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☆ Slower, still strong US job growth expected in June
▼ + stars: | 2023-07-07 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The economy needs to create 70,000-100,000 jobs per month to keep up with growth in the working-age population. A Conference Board survey last month showed consumers' perceptions of the labor market more upbeat in June relative to May. But first-time applications for unemployment benefits jumped to a 20-month high during the week that the government surveyed businesses for the nonfarm payrolls count. "They are going to opt to cut hours worked, that is something we need to pay very close attention to, rather than the net gain in nonfarm payrolls." The slowdown in wage growth is being driven by the loss of high-paying technology and finance jobs among others.

Persons: Jerome Powell, Sung Won Sohn, Payrolls, Ryan Sweet, Milton Ezrati, Yelena Shulyatyeva, Lucia Mutikani, Daniel Wallis Organizations: Labor, Federal Reserve, U.S, Loyola Marymount University, Institute for Supply, Board, Oxford Economics, West Chester Pennsylvania, BNP, Thomson Locations: y WASHINGTON, Los Angeles, payrolls, West Chester, nonfarm, New York

☆ U.S. private payrolls beat expectations in June - ADP
▼ + stars: | 2023-07-06 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Amira KaraoudWASHINGTON (Reuters) - U.S. private payrolls increased more than expected in June, indicating that the labor market remains strong despite growing risks of a recession from higher interest rates. Private payrolls jumped by 497,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private employment increasing 228,000. A survey last month showed consumers’ perceptions of the labor market more upbeat in June relative to May. According to a Reuters survey of economists, private payrolls likely increased by 200,000 jobs in June.

Persons: Amira Karaoud WASHINGTON, payrolls Organizations: REUTERS, ADP, Reuters, Fed, Stanford Digital Economy, Labor Department’s Bureau of Labor Statistics Locations: Louisville, U.S

☆ U.S. private payrolls beat expectations in June
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, July 6 (Reuters) - U.S. private payrolls increased more than expected in June, indicating that the labor market remains strong despite growing risks of a recession from higher interest rates. Private payrolls jumped by 497,000 jobs last month, the ADP National Employment report showed on Thursday. Economists polled by Reuters had forecast private employment increasing 228,000. A survey last month showed consumers' perceptions of the labor market more upbeat in June relative to May. According to a Reuters survey of economists, private payrolls likely increased by 200,000 jobs in June.

Persons: payrolls, Lucia Mutikani, Chizu Organizations: ADP, Reuters, Fed, Stanford Digital Economy, Labor Department's Bureau of Labor Statistics, Thomson Locations: U.S

☆ US weekly claims rise moderately; private payrolls surge in June
▼ + stars: | 2023-07-06 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

"A tight labor market will keep the rate path on an upward trajectory, until policymakers see a material rebalancing in supply and demand." Claims, relative to the size of the labor market, are below the 280,000 level that economists say would signal a significant slowdown in job growth. A survey last month showed consumers' views of the labor market more upbeat in June relative to May. Though policymakers viewed the labor market as remaining "very tight," they "anticipated that employment growth would likely slow further." The claims data has no bearing on June's employment report, scheduled for release on Friday.

Persons: Rubeela Farooqi, Unadjusted, payrolls, nonfarm payrolls, Andrew Challenger, Lucia Mutikani, Safiyah Riddle, Chizu Organizations: Federal Reserve, Labor Department, Reuters, Treasury, Fed, ADP, Challenger, Companies, Thomson Locations: WASHINGTON, White Plains , New York, Minnesota, Michigan , New York , Kentucky, Ohio, Texas, New Jersey, U.S

☆ Bank of Canada to raise rates 25 basis points on July 12, possibly the last
▼ + stars: | 2023-07-06 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

So the BoC will press ahead and hike the overnight rate by 25 basis points to 5.00% on July 12, according to 20 of 24 economists in the June 28-July 6 Reuters poll. That would amount to 475 basis points in total since March 2022, taking the overnight rate to a new 22-year high. Inflation is not expected to fall to the central bank's 2% target at least until 2025, according to the poll. The central bank was predicted to keep rates on hold at 5.00% until Q2 2024, said a majority of economists. Rates staying high for longer is expected to boost the Canadian dollar, one of the best performers among G10 currencies this year.

