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Republicans and Democrats in Congress have pledged tighter oversight of banking regulators following the collapse of Silicon Valley Bank and Signature Bank. Some in Congress are concerned that the Federal Reserve's current inspector general is not independent enough to serve as a check on the central bank. Unlike the Pentagon and other big agencies, the Fed's internal IG, currently Mark Bialek, reports directly to the Fed board. Under the Senators' plans, the holder of the role would instead be appointed by the President and confirmed by the Senate. Specifically, they objected to having the IG's salary tied to the compensation of Fed officials who the IG is tasked with investigating.
Persons: Elizabeth Warren, Evelyn Hockstein, Rick Scott, Democrat Elizabeth Warren, Mark Bialek, Warren, Scott, Bialek, David Morgan, Costas Pitas, Paul Thomasch, Stephen Coates Organizations: Banking, Housing, Urban Affairs Committee, Capitol, REUTERS, WASHINGTON, Democrat, Reuters, Republicans, Democrats, Congress, Silicon Valley Bank, Signature Bank, Federal, Pentagon, Fed, Senators, Thomson Locations: Washington , U.S, Silicon, Congress
CNN —Just five days into the 2023 Women’s World Cup and many of the tournament underdogs are already making a name for themselves. On Thursday New Zealand won its first Women’s World Cup game by beating Norway. Even if results haven’t gone the way of the smaller teams, many games have been much closer than expected. “Once upon a time, the US in particular was very dominant but you see the gap is closing and the smaller nations are jumping on that bandwagon,” Donaldson added. It was the first point the Reggae Girlz had earned at a World Cup, having only played one previous tournament.
Persons: CNN —, Lorne Donaldson, , , USWNT, ” Donaldson, Mark Baker, Bunny ’ Shaw, Girlz, Donaldson, Jamaica’s Deneisha Blackwood, we’ve Organizations: CNN, New Zealand, England, cohost Australia, Zambia, frontrunners France Locations: France, Norway, Haiti, Republic of Ireland, England, Thailand, Vietnam, Japan, Germany, Morocco, Jamaica, Panama, Brazil
“As I come into the yard, I get greeted by two beautiful, amazing, fluffy dogs wagging their tails,” recalls Liesbet. “We talked a little bit – and a little bit turned into an hour,” recalls Liesbet. Liesbet Collaert“We went out for drinks,” recalls Liesbet, “Mark was a sailor and took us all out sailing. “I go up to the apartment door and the door was unlocked, which was a little bit odd,” recalls Mark. Liesbet CollaertAbout a month after she’d moved in with Mark, Liesbet flew with him to the East Coast to meet his family.
Persons: Liesbet Collaert, She’d, Karl, Liesbet, Karl’s, Nik, , Mark, “ Mark Kilty, , He’d, , hadn’t, she’d, he’d, ” Mark, “ Mark, “ Karl, Collaert Karl, – it’d, they’d, Here's, didn’t, you’d, , “ I’ll, couldn’t, Here's Liesbet, Liesbet’s, Liesbet Collaert Liesbet, “ You’re, Karl –, ’ ”, they’ve, Mark Kilty, we’ve, She’s, San Francisco – Organizations: CNN, , CNN Travel, San, Locations: San Francisco , California, North America, Australia, Belgium, San Francisco, East Coast, California, Bay, Grenada, Mexico, Martinique, ., Mark’s, East, South America, Costa Rica, Central America, Panama, Texas, Honduras, Austin, Bahamas, Dominican Republic, Polynesia, Liesbet, St, Maarten, Tahiti, Cotopaxi, Ecuador
New York CNN —Taco John’s, the regional chain that has “Taco Tuesday” trademarked, announced Tuesday that it’s ending its fight in defending the phrase and will “abandon” it because it doesn’t want to pay the legal fees that come with a fight against Taco Bell. Taco Bell didn’t immediately respond for comment. Taco John’s has owned the trademark in every state except New Jersey since 1989. “If the case was litigated to the end, Taco John’s could have suffered a significant public-relations loss. By bowing out of the court fight at this point, given the low probability of winning, Taco John’s can work to control the court of public opinion around the issue.
