DIRS.INFO The most relevant business & tech news

☆ Central bank blunders undermine tough rate talk
▼ + stars: | 2023-12-05 | by ( Francesco Guerrera | ) www.reuters.com time to read: +8 min

Comments by central bankers underline their desire to keep interest rates high until price growth quiesces. Policymakers’ recent mistakes mean they will struggle to convince investors their tough talk is real. U.S. Federal Reserve Chair Jay Powell says his fellow policymakers are “not thinking about rate cuts at all”. In May, after another U.S. regional bank failure, markets concluded that the Fed’s rate hike at the beginning of that month would be its last. Respected central bankers might be able to convince markets that these numbers don’t portend imminent rate cuts.

Persons: Jay Powell, Christine Lagarde, Andrew Bailey, Powell, backtrack, –, Lagarde, Treasuries, BoE, Bailey, Ben Bernanke, Jacob Frenkel, Peter Thal Larsen, Oliver Taslic, Thomas Shum Organizations: Reuters, Traders, U.S . Federal, European Central Bank, Bank of England, titans, Deutsche Bank, Treasury, Reuters Graphics Reuters, LSEG, Silicon Valley Bank, Fed, ECB, Bank of Israel, Federal Reserve, European, Thomson Locations: Silicon, Bailey, United States, Ukraine, Central

☆ Bull market in view after S&P 500 hits fresh year-high
▼ + stars: | 2023-12-04 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

A close above 4,796.56 on the S&P 500 would confirm that the index has been in a bull market since bottoming out on Oct. 12, 2022, by one commonly used definition. By that definition, the bear market that began when the S&P 500 hit its previous record on Jan. 3, 2022 was not particularly painful. The S&P 500 closed down 25.4% at its lowest point, making this the fourth shallowest bear market experienced by the index since 1928, according to data from Yardeni Research. Over the last 50 years, the S&P 500 has risen an average of 16% in the three-month period leading up to a bull market. By contrast, the S&P 500 has logged average gains of just 0.2% and 2.0%, in the one-month and three-month period after a bull market is confirmed.

Persons: Carlo Allegri, San Francisco Fed, Saqib Iqbal Ahmed, Ira Iosebashvili, Lisa Shumaker Organizations: St, REUTERS, Yardeni Research, Reuters, San Francisco, Thomson Locations: Manhattan, New York City , New York, U.S

☆ Morning Bid: Gold makes the running as oil fails to fire
▼ + stars: | 2023-12-04 | by ( Wayne Cole | ) www.reuters.com time to read: +3 min

Oil failed to sustain an early rally that followed news of attacks on commercial shipping in the Red Sea. Notably, oil prices lost early gains and Brent eased around 57 cents to $78.31 a barrel amid doubts that OPEC+ would be able to maintain planned output cuts, particularly by some African countries. At the same time, U.S. oil output is at record levels above 13 million barrels a day and rig counts are still rising. A commodity faring better is gold, which surged suddenly this morning to top $2,111 an ounce for the first time before paring the gains to $2,086. Yields on U.S. two-year notes rose almost 4 bps, but that follows a drop of 40 bps last week.

Persons: Alexander Manzyuk, Wayne Cole, Treasuries, Yemen's, Brent, Bundesbank, Christine Lagarde, Bonds, Goldman Sachs, Anna Breman, Riksbank, Edmund Klamann Organizations: REUTERS, Bulls, ECB, Thomson Locations: Novosibirsk, Siberian, Russia, Wayne, Red, U.S, Saudi Arabia

☆ Gold prices have never been this high
▼ + stars: | 2023-12-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Gold prices hit an all-time high Monday, buoyed by growing expectations of interest rate cuts among investors, a weaker dollar and geopolitical tensions. “This has created a more favorable environment for gold as a non-yielding asset.”John Reade, a market strategist at the World Gold Council, an association of gold producers, told CNN that, with investors predicting several rate cuts over the next year, gold prices could “quite possibly” shoot above Monday’s record high. Since gold is priced in US dollars, the fall in the greenback’s value has made it less expensive for investors outside the United States to buy the metal, which should have boosted demand and, in turn, lifted gold prices. Gold prices have risen 10% so far this year. According to the World Gold Council, central banks in emerging markets bought 473 metric tons (521 tons) of gold a year on average between 2010 and 2021.