Persons: Priscilla Thiagamoorthy, Claire Fan, Kit Juckes, Milounee Purohit, Vijayalakshmi Srinivasan, Ross Finley, Andrea Ricci Organizations: Bank of Canada, Reuters, BoC, BMO Capital Markets, Gross, RBC Economics, Canadian, U.S, Societe Generale, Thomson Locations: BENGALURU

☆ South Korea consumer inflation hits 21-month low
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SEOUL, July 4 (Reuters) - South Korea's consumer inflation slowed more than expected and hit a 21-month low, official data showed on Tuesday, weighed by falling oil and agricultural product prices. It softened for a fifth consecutive month and marked the weakest annual increase since September 2021, according to Statistics Korea. Core inflation, which excludes volatile food and energy prices, slowed to 3.5% from 3.9% a month before, marking the slowest annual rise since May, 2022. Prices of petroleum products dropped 4.0% over a month and agricultural products fell 0.9%, but public utility prices rose 2.2%. Services prices rose 3.3% from a year earlier, weaker than 3.7% in May and the slowest in 14 months.

Persons: Jihoon Lee, Ed Davies, Sam Holmes Organizations: Statistics, Thomson Locations: SEOUL, Statistics Korea, South Korea's

☆ Oil prices ease on fears of weaker demand
▼ + stars: | 2023-07-03 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

"Hawkish commentary on rates continues to raise concerns of the demand outlook weighing on prices," National Australia Bank analysts said in a note. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. "OPEC+'s multi-output-cuts have kept oil prices above key levels, which may see a further production reduction by the cartel to keep the crude market's stability," said Tina Teng, an analyst at CMC Markets. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day (bpd), its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Tina Teng, Baker Hughes, Florence Tan, Emily Chow, Sonali Paul Organizations: PMI, SINGAPORE, U.S . Federal, Brent, . West Texas, National Australia Bank, P Global, Saudi, Petroleum Reserve, CMC, Organization of, Petroleum, U.S . Energy, Administration, Thomson Locations: China, Saudi, U.S, Saudi Arabia, OPEC, Iraq, Nigeria

☆ Oil prices slip on global economic slowdown fears
▼ + stars: | 2023-07-03 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slipped in early Asian trade on Monday as global macroeconomic headwinds and possible further interest rate hikes from the U.S. Federal Reserves offset forecasts of tighter supplies amid OPEC+ cuts. Fears of a further slowdown hurting fuel demand grew after data on Friday showed U.S. inflation still outpacing the central bank's 2% target and stoked expectations it would hike interest rates again. Higher interest rates could strengthen the greenback, making commodities more expensive for holders of other currencies, and also dampen oil demand. However, the latest Reuters survey showed OPEC oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others. U.S. crude output fell in April to 12.615 million barrels per day, its lowest since February, the U.S. Energy Information Administration said on Friday.

Persons: Brent, WTI, Caixin, Baker Hughes Organizations: U.S . Federal, Brent, . West Texas, National Australia Bank, Saudi, Petroleum Reserve, NAB, Organization of, Petroleum, U.S . Energy, Administration Locations: U.S, China, Saudi Arabia, Iraq, Nigeria

☆ US manufacturing slump deepens, factory gate price pressures subdued
▼ + stars: | 2023-07-03 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Shrinking activity left factories resorting to layoffs, the survey from the Institute for Supply Management (ISM) showed on Monday. ISM Manufacturing Business Survey Committee Chair Timothy Fiore described the practise as happening "to a greater extent than in prior months." At face value, the ISM survey is consistent with an economy that is in recession. The ISM survey showed that transportation equipment was the only one of the six biggest industries reporting growth last month. ISM manufacturing PMIWEAK DEMANDThe ISM survey's forward-looking new orders sub-index climbed to a still-subdued 45.6 from 42.6 in May amid increased caution from businesses and consumers alike.

