNN Business) Air travel in the United States is back. That's great news for airline stocks, which have rallied this year on hopes that domestic trips would make a return. The problem: Demand for business travel and long-haul flights, a crucial source of income, is still extremely depressed. What a difference a year makes, my CNN Business colleague Chris Isidore writes.
Persons: Darby LaJoye, months.has, American Airlines AAL, Ed Bastian, Bastian, Boris Johnson, Johnson, Joe Biden, Tesla, Elon Musk, bitcoin, Bitcoin, Musk, There's, General Motors GM Mary Barra, Chris Isidore, Morgan Stanley Organizations: CNN Business, Bell, Air, Transportation Security Administration, TSA, American Airlines, Brent, Easyjet, British Airways, IAG, Budget, Bank of America, GM, General Motors GM, Volkswagen Locations: London, United States, COVID, Europe, India, England, United Kingdom, China, Czech Republic, Qatar, Italy, Saudi Arabia, Barra
Column: Hedge funds bullish as oil prices hit multi-year highs: Kemp
  + stars: | 2021-06-14 | by ( John Kemp | ) www.reuters.com + 0.00   time to read: +3 min
Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, U.S., March 24, 2016. REUTERS/Nick Oxford/File PhotoHedge funds boosted their position in petroleum last week to pre-pandemic levels, encouraged by signs of a rapidly recovering global economy and continued output restraint among U.S. shale producers. Money managers purchased the equivalent of 52 million barrels in the six most important petroleum futures and options contracts in the week to June 8, exchange and regulatory data shows. The net position climbed to 919 million barrels, the highest since January 2020 before the pandemic took hold. Related columns:- Oil output restraint draws hedge fund buying (Reuters, June 7) read more- U.S. shale restraint pushes oil prices to multi-year high (Reuters, June 4) read more- Empty supply chain will keep global economy booming (Reuters, June 3)- Oil funds trim positions as prices approach post-pandemic high (Reuters, June 1)Our Standards: The Thomson Reuters Trust Principles.
Persons: Nick Oxford, Brent, WTI Organizations: REUTERS, ICE, . diesel, diesel, Reuters, Thomson Locations: Cushing , Oklahoma, U.S, United States, China, OPEC, Iran
He said a flight attendant was called a "fat gorilla" for asking a passenger to wear a face mask. Video shows the moment a flight attendant threatened to turn a plane around after a heated confrontation with a man who hurled vulgarities when asked to put on his mask. "But one of the things I will not tolerate is disrespect to any of my flight attendants. We will go back to the gate and you will get arrested if you disrespect any of my flight attendants on board. Some time later, another passenger called the flight attendant who spoke a "drama queen," at which point the flight attendant said that the plane was being turned around.
Persons: TikTok, Brent Underwood, Underwood, It's, Organizations: American Airlines, LAX, NC Locations: Los Angeles, Charlotte, Raleigh , North Carolina, LAX, NC, Raleigh
Studies have indeed demonstrated that "productivity" increases when employees work remotely, but attribute this effect, in large part, to longer working hours. Perhaps as a result, some studies have found that remote workers report burnout at higher rates than their in-person colleagues. One recent survey of 2,000 companies using remote work found a "rapid" uptick in use of such tools. As StaffCop Enterprise, another employee monitoring vendor, explains it: "Gone are the days when remote work was only appealing to employees." As Marianne Eloise writes, disabled people still need accommodations, within a remote workplace or not.
Persons: Katya Schwenk, Jack Dorsey, Jeff Clarke, Frederick Taylor, Chris Hughes, Uber, Salesforce, Brent Hyder, Michael Lee, Benjamin Naddaff, Hafrey, , Marianne Eloise Organizations: Boston Consulting, America, Automation, Facebook, New Yorker, behemoth, San, Systems, Companies, StaffCop Enterprise Locations: Silicon Valley, California, San Francisco, Mississippi, New York City
The pan-regional STOXX Europe 600 index rose 0.7% to a record close, posting its sixth straight session of gains and best weekly performance at 1.1% since early May. “There is a concern that eventually you could get some migration out of stocks into bonds,” Meckler said. Benchmark German 10-year bonds fell 3 basis points to -0.28% and were set for their best week of the year. The dollar index rose 0.54%, with the euro fell 0.55% to $1.2102. Oil prices rose to multi-year highs, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs.
Persons: “ You’ve, , Michael James, Rick Meckler, ” Meckler, , Jeremy Gatto Organizations: European Central Bank, Federal Reserve, Wedbush Securities, Cherry Lane Investments, Dow Jones, Nasdaq, Japan, Treasury, Brent Locations: Europe, breakeven, Los Angeles, New Vernon , New Jersey, Asia, Pacific, coronavirus, Unigestion
CANADA STOCKS-TSX gains on energy boost, upbeat economic data
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com sentiment -0.98   time to read: +2 min
(Updates prices, sectors)June 11 (Reuters) - Canada’s main stock index rose on Friday, as energy stocks gained on higher crude prices and upbeat economic data bolstered optimism over an economic rebound. * The energy sector climbed 0.8% as U.S. crude prices were up 0.2% a barrel, while Brent crude was unchanged. ET (13:36 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 39.12 points, or 0.2%, at 20,088.59. * The most heavily traded shares by volume were those of Hut 8 Mining Corp, Canadian Natural Resources Limited , and NorthWest Healthcare Properties. * Across all Canadian issues there were 76 new 52-week highs and 2 new lows, with total volume of 22.41 million shares.