Persons: ebbs, Daria Efanova, ” John Reade, Jamie Dimon, ” Reade, “, Reade, ” Organizations: London CNN —, US Federal Reserve, Treasury, Sucden, World Gold Council, CNN, Interactive Investor Locations: United States, Russia, Ukraine, Israel, Gaza, China, South China, Taiwan, Russian

☆ Asia shares turn mixed, gold tops $2,100 an ounce
▼ + stars: | 2023-12-04 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was still up 0.4%, led by gains in South Korea and Australia. Trade figures for China are due later in the week with the recent trend being softening exports to the U.S. overshadowing gains in Asia. S&P 500 futures dipped 0.1%, after finishing at a 20-month high on Friday, while Nasdaq futures lost 0.2%. The dive in yields and the dollar has been a boon for non-yielding gold, which added 0.9% to $2,088 an ounce, after hitting a record of $2,111.39 an ounce . Oil prices have not been so fortunate, amid doubts OPEC+ will be able to maintain planned output cuts.

Persons: Goldman Sachs, Jerome Powell, Claudio Irigoyen, Joachim Nagel, Christine Lagarde, Brent, Wayne Cole, Sam Holmes Organizations: Nikkei, payrolls Shipping, Japan's Nikkei, FTSE, Nasdaq, Federal Reserve, Bank of Japan's, European Central Bank, ECB, Sea, Thomson Locations: Red Sea, SYDNEY, U.S, Israel, Red, Asia, Pacific, Japan, South Korea, Australia, China, Canada

☆ Here’s why some bond traders care so much about the US government’s budget deficit nowadays
▼ + stars: | 2023-12-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

And as the mountain of debt keeps piling up, and the government’s budget deficit remains massive, some bond traders are now joining politicians in decrying the government’s ever-growing financial obligation. Those bond traders are seemingly up in arms over the government’s gaping budget deficit — something that occurs when the government’s spending outstrips revenues — which currently stands at roughly $67 billion so far for the current fiscal year. For the full 2023 budget year, the Congressional Budget Office estimated that the deficit stood at a staggering $1.5 trillion. How do we manage the budget deficit? Our interest rate team is looking at the 10-year (US Treasury) yield to be closer to 4% than 5% next year.

Persons: ”, Jerome Powell, Bell, Joe Quinlan, It’s, it’s, what’s, You’d, Powell, ” Powell, they’re Organizations: CNN Business, Bell, DC CNN, Treasury Department, Congressional, Office, Federal, Merrill, Bank of America Private Bank, Treasury, Spelman College, US Labor Department, Institute for Supply Management, US Commerce Department, University of Michigan Locations: Washington, Atlanta

[1/2] Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 1, 2023. The Pentagon said it was aware of reports regarding attacks on an American warship and commercial vessels in the Red Sea on Sunday, while Yemen's Houthi group claimed drone and missile attacks on two Israeli vessels in the area. Such worries flared after Hamas’ Oct. 7 attack into southern Israel but subsided in recent weeks. Quincy Krosby, chief global strategist at LPL Financial, said a widening conflict could push some investors to take profits on the recent rally in stocks. Signs of an intensifying Middle East conflict could also boost oil prices, which have slumped in recent weeks.

Persons: Brendan McDermid, Yemen's, Quincy Krosby, ”, “, Phil Orlando, Federated Hermes, Santa Claus, Orlando, I'm, Krystal Hu, Ira Iosebashvili, Chizu Organizations: New York Stock Exchange, REUTERS, Hamas, Pentagon, Reuters, LPL, U.S ., Federated, West Texas, Thomson Locations: New York City, U.S, American, Israel, United States, Iraq, Iran, Santa

Yields on the U.S. benchmark 10-year Treasury , which move inversely to prices, saw their steepest decline in more than a decade. The Fed chair reiterated that the fight against inflation was far from finished and said the central bank was ready to further tighten monetary policy if necessary. Investors see a strong chance of the central bank delivering a rate cut as early as March 2024, LSEG data show. In late 2022, for example, many expected a recession would hit this year, forcing the Fed to loosen monetary policy. The economy proved resilient while monetary policy stayed tight.