Persons: Timothy Fiore, payrolls, Andrew Hunter, Jonathan Millar, José Torres, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Institute for Supply Management, Manufacturing Business Survey, Federal Reserve, Capital Economics, PMI, Reuters, Treasury, Barclays, Manufacturers, Machinery, Commerce Department, Interactive Brokers, Thomson Locations: homebuilding WASHINGTON, U.S, New York, Miami

☆ Asia refiners expect Saudi Arabia to cut August crude prices
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +3 min

Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners' margins. Profits at a typical Singapore refinery processing Dubai crude fell to an average of $3.44 a barrel in June, from $4.78 a barrel last month. Saudi crude prices typically closely track changes in benchmark Dubai monthly price spreads, but the two have disconnected in recent months. Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million bpd of crude bound for Asia. Below are expected Saudi prices for August 2023 (in $/bbl against the Oman/Dubai average):Reporting by Muyu Xu; Editing by Florence Tan and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Unipec, Muyu Xu, Florence Tan, Jamie Freed Organizations: Saudi Aramco, Dubai, Global, Kuwaiti, bbl, Thomson Locations: SINGAPORE, Saudi Arabia, OPEC, Saudi, Dubai, Oman, Singapore, PetroChina, Asia

☆ South Korea export downturn slows, trade balance swings to surplus
▼ + stars: | 2023-07-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +1 min

SEOUL, July 1 (Reuters) - South Korea's export downturn slowed in June, with auto exports extending robust rises and semiconductors narrowing their decline, as the bellwether Asian economy posted its first trade surplus since early last year. Exports of semiconductors fell 28.0%, the smallest decline in eight months. Shipments to China fell 19.0%, the smallest decline since October, while those to the United States fell 1.9% in their third month of decline. Imports fell 11.7% to $53.11 billion, narrowing from a 14.0% fall the previous month and but slightly steeper than the 11.0% decline expected by economists. As a result, the country posted a trade surplus of $1.13 billion in June after 15 months of deficits for the export-reliant economy.

Persons: Jihoon Lee, Heekyong Yang, Diane Craft, William Mallard Organizations: Automobile, European Union, Thomson Locations: SEOUL, China, United States

☆ South Korea's robust economic activity in May paints brighter quarter
▼ + stars: | 2023-06-30 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

By product, output of automobiles jumped 8.7% and semiconductors rose 4.4% over the month, whereas communication devices slumped 16.9%. The finance ministry said the data showed the economy was on a recovery path after a slight correction the previous month. Factory output will rebound in the second quarter after four consecutive quarters of loss as exports bottom out, the ministry said. South Korea's heavily trade-reliant economy barely averted a recession with growth of 0.3% in the first quarter, after contracting in late 2022 for the first time in 2-1/2 years. Retail sales rose 0.4% in May, after dropping 2.6% in April - which was the worst in five months - while facility investment jumped 3.5%, the most since August.

Persons: Kang Min Joo, Kang, Jihoon Lee, Jacqueline Wong, Christopher Cushing Organizations: Statistics, ING Economics, Thomson Locations: SEOUL, Statistics Korea

☆ South Korea May factory output gets boost from cars and chips
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

SEOUL, June 30 (Reuters) - South Korea's factory production unexpectedly jumped in May, led by cars and chips, official data showed on Friday, while retail sales also rose last month in an encouraging sign for a slowly recovering economy. The industrial output index rose 3.2% in May on a seasonally-adjusted monthly basis, the Statistics Korea data showed, compared with losses of 0.6% in April and 0.8% tipped in a Reuters survey. By product, output of automobiles jumped 8.7% and semiconductors rose 4.4% over the month, whereas communication devices slumped 16.9%. Factory output will rebound in the second quarter after four straight quarters of losses, as exports bottom out, the ministry said. Retail sales rose 0.4% in May, after dropping 2.6% in April, which was the worst in five months.

Persons: Jihoon Lee, Shri Navaratnam, Jacqueline Wong Organizations: Statistics, Thomson Locations: SEOUL, Statistics Korea

☆ Oil settles higher but posts fourth straight quarterly decline
▼ + stars: | 2023-06-30 | by ( ) www.cnbc.com time to read: +2 min

Oil pumpjacks are viewed in the Inglewood Oil Field in Los Angeles, California. Oil prices settled higher on Friday but posted their fourth straight quarterly loss as investors worried that sluggish global economic activity could crimp fuel demand. Signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered some support. The market was also supported by upward revisions in demand for crude oil and refined products in the United States. A Reuters survey of 37 economists and analysts showed oil prices will struggle for traction this year as global economic headwinds linger.

