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Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. Market participants now await policy comments from Powell at two separate discussions scheduled for 11 a.m. After recent conflicting remarks from other policymakers, investors are concerned that Powell could push back against the rate cut narrative. Other officials, including Fed Governors Lisa Cook and Chicago Fed President Austan Goolsbee are also scheduled to speak during the day. Reporting by Shristi Achar A and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.
Persons: Brendan McDermid, Powell, Jerome Powell's, Dow Jones, underscoring, Sophie Lund, Yates, Hargreaves Lansdown, Lisa Cook, Austan Goolsbee, Alibaba, Morgan Stanley, danuglipron, Paula Oyibo, Shristi Achar, Shinjini Organizations: New York Stock Exchange, REUTERS, Dow, Nasdaq, Federal, Chicago Fed, P Global, ISM, Dow e, Pfizer, Marvell Technology, Automation, Thomson Locations: New York City, U.S, Bengaluru
European markets are set to open higher Friday after closing out their best month since January amid a global rally in stocks and bonds. The Stoxx 600 index gained 6.45% in November, according to LSEG data, as equities pivoted from three straight monthly losses. Major bourses ended on an upbeat note after flash data estimated euro zone inflation has now fallen to 2.4%, down from 2.9% in October and significantly lower than expected. Cooling U.S. inflation and signs of continued economic resilience have also sent U.S. stocks and bonds on a tear. However, Saudi Arabia extended its 1 million barrel per day voluntary cut into the first quarter, and other members announced their own reductions.
Persons: Major bourses Organizations: European Central Bank, Cooling, Federal Reserve, Organization of, Petroleum Locations: OPEC, Saudi Arabia
HONG KONG (AP) — Asian shares declined on Friday even after Wall Street closed out its best month of the year with big gains in November. Thursday on Wall Street, the S&P 500 rose 0.4% to 4,567.80. Cloud-computing company Snowflake rose 7% after also giving Wall Street an encouraging financial forecast. Compared with a year ago, consumer prices rose 3% in October, below the 3.4% annual rate in September. That was the lowest year-over-year inflation rate in more than 2 1/2 years.
Persons: Brent, Hang Seng, Caixin, Korea’s Kospi, Australia’s, India’s Sensex, Dow Organizations: New York Mercantile Exchange, Nikkei, Nasdaq, Dow, Federal Reserve, Commerce Department, Labor Department, Fed, Treasury Locations: HONG KONG, Shanghai
While Powell and other officials say they’re not even thinking about cutting rates just yet, some investors expect cuts to begin around the middle of next year. With Treasury yields sliding in recent weeks, so have mortgage rates, and rate cuts next year would help that along. Inflation, spending and mortgagesConsumer spending and inflation both eased in October, the Commerce Department reported Thursday. What Fed officials are sayingFed officials have broadly acknowledged that economic conditions are setting the stage for inflation to continue its descent. While some Fed officials have expressed optimism, others remain unconvinced that the Fed’s job is done.
Persons: Jerome Powell, ” Powell, , Powell, they’re, Freddie Mac, Christopher Waller, John Williams, “ We’ve, Michelle Bowman, Organizations: DC CNN — Investors, Federal, Spelman College, Treasury, Fed, December’s Fed, Commerce Department, , Washington . New York Fed, New York Fed Locations: Washington, Atlanta, September’s, America, doldrums, Washington . New, Salt Lake City
Storage tanks and gas-chilling units are seen at Freeport LNG, the second largest exporter of U.S. liquified natural gas, near Freeport, Texas, U.S., February 11, 2023. Reuters/Arathy Somasekhar/File Photo Acquire Licensing RightsDec 1 (Reuters) - Investors have been piling into an exchange-traded fund (ETF) designed to track U.S. natural gas prices, in spite of the commodity's dismal performance in 2023. The U.S. Natural Gas Fund's (UNG) (UNG.P) price, tied to the performance of futures contracts on the commodity, has plunged 60.7% so far this year, falling 27% in November alone. Analysts said the drop in the ETF's price came alongside a fall in the price of natural gas sparked by milder than usual weather across the United States in recent weeks. Natural gas prices fell about 22% in November, the single largest monthly percentage drop since a 40% decline in January.
Persons: Arathy, Stacey Morris, Morris, UNG, Suzanne McGee, Ira Iosebashvili, Emelia Organizations: Reuters, Natural, Analysts, New York Mercantile Exchange, U.S . Energy Information Administration, Thomson Locations: Freeport, U.S, Freeport , Texas, United States
The benchmark index closed at 4,594.63, nearly 6 points above its previous closing high for 2023 set in late July. The S&P 500 is up over 19% year-to-date after posting its biggest monthly rise in over a year in November. The S&P 500 reached its previous 2023 closing high on July 31, also spurred in part by excitement over developments in artificial intelligence technology. The megacaps' outperformance has increased their combined weight to well over one-fourth of the entire S&P 500, meaning the stocks' moves have outsized influence on the benchmark index. The S&P 500 currently trades at roughly 19 times forward earnings estimates, compared to a historical average of 15.6 times.