Persons: Jerome Powell, Brendan McDermid, Powell, Paul Nolte, Christopher Waller, “ Powell, that’s, ”, Ed Al, James St . Aubin, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Daniel Wallis Organizations: New York Stock Exchange, REUTERS, Federal, Fed, Treasury, Murphy, Sylvest Wealth Management, Columbia Threadneedle Investments, Sierra Investment Management, Thomson Locations: New York City, U.S

☆ Bank of England drags Bagehot into the shadows
▼ + stars: | 2023-12-01 | by ( Liam Proud | ) www.reuters.com time to read: +8 min

That is no longer tenable, in part because of reforms to bank regulation that shifted activity from traditional lenders to financial market players. These days, the institutions in need of urgent liquidity are just as likely to be pension funds, insurers or hedge funds. The British central bank’s initial ideas make sense, but only solve part of the problem. The central bank can short-circuit the panic by opening the credit taps. Central banks are only just starting to grapple with what it means to be a lender of last resort in that context.

Persons: Walter Bagehot’s, Andrew Hauser, BoE, WALTER, Gurney, Peter Thal Larsen, Streisand Neto, Thomas Shum Organizations: Reuters, Bank of England, Reuters Graphics Reuters, U.S, Treasury, Federal Reserve, Pensions, . Treasury, Citadel, Millennium Management, City of, U.S . Federal, Gurney & Company, Victorian, Thomson Locations: British, City, City of London, Basel, Overend, Lombard

☆ Asia shares start Dec on cautious note, oil nurses losses
▼ + stars: | 2023-12-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.5% after a surge of 7.3% last month, the most since January. The Federal Reserve's preferred gauge of inflation - the personal consumption expenditures (PCE) price index - stood unchanged for October, while consumer spending also pulled back. Fed funds futures imply rate cuts of 115 basis points. The yield on 10-year Treasury notes slipped 3 basis points in Asia to 4.3264%, on top of a plunge of 52.2 basis points for the month. Two-year Treasury yields fell 4 basis points to 4.674%.

Persons: Tyrone Siu, sharemarkets, HSI, Rodrigo Catril, Jerome Powell's Q, Waller, Robert Carnell, Christopher Waller, Treasuries, Stella Qiu, Jamie Freed Organizations: REUTERS, Tyrone, Rights, Japan's Nikkei, National Australia Bank . Regional, Federal, Traders, ING, Fed, South Korean, Philippine, Brent, West Texas, Thomson Locations: Exchange, Hong Kong, China, Europe, U.S, Asia, Pacific, Japan, South

☆ Uncertain 2024 makes US companies refinance debt sooner, not later
▼ + stars: | 2023-11-30 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

Doubts that debt issuance conditions will be as strong in 2024 as they are now, with markets still divided on the direction of interest rates and the economy, have also driven the interest in doing deals now. Credit spreads are underpricing recession risk, said Nate Thooft, senior portfolio manager for Manulife Investment Management. Even if companies waited for rate cuts in 2024, declines in all-in funding costs may not necessarily follow, as credit spreads could then widen, said Amol Dhargalkar, managing partner at Chatham Financial. But Natalie Trevithick, head of investment grade credit strategy at Payden & Rygel, said economic data was too strong for cuts. Some $770 billion of investment-grade rated bonds mature in 2024 and over $900 billion in both 2025 and 2026, according to data by Morgan Stanley (MS.N).

Persons: Joshua Roberts, Maureen O'Connor, Edward Marrinan, Nate Thooft, Amol Dhargalkar, Natalie Trevithick, Morgan Stanley, Steven Oh, Matt Tracy, Shankar Ramakrishnan, Davide Barbuscia, Barbara Lewis Organizations: Federal Reserve, REUTERS, ICE, BMO Capital Markets, Investment, Informa Global, Treasury, Federal, Nikko Securities America, Manulife Investment Management, Chatham Financial, Deutsche Bank, PineBridge Investments, Thomson Locations: Washington , U.S, Wells, U.S

☆ Mortgage rates drop for fifth straight week
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

It’s the fifth straight week rates have moved lower. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. According to a forecast from Realtor.com, the average mortgage rate is projected to be 6.8% in the next year. “As mortgage rates are expected to remain elevated, current homeowners with low mortgage rates are expected to stay put, leading to a decline in for-sale inventory,” said Xu.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Khater, Jiayi Xu, Xu, ” Xu, Joel Kan, ” Kan Organizations: DC CNN —, Inflation, Federal, Realtor.com, Treasury, Mortgage, Association Locations: Washington