Persons: John Kilduff, Baker Hughes Organizations: Inglewood Oil Field, Brent, U.S . West Texas, U.S . Commerce, Federal Reserve, HSBC, Reuters Locations: Inglewood, Los Angeles , California, U.S, New York, United States, Saudi, OPEC, Saudi Arabia

☆ Canada annual inflation rate slows to 3.4% in May
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, June 27 (Reuters) - Canada's annual inflation rate slowed to 3.4% in May on lower prices for gasoline as a result of the base-year effect, while mortgage interest costs remain high, Statistics Canada said on Tuesday. This was in line with what analysts polled by Reuters had expected, down from 4.4% in April. Percent changesMonth-on-month Year-on-yearMay Apr May AprCPI - all items +0.4 +0.7 +3.4 +4.4CPI - common n/a n/a +5.2 +5.7CPI - median n/a n/a +3.9 +4.3CPI - trim n/a n/a +3.8 +4.2Bank of Canada core +0.4 +0.5 +3.7 +4.1All items ex food/energy +0.4 +0.5 +4.0 +4.4Goods +0.1 +0.8 +2.1 +4.0Services +0.5 +0.5 +4.6 +4.8Energy -0.8 +3.4 -12.4 -4.2Seasonally adjusted +0.1 +0.5 n/a n/aCore CPI, SA +0.2 +0.5 n/a n/aNOTE: Analysts in a Reuters survey had on average forecast May CPI to be 3.4% annualized, and to be up 0.5% on the month. They also forecast Bank of Canada Core to be 3.9% year-on-year. (Reporting by Dale Smith; Editing by Ismail Shakil)((ismail.shakil@tr.com))Keywords: CANADA ECONOMY/INFLATIONOur Standards: The Thomson Reuters Trust Principles.

Persons: Dale Smith, Ismail Shakil Organizations: OTTAWA, Statistics, Reuters, of Canada, CPI, SA, Canada, Thomson Locations: Statistics Canada

☆ India's quarterly current account gap narrows as trade deficit shrinks
▼ + stars: | 2023-06-27 | by ( Swati Bhat | ) www.reuters.com time to read: +2 min

MUMBAI, June 27 (Reuters) - India's current account deficit narrowed sharply in the January to March quarter, helped by a smaller trade gap and increased services exports, the Reserve Bank of India (RBI) said on Wednesday. The current account deficit (CAD) (INCURA=ECI) stood at $1.3 billion, or 0.2% of gross domestic product (GDP), in the fourth quarter of the 2022/23 fiscal year, compared with the previous quarter's revised deficit of $16.8 billion, or 2% of GDP. The deficit had stood at $13.4 billion in the same period a year earlier, the data showed. Forecasts ranged widely, from a deficit of $5 billion to a surplus of $7.8 billion. For the 2022/23 fiscal year the current account balance showed a deficit of 2% of GDP versus a deficit of 1.2% in the preceding financial year as the trade deficit widened to $265.3 billion from $189.5 billion a year earlier.

Persons: Aditi Gupta, Baroda's Gupta, Siddhi Nayak, Sudipto Ganguly, Clarence Fernandez, David Goodman Organizations: Reserve Bank of India, Reuters Graphics, Baroda, Bank, Baroda's, Thomson Locations: MUMBAI

☆ As Canada's wildfires intensify, recruiting firefighters is tougher
▼ + stars: | 2023-06-24 | by ( Nia Williams | ) www.reuters.com time to read: +5 min

That's roughly 2,500 firefighters short of what is needed, said Mike Flannigan, a professor at Thompson Rivers University in British Columbia and wildfire specialist. "It's hard work, it's hot work, it's smoky work, and there are real issues with health impacts longer-term," Flannigan said. Applications were down in British Columbia and Nova Scotia, and Alberta had to do several rounds of recruitment to fill its ranks, officials said. As more wildfires threaten communities, provincial agencies are also increasingly leaning on structural firefighters to help protect homes. Since 2009, Canada has been spending more on fighting and suppressing wildfires than on maintaining its firefighting personnel and program.