Persons: “ We’ve, Taco, Jim Creel, Taco Bell, Creel, Taco John’s, Josh Gerben, , Organizations: New, New York CNN, Taco Bell, US, Taco John’s, Taco, of Restaurant Employees, CORE, CNN Locations: New York, Taco, New Jersey
Read the deck he's using to raise his first venture round of $50 million. In 2018, he left Roar, the management company he started in 2003, to launch Fourward, a management, production, and investment firm. And Fourward has just announced its first VC fund, Fourward Ventures, an early-stage growth fund focused on investments in health and wellness, sustainability, and consumer packaged goods. Fourward says it's looking to companies that disrupt traditional consumer categories, drive societal change, and have celebrity tie-ins. Check out the pitch deck Fourward used to raise the first $25 million of its planned $50 million fund.
Persons: Will Ward, He's, Adam Sandler, Ryan Reynolds, Chris Hemsworth, Zac Brown, Fourward, Gal Gadot, Jay, Austin Nelson, Ward, Chris Hemsworth's, Mark Bezos, there's, he's Organizations: CAA, Roar, Fourward Ventures, Marcy Venture Partners, Bryn Pharma, Corp, HighPost, Hollywood Locations: Fourward, Hollywood, Nashville, , Centr
All of this turmoil will be on investors' minds as the media industry kicks off its earnings season this week, with Netflix up first on Wednesday. Netflix, with a new advertising model and push to stop password sharing, looks the best positioned compared with legacy media giants. At the top of the list is contending with Disney's TV networks, as that part of the business appears to be in a worse state than Iger had imagined. The labor fight blew up just as the industry has moved away from streaming growth at all costs. Last week's ruling from a federal judge that Microsoft's $68.7 billion acquisition of game publisher Activision Blizzard should move forward serves as a rare piece of good news for the media industry.
Persons: Mike Blake, Bob Iger, Iger, Bob Iger's, Michael Nathanson, SVB, CNBC's David Faber, Nathanson, Producers –, Mark Boidman, Ross Benes, Benes, Comcast's NBCUniversal, Solomon, Boidman, Random, Paramount's Simon, Schuster, Tegna, Jason Anderson, Peter Liguori, Anderson, HBO Max, Homer, Marge Getty Organizations: Guild of America, Netflix, Alliance, Producers, Reuters, Disney, Disney's, Paramount Global, Comcast, Warner Bros, American Federation of Television, Radio Artists, Media, Solomon Partners, CNBC, Hollywood, Intelligence, ABC, Paramount, BET, NBC Sports, USA, Discovery, Activision, Federal Trade Commission, dealmaking, Microsoft, Tribune Media, Max, HBO, Amazon, MGM, Sky, Fox Corp, FOX Locations: Los Angeles , California, U.S, MoffettNathanson, Hulu
July 17 (Reuters) - Researchers have found evidence suggesting that repetitive heading of balls during a professional soccer career is associated with a higher risk of cognitive impairment in later life, according to a study commissioned by England's Football Association (FA). The independent research study, jointly commissioned by the Professional Footballers' Association (PFA), was conducted by the University of Nottingham and spoke to over 450 retired professional footballers over the age of 45. According to the study, former players who headed the ball in a match more than 15 times were even more likely to score below the test threshold. The first findings of the study, released in June, established that former footballers were 3.46 times more likely to have neurodegenerative diseases. "This study is another step in understanding any potential link between neurodegenerative disorders and former professional footballers," FA Chief Executive Mark Bullingham said.
Persons: Mark Bullingham, Aadi Nair, Christian Radnedge Organizations: England's Football Association, Professional Footballers, Association, University of Nottingham, FA, Thomson Locations: Bengaluru
Brent oil hovers above $81 after supply disruptions
  + stars: | 2023-07-14 | by ( Natalie Grover | ) www.reuters.com   time to read: +2 min
On Thursday some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister. Separately, Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal. With the "market in thrall of a ‘tightening’ narrative", any more outages will push the oil price to levels that not even the most ardent bull would have predicted for the second half of the year, Evans added. Both Brent and WTI futures were down slightly at 1207 GMT, with Brent 9 cents lower at $81.27 a barrel and WTI down 11 cents at $76.78. Saudi Arabia and Russia, the world's biggest oil exporters, this month agreed to deepen oil cuts in place since November last year, providing further support to crude prices.