☆ Goldilocks meets Santa as global stocks power to best month in three years
▼ + stars: | 2023-11-30 | by ( Naomi Rovnick | ) www.reuters.com time to read: +5 min

MSCI's world stock index (.MIWO00000PUS) is set to close the month up around 9%, its best performance since November 2020, when markets cheered the arrival of COVID-19 vaccines. Global bond prices have soared, with an ICE BofA index of global investment-grade bonds in major markets set to return 3.4% in November, the best month on record going back to 1997. Global growth stocks in high-tech sectors are up 11% (.dMIWO0000GNUS) while value stocks, which are mainly in cyclical industries and offer high dividends, have gained 6.5% (.dMIWO0000VNUS). And a cloudier outlook for stocks suggests a divergence could open up between again between stocks and bonds. The broader global index is set to return 1.6% for the year.

Persons: Joshua Roberts, That's, bode, Altaf Kassam, Wall, We've, Guy Miller, Joost Van Leenders, Van Lanschot Kempen, Van Leenders, Kassam, Naomi Rovnick, Yoruk Bahceli, Dhara Ranasinghe, Christina Fincher Organizations: Federal Reserve, REUTERS, U.S . Federal Reserve, European Central Bank, State Street Global Advisors, Traders, Fed, Insurance Group, Equity, Reuters Graphics Reuters, Treasury, Thomson Locations: Washington , U.S, COVID, U.S

☆ Morning Bid: Treasuries on cusp of best month since 2008
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +3 min

Let's start with Treasuries because, if this were sports, we'd be calling it a comeback for the ages. Now, with some encouraging hints from Fed officials, 10-year notes are poised to celebrate their best month since the 2008 global crash, with yields down 61 basis points for November so far. Yields on two-year paper are down 31 bps just this week, the steepest drop since the U.S. mini-banking crisis in March. The European Union has inflation data of its own later on Thursday and analysts suspect the risks are for a downside surprise following subdued readings from Germany and Spain. The dollar index looks set for its worst month since November last year, with a loss so far of 3.7%.

Persons: Kevin Lamarque, Wayne Cole, Let's, we'd, Governor Waller, dovishness, Powell, Williams, Lagarde, Greene, Governor Bunge, Edmund Klamann Organizations: U.S . Treasury, REUTERS, Fed New, European Union, China PMI, BoE Monetary, CPI, PPI, Chicago PMI, Thomson Locations: Washington , U.S, Wayne, U.S, Germany, Spain, China, BoE, EU, Chicago

☆ US regulator fines Bank of America $24 mln for Treasuries spoofing
▼ + stars: | 2023-11-30 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

FINRA said a junior trader and his supervisor at BofA Securities conducted 717 spoof trades between October 2014 and February 2021. It also faulted the oversight system of the second-largest U.S. bank for being designed to detect only spoofing by trading algorithms, not manual spoofing. The junior trader, Tyler Forbes, was accused of placing 194 spoof trades before Bank of America fired him in 2019. Bank of America did not admit or deny wrongdoing in accepting FINRA's fine and a censure. In a separate spoofing case, former Bank of America traders Edward Bases and John Pacilio were in March each sentenced in Chicago to one year in prison for spoofing in precious metals.

Persons: FINRA, Tyler Forbes, Sidney Lebental, Edward Bases, John Pacilio, Forbes, Lebental, Jonathan Stempel, Richard Chang Organizations: Bank of America, U.S, Treasuries, Financial Industry, Authority, BofA Securities, Thomson Locations: Charlotte, North Carolina, Chicago, New York

☆ Brazil set to join OPEC+ from January, delegate says
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: 1 min

A U.S. regulator said on Thursday it fined Bank of America $24 million for engaging in more than 700 instances of "spoofing" through two former traders in U.S. Treasuries, and for related supervisory failures over more than six years.