Persons: Mike Segar, Jerome Powell, Stocks, Lewis Krauskopf, Noel Randewich, Saqib Iqbal Ahmed, Ira Iosebashvili, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Federal, Valley Bank, Citigroup, Microsoft, Nvidia, Thomson Locations: Lower Manhattan, New York, U.S
Futures tied to major U.S. equity indexes are split between small gains and losses, while Treasury yields are inching down. Look out for any pushback against the notion, gripping the bond market, that the central bank will soon cut interest rates. November was the best month for the S&P 500 since July last year. They were volatile on Thursday, after Fed Bank of New York President John Williams said he thought it best to keep interest rates high for some time. In Hong Kong, the Hang Seng Index dropped more than 1.2% to close at its lowest in more than a year.
Persons: Jerome Powell, Powell, Dow, John Williams, Brent Organizations: Federal, Dow industrials, Nasdaq, Treasury, Fed Bank of New York Locations: Atlanta, Europe, Hong Kong
Gold set for 3rd weekly gain as cooler data cements Fed cut bets
  + stars: | 2023-12-01 | by ( )   time to read: +2 min
Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Gold prices were set to mark a third straight weekly rise on Friday, after data showing cooling inflation cemented bets for a rate cut in the U.S., with traders looking forward to comments from Federal Reserve's Chair Powell later in the day. Spot gold rose 0.2% at $2,039.42 per ounce by 0427 GMT, after marking an over $60 rise in November — its second straight monthly rise. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favor gains for gold between November and December," City Index's Simpson added.
Persons: Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal Organizations: Aurum, Traders, U.S Locations: U.S, InProved
REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsDec 1 (Reuters) - Oil prices extended losses on Friday, and looked set for a sixth straight week of declines, as voluntary oil output cuts agreed by OPEC+ producers fell short of market expectations. Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs. Goldman Sachs said its December forecast for Brent was "moderately tilted" to the downside of its previously estimated range, calling the oil producers' move a "temporary response," and "difficult to implement." Separately, Brazil said on Thursday it would join the OPEC+ next year, though such a move wouldn't bind the south America's largest country to production cuts.
Persons: Tatiana Meel, Brent, Goldman Sachs, Goldman, Laura Sanicola, Stephen Coates, Kim Coghill Organizations: REUTERS, OPEC, Brent, . West Texas, Thomson Locations: Nakhodka, Russia, Saudi Arabia, UAE, Iraq, Kuwait, Kazakhstan, Algeria, Brazil, OPEC
A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. Markets are now fully pricing a rate cut by the May meeting with almost a 50% chance they move in March, according to the CME's FedWatch tool. Reuters GraphicsThe 10-year yield is down around 15 basis points and on Thursday hit its lowest level in 2-1/2 months at 4.247%. On Wednesday, the dollar index , which measures the currency against six major peers, touched its lowest level since Aug. 11 and dropped over 3% last month, its worst month in a year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Samuel Indyk, Jerome Powell's, Powell, Christopher Waller, Europe's, Fed's, Fed's Cook, ECB's, Fitch, Toby Chopra Organizations: Wall, REUTERS, Federal, Fed, Spelman College, Reuters, COVID, P Global, PMI, Thomson Locations: New York, U.S, France, Greece, Ireland, DBRS, Germany, Spain
What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.
Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India
Oil prices fall, extend slide after OPEC+ cuts underwhelm
  + stars: | 2023-12-01 | by ( )   time to read: +2 min
An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. OPEC+'s output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilizing the market. The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting. Included in this figure is an extension of the Saudi and Russian voluntary cuts of 1.3 million bpd.
Persons: Alexander Novak Organizations: Brent, . West Texas, OPEC, Saudi Locations: Odessa , Texas, Saudi Arabia, Russia, UAE, Iraq, Kuwait, Kazakhstan, Algeria
AdvertisementMy foray into the Indian school system began with education — not my children's, but my own. We now have three sons, aged 10, 8, and 4, who are enrolled in an Indian school. My experience living in the megacity of New Delhi and navigating the school system here vastly differs from what I grew up with. My kids are learning several languagesMost Indian schools adopt a bilingual approach to education. While navigating the Indian education system — and the education system in any country, for that matter — has its own set of challenges, our family has embraced this adventure.
