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☆ Oil pares gains after strongest weekly rise in over a year
▼ + stars: | 2024-10-07 | by ( ) www.cnbc.com time to read: +2 min

Oil prices pared gains in early trade on Monday after charting their biggest weekly rise in over a year on Friday amid mounting threats of a region-wide war in the Middle East. "However, the oil market will likely continue to face upside pressure due to fears of Israel's retaliation response to Iran. Despite the rally in oil prices last week, the impact of this conflict on oil supply will be relatively small, said ANZ Research in a Monday client note. "We see a direct attack on Iran's oil facilities as the least likely response among Israel's options. "Moreover, we have seen a diminished impact of geopolitical events on oil supply.

Persons: Brent, Tina Teng Organizations: Brent, . West Texas, ANZ Research, OPEC Locations: Iran, Israel, Lebanon, Gaza, Haifa, Russia, Kazakhstan, OPEC

☆ Oil prices rise on escalating attacks in the Middle East
▼ + stars: | 2024-10-02 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices rose on Wednesday on fears conflict in the Middle East could turn into a wider war and disrupt oil supply from the key producing region after Iran fired ballistic missiles at Israel. Iran's oil output rose to a six-year high of 3.7 million barrels per day in August, ANZ added. "Iran accounts for about 4% of global oil output, but an important consideration will be whether Saudi Arabia increases production if Iranian supplies were disrupted." "Any suggestion that production hikes will proceed could offset concerns of supply disruptions in the Middle East," ANZ's note said.

Persons: Brent, Israel, Benjamin Netanyahu, Joe Biden Organizations: U.S, West Texas, Organization of, Petroleum, ANZ Research, ANZ, Israel, . Security, American Petroleum Institute Locations: Saudi, Ras Tanura, Saudi Arabia, Iran, Israel, Lebanon, Tehran, OPEC, Russia, U.S

☆ Oil prices rise on Middle East supply risks as Israel steps up attacks
▼ + stars: | 2024-09-30 | by ( ) www.cnbc.com time to read: +2 min

An oil platform in the Red Sea in Ras Behar region, Egypt on January 29, 2023. Oil prices edged higher on Monday on increasing concerns of potential supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces. Brent crude futures for November delivery increased 16 cents, or 0.22%, to $72.14 a barrel as of 0043 GMT. That contract expires on Monday and the more-active contract for December delivery gained 10 cents, or 0.14%, to $71.64. "The recent escalation of attacks in the Middle East is increasing the likelihood of Iran being directly dragged into the conflict, putting a significant risk around supply disruptions at the OPEC producer," ANZ Research said in a note.

Persons: Brent, WTI, Israel, Iran's, Sayyed Hassan Nasrallah, Lloyd Austin, Jerome Powell Organizations: . West Texas, Organization of, Petroleum, Hezbollah, ANZ Research, Lebanon . U.S . Defense Locations: Red, Ras Behar, Egypt, Israel, China, Iran, OPEC, Yemen, Lebanon . U.S, Washington, Libya

☆ Oil prices little changed as U.S. stockpile drop offsets global demand woes
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Oil prices slumped over 2% on Wednesday as worries over supply disruptions in Libya eased and demand concerns continued despite China's latest stimulus plans. Oil prices initially rose following the stimulus announcement from the world's biggest oil importer. "Any revival in Libyan production would return to a market that is already beset by concerns of weak demand in the U.S. and China," ANZ Research said.

Organizations: Brent, U.S, West Texas, ANZ Research, Energy Information Administration Locations: U.S, China, Libya, United States

☆ Oil prices flat as lower demand signs outweigh U.S. hurricane impact
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: +1 min

Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer. But with the storm set to eventually dissipate after making landfall, the oil market's attention again turned to lower demand. U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday. The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.

