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☆ Oil extends losses as investors brace for more rate hikes
▼ + stars: | 2023-05-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended losses on Wednesday, after slumping about 5% to a five-week low in the previous session, as investors braced for more rate hikes this week that could dent energy demand. Both benchmarks closed at their lowest since March 24 in the previous session, when they also recorded their biggest one-day percentage declines since early January. Concerns about diesel demand in recent months, meanwhile, have pushed down U.S. heating oil futures to their lowest level since December 2021. Energy prices are also under pressure after data from China over the weekend showed manufacturing activity fell unexpectedly in April. Official stockpile data from the U.S. Energy Information Administration (EIA) is due at 10:30 a.m. EDT on Wednesday.

☆ Marriott raises full-year profit forecast on strong travel demand
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +1 min

May 2 (Reuters) - Marriott International Inc raised its full-year adjusted profit forecast on Tuesday, as the U.S. hotel operator benefits from pent-up demand for leisure and business travel. Flexible work arrangements have fueled travel demand and helped hotel operators to improve their margins after they took a beating during the pandemic. The travel industry has also benefited in the last few quarters from a strong U.S. dollar. The company expects full-year adjusted profit between $7.97 and $8.42 per share, compared with its prior forecast of $7.23 to $7.91. Reporting by Priyamvada C in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Oil slips on weak China data and rate hike expectations
▼ + stars: | 2023-05-02 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

May 2 (Reuters) - Oil prices fell on Tuesday on weak economic data from China and expectations of interest rate hikes by the U.S. Federal Reserve and European Central Bank (ECB) this week. Brent crude fell 42 cents, or 0.53%, to to $78.89 a barrel by 1037 GMT while U.S. West Texas Intermediate (WTI) crude lost 46 cents, or 0.61% to $75.20. Price pressure followed official data on Sunday showing manufacturing activity in China, the world's top crude importer, fell unexpectedly in April. Investors will look for market direction from expected interest rate hikes by inflation-fighting central banks, which could slow economic growth and dent energy demand. A poll on Monday showed that U.S. crude oil stockpiles, meanwhile, are expected to have fallen for a third consecutive week, providing some oil price support.

☆ Futures slip ahead of Fed meet; U.S. debt ceiling jitters dent mood
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +3 min

The U.S. central bank is expected to deliver a 25 basis-point interest rate increase on Wednesday and then hold rates steady for the rest of 2023, according to economists in a Reuters poll. However, with inflation running well over the central bank's 2% target and a still-strong labor market mean chances of rate cuts seem less likely. Denting sentiment, Australia's central bank raised its cash rate by 25 basis points when traders were expecting an extended pause, citing too high inflation and warning of even higher rates. ET, Dow e-minis were down 72 points, or 0.21%, S&P 500 e-minis were down 7 points, or 0.17%, and Nasdaq 100 e-minis were down 1 points, or 0.01%. Educational services company Chegg (CHGG.N) slumped 44.7% on a downbeat second-quarter revenue forecast on increasing competition from ChatGPT.

☆ Oil slumps 5% to five-week low amid US debt default fears
▼ + stars: | 2023-05-02 | by ( ) www.cnbc.com time to read: +2 min

Oil prices sank about 5% to a five-week low on Tuesday on concerns about the economy as U.S. politicians discuss ways to avoid a debt default and investors prepare for more rate hikes this week. Oil prices and Wall Street's main indexes both fell after U.S. Treasury Secretary Janet Yellen said the government could run out of money within a month. Later this week, investors will look for market direction from expected interest rate hikes by central banks still fighting inflation. Concerns about diesel demand in recent months, meanwhile, has pressured U.S. heating oil futures to their lowest level since December 2021. Over the weekend, data from China, the world's top crude importer, showed manufacturing activity fell unexpectedly in April.

☆ Forget the pension protests. France’s economy has momentum
▼ + stars: | 2023-04-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +8 min

France’s economy grew 0.2% in the first quarter of this year, its national statistics agency said Friday, after stagnating in the previous quarter. Yet the long-running protests are unlikely to leave a lasting dent in France’s economy, according to Charlotte de Montpellier, a senior economist at Dutch bank ING. But its $2.8 trillion economy has held up comparatively well. Office buildings illuminated in the La Defense business district of Paris, France, on Monday, Feb. 6, 2023. ‘Momentum’ building for banksBritain’s exit from the European Union has also been a boon for France’s financial sector.