Persons: , Eid Organizations: Service, Independence Locations: Ohio, New Delhi, There's, India
Neon ads in Dotonbori district, Osaka, Kansai region, Japan Alexander Spatari | Moment | Getty ImagesAsia-Pacific markets started Friday lower even as Wall Street mostly saw gains and ahead of private factory activity surveys from across the region. Most notably, investors will be watching China's Caixin manufacturing purchasing managers' index for November, after official numbers Thursday showed the country's manufacturing sector contracting for a second straight month. PMI readings are also due from Japan, South Korea and India on Friday. Japan's Nikkei 225 was marginally below the flatline, but the Topix bucked the trend and opened 0.21% higher. Futures for Hong Kong's Hang Seng index stood at 17,052, also pointing to a positive open compared with the HSI's close of 17,042.88.
Persons: Japan Alexander Spatari, Kospi Organizations: PMI, Nikkei Locations: Dotonbori district, Osaka, Kansai, Japan, Asia, Pacific, South Korea, India, Australia
OPEC is facing growing challenges in its efforts to boost oil prices amid record output outside the alliance, particularly in the U.S., raising questions about how long the alliance can maintain its deep production cuts. The outcome is a "bittersweet victory" for OPEC kingpin Saudi Arabia, wrote Jorge Leon, senior vice president of Rystad Energy, in a note Thursday. With oil prices down more than 14% since September highs, traders were hoping that OPEC could provide a boost. In the end, Saudi Arabia may have only one option — launch a supply war by flooding the market with oil. The 2.2 million bpd in voluntary cuts from the coalition of the willing is somewhat deceiving.
Persons: Jorge Leon, bode, Leon, Brent, Natasha Kaneva, Paul Sankey, John Kilduff, Kilduff, it's, Sankey, Kaneva, Goldman Sachs, Goldman, Daan Struyven, Struyven Organizations: Rystad Energy, Traders, Sankey Research, U.S . Oil, U.S, OPEC, United Arab, Goldman Locations: U.S, OPEC, Saudi Arabia, Riyadh, Saudi, China, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman
Asia shares start Dec on cautious note, oil nurses losses
  + stars: | 2023-12-01 | by ( Stella Qiu | )   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
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
Morning Bid: Markets wary Powell may undermine rate-cut bets
  + stars: | 2023-12-01 | by ( )   time to read: +3 min
Federal Reserve Chair Jerome Powell answers a question during a press conference at the Federal Reserve in Washington, U.S., November 1, 2023. The disconnect between financial markets and central banks has only deepened as central banks push back against talk of rate cuts while markets take in the relatively more benign inflation data of recent weeks. That helped to embolden markets to take on rate-cut bets. Markets are now pricing in a 46% chance of the central bank cutting rates in March, the CME FedWatch tool showed. Speakers: Bank of England MPC member Megan Greene, ECB President Christine Lagarde, Fed Chair Jerome Powell.
Persons: Jerome Powell, Kevin Lamarque, Ankur Banerjee, Christopher Waller, Powell, Elon Musk, Megan Greene, Christine Lagarde, Edmund Klamann Organizations: Federal Reserve, REUTERS, Ankur, Fed, ECB, Reuters Graphics Reuters, Reuters, Bank of England, Thomson Locations: Washington , U.S, Europe, Asia, France, UK, Germany, Singapore
The stock market is boring right now, and that is not a bad thing. There's a strong backdrop going into December. The S & P 500 was up 8.9%, its best month since July 2022, and the fourth-best November since 1950. If it doesn't seem that way, it's because the S & P has been flat for the past week and a half. There will be lots of complaints about high valuations, and the cynics will be right: The S & P is approaching 19-times 2024 earnings.
Persons: Goldman Sachs, Morgan Stanley, let's Organizations: Triple Witching, Treasury, Atlanta, Wall Street, Deutsche Bank, BMO Capital Markets, Capital Markets, Bank of America, Barclays, Goldman, UBS Global Wealth, Wells, Wells Fargo Securities, JPMorgan, Dow, Revenue Locations: Wells Fargo
Spot gold rose 0.3% at $2,042.58 per ounce by 0621 GMT on Friday, and is up about 2% for the week so far. The metal rose $60 in November in its second straight monthly gain. Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "However, month-end flow may have also been a factor, and seasonality tends to favour gains for gold between November and December," City Index's Simpson added. Spot silver and platinum edged up 0.1% to $25.29 and $927.44 per ounce, respectively, while palladium rose 0.4% to $1,011.65.