Persons: Mike Flannigan, Flannigan, Scott Tingley, Rob Schweitzer, Ken McMullen, David Ljunggren, Ismail Shakil, Denny Thomas, Aurora Ellis Organizations: Reuters, Thompson Rivers University, Nova, Wildfire, BC Wildfire Service, Canadian Association of Fire Chiefs, Emergency Preparedness, Thomson Locations: BRITISH COLUMBIA, Canada, Yukon, British Columbia, Ontario, Nova Scotia, Alberta, Canada's, Manitoba, Lithuania, Quebec, Ottawa

☆ Oil prices mixed ahead of China lending benchmarks decision
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were mixed on Tuesday ahead of a decision on lending benchmarks by China, with the world's second-largest economy widely expected to cut key rates to shore up a slowing recovery. U.S. West Texas Intermediate (WTI) crude CLc1 was unchanged at $71.29 and there was no settlement on Monday due to a public holiday in the United States. The WTI crude contract due on July 20 was down 58 cents to $71.35 per barrel. On the supply side, Iran's crude exports and oil output have hit new highs in 2023 despite U.S. sanctions. The bank cut its average estimate for the price of Brent to $81 per barrel this year from an earlier $90 a barrel forecast.

Persons: Brent, Jerome Powell Organizations: . West Texas, ANZ Research, U.S, European Central Bank, . Federal, Organization of, Petroleum, OPEC, JPMorgan Locations: China, United States, Russia, Moscow, OPEC, Nigeria, Iran, Venezuela

☆ China seen cutting key lending benchmarks as economy slows
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +3 min

The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week, signalling it is about to embark on another round of loosening in monetary settings in a push to rev up the recovery. In a poll of 32 market watchers, all participants predicted cuts to both the one-year loan prime rate (LPR) and the five-year tenor . "However, the biggest risk is that rate cuts can be ineffective when households and businesses are excessively conservative, busy deleveraging and paying off debt." China's cabinet met on Friday to discuss measures to spur growth in the economy and pledged to roll out more policy support. Despite strong consensus of cuts to the LPR on Tuesday, market participants are divided on the size of the reductions.

Persons: David Chao, Chao, Li Hongwei, Zhou, Tom Westbrook, Sam Holmes Organizations: People's Bank of China, Reuters, Asia Pacific, Citi, Thomson Locations: SHANGHAI, SINGAPORE, China, Invesco

☆ BoC to raise rates once more by 25 bps in July to 5.00% - Reuters poll
▼ + stars: | 2023-06-13 | by ( Milounee Purohit | ) www.reuters.com time to read: +3 min

BENGALURU, June 13 (Reuters) - The Bank of Canada will raise interest rates again in July to 5.00% after a surprise 25 basis point increase last week, according to economists polled by Reuters, who unanimously said the main risk was the central bank might have to do more. The BoC will hike its overnight rate by 25 basis points to 5.00% at next month's meeting, according to 20 of 25 economists in a snap June 8-13 Reuters poll. "When you resume hiking, you don't resume for one 25 basis point hike. All but three of 25 economists forecast the overnight rate to peak at 5.00% or higher, 50 basis points more than was predicted in the last survey published on June 2. Only one of 25 economists expected a rate cut this year, compared with five in the last poll.

Persons: underscoring, Sebastien Lavoie, Lavoie, Doug Porter, Milounee Purohit, Sarupya Ganguly, Ross Finley, Sharon Singleton Organizations: Bank of Canada, Reuters, BoC, Laurentian Bank, BMO Capital Markets, Thomson Locations: BENGALURU

A vegetables stall in the Haizhu area of Guangzhou, China, on Tuesday, May 9, 2023. China's consumer inflation slowed to the weakest pace in two years in April while producer prices fell deeper into deflation, reflecting muted domestic demand and softer commodity costs. Source: BloombergAsia-Pacific markets are set to rise after the S&P 500 hit a new high for 2023 and the Dow Jones Industrial Average saw a third straight day of gains. Asia investors will be watching for China's consumer price index for May, after the country saw its inflation rate sink to just 0.1% in April, it lowest point since November 2020. Producer prices, meanwhile, are expected to fall by 4.3% in May, according to a Reuters survey, which would mark the lowest since mid-2016.