Organizations: of America Locations: U.S

☆ In the Market: Regulators look to pry open the dark corners of Treasury markets
▼ + stars: | 2023-11-29 | by ( Paritosh Bansal | Thomson Reuters | Paritosh Oversees The Work Of More Than Journalists Across The Globe Who Write About Finance | ) www.reuters.com time to read: +6 min

Duffie said more could be done, but added that the "official sector Treasury market datasets are far more comprehensive now than they were a few years ago." They would have much better estimates of the basis trade, for example, but they still wouldn't know exactly how big it is. The trade involves hedge funds exploiting the difference between a Treasury security and its derivative in the futures market. The CFTC data includes other trades that hedge funds enter into that involve shorting treasury futures, the two industry sources said. At a major Treasury market conference earlier this month, officials underscored the importance of good data.

Persons: Darrell Duffie, Duffie, John Williams, Sherlock Holmes, Paritosh Bansal, Anna Driver Organizations: U.S . Federal Reserve, Financial Research, Stanford University, Treasury, Futures Trading Commission, Securities, Exchange Commission, Regulators, ” New York Fed, Thomson Locations: ”

ORLANDO, Florida, Nov 29 (Reuters) - If cash has been king, the Fed may be plotting regicide. But once the first Fed cut comes into view, that money will move rapidly out the maturity curve and into riskier assets. A recent report by BlackRock, the world's largest asset manager, notes that on average, cash returns 4.5% in the year following the final Fed rate hike, significantly underperforming a wide array of asset classes. Of that, $2.24 trillion is in retail investor funds and $3.52 trillion is in institutional funds. According to Bank of America, investors have poured $1.2 trillion into money market funds so far this year.

Persons: Christopher Waller, Justin Christofel, Cash, Goldman Sachs, Ray Dalio, Jamie McGeever, Josie Kao Organizations: BlackRock, Fed, ICI, Bank of America, Goldman, BofA, Deutsche Bank, U.S, Bridgewater, Reuters, Thomson Locations: ORLANDO, Florida, BlackRock

☆ What is the federal funds rate?
▼ + stars: | 2023-11-28 | by ( Karen Fernandez | Richard Richtmyer | ) www.businessinsider.com time to read: +8 min

Set by the Federal Reserve, the federal funds rate is the interest banks charge each other to borrow money overnight. The federal funds rate (or fed funds rate, for short) is only used between banks. The federal funds rate is an interbank interest rate. Federal funds rate FAQsWhat happens when the federal funds rate is high? Is the federal funds rate the same as the prime rate?

Persons: — Organizations: Federal Reserve, Service, Federal, Finance, Fed, Market, Fed's, Governors, Federal Reserve Bank

☆ Morning Bid: Treasuries gobbled up, oil braces for OPEC
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 17, 2023. Benchmark Treasury yields fell back more than 10 basis points to 4.37% after a total of $109 billion of 2 and 5-year notes hit the Street on Monday without much disruption. Another weak U.S. housing readout, with sub-forecast new home sales last month, perhaps flattered the post-auction moves. That's likely a mixed blessing for Federal Reserve watchers - the continued buoyancy of consumption but with increasing price discrimination. Fed futures priced about 85bps of rate cuts through next year, starting in June, though many major banks expect even more.

Persons: Brendan McDermid, Mike Dolan, That's, Hong, Louis, Christopher Waller, Michelle Bowman, Michael Barr, Austan Goolsbee, Christine Lagarde, Philip Lane, Dave Ramsden, BoE, Jonathan Haskel, Hewlett Packard, Ed Osmond Organizations: New York Stock Exchange, REUTERS, Treasuries, Treasury, Adobe Digital, Federal Reserve, Louis Fed, U.S . Treasury, Richmond Fed, Dallas Fed, . Treasury, Chicago Fed, European Central Bank, ECB, Bank of England, Citi Trends, Fluence Energy, Reuters, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, Asia, Europe, United States, China, New York, St, Uxin, Canaan, Elbit

☆ How to make your money work for you over the next decade
▼ + stars: | 2023-11-28 | by ( James Faris | William Edwards | ) www.businessinsider.com time to read: +16 min

"If there is a regime shift, then what has worked could be quite different from what does work," McLennan said. That means the growth stocks that dominated for years may come back to earth in the mid-2020s. He also recommends that investors diversify away from growth stocks that thrived under low rates and instead broaden out to value-oriented names. Valuations explain 80% of a stock's returns over a decade, according to Bank of America. Smead sees energy in stocks in Canada also outperforming in the coming decade, as well as European banks.