Persons: Hurricane's, Brent Organizations: Hurricane, Energy Information Administration, Organization of, Petroleum, International Energy, ANZ Research Locations: Nolan , Texas, U.S, U.S . Gulf, Mexico, Louisiana

☆ Oil prices rise as investors look for signs U.S. rate cuts to begin
▼ + stars: | 2024-07-22 | by ( ) www.cnbc.com time to read: +1 min

An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States. Oil prices rose in early trade on Monday as investors keep a lookout for signs of a rate-cut cycle expected to begin as soon as September. "Since the June FOMC meeting, inflation and labor market data have signaled that disinflation and labor market rebalancing are in place, which we expect will allow the Fed to begin its interest rate cutting cycle in September," ANZ Research said in a note. Slower-than-expected economic growth of 4.7% for China in the second quarter sparked concerns last week over the country's demand for oil and continues to weigh on prices. The 60-point document's publication follows last week's closed-door meeting of the Communist Party's Central Committee that takes place roughly every five years.

Persons: Phillips, Joe Biden, Kamala Harris, Republican Donald Trump Organizations: Brent, U.S . West Texas, Fed, ANZ Research, U.S . Federal Reserve, Market, Republican, Communist Party's Central Committee Locations: Linden , New Jersey, United States, U.S, China

☆ Oil prices slip after data points to cooling U.S. economy
▼ + stars: | 2024-07-04 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early trade on Thursday after U.S. employment and business activity data came in weaker than expected, in signs the economy may be cooling in the world's top oil consuming nation. Separately, the ADP Employment report showed private payrolls increased by 150,000 jobs in June, below a consensus predicting an increase of 160,000, and after rising by 157,000 in May. However, weaker economic data may add to the Federal Reserve's arguments to start cutting rates, analysts said, a move that would be supportive for the oil markets as lower rates could boost demand. "The direction of recent data conforms to the Fed's easing bias," ANZ Research analysts said in a note. "A slowdown in growth momentum will support disinflationary impulses in coming months, paving the way for the Fed to cut rates."

Organizations: Brent, U.S, West Texas, ADP, ISM, ANZ Research, Fed Locations: United States

☆ India: Policy continuity will be welcomed, economist says
▼ + stars: | 2024-06-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIndia: Policy continuity will be welcomed, economist saysDhiraj Nim, economist and foreign exchange strategist at ANZ Research, says, however, that "reform momentum may partially slow down."

Persons: Dhiraj Nim Organizations: ANZ Research

☆ Oil prices down on demand woes as markets await U.S. crude stockpiles data
▼ + stars: | 2024-05-30 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand. This comes against analysts projection of U.S. energy firms pulling 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline. "Any sign of strong demand in EIA's weekly inventory report should support crude oil prices," ANZ Research said in a note. Oil markets have been under pressure recently over expectation the Federal Reserve will keep interest rates higher for longer. Higher borrowing costs tend to tie down funds and consumption, a negative for crude demand and prices.

Persons: Brent, distillates Organizations: U.S, West Texas, American Petroleum Institute, U.S . Energy, Administration, ANZ Research, of, Petroleum, Reserve Locations: Russia, OPEC, U.S

☆ China is trying to end its ‘epic’ property crisis. The hard work is just beginning
▼ + stars: | 2024-05-21 | by ( Laura He | ) edition.cnn.com time to read: +7 min

“The policymakers recognize the urgency to prevent an outright property crisis,” said Zhaopeng Xing, senior China strategist at ANZ Research. According to Goldman Sachs, the total value of unsold homes, unfinished projects and unused land in China is about 30 trillion yuan ($4.1 trillion). On Friday, Tao Ling, deputy governor of the PBOC, said the relending program could eventually underpin 500 billion yuan ($69 billion) worth of bank loans to support the buying. The Housing Ministry said Friday that local governments can instruct local state-owned enterprises to help purchase some unsold homes from developers. Just the beginningAddressing the oversupply of unsold homes is only the first step, experts say.