Organizations: Bloomberg, Dow Jones Locations: Haizhu, Guangzhou, China, Bloomberg Asia, Pacific, U.S . Federal, Asia

☆ ECB to hike rates in June and July to break sticky inflation - Reuters poll
▼ + stars: | 2023-06-08 | by ( Prerana Bhat | ) www.reuters.com time to read: +4 min

Price pressures and inflation expectations have moderated, but not by enough to deter the ECB from continuing its most aggressive tightening cycle on record. The ECB slowed the pace of its rate rises to 25 basis points at its May meeting after a flurry of 75 and 50 basis point moves. About three-quarters of economists, 43 of 59, forecast another 25 basis point rate hike in July, a stance hardly changed from a May poll. "A 25 basis point rate hike looks like a done deal for next week's meeting," said Carsten Brzeski, global head of macro at ING. "The ECB might not be convinced by the September meeting inflation is declining sufficiently to pause," he said.

Persons: Dado Ruvic, Price, Christine Lagarde, Carsten Brzeski, Mark Wall, Prerana Bhat, Milounee Purohit, Ross Finley, Jonathan Cable, Susan Fenton Organizations: REUTERS, European Central Bank, Reuters, ECB, ING, U.S . Federal, Deutsche Bank, Thomson Locations: BENGALURU, Germany, Europe

☆ Pakistan's embattled Imran Khan faces blackout on local media
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +3 min

The Pakistan Electronic Media Regulatory Authority (PEMRA) asked television licensees to ensure that "hate mongers, rioters, their facilitators and perpetrators" are "completely screened out from media". Khan has long been the most televised politician in Pakistan, with his speeches and gatherings getting wall-to-wall coverage and widespread viewership. The military has not responded to a request for comment on that allegation by Khan. Khan himself was arrested on charges of graft but released two days later after courts deemed the manner of his detention illegal. "We cannot be mentioned on television," said Khan, who now regularly speaks through his party's YouTube channel.

Persons: Imran Khan, Khan, Dissanayake, Gibran Peshimam, Charlotte Greenfield, Alex Richardson Organizations: Reuters, Pakistan Electronic Media Regulatory Authority, YouTube, South, Amnesty International, Thomson Locations: ISLAMABAD, Pakistan

These comments represent just one of the contradictions in the current oil market. The desire for a stable oil market is extremely difficult to reconcile with being unpredictable. But the risk is that the increase isn't sustained, largely as a result of another oil market contradiction. It's another contradiction for the oil market to resolve as those three exporters are all under some form of Western sanctions. It may well be the case that the second half of this year sees a huge pick-up in crude oil demand.

Persons: Prince Abdulaziz bin, Brent, Sonali Paul Organizations: Organization of, Petroleum, Saudi Energy, Brent, International Energy Agency, SECOND, Saudi Aramco, Aramco, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi, OPEC, Vienna, Russia, China, India, Saudi Arabia

☆ Stocks gain, dollar stumbles as US averts default and Fed skip bets rise
▼ + stars: | 2023-06-02 | by ( Alun John | ) www.reuters.com time to read: +5 min

Markets are now focused on U.S. jobs data due at 0830 EST (1230 GMT), the most significant macroeconomic release of the week, for more cues on the Federal Reserve's rate hike path. European mining stocks (.SXPP) increased 4.4%, boosted by a Bloomberg report China is working on new measures to support its property market. Copper prices were heading for their first weekly gain since April with other metals trading higher too. Spot gold was up marginally at $1,979 an ounce, but set for its biggest weekly gain in nearly two months, as a softer dollar and lower yields bolstered the bullion's appeal. Reporting by Ankur Banerjee; Editing by Lincoln Feast, Kim Coghill, Sriraj Kalluvila and Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid LONDON, Jefferson, Jeff Schulze, payrolls, Philip Jefferson, Joe Biden, Phil Shucksmith, We've, Brent, Ankur Banerjee, Lincoln, Kim Coghill, Sriraj Kalluvila, Andrew Heavens Organizations: New York Stock Exchange, REUTERS, U.S, Labor, U.S . Senate, Bloomberg, Asia Pacific, Japan's Nikkei, Nasdaq, Senate, Newton Investment, Investors, U.S . Treasury, European Central Bank, ECB, Thomson Locations: New York City, U.S, China, Japan

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