Persons: Alexander Manzyuk, Powell, Matt Simpson, CME's, Index's Simpson, Hugo Pascal, Harshit Verma, Nivedita Bhattacharjee, Mrigank Organizations: REUTERS, Federal, Reuters, Federal Reserve, Traders, U.S, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru
Traders' confidence was reinforced earlier this week when Fed Governor Christopher Waller, a hawkish policymaker, flagged a possible rate cut in the months ahead. SOFR FUTURESBond investors also look to the Secured Overnight Financing Rate (SOFR) futures to gauge expectations of Fed rate moves. The June 2024 SOFR futures have priced at least one Fed cut, while the probability of two 25-basis-point rate reductions was at 76%. An OIS transaction involves exchanging an overnight rate such as the federal funds rate for a fixed one. For instance, in a U.S. two-year OIS transaction, one party receives a fixed two-year rate in exchange for paying the fed funds rate daily over the next two years.
Persons: Brendan McDermid, Robert Pavlik, Pavlik, Christopher Waller, Jerome Powell's, It's, Gertrude Chavez, Dreyfuss, Saqib Iqbal Ahmed, Stephen Culp, Alden Bentley, Paul Simao Organizations: Wall, REUTERS, Bond, U.S, Dakota Wealth Management, Fed, Spelman College, Reuters, Thomson Locations: New York, U.S, Fairfield , Connecticut, Atlanta
Governor of the Bank of Canada Tiff Macklem walks outside the Bank of Canada building in Ottawa, Ontario, Canada June 22, 2020. But Macklem also said "right now, it is not time to start thinking about cutting interest rates." Interest rate futures are pricing the first rate cut in March, earlier than the poll prediction. "Accompanying labour market weakness should put downward pressure on inflation and prompt the Bank of Canada to cut the policy rate around of the spring of 2024," they wrote. That was despite several government measures announced in the latest Fall Economic Statement to boost housing supply and help lenders dealing with homeowners at risk amid high interest rates.
Persons: Blair Gable, Macklem, It's, Avery Shenfeld, Robert Hogue, Sebastian Mintah, Mumal Rathore, Ross Finley, Tomasz Janowski Organizations: Bank of Canada, REUTERS, Reuters, BoC, U.S . Federal, Barclays, CIBC Capital Markets, of Canada, RBC, Desjardins, Moody's, Thomson Locations: Ottawa , Ontario, Canada, BENGALURU, stagnate
Hong Kong CNN —Chinese leader Xi Jinping has visited Shanghai for the first time in three years, as his government steps up efforts to prop up the country’s economy and financial markets. The visit, his first since 2020, comes as business confidence wanes in China and foreign companies pull out of the country. “General Secretary Xi Jinping’s visit to Shanghai sends important signals at a critical moment,” an editorial by Xinhua said Thursday. “Shanghai must be a vanguard of the country’s reform and opening up and a pioneer in its tech innovation and development,” Xi was quoted as saying by Xinhua. Earlier this month, Xi visited the United States for the first time in more than six years, where he met with President Joe Biden to amend ties between the two countries.
Persons: Xi Jinping, Xi, Lifeng, Cai Qi, Xi Jinping’s, ” Xi, Joe Biden Organizations: Hong Kong CNN, Shanghai Futures Exchange, Xinhua News Agency, PMI, Xinhua, “ Finance Locations: Hong Kong, Shanghai, China, Beijing, United States
Stock Market News, Nov. 30, 2023: Dow Logs Highest Close of 2023
  + stars: | 2023-11-30 | by ( )   time to read: +1 min
The 10-year U.S. Treasury note had its best month since 2019, as a sharp unwinding of rate-hike expectations sent investors on a bond-buying spree. The Dow ended the day with its highest close since January 2022, while the Nasdaq Composite managed its best month since July 2022. Salesforce's stock rose, lifting the Dow, after the business-software company reported results last night. The yield on the 10-year U.S. Treasury note ticked up to settle at 4.349%, after three days of declines. Overseas, the Stoxx Europe 600 finished its best month since January.
Persons: Dow, Tesla, Dow industrials Organizations: Treasury, Nasdaq, Dow, Benchmark U.S, Overseas
Stock futures fell slightly in overnight trading after the Dow Jones Industrial Average notched a new 2023 high and capped off its best month in more than a year. Futures tied to the 30-stock index dipped 20 points, or 0.06%, while S&P 500 futures and Nasdaq-100 futures slipped 0.1% and 0.15%, respectively. The Dow Jones Industrial Average surged 520 points, or 1.47%, to settle at 35,950.89 and top its previous 2023 high hit in August. The S&P and Nasdaq rallied 8.9% and 10.7%, respectively, to notch their best monthly performances since July 2022. Both the Dow and S&P are also headed for a winning week, with the Dow on pace to hit a fifth consecutive winning week for the first time in more than two years.
Persons: Stocks, Everyone's, Wells, Chris Harvey, CNBC's Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Disney, Dow, Dominion Energy, Gartner, Cardinal Health
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