Persons: ”, Zhaopeng Xing, Goldman Sachs, it’s, Tao Ling, Ting Lu, Nomura, Helen Qiao, It’s, Tao, ” Jing Liu, Taylor Wang, Xing, Goldman, Donald Trump, Michelle Lam, Wei Yao, Société Générale Organizations: Hong Kong CNN —, ANZ Research, Goldman, People’s Bank of China, Greater China, Bank of America, Housing Ministry, HSBC, European Union Locations: China, Hong Kong, Hong Kong CNN — Beijing, Beijing, Greater, Société, Japan

☆ Oil prices rise on moderate U.S. inflation data, strong demand
▼ + stars: | 2024-05-16 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended gains from the previous session on Thursday on signs of stronger demand in the U.S. where data showed slower inflation than markets expected, strengthening the argument for an interest rate cut which could result in even stronger demand. U.S. crude oil, gasoline and distillate inventories fell, reflecting a rise in both refining activity and fuel demand, showed data from the Energy Information Administration, or EIA. Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended May 10, the EIA said, versus the 543,000 barrel consensus analyst forecast in a Reuters poll. Signs of slowing inflation and stronger demand were supporting prices, ANZ Research said in a client note, as is geopolitical risk which it said remains elevated. Gains were constrained after the IEA trimmed its forecast for 2024 oil demand growth, widening the gap between its view and that of producer group OPEC.

Persons: Brent Organizations: U.S, West Texas Intermediate, Federal Reserve, Energy Information Administration, EIA, ANZ Research, OPEC, Global, Organization for Economic Co Locations: Nolan , Texas, U.S, East, Gaza, Rafah, Qatar, Egypt, Israel

☆ Oil prices rise on U.S. inventories drawdown expectations, CPI focus
▼ + stars: | 2024-05-15 | by ( ) www.cnbc.com time to read: +2 min

U.S. crude oil inventories fell 3.104 million barrels in the week ended May 10, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline inventories fell by 1.269 million barrels and distillates rose by 673,000 barrels. "Expectations of another drawdown in U.S. oil inventories should support oil prices," ANZ Research said in a note. Oil prices also found support from a softer U.S. dollar and stimulus measures from China, said independent market analyst Tina Teng, with a weaker greenback making dollar-denominated oil cheaper for investors holding other currencies. "The U.S. CPI and China's economic data are key to driving oil prices for the rest of the week," she added.

Persons: David Knox, Petra Nova, Brent, Tina Teng, Teng Organizations: NGR Energy, JX Nippon Oil & Gas Exploration Corporation, WA Parish, U.S, . West Texas, American Petroleum Institute, ANZ Research, Federal, CPI Locations: NGR, Bend County, Petra, WA, China, Fort McMurray

☆ Oil prices up on stronger Chinese data, Middle East conflict
▼ + stars: | 2024-05-10 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Friday, continuing upwards trend on the signs of improving economy in China and as negotiations to halt hostilities in the stand-off between Israel and Hamas yielded no results. In the previous session, oil prices edged up to a one-week high on data of rising crude oil imports in China in April and as investors saw the cooling U.S. job market as an indication of possible interest rate cuts. China's exports and imports returned to growth in April after contracting in the previous month, signaling an improvement in demand. "Ongoing signs of strength in demand in China should see commodity market remain well supported," ANZ Research said in a note. Daly did not say if she felt the U.S. central bank was likely or not to cut interest rates this year.

Persons: Brent, Mary Daly, Daly, Benjamin Netanyahu, Joe Biden's Organizations: U.S, West Texas, ANZ Research, San Francisco Federal, Financial Locations: China, Israel, U.S, Rafah, Gaza, Cairo

☆ Oil inches up after U.S. reimposes Venezuela oil sanctions
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: +2 min

The sun sets beyond an oil pumping unit, also known as a "nodding donkey" or pumping jack, at a drilling site operated by Tatneft OAO near Almetyevsk, Russia. Oil prices rose in early trade on Thursday, slightly paring the previous session's losses after the United States said it would reinstate oil sanctions Venezuela, while the European Union talked of fresh curbs on Iran. The U.S. said it would not renew a license set to expire on Thursday that had broadly eased Venezuela oil sanctions, moving to reimpose punitive measures in response to President Nicolas Maduro's failure to meet his election commitments. Looking to prevent a wider conflict, European Union leaders decided on Wednesday to step up sanctions against Iran. According to JP Morgan estimates, worldwide oil consumption so far in April has averaged 101 million bpd, or 200,000 bpd below its own forecast.