Persons: Brent, Amal S, Shailesh Kuber Organizations: Toronto Stock, Statistics Canada, TSX, Hudbay Minerals Inc, Quantum Minerals, Enghouse Systems, Healthcare, Mining Corp, Natural Resources Locations: Bengaluru
(Updates prices, adds rate decision)MOSCOW, June 11 (Reuters) - The Russian rouble firmed against the U.S. dollar on Friday to its highest since last July after the central bank raised interest rates by 50 basis points, with higher oil prices adding support. By 1103 GMT, the rouble was 0.2% stronger against the dollar at 71.63. Minutes after the central bank raised rates and flagged more hikes this year, the rouble hit 71.55, a level last seen on July 27. The rouble-based MOEX Russian index was 0.5% higher at 3,846.7 points, earlier touching an all-time high of 3,848.08 points. For Russian equities guide seeFor Russian treasury bonds see
Persons: Central Bank Governor Elvira Nabiullina, Joe Biden, Russia’s Vladimir Putin Organizations: U.S, , Economics, Central Bank Governor, U.S ., Russia, Brent Locations: MOSCOW, United States, Russia, Europe, China
The rate hike to 5.5% was expected by economists after high inflation in May prompted a broad revision of forecasts, and Central Bank Governor Elvira Nabiullina said the move was already priced in on the foreign exchange market. Minutes after the central bank raised rates and flagged more hikes this year, the rouble hit 71.55, a level last seen on July 27. Versus the euro, the rouble added 0.4% to 87.01 , earlier crossing the 87 threshold for the first time since March 17. “On the whole, raising rates makes rouble assets more attractive,” said Nabiullina. The dollar-denominated RTS index gained 0.5% to 1,686.1 and the rouble-based MOEX Russian index was 0.4% higher at 3,841.6 points, earlier touching an all-time high of 3,849.32 points.
Persons: Central Bank Governor Elvira Nabiullina, , Joe Biden, Russia’s Vladimir Putin, Brent, Kirsten Donovan Organizations: U.S, Central Bank Governor, , Economics, U.S ., Russia Locations: MOSCOW, United States, Russia
Slow Vaccinations in Developing World Set to Drag on Oil Demand
  + stars: | 2021-06-11 | by ( David Hodari | ) www.wsj.com + 0.00   time to read: +4 min
At the same time, the world has finally burned off the glut of oil it built up when pandemic restrictions grounded flights and shut factories and restaurants last spring. Photo: christian hartmann/ReutersOil prices wavered early Friday, with Brent crude oil, the global benchmark, up 0.3% at $72.71 a barrel. Both benchmarks hit fresh multiyear highs on Wednesday, with optimism about resurgent demand having held Brent prices above $70 a barrel in recent weeks. Still, the status of Iranian supply represents an unknown for global producers. Should the parties reach an agreement in the coming weeks, Iranian production could rise to full capacity of 3.8 million barrels a day—up 1.4 million barrels from current levels—by the end of next year, the report added.
Persons: hartmann, Brent, Biden’s, David Hodari Organizations: International Energy Agency, IEA, Organization for, Petroleum, Reuters, Brent, Texas Intermediate, U.S Locations: Brazil, India, Malaysia, Covid, Paris, U.S
Asia stocks up, U.S. bond yields down as inflation fears ease
  + stars: | 2021-06-11 | by ( Andrew Galbraith | ) www.reuters.com + 0.00   time to read: +4 min
SHANGHAI (Reuters) - U.S. bond yields dipped to three-month lows and a broad gauge of Asian shares rose on Friday as investors looked past rising U.S. consumer prices and focused on one off-factors which suggested higher inflation could be short-lived. Data overnight showed the U.S. consumer price index posted its biggest year-on-year increase since August 2008 at 5%, following a 4.2% rise in April. “But the Fed, which meets next week, can still point to no deviation of inflation expectations to back up its continued mantra of transitory inflation. The 10-year U.S. Treasury note’s yield dipped to a three-month low of 1.4340%, down from Thursday’s close of 1.459%. Hopes for stronger economic demand following the U.S. unemployment claims report lifted oil prices to two-year highs on Thursday.