☆ Drag queens and the long, vibrant history of drag in the US
▼ + stars: | 2023-04-29 | by ( Scottie Andrew | ) edition.cnn.com time to read: +15 min

Barbara Alper/Getty ImagesDrag has become increasingly visible in recent years through mainstream shows like “RuPaul’s Drag Race” and popular public events such as drag brunches, drag bingo and drag queen story hours, in which drag performers read children’s books to young audiences, often at libraries. Some trans drag queens who received hormone injections were “strongly deplored by stage impersonators who (said) that the whole point of female impersonation depends on maleness,” Newton wrote. But “Drag Race” has also skewed viewers’ definition of drag – no drag kings have ever competed on the series, Testa noted, and the judges have long imposed somewhat traditional beauty standards upon contestants. Pickle reads from a book during the Drag Queen Story Hour program at a Los Angeles library in 2019. These lawmakers falsely claim that drag performers “groom” or sexualize children, of which there is also no evidence.

☆ Moribund euro zone, Amazon outlook dent stocks ahead of rate meetings
▼ + stars: | 2023-04-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Oil was firmer but still heading for another monthly decline after disappointing U.S. economic data and uncertainty over interest rates. The yen fell to a nine-year low against the euro after the Bank of Japan left its ultra-easy monetary policy unchanged. The euro zone grew only marginally in the first three months of 2023, and at a rate lower than market expectations, sending the euro lower. "Futures are saying interest rates will be lower than Fed Funds by year end, indicating a decline. Markets are pricing in an 85% chance of the Fed raising rates by 25 basis points, the CME FedWatch tool showed.

☆ Top Taiwan chip designer MediaTek 'rapidly' shifts focus to autos, AI
▼ + stars: | 2023-04-28 | by ( Sarah Wu | ) www.reuters.com time to read: +1 min

TAIPEI, April 28 (Reuters) - Taiwan's top chip design company MediaTek is focusing more resources on chips for cars and AI computing as its smartphone clients face a supply glut and inflation and macroeconomic uncertainty dent demand for consumer electronics. "We are definitely moving our resources very, very rapidly towards the automotive and computing areas, because those areas will provide our growth in the next three to five years," MediaTek Inc (2454.TW) Chief Executive Rick Tsai told an earnings call. Tsai said everyone, including MediaTek, was rushing to claim that they were able to support generative artificial intelligence, such as ChatGPT. MediaTek is investing heavily in AI because the new areas the company is focusing on are all related to computing, Tsai said. While smartphone demand has remained lacklustre in the first quarter, the company expects signs of recovery later this year.

TOKYO, April 28 (Reuters) - Oil prices were heading for another monthly decline on Friday after disappointing U.S. economic data and uncertainty over further interest rate hikes weighed on the demand outlook. Brent prices retraced earlier losses after data showed the euro zone returned to growth in the first quarter, albeit only modestly and more slowly than expected. U.S. West Texas Intermediate (WTI) crude lost 15 cents, or 0.2%, to trade at $74.61 a barrel and is set for its sixth straight monthly decline. Data on Thursday showed that U.S. economic growth slowed more than expected in the first quarter. Investors are worried that potential interest rate hikes by inflation-fighting central banks could slow economic growth and dent energy demand in the United States, Britain and the European Union.

☆ Ron Insana says 'to-the-death' struggles over the debt ceiling do little to solve the problems the U.S. faces, but this could
▼ + stars: | 2023-04-28 | by ( Ron Insana | ) www.cnbc.com time to read: +5 min

A little over a decade ago, the U.S. nearly defaulted on its federal obligations in an unnecessary fight over raising the nation's debt limit. Well, here we are again, with House Republicans, Senate Democrats and the White House locked in a to-the-death struggle over raising the debt ceiling again or defaulting on U.S. bills. This would leave the U.S. unable to pay Social Security, or other mandated bills, or even miss an interest payment on its outstanding debt. The White House remains unwilling to negotiate over a House-passed plan that guts veteran benefits, food stamps and other social programs. I would seek a permanent hike in the debt limit, so the bills will be paid on time, and then follow the recommendations of Alan Simpson and Erskine Bowles.