Persons: —, Peter Bates, Rowe Price, Damanick Dantes, We're, Dantes, you've, He's, Matt McLennan, McLennan, Kimball Brooker, Morningstar, Nicola Stafford, Stafford, it's, Molina, Bates, Russell, Cole Smead, that's, Phillip Colmar, Colmar, Bob Doll, Doll, Smead, Michael Sheldon, Sheldon, who's, there's, Chris Chen, Chen, Roth Organizations: Service, Business, Global, International, McLennan, First Eagle Global Fund, Eagle Investments, Goldman, Asset Management, Stock, Molina Healthcare, Vanguard Value, Healthcare, Bank of America, Comerica Wealth Management, MRB Partners, Canadian, Crossmark Global Investments, BlackRock, Energy, P Bank ETF, RDM Financial, Social Security, Social, Insight Financial, Trust, IRA Locations: Canada, Colmar, United States, Canadian, Europe, Treasuries

☆ Jim Cramer says Constellation Brands can create more value for investors if it invests in its premium alcohol brands
▼ + stars: | 2023-11-28 | by ( Paulina Likos | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer releases the Homestretch audio feature in time for the last hour of trading on Wall Street. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Christopher Waller, he's, we'll, Jim Cramer's, Jim Organizations: CNBC, Constellation Brands, Jim Cramer's Charitable

[1/4] A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. In precious metals, gold hit a six-month high with a boost from the softer dollar and expectations for a pause in Fed tightening. There's a growing sense the economy is slowing, that price growth will likely continue to fall, that profit growth will likely fall," said Jack Ablin, chief investment officer at Cresset Capital, in Chicago. The U.S. dollar index slid against most major currencies on Monday and was on track for a monthly decline of more than 3%, which would be its biggest monthly drop in a year. The dollar index was down 0.203%, with the euro up 0.11% to $1.0951.

Persons: Brendan McDermid, Brent, Jack Ablin, Ablin, Christine Lagarde, Jim Barnes, Sterling, Sinéad Carew, Chuck Mikolazczak, Harry Robertson, Wayne Cole, Stephen Coates, Ed Osmond, Chizu Nomiyama, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, U.S, Federal Reserve, Cresset, Dow Jones, Nasdaq, European Central Bank, Central, Reuters Graphics Oil, Thomson Locations: New York City, U.S, Europe, OPEC, Chicago, Bryn Mawr, Berwyn , Pennsylvania, Israel, New York, London, Sydney

☆ Asia stocks swing lower, gold climbs as oil slips
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

One mover was gold, which climbed to $2,009.87 an ounce and briefly hit a six-month top of $2,017.82. S&P 500 futures eased 0.2% and Nasdaq futures lost 0.4%. "Indeed, this message of patience is likely to be notable in upcoming DM policy communications in response to recent financial market developments." Markets priced in 80 basis points of U.S. easing next year, and around 82 basis points for the ECB. Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December.

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Stephen Coates Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, CBA, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia, OPEC

☆ Asia stocks turn lower, gold jumps as oil slips
▼ + stars: | 2023-11-27 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

S&P 500 futures eased 0.2%, and Nasdaq futures lost 0.4%. That in turn has been a drag on the dollar which has lost 3% on a basket of major counterparts this month . Reports suggest African oil producers are seeking higher caps for 2024, while Saudi Arabia may extend its additional 1 million bpd voluntary production cut, which is due to expire at the end of December. "Saudi Arabia and OPEC+ faces a challenge in convincing markets that it can help keep oil markets tight in 2024," wrote commodity analysts at CBA in a note. "OPEC+ will have to show significant supply discipline, or at least jawbone such ability, to alleviate market worries of a deep surplus in oil markets next year."

Persons: Issei Kato, Jerome Powell, Bruce Kasman, Christine Lagarde, Brent, Wayne Cole, Stephen Coates Organizations: REUTERS, Nikkei, SYDNEY, Japan's Nikkei, Nasdaq, Federal, JPMorgan, European Central Bank, EU, ECB, Australian, CBA, Thomson Locations: Tokyo, Japan, United States, Europe, Asia, Pacific, Saudi Arabia, OPEC

Search resuls for: "Treasuries"

25 mentions found