Persons: John Evans, thrall, Evans, Brent, Craig Erlam, Natalie Grover, Sudarshan Varadhan, Katya Golubkova, David Evans, Mark Potter Organizations: Shell, Brent, International Energy Agency, Organization of, Petroleum, National Australia Bank, U.S ., U.S . Federal, OANDA, Thomson Locations: Libya, Nigeria, China, Saudi Arabia, Russia, London, Singapore, Tokyo
The UK-based budget airline canceled 1,700 flights between July and September, per Reuters. Disgruntled passengers stranded by a budget airline's flight cancellations are blasting the "disgusting" hotels the carrier put them in. Of the 90,000 flights scheduled for the rest of July and August, British budget airline EasyJet has canceled around 1,700 flights, predominantly from London's Gatwick airport, Reuters reported on Monday. Twitter user @angeldelight28 shared pictures of the hotel room she said EasyJet had put her up in after her flight to Liverpool was canceled, leaving her stranded in Larnaca, Cyprus. The pictures showed a barebones hotel room with unidentified stains over the patio and bathroom floors.
Persons: EasyJet, Clare, Zoe Wright, Mark Buntin, Insider's Hannah Towey, honeymoons Organizations: Morning, EasyJet, Reuters, Twitter, Liverpool, Daily, Sky News, Gatwick Locations: EasyJet, London's Gatwick, Larnaca, Cyprus, lanzarote, Bristol, Luton, Dalaman, Turkey, Europe, Russia, Ukraine, Amsterdam's
To understand what Musk did to Twitter, we shouldn’t exaggerate the virtue of Twitter before Musk any more than we should exaggerate the health of our body politic before Trump. Even before Musk, Twitter had become a toxic force in American culture, so toxic that I wrote last year it might be beyond repair. It was also the best app for seeing the thoughts of journalists, politicians and scholars in real time, sometimes to our detriment. He restored several banned accounts while stripping thousands of journalists, politicians and others of the blue verification badges that confirmed their identities. Instead, he allowed anyone to buy a blue check mark by subscribing to a premium service, Twitter Blue, that also boosted the visibility of some subscribers’ posts.
Persons: Musk, “ Catturd Organizations: Twitter, Trump
Thousands of people were evacuated from their homes in Delhi on Thursday after the authorities warned of widespread flooding following days of torrential rains that have battered large swaths of northern India. That forced the chief minister of the capital region, Arvind Kejriwal, to shut schools and convert them into disaster relief camps. Many migrant workers, who live on the banks of the river, were camping on the roads alongside it as their makeshift homes were swallowed by the water. Many others were looking for shelter as water enveloped sections of residential areas and historical sites like the Red Fort. So far this monsoon season, officials said, landslides and flash floods have claimed at least 91 lives in six north Indian states near Delhi, and disrupted millions of others.
Persons: Arvind Kejriwal Organizations: Central Water Commission Locations: Delhi, India
REUTERS/Ralph OrlowskiSummaryCompanies U.S. CPI data for June shows inflation slowdownWall Street stocks gainDollar, Treasury yields dropOil and gold gainJuly 12 (Reuters) - Wall Street stocks advanced on Wednesday and the dollar and Treasury yields fell after new U.S. inflation data showed a slowdown in the seemingly relentless rise of consumer prices. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. Shares of big tech-related companies, which tend to be sensitive to higher interest rates, gave the S&P 500 its biggest boost. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.865%, down 11.9 basis points . Wall Street banks overall are expected to report higher profits as rising interest payments offset a downturn in deal making.
Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Will Dunham, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, CPI, Bank of England, U.S, Sit Investment, Fed, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Wednesday, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, Wednesday ., Boston, London, Singapore, Carolina, New York
[1/2] The Empire State Building and Manhattan skyline are pictured from the Summit at One Vanderbilt observatory in Manhattan in New York City, U.S., April 14, 2023. "There's essentially almost no market for office buildings right now because people don't know where the bottom is," said Andrew Nelson, a real estate economist who runs Nelson Economics in Washington. Opportunistic investors who could clear the market of unneeded office space and help lift values are biding their time, sitting on the sidelines, Lim said. The increase in negative absorption comes despite the number of office jobs in Manhattan now exceeds pre-pandemic levels. And Savills Plc (SVS.L) said direct available office space in Manhattan now measures 70.4 million square feet, the highest in history.