☆ Harley quarterly profit rises 37%
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: 1 min

Companies Harley-Davidson Inc FollowApril 27 (Reuters) - Harley-Davidson Inc (HOG.N) reported a near 37% rise in quarterly profit on Thursday as higher prices for its popular models failed to dent demand. Shares for the Milwaukee-based manufacturer were up 6.8% at $34.9 in premarket trading. The motorcycle maker implemented a series of price hikes in the past two years for its popular Trike, Cruiser and Touring models to help offset higher raw material and logistics costs in the face of rising inflation. Sales from motorcycles and related products rose 21% to $1.56 billionNet profit rose to $304 million, or $2.04 per share, in the first quarter, from $222.5 million, or $1.45 per share, a year earlier. Reporting by Kannaki Deka in Bengaluru and Bianca Flowers in ChicagoOur Standards: The Thomson Reuters Trust Principles.

☆ Oil drops nearly 4% as recession fears outweigh US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Energy Information Administration (EIA) data showing U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall, far exceeding analyst forecasts of a 1.5 million drop in a Reuters poll. Gasoline and distillate stocks also drew down, sinking by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively, the EIA said. A forecast of higher refinery activity, but lower crude exports, will continue a push and pull for weeks. Oil prices fell more than 2% on Tuesday as lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth countered signs of improving short-term consumption gains. "This (data) will add credence to claims that the U.S. economy is edging closer to a recession," said PVM Oil's Stephen Brennock.

☆ Oil slides as recession fears outweigh large US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT (1454 GMT). U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, the Energy Information Administration (EIA) said. Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ remains an efficient tool for coordination on global oil markets.

☆ Oil mixed as recession fears are tempered by U.S. inventories
▼ + stars: | 2023-04-26 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barrels, the sources said. U.S. crude oil stockpiles have been falling since the middle of March as refineries have increased runs to produce more gasoline ahead of the peak summer demand period that starts in May. This has pushed WTI futures prices into backwardation, when prompt futures are higher than later-dated futures, reflecting the higher refinery demand.

Companies First Republic Bank FollowApril 26 (Reuters) - Oil rose on Wednesday after plunging more than 2% in the previous session as reports of falling U.S. crude oil and fuel inventories refocused investors on robust demand in the world's top oil consumer. Brent crude climbed by 30 cents, or 0.4%, to $81.07 a barrel by 0358 GMT. U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell 1.9 million barrels last week, while distillate inventories rose by 1.7 million barrels, the sources said the API reported.

Companies First Republic Bank FollowApril 26 (Reuters) - Oil prices rose in early Asian trade on Wednesday after a U.S. trade group reported a significant draw in crude oil stocks ahead of the government's data release. Brent crude rose by 16 cents, or 0.2%, to $80.93 a barrel by 0006 GMT. U.S. West Texas Intermediate crude rose 25 cents, or 0.3%, to $77.32 a barrel. Analysts had expected crude inventories to fall by about 1.5 million barrels. Crude oil settled more than 2% lower on Tuesday after U.S. consumer confidence dropped to a nine-month low in April, feeding worries about a recession.

☆ Oil prices rise on U.S. crude, fuel stock draws
▼ + stars: | 2023-04-26 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose in early Asian trade on Wednesday after a U.S. trade group reported a significant draw in crude oil stocks ahead of the government's data release. Brent crude rose by 16 cents, or 0.2%, to $80.93 a barrel by 0006 GMT. U.S. West Texas Intermediate crude rose 25 cents, or 0.3%, to $77.32 a barrel. Analysts had expected crude inventories to fall by about 1.5 million barrels. Crude oil settled more than 2% lower on Tuesday after U.S. consumer confidence dropped to a nine-month low in April, feeding worries about a recession.

☆ Roku forecasts robust second-quarter revenue as some ad spending improves
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

The company's ad-supported streaming platform has gained popularity with users trying to cut down on their discretionary spending. Moreover, with streaming giants like Netflix and Disney+ adding ad-supported tiers to their services, more advertising dollars are flowing to streaming from TV. Roku added 1.6 million "active accounts" in the reported quarter from the fourth quarter. Roku expects macro uncertainties to persist throughout this year as inflation and recession fears dent consumer spending on discretionary goods. Net revenue rose 1% to $741 million in the first quarter, compared with analysts' expectations of $708.5 million.

