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☆ Sterling rises as Sunak prepares to become PM, euro awaits ECB hike
▼ + stars: | 2022-10-25 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

LONDON, Oct 25 (Reuters) - Sterling rose on Tuesday supported by improved risk sentiment as Rishi Sunak prepared to become Britain's prime minister, while the euro steadied ahead of an expected rate hike by the European Central Bank (ECB) on Thursday. The U.S. dollar edged up but was not far from its lowest level in October amid signs Federal Reserve rate hikes are slowing the world's biggest economy. Sunak will become Britain's next prime minister, Downing Street said on Monday. Sterling edged toward this month's highs, up 0.3% to $1.13125 at 0825 GMT but currency strategists expected the currency, down more than 16% against the dollar this year, to remain under pressure. "Should the current level of UK political noise ease we would be wary of sterling continuing to cheapen versus both the U.S. dollar and euro".

☆ Oil prices steady on U.S. business activity, Chinese demand data
▼ + stars: | 2022-10-24 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. business activity weakens again in October -S&P GlobalChina's Sept crude imports fall, fuel exports hit 15-mth highNEW YORK, Oct 24 (Reuters) - Oil prices steadied in choppy trade on Monday, as weakening U.S. business activity data eased expectations for more aggressive interest rate hikes, while data showing demand from China remained lacklustre in September limited prices. U.S. West Texas Intermediate crude for December delivery lost 34 cents, or 0.4%, to $84.71 a barrel. Register now for FREE unlimited access to Reuters.com Register"The recent recovery in oil imports faltered in September," ANZ analysts said in a note, adding that independent refiners failed to utilise increased quotas as ongoing COVID-related lockdowns weighed on demand. Oil prices regained some ground after data that showed U.S. business activity contracted for a fourth straight month in October, with manufacturers and services firms in a monthly survey of purchasing managers both reporting weaker client demand. "Such a release is likely to have only a modest influence (<$5/bbl) on oil prices", the bank said in a note.

☆ Sterling rallies as pressure on UK PM Truss mounts
▼ + stars: | 2022-10-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

British Prime Minister Liz Truss is meeting Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. Register now for FREE unlimited access to Reuters.com RegisterAgainst this backdrop, the pound rose 0.5% to $1.1260 , having earlier traded 0.4% down. Analysts said a dialling back of aggressive rate hike bets following comments from the BoE's Ben Broadbent also weighed on sterling. Investors reined in further their bets of a full percentage-point interest rate increase by the BoE next month following the comments. Rating agencies S&P and Moody's review UK sovereign ratings on Friday, another potential headwind for British markets.

☆ Morning Bid: Earnings vs Rates
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

Oct 19 (Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan. Market tension is building between surprising positivity still coming from the unfolding corporate earnings season and the anxiety in interest rate markets and macro gloom. But earnings may be just a rearview mirror of the economy and the inflation and interest rate backdrop showed little sign of improvement across the western economies. U.S. 10- and 30-year bond yields were now both above 4% this week for the first time in 12 years. Oil prices steadied after Tuesday's slide amid reports U.S. President Joe Biden plans to release more of the Strategic Petroleum Reserve.

☆ Oil prices steady on U.S. dollar weakness; recession fears weigh
▼ + stars: | 2022-10-18 | by ( ) www.cnbc.com time to read: +1 min

Oil prices steadied in early Asian trade on Tuesday as a weaker U.S. dollar lent support, although rising shale production and fears that stubbornly high inflation could lead the world economy into a recession limited gains. A weaker dollar makes oil cheaper for non-U.S. buyers. Rising shale output has helped to ease an oil supply crunch and capped price gains. Expectations that China will keep with loose monetary policy to help its economy hobbled by Covid-19 restrictions has also lent support to oil prices. The country's central bank rolled over maturing medium-term policy loans on Monday while keeping its key interest rate unchanged for a second month.

Two days later, a chastened Truss addressed her first news conference as prime minister to admit she had gone "further and faster" than markets expected and sacked her friend and finance minister Kwasi Kwarteng to try to appease her lawmakers. With her credibility in tatters, she is now fighting for her political survival. "But it is clear that parts of our mini budget went further and faster than markets were expecting. Truss has also lost an important ally and, according to one person close to her, an important source of support in Kwarteng. But a veteran Conservative insider said it was simply a case of survival.