Persons: Mike Segar, There's, Andrew Nelson, Andrew Lim, Lim, JLL, Nelson, Mark Berry, Kroll, Herbert Lash, Nick Zieminski Organizations: Empire, Vanderbilt, REUTERS, Reuters, Nelson Economics, Jones Lang LaSalle Inc, SOAR, Kroll Bond, Agency, Thomson Locations: Manhattan, New York City, U.S, Washington, New York
[1/2] A trader works at the Frankfurt stock exchange, amid the coronavirus disease (COVID-19) outbreak, in Frankfurt, Germany, December 30, 2020. The Consumer Price Index (CPI) gained just 0.2% last month, the Labor Department said on Wednesday, lifted by rises in gasoline prices as well as rents, which offset a decrease in prices of used motor vehicles. CPI advanced 3.0% in the 12 months through June, down from 4.0% in May and the smallest year-on-year increase since March 2021. /FRXU.S. Treasury yields also dropped, with the 10-year Treasury yield now at 3.853%, down 12.9 basis points . EARNINGS AHEADOvernight in Asia, Australia's S&P/ASX 200 index (.AXJO) rose 0.4%, while the bouncing yen knocked Japan's Nikkei (.N225) down 0.8%.
Persons: Ralph Orlowski, Alexandra Wilson, Elizondo, Bryce Doty, Australia's, Wells, Scott Wren, Wren, Brent, Lawrence Delevingne, Marc Jones, Ankur Banerjee, Jan Harvey, Chizu Nomiyama, Mark Heinrich Our Organizations: REUTERS, Companies U.S, Treasury, Index, Labor Department, Dow Jones, Nasdaq, Goldman Sachs Asset Management, Bank of England, U.S, Sit Investment, Fed, Bank of Canada, Japan's Nikkei, JPMorgan, Citigroup, Wells, Investment Institute, Brent, Thomson Locations: Frankfurt, Germany, U.S, Minneapolis, Asia, dealmaking, Boston, London, Singapore, Carolina, New York
[1/3] A worker cleans a Barclays logo outside a bank branch in the financial district of London, Britain July 8, 2019. The test also measured how well the lenders would cope with a global rise in interest rates. "Major UK banks’ capital and liquidity positions remain robust and profitability has increased, which enables them both to improve their capital positions and to support their customers." The Bank said it had decided to maintain its counter-cyclical capital buffer (CCyB) for banks unchanged. Given its successful completion of the stress test, Virgin Money said it anticipated resuming its share buyback programme during this year, sending its shares 3% higher in early trading.
Persons: Simon Dawson, BoE, Virgin Money, Huw Jones, Sinead Cruise, Mark Potter Organizations: Barclays, REUTERS, Bank of England, Lloyds, HSBC, NatWest, Santander UK, Standard Chartered, Nationwide Building Society, Virgin Money, The Bank, Bank, Virgin, Britain's, Nationwide, Standard, Silicon Valley Bank, Thomson Locations: London, Britain, United States, Silicon Valley, U.S
UK-provided Storm Shadows are a new threat to Russian forces operating in Ukraine. Russian forces recently claimed to have recovered a downed missile. The recovered Storm Shadow could hold clues for the Russian military, but there's a question of whether they can learn from them. A Storm Shadow missile is prepared for loading to a Royal Air Force Tornado GR4 aircraft in the Gulf in support of Operation TELIC, March 21, 2003. Throughout the fight in Ukraine, Russian forces have had to learn lessons, but it's often a grinding and costly process.
Persons: Storm, Ben Stansall, Ian Williams, Williams, TELIC, Cpl Mark Bailey, that's, Ben Wallace, it's, there's Organizations: Service, Shadow, Storm, Farnborough, Missile Defense, Center for Strategic, International Studies, Russia, Royal Air Force Tornado, REUTERS, ASA, Su Locations: Ukraine, Russian, Wall, Silicon, Russia, Zaporizhzhia, Moscow, France
LinkedIn is a professional social media platform for normies, but now celebrities want in too. Stars like Ryan Reynolds and Gwyneth Paltrow are showing off their business side on the platform. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Reynolds's posts include promoting Mint Mobile and his other business ventures, such as ownership of Welsh soccer team Wrexham. He's not the only celebrity to do so with Mindy Kaling, Jennifer Lopez, and Gwyneth Paltrow also making an effort to blend into the professional world of LinkedIn.