☆ Oil dips 2% on economic woes and stronger dollar
▼ + stars: | 2023-04-25 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field on March 14, 2022 in Odessa, Texas. Oil dropped 2% on Tuesday after two sessions of gains as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower U.S. crude stocks. U.S. West Texas Intermediate crude dropped $1.69, or 2.2%, to settle at $77.07. A stronger dollar pressures oil demand by making the commodity more expensive for buyers holding other currencies. Gold prices also were flat as the dollar strengthened, while U.S. stocks fell as weak earnings fanned economic fears.

☆ Analysis: China rebound buoys hopes for stronger-than-expected US, Europe earnings
▼ + stars: | 2023-04-24 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

But recent data and upbeat comments from major companies like LVMH (LVMH.PA), Europe's most valuable listed company, about business in China have given investors some cause for optimism. Refinitiv I/B/E/S data points to a 2.5% decline in earnings growth in the first quarter for STOXX 600 (.STOXX) companies, down from a forecast for 5.4% growth prior to the banking chaos. Europe is headed for a recession too, the data shows, with a drop in earnings of 5.4% expected in the second quarter. But stubbornly high inflation means major central banks are expected to continue to hike rates, at least in May. European financials are expected to report first-quarter earnings growth of 31%, according to Refinitiv.

☆ Trump's 'states rights' abortion stance is drawing criticism from the right — but don't expect it to dent his evangelical support in Iowa: 'I don't think we can die on that hill'
▼ + stars: | 2023-04-24 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +8 min

Trump has backed away from a nationwide law on abortion, saying the issue is best left to states. Asa Hutchinson, and Sen. Tim Scott of Florida — declined to draw a strong contrast with Trump on abortion. That statement quickly upset many on the anti-abortion right. Maggie DeWitte, the director of an Iowa anti-abortion group, had a table that included "free babies." "We need to convince more people that the life position is the right position," said Horman.

☆ Credit Suisse mess leaves scattered Swiss debris
▼ + stars: | 2023-04-24 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

ZURICH, April 24 (Reuters Breakingviews) - Swiss government intervention to save Credit Suisse (CSGN.S) from collapse last month may have avoided a financial market storm. SWISS “TRINITY” QUESTIONThe rescue of Credit Suisse has other consequences. The Swiss Bankers Association has called for an independent inquiry, and lawmakers gave a symbolic thumbs-down to the rescue of Credit Suisse on April 12. A Senate Finance Committee report found last month Credit Suisse had violated a 2014 deferred prosecution agreement with U.S. authorities by continuing to help rich Americans dodge taxes. Switzerland’s parliament on April 12 rejected a Credit Suisse rescue package that included 109 billion Swiss francs in financial guarantees.

☆ What Tucker Carlson Leaves Behind as He Is Shown the Door
▼ + stars: | 2023-04-24 | by ( Nicholas Confessore | ) www.nytimes.com time to read: +2 min

Mr. Carlson’s departure upended Fox’s lucrative prime-time lineup and shocked a media world far more accustomed to his remarkable staying power. When Russia invaded Ukraine, Mr. Carlson’s show frequently promoted the Kremlin’s point of view, attacking U.S. sanctions and blaming the conflict on American designs for expanding NATO. The drought of premium advertisers on “Tucker Carlson Tonight” — driven away by boycotts targeting his more racist and inflammatory segments — did not seem to dent his standing within the network, so long as the audience stuck around. Disdainful of the cable network’s top executives, Mr. Carlson cultivated the impression that he was close to the Murdoch family and, perhaps, untouchable. But he prospered in tandem with Mr. Trump’s presidency, as the New York real estate tycoon made frank nativism and seething cultural resentment the primary touchstones of conservative politics.

☆ Oil prices extend losses on fears of recession and slower oil demand
▼ + stars: | 2023-04-21 | by ( ) www.cnbc.com time to read: +2 min

Oil prices eased on Friday, extending losses from the two previous days and heading for a weekly decline, as softening U.S. economic data and a rise in U.S. gasoline inventories raised concerns about a recession and slower global oil demand. Brent futures for June delivery were down by 14 cents, or 0.2%, at $80.96 a barrel at 0101 GMT. West Texas Intermediate crude (WTI) for June delivery slid 12 cents, or 0.2%, to $77.25 a barrel. "Market sentiment remained bearish after the weak U.S. economic data, along with expectations of interest rate hikes, fueling worries over a recession that could dent oil demand," said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities. U.S. crude oil inventories last week fell more than forecast as refinery runs and exports rose, while gasoline stockpiles jumped unexpectedly on disappointing demand, Energy Information Administration data showed on Wednesday.

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