Persons: OAO, Brent, Nicolas Maduro's, Morgan Organizations: ANZ Research, European Union, Iran, The U.S . House, Federal Locations: Almetyevsk, Russia, States, Venezuela, European, Iran, U.S, United States, Israel, The, Ukraine

☆ Oil prices head back up on Middle East jitters
▼ + stars: | 2024-04-12 | by ( ) www.cnbc.com time to read: +2 min

A view of an oil well at Arab Desert in Jebel Dukhan, Bahrain on March 4, 2024. Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Israel is keeping up its war in Gaza but is also preparing for scenarios in other areas, Prime Minister Benjamin Netanyahu said on Thursday. "The European Central Bank's decision to leave policy rates unchanged ... was expected, but accompanying statements open the door for near-term monetary easing," S&P Global Market Intelligence said in a note. However in the U.S., Federal Reserve officials signalled on Thursday no rush to cut interest rates, as sticky U.S. inflation remains a concern.

Persons: Ayatollah Ali Khamenei, Benjamin Netanyahu Organizations: Brent, U.S, West Texas, Israel, Washington, ANZ Research, Organization of, Petroleum, P Global Market Intelligence, Federal Locations: Jebel Dukhan, Bahrain, Iran, Syria, Damascus, Gaza, Israel, Tehran, Europe, U.S

☆ What a Trump 2.0 Economy Would Look Like
▼ + stars: | 2024-03-15 | by ( Tim Smart | ) www.usnews.com time to read: +10 min

Overall, the Biden economic plan draws less than favorable reviews from voters. So, too, are promises of more tax cuts and a sharp curtailment of immigration. Trump was upset in 2019 that Powell was not doing enough to lower interest rates and stimulate the economy. The Trump tax cuts are set to expire in 2025, giving a second Trump administration the opportunity to fight that battle again. “A Trump 2.0 presidency would inherit very large fiscal deficits from the Biden Administration, rising interest expenses and an economy probably more prone to bouts of inflation,” the report said.

Persons: Muhammad Ali, Joe Frazier, Joe Biden, Donald Trump, Biden, Trump, There’s, ” Trump, it’s, ”, Patrick Horan, “, Tony Soprano, Patrick Kilbane, ” Kilbane, “ Trump, ” George Calhoun, Calhoun, ” Matt Gertken, Alex Nowrasteh, ” Michael Clemens, Clemens, Jerome Powell, Powell, Xi Jinping, Maria Bartiromo, reappoint Powell, Steve Mnuchin, ” Maxime Darmet, Darmet, Kevin McCarthy Organizations: Manila ”, Trump, CNBC, Monday, White, George Mason University, Ullmann Wealth Partners, Republican Party, Senate, Affordable, Quantitative, Stevens Institute of Technology, TikTok, Democratic, BCA Research, Labor, CATO Institute, Peterson Institute for International, University of Colorado, Federal Reserve, Federal, Biden, Fox Business, Trump Cabinet, House, Allianz Research, Biden Administration, U.S, Allianz Trade, Congress, GOP Locations: Manila, COVID, China, U.S, America, France

☆ Oil prices up as world's top consumers boost demand
▼ + stars: | 2024-03-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose Friday due to increased demand in the U.S. and China, the world's top oil consumers, and a positive signal from the Fed on potential rate cuts. Oil prices rose on Friday, driven by growing demand in the United States and China, the world's biggest oil consumers, and as the U.S. Federal Reserve gave a positive signal on possibility of rate cuts. Both fell more than expected in a sign of a strong demand. Providing additional support to oil prices, Federal Reserve Chair Jerome Powell said on Thursday that the U.S. central bank was "not far" from gaining enough confidence that inflation is falling to begin cutting interest rates. In Canada, TC Energy's Keystone oil pipeline resumed service on Thursday after going offline and temporarily restricting a major conduit of Canadian oil to the United States — one of the factors supporting prices in the previous session.