☆ Oil steadies as supply tightness duels with recession fears
▼ + stars: | 2022-10-10 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

West Texas Intermediate crude for November delivery declined by as much as 1.1% but was last at $92.62, down 2 cents. The OPEC+ cuts will squeeze supply in an already tight market. EU sanctions on Russian crude and oil products will take effect in December and February respectively. read moreThe complicated new sanctions package could end up shutting in considerable supplies of Russia crude, analysts have warned. "A recessionary economic outlook will lead to lower oil demand," Fitch Ratings said on Monday.

☆ Porsche shares rise in landmark Frankfurt debut
▼ + stars: | 2022-09-29 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +1 min

Porsche shares rose in their stock market debut Thursday, in one of the biggest public offerings in Europe ever. Parent company Volkswagen is offering 911 million shares, a reference to Porsche's famous 911 model. "Today is a great day for Porsche and a great day for Volkswagen," Arno Antlitz, Volkswagen's chief financial officer told CNBC's "Squawk Box Europe" Thursday. The organization knew the IPO would be successful, according to Antlitz, citing "strong financials" and "a very convincing strategy for the future." "We were convinced despite the challenging environment this IPO would prove successful, and we were right," he told CNBC's Annette Weisbach.

☆ Morning Bid: Dysfunction and intervention
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +5 min

Amid all the chaos in British bond markets, the forced intervention by the Bank of England to buy gilts has given some investors a crumb of comfort about the limits of central bank tightening. Cold comfort maybe, but enough to drag bond yields back and lift stocks briefly around the world. While 30-year gilt yields steadied just below 4% on Thursday after their 100bp swoon the previous day, the pound was sliding again and UK midcap stocks dropped. read moreEasing inflation in Spain was better news read more . Market leader Inditex (ITX.MC), the owner of Zara, slipped 2.2%, while the wider STOXX retailers index <.SXRP> slid 4.3%.

☆ The UK is gripped by an economic crisis of its own making
▼ + stars: | 2022-09-29 | by ( Mark Thompson | ) edition.cnn.com time to read: +8 min

“While this is welcome, the fact that it needed to be done in the first place shows that the UK markets are in a perilous position,” said Paul Dales, chief UK economist at Capital Economics, commenting on the bank’s intervention. “It wouldn’t be a huge surprise if another problem in the financial markets popped up before long,” Dales added. The UK government should also postpone its tax cuts, El-Erian said. We look like reckless gamblers who only care about the people who can afford to lose the gamble,” one former Conservative minister told CNN. “Truss and Kwarteng are now facing a severe economic crisis as the world’s financial markets wait for them to make policy changes that they and the Conservative party will find unpalatable,” the Eurasia analysts wrote.

☆ Oil prices steady on prospect of balancing supply after steep selloff
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: +1 min

Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the U.S. dollar, tempered an earlier selloff. "We don't want a sharp increase in oil prices or a collapse," he said in an interview on Iraqi state TV. Abdul Jabbar's comments helped to support oil, which settled at nine-month lows, largely on the surging U.S. dollar. An easing of the U.S. dollar, which trades inversely with oil, helped to support prices. But while the U.S. dollar weakened in post-settlement trade, earlier on Monday it hit its strongest level since May 2002.

☆ Plunging pound pauses as investors await policy response
▼ + stars: | 2022-09-27 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

On Friday and again on Monday the pound plunged, finding a record low of $1.0327 as investors question Britain's economic gambit of unfunded tax cuts to spur growth. Sterling has dropped 5% since Thursday and 21% this year against a backdrop of an ever stronger dollar. As the pound fell on Monday, the dollar surged to new highs on the euro and many more. "Everyone's got this hope that the dollar is peaking and peaking and peaking, but it's just been far too premature," said Paul Mackel, global head of FX research at HSBC in Hong Kong. China's yuan also hit a 2-1/2 year low on Monday and was steady at 7.1639 on Tuesday.