Persons: Ryan Reynolds, Gwyneth Paltrow, Reynolds, I've, He's, Mindy Kaling, Jennifer Lopez, they've, Jenna Drenten, influencers, Richard Burton, Mark Borkowski, Daniel Roth, there's, Amobi Okugo, Raphaël Varane, Okugo Organizations: Service, LinkedIn, Mint Mobile, Mobile, Street, Welsh, Welsh soccer, Wrexham, Social, Twitter, Chicago's Quinlan School of Business, Financial Locations: Wall, Silicon
LONDON, July 10 (Reuters) - U.S. President Joe Biden will look to deepen his relationships with King Charles and British Prime Minster Rishi Sunak during separate meetings on Monday in which Ukraine and climate change are expected to dominate the agenda. Sullivan said Biden hopes to deepen his personal relationship with King Charles. Biden will also travel to 10 Downing Street on Monday to hold a low-key meeting with Sunak, their fifth in as many months. Ahead of the trip, Biden urged caution for now on Ukraine's drive to join NATO, saying the alliance could get drawn into the war with Russia due to NATO's mutual defense pact. Biden's trip comes days after he agreed to send controversial U.S. cluster munitions to Ukraine.
Persons: Joe Biden, King Charles, Rishi Sunak, Biden, Jake Sullivan, Sullivan, Sunak, Steve Holland, Jarrett Renshaw, Leslie Adler Organizations: NATO, Russia, Kyiv, Windsor Castle, clarion, House, Air Force, Downing, CNN, Cluster Munitions, Thomson Locations: British, Ukraine, London, Lithuania, Russia, United Kingdom, United States
WELLINGTON, July 10 (Reuters) - New Zealand Foreign Minister Nanaia Mahuta told the head of the U.N.'s nuclear watchdog on Monday that her government has full confidence in the IAEA's advice on the proposed Fukushima treated water release. Following the release of the report, Grossi visited South Korea. He is currently in New Zealand before travelling to the Cook Islands where he will meet with Pacific Islands Forum chair and Cook Islands Prime Minister Mark Brown. The Pacific Islands Forum, a regional bloc of 17 island nations, has raised significant concerns about the release of the water fearing among other things the impact on fisheries. Mahuta said New Zealand acutely understands the effects nuclear testing has had on its Pacific neighbours in the past, and the government would continue to call for the release of the water to be dealt with through transparency and meaningful dialogue.
Persons: Nanaia Mahuta, Rafael Grossi, Japan's, Grossi, Mark Brown, Mahuta, Lucy Craymer, Muralikumar Anantharaman Organizations: WELLINGTON, Zealand Foreign, International Atomic Energy Agency, IAEA, Pacific Islands Forum, Cook Islands, Thomson Locations: South Korea, New Zealand, Cook, Zealand, Lincoln
July 7 (Reuters) - A former U.S. Army financial counselor from New Jersey was criminally charged on Friday with defrauding grieving military families out of life insurance payments, causing millions of dollars of losses while reaping big commissions for himself. The U.S. Department of Justice charged Caz Craffy, 41, of Colts Neck, New Jersey, through a 10-count indictment with wire fraud, securities fraud and making false statements targeting members of at least two dozen Gold Star families. Craffy "preyed upon these vulnerable families," U.S. Attorney Philip Sellinger in New Jersey said at a news conference. Craffy, who is also known as Carz Craffey, also faces civil charges from the U.S. Securities and Exchange Commission. Gold Star families include people who have immediate family members who died in active duty.
Persons: Caz Craffy, Philip Sellinger, Craffy, Mark Berman, Sellinger, Gurbir Grewal, Grewal, Jonathan Stempel, Daniel Wallis Organizations: U.S, Army, U.S . Department of Justice, Gold Star, U.S . Securities, Exchange Commission, Star, Authorities, SEC, Thomson Locations: New Jersey, , New Jersey, New York
lydia polgreenI’m Lydia Polgreen, and this is “Matter of Opinion.” Today, we’re going to do something a little bit different. And the great sort of brilliant twist of the show is at the end, the winner is chosen by the people that the contestants have voted off. Like, that just seems really, really American. I don’t think we need to go that far, but she is the best version of America, like America as it fancies itself to be. And if they happen to come out while I’m outside, I’m like, you!