Persons: Jerome Powell Organizations: U.S . Federal Reserve, Brent, . West Texas, Energy Information Administration, ANZ Research, Capital Economics, TC, Keystone Locations: U.S, China, United States, Canada

☆ Oil down in thin trade as U.S. gears up for Presidents' Day
▼ + stars: | 2024-02-19 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged down on Monday morning as markets digested comments from U.S. Federal Reserve officials pointing to a more patient stance regarding potential interest rate cuts, in thin early trade on what is a public holiday in the United States. U.S. West Texas Intermediate crude was 35 cents, or 0.44%, lower at $78.84 at 0138 GMT. Markets are yet to see the direction of demand from China after that country returns from a week-long Lunar New Year holiday, while Presidents' Day in the United States is set to keep trade relatively muted. Higher rates keep up the cost of buying oil, providing for a bearish market trend.

Persons: Brent, Alexei Navalny, Vladimir Putin's Organizations: del, del Peru SA Talara, U.S . Federal, . West Texas, Yemen's, of, Petroleum, ANZ Research, International Energy Agency, ANZ, United Nations Security Council Locations: del Peru, Piura, Peru, U.S, United States, China, Gaza, Yemen's Iran, India, Algerian, Israel, Europe, Russia, Ukrainian, Avdiivka, Moscow

☆ Gold flat as safe-haven demand offsets US dollar strength
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +2 min

An employee puts gold bullions into a safe deposit box at Degussa shop in SingaporeGold prices were flat in light trading on Friday with Chinese markets closed for the Lunar New Year break, while a firm dollar offset safe-haven demand fueled by Middle East concerns. "Some stress in U.S. regional banks, Chinese new year demand and Middle East tensions put a floor on the metal," Hugo Pascal, a precious metals trader at InProved, said. Concerns lingered about the Middle East as Israeli forces bombed areas in the southern border city of Rafah after Prime Minister Benjamin Netanyahu rejected a Hamas truce proposal. However, palladium has since taken a lead again, up 0.6% to $892.26 per ounce, while platinum rose to $890.09. Both metals are used in making a key component in internal combustion engines, but platinum is also used in jewelry and other industries.

Persons: Hugo Pascal, Benjamin Netanyahu Organizations: Shanghai Futures, Treasury, Federal, Traders, ANZ Research Locations: Singapore, InProved, Rafah, U.S

☆ Oil edges up with slim progress in Gaza peace talks
▼ + stars: | 2024-02-08 | by ( ) www.cnbc.com time to read: +1 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October. A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar. On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the U.S. reported on Wednesday continued to buoy the market. The U.S. Energy Information Administration reported U.S. gasoline stocks fell by 3.15 million barrels last week compared with analysts' estimates for a build of 140,000 barrels.

Persons: Israel, Benjamin Netanyahu, Antony Blinken, Khalil Al, Hayya Organizations: del, del Peru SA Talara, Brent, . West Texas, Hamas, U.S . Energy Information Administration, ANZ Research Locations: del Peru, Piura, Peru, Gaza, Palestinian, Cairo, Egypt, Qatar, U.S

☆ Oil prices gain after OPEC+ maintains output cuts
▼ + stars: | 2024-02-02 | by ( ) www.cnbc.com time to read: +2 min

An oil pump jack in Midland, Texas, US, on Thursday, March 2, 2023. Photographer: Sergio Flores/Bloomberg via Getty ImagesOil prices rose in early trade on Friday following a decision by OPEC+ to keep its oil output policy unchanged, clawing back some losses from the previous trading session triggered by unsubstantiated ceasefire reports between Israel and Hamas. Both contracts settled more than 2% lower on Thursday due to the unverified ceasefire reports between Israel and Hamas. On Thursday, two OPEC+ sources said the group has kept its oil output policy unchanged, and will decide in March whether or not to extend the voluntary oil production cuts in place for the first quarter. Lower interest rates would reduce consumer borrowing costs, which can boost economic growth and oil demand.