Persons: Kim Kyung, DAX, , Rob Carnell, Seoul’s, Larry Hu Organizations: REUTERS, Federal, European Central Bank, . Labor Department, Japan’s Nikkei, ING, Macquarie, Dow Jones, Nasdaq, Treasury, Brent, U.S . West Texas Locations: SHANGHAI, Tokyo, Japan, U.S, Asia, Pacific, Singapore, China, Hong Kong, Thursday’s
London shares gained 0.7%, helped by a 2.3% jump for the mining sector, while Paris climbed 0.8%. The MSCI world equity index, which tracks shares in almost 50 countries, gained 0.1%. “Markets seem to be taking the Fed at its word but when we talk to clients there is concern about long-term inflation.”Euro area bond yields followed suit. “We still think consumers are going to help prices higher, when these economies reopen properly, that people can start travelling again, spending again,” said Jeremy Gatto, investment manager at Unigestion. “We are going to get a further boost from the consumption side, and we therefore expect bond yields to move higher.”The U.S. dollar slipped as yields dipped before edging back up.
Persons: Toby Melville, , Kiran Ganesh, , Jeremy Gatto Organizations: London Stock Exchange Group, City of, REUTERS, London, European Central Bank, Wall, Federal, . Labor Department, Treasury, UBS Global Wealth Management, , Japan, Investors, U.S, Brent Locations: United States, City, City of London, Britain, Paris, Europe, U.S, London, Asia, Pacific, coronavirus, Unigestion, China
Stocks hover near record highs as bond yields slide
  + stars: | 2021-06-11 | by ( Herbert Lash | Tom Wilson | ) www.reuters.com + 0.00   time to read: +3 min
The ECB’s projections pushed the pan-regional STOXX Europe 600 index up 0.68% to an intraday high and record close at 457.64. Investors are leaning into tech stocks because they don’t use raw materials and productivity rate is higher than other sectors, he said. “There is a concern that eventually you could get some migration out of stocks into bonds. But right now we seem to be at that pre-tipping point where bonds don’t yield enough to scare people out of stocks,” Meckler said. The dollar index rose 0.57%, with the euro down 0.61% to $1.2095.
Persons: Toby Melville, Rick Meckler, ” Meckler, , , Jeremy Gatto Organizations: London Stock Exchange Group, City of, REUTERS, European Central Bank, Cherry Lane Investments, Investors, Dow Jones, Nasdaq, Japan, Treasury, Brent Locations: City, City of London, Britain, Europe, breakeven, New Vernon , New Jersey, Asia, Pacific, coronavirus, Unigestion
Stocks set record highs as bond yields slide
  + stars: | 2021-06-11 | by ( Herbert Lash | Tom Wilson | ) www.reuters.com + 0.00   time to read: +5 min
The pan-regional STOXX Europe 600 index rose 0.7% to a record close, posting its sixth straight session of gains and best weekly performance at 1.1% since early May. “There is a concern that eventually you could get some migration out of stocks into bonds,” Meckler added. U.S. growth-oriented stocks slightly outpaced value stocks as the two styles vied for leadership: big tech stocks added the most upside followed by financial shares. Benchmark German 10-year bonds fell 3 basis points to -0.28% and were set for their best week of the year. The dollar index rose 0.49%, with the euro down 0.51% to $1.2107.
Persons: Brendan McDermid, “ You’ve, , Michael James, Rick Meckler, Meckler, Jack Ablin, ” Ablin, , Jeremy Gatto Organizations: New York Stock Exchange, REUTERS, European Central Bank, Federal Reserve, Treasury, Wedbush Securities, Cherry Lane Investments, Dow Jones, Nasdaq, Cresset Capital Management, Japan, Brent Locations: St, New York City, U.S, Europe, Stocks, breakeven, Los Angeles, New Vernon , New Jersey, Asia, Pacific, COVID, Unigestion
In morning trade in Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan ticked up 0.18%. “But the Fed, which meets next week, can still point to no deviation of inflation expectations to back up its continued mantra of transitory inflation. “Because of very strong external demand the negative impact from credit deceleration should be OK in the next three to six months, mainly thanks to the strong demand from the U.S.,” said Larry Hu, economist at Macquarie in Hong Kong. The spread between the 2-year and 10-year yield also hit its narrowest level since late February, as inflation expectations eased. Hopes for strong economic demand following the U.S. unemployment claims report lifted oil prices to two-year highs on Thursday.
Persons: , Rob Carnell, Seoul’s Kospi, Larry Hu Organizations: Nikkei, . Labor Department, Japan, Japan’s Nikkei, ING, Macquarie, Dow Jones, Nasdaq, Treasury, Brent, U.S . West Texas Locations: Asia, Japan, SHANGHAI, Pacific, Singapore, China, U.S, Hong Kong, Thursday’s
Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent is set for a weekly rise of 0.7% while WTI is set to gain 0.8%. It suggests that the physical market has absorbed extra Saudi production with ease and that demand globally is robust and climbing." The Organization of the Petroleum Exporting Countries (OPEC) reinforced the view of healthy demand, sticking to its forecast that demand in 2021 would rise by 5.95 million barrels per day, up 6.6% from a year earlier. read more"Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," OPEC said in its monthly report on Thursday.
Persons: Brent, Jeffrey Halley, Margaret Yang, Eurocontrol Organizations: Brent, . West Texas, Reuters, OANDA, U.S . Energy, Administration, ANZ Research, ANZ, of, Petroleum, Thomson Locations: Europe, China, United States, Saudi Arabia, Asia, North America
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