☆ Morning Bid: Eye of the storm
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +5 min

REUTERS/Shannon Stapleton TPX IMAGES OF THE DAYA look at the day ahead in U.S. and global markets from Mike Dolan. As Hurricane Ian raged and set its sights on Cuba and Florida, a global financial storm in bond and currency markets calmed moderately - though likely only temporarily. read moreRegister now for FREE unlimited access to Reuters.com RegisterFor all its potential destruction, Ian doesn't yet appear on the world markets radar. UK debt auctions this week will be watched very closely. But this may be the eye of the storm.

☆ The British pound is cratering against the dollar. Here's everything you want to know.
▼ + stars: | 2022-09-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

I'm Phil Rosen, and economic signals from our colleagues across the pond are deep in the red to start the week. No frills or tomfoolery today, out of fear that the pound will drop further before we get to the news. FILE PHOTO: British five pound banknotes are seen in this picture illustration Reuters1. Even after its third consecutive 75-basis-point hike last week, all signs point to more to come. What do you think is the Bank of England's best option to stop the pound from falling further?

☆ Sterling collapses as investors fly into dollars
▼ + stars: | 2022-09-26 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

British Pound Sterling and U.S. Dollar notes are seen in this June 22, 2017 illustration photo. Register now for FREE unlimited access to Reuters.com Register"You've got to buy the dollar as a risk off-trade. In stocks, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was down 1% to a two-year low. Treasuries tanked as well last week, with two-year yields up 35 bps to 4.2140% and benchmark 10-year yields up 25 bps to 3.6970%. Gold hit a more-than two-year low on Friday and bought $1,643 an ounce on Monday.

☆ Dollar stands alone as rate hikes rattle stocks
▼ + stars: | 2022-09-25 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

S&P 500 futures were flat after an initial wobble lower. The dollar made new highs on sterling, the euro and the Aussie in thin morning trade. Last week, stocks and bonds crumbled after the United States and half a dozen other countries raised rates and projected pain ahead. Register now for FREE unlimited access to Reuters.com RegisterThe Nasdaq (.IXIC) lost more than 5% for the second week running. Oil and gold steadied after drops against the rising dollar last week.

☆ India's Goswami bowls 10,000th ODI ball on way to controversial win
▼ + stars: | 2022-09-24 | by ( Hugh Lawson | ) www.reuters.com time to read: +3 min

Goswami claimed her record-extending 254th and 255th ODI wickets - the last one with her 10,001st delivery in the format - before ending her 20-year international career, having debuted in 2002. It is in the rules and hopefully it doesn't take the shine off a good summer and good series." England had been hoping for some redemption after losing the first two matches in the three-game series, but they eventually lost by 16 runs. India struggled with the bat and were eventually bowled out for 169. Register now for FREE unlimited access to Reuters.com RegisterReporting by Hugh Lawson; Editing by Christian RadnedgeOur Standards: The Thomson Reuters Trust Principles.

☆ Futures steady after Fed-driven selloff
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

A Wall St. street sign is seen near the New York Stock Exchange (NYSE) in New York City, U.S., September 17, 2019. The three main indexes finished more than 1.7% down on Wednesday, with the Dow (.DJI) posting its lowest close since June 17. The Nasdaq (.IXIC) and S&P 500 (.SPX), respectively, ended at their lowest point since July 1 and June 30. Worries about the impact of aggressive interest rate hikes on the economy and corporate profits have left the benchmark S&P 500 less that 4% away from its mid-June low, its weakest point of the year. ET, Dow e-minis were up 147 points, or 0.49%, S&P 500 e-minis were up 17.25 points, or 0.45%, and Nasdaq 100 e-minis were up 48.75 points, or 0.42%.

☆ Oil prices steady on expectations Fed rate hike to curb fuel demand
▼ + stars: | 2022-09-20 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. REUTERS/Bing Guan/File PhotoSINGAPORE, Sept 20 (Reuters) - Oil prices steadied on Tuesday after rising in the previous sessionon concerns that further U.S. interest rate hikes this week to tame inflation will curb economic growth and fuel demand in the world's biggest oil consumer. U.S. crude oil stocks are estimated to have risen last week by around 2 million barrels in the week to Sept. 16, a preliminary Reuters poll showed on Monday. read moreSigns that major producers are unable to meet their output quotas did give prices some support. read moreHowever, they are signs that higher oil prices this year are curbing demand.

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