Persons: Sergio Flores, Brent, Yemen's, Jerome Powell Organizations: Bloomberg, Getty, OPEC, U.S, West Texas, Hamas, of, Petroleum, ANZ Research, U.S . Federal Locations: Midland , Texas, Israel, Iran, Red, Russia, OPEC, U.S .

☆ Oil edges up on U.S. Fed rate signals, China property sector support
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: +2 min

The Equinor ASA offshore oil drilling platform on Johan Sverdrup oil field in the North Sea off the coast of Norway. Global oil prices climbed in early trade on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Lower rates and economic growth are supportive for oil demand. China, the world's second biggest economy, unveiled new property support measures amid concerns about the fallout from the liquidation of developer Evergrande and as the country ended last year with the worst declines in new home prices in nearly nine years. In the Middle East, worries about attacks by Yemen-based Houthi forces on shipping in the Red Sea are now driving up costs and disrupting global oil trading.

Persons: Johan Sverdrup, Jerome Powell, JPMorgan Organizations: ASA, U.S . Federal, Brent, . West Texas, Federal, JPMorgan, ANZ Research Locations: North, Norway, Global, China, Yemen, Jordan, Red

☆ China stock market: Calm returns after wild week but big challenges remain
▼ + stars: | 2024-01-26 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —It’s been a rollercoaster week for stocks trading in mainland China and Hong Kong. “For a sustained rally in China stocks, we think China will need to address the core of these concerns (predominantly property sector issues and US-China tensions),” the analysts added. In the 7 days to January 24, exchange-traded funds (ETFs) tracking Chinese stocks recorded large inflows of $12.6 billion, according to a Citi survey of global fund managers. Still, investors have been fleeing Chinese stocks over a much longer period because they are worried about the country’s economic prospects. The country is facing the prospect of a vicious cycle whereby lower demand leads to lower investment, lower production and lower income, thus causing even lower demand.

Persons: Hong Kong CNN — It’s, Hong, — haven’t, ” Nomura, “, Li Qiang, ”, Li Yunze, Pan Gongsheng, Florence Lo, HSI, Raymond Yeung, ” Yeung Organizations: Hong Kong CNN, Shanghai Shenzhen, ”, Shanghai Financial Exchange, Bloomberg, State, Supervision, Administration Commission, Administration of Financial, Reuters, People’s Bank of China, Citi, Enodo Economics, HSBC, Greater China, ANZ Research Locations: China, Hong Kong, Shanghai, United States, Beijing, Davos, Switzerland, Greater

☆ Chinese stocks are having their worst start to a year since 2016
▼ + stars: | 2024-01-22 | by ( Anna Cooban | Laura He | ) edition.cnn.com time to read: +5 min

The Shenzhen Component Index, a tech-heavy benchmark, had its worst day in nearly two years, plunging 3.5%. It’s the worst start to a year for Chinese stocks since 2016, when investors were ditching their holdings following a market crash in 2015. The country’s economy grew by 5.2% last year. That beat government projections but is still one of China’s worst economic performances in over three decades. The International Monetary Fund forecasts the country’s economic growth to slow to 4.2% this year.

Persons: Ken Cheung, ”, Europe’s, Premier Li Qiang, Brian Martin, Daniel Hynes, Li, “, ” Stephen Innes, managing Organizations: Hong Kong CNN, Shenzhen Component, Mizuho Bank, CSI, Nikkei, Premier, Economic, ANZ Research, Monetary Fund, China’s Commerce Ministry, Investors Locations: Hong Kong, Beijing, Shanghai, Shenzhen, China, United States

☆ Oil on track to snap losing streak on hopes of further OPEC+ cuts
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand. Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. OPEC+, which combines the Organization of the Petroleum Exporting Countries, or OPEC, and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024. "Crude oil was up sharply in early trade amid reports that OPEC would reduce its output quotas," ANZ Research said in a client note on Tuesday. This may soften the US opposition to any move to tighten oil markets and support prices," ANZ said.

Organizations: Brent, . West Texas, Organization of, Petroleum, ANZ Research, Reuters, ANZ Locations: Russia, Saudi Arabia, United States

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