Persons: michelle cottle, I’m Michelle Cottle, ross douthat I’m Ross Douthat, carlos lozada I’m Carlos Lozada, lydia polgreen, Lydia Polgreen, ross, departmentwide, carlos lozada, ross douthat, polgreen, ross douthat I’ll, Gatsby, Jay Gatsby, it’s, We’d, carlos lozada I didn’t, Lozada, Michelle, there’ll, you’ve, I’ll, , I’ve, lydia polgreen It’s, Lydia, — ross, Sue Hawk, winder, — carlos lozada Wow, Richard Hatch, he’s, Rudy, carlos lozada “, carlos lozada “ Survivor ”, Mark Burnett, — carlos lozada There’s, ” lydia polgreen There’s, ” ross douthat, , — ross douthat That’s, Ross, you’re, Carlos, carlos lozada You, JD Fitzgerald, Fitzgerald, Tom, TD Fitzgerald, Standish, who’s, ” ross, — carlos lozada, ross douthat —, Donald Trump, JD, ” Michelle, I’m, Dolly Parton, lydia polgreen Legend, She’s, scrappy, she’s, “ Jolene, michelle cottle Don’t, Dolly, Dolly Parton’s, michelle cottle I’m, polgreen It’s, It’s, — carlos lozada Oh, lydia polgreen — Henry Grabar, Mother Teresa, Henry Grabar, carlos lozada Ross, we’re, Sienna, Sienna’s, we’re Honda Organizations: New York, , Harvard, , Blacks, Navy, carlos lozada “ Survivor, Trump, Housewives, HBO, America, Survivor, City Hall, DC Locations: United States of America, America, United States, Trump, Utah, Northern California, Adenville, Lydia, Park City , Utah, West
"We'll have a much better sense after we get another major data point on Friday with the jobs report and the inflation data next week." MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) closed 0.93% lower, while Japan's Nikkei (.N225) lost 0.25%. In currencies, the U.S. dollar edged higher against other major currencies after Fed minutes reinforced expectations of another interest rate hike at the end of the month. The dollar index rose 0.272%, with the euro down 0.22% to $1.0853. And market participants were awaiting demand data from the July 4 U.S. holiday weekend, which tends to mark the peak U.S. travel season.
Persons: Mike Segar, outstrip Brent, Michael James, Jack Janasiewicz, Janasiewicz, , Paul Nolte, Sterling, Brent, Sinéad Carew, Lewis Krauskopf, Tom Wilson, Stella Qiu, Dhara, Sam Holmes, Helen Popper, Will Dunham, Christina Fincher Organizations: Wall, New York Stock Exchange, REUTERS, . Federal Reserve, Wedbush Securities, U.S . Commerce, Companies, U.S, Solutions, Traders, Murphy, Sylvest Wealth Management, , Dow Jones, Nasdaq, Japan's Nikkei, Treasury, Brent, Thomson Locations: Manhattan, New York City , New York, U.S, Los Angeles, United States, China, Washington, Europe, Asia, Pacific, Japan, Saudi Arabia, Russia, New York, London, Sydney
TOKYO/SINGAPORE, July 5 (Reuters) - Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment. Brent was down 46 cents, or 0.6%, at $75.79 a barrel by 0704 GMT, after climbing $1.60 on Tuesday. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe. "The trajectory of global oil stockpiles may soon become as relevant as OPEC+ supply cuts and macro headwinds given the International Energy Agency's outlook for a tightening oil market in H2 2023," analysts from Commonwealth Bank of Australia said in a note. Reporting by Yuka Obayashi in Tokyo and Muyu Xu in Singapore; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.
Persons: Brent, Tomomichi Akuta, Yuka Obayashi, Xu, Sonali Paul, Muralikumar Organizations: . West Texas, Mitsubishi UFJ Research, Consulting, Federal, Market, U.S, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters, International Energy, Commonwealth Bank of Australia, Thomson Locations: TOKYO, SINGAPORE, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria, OPEC, Tokyo, Singapore
2 oil exporter, said shortly after the Saudi announcement that it would cut crude shipments by 500,000 bpd for August. Taken together, the Saudi and Russian moves mean that the total output cuts pledged by members of the OPEC+ producer group are 5.16 million bpd, or about 5% of daily global demand. The subtext to Saudi calls for stability and balance is that the kingdom wants to keep oil prices at a level it deems high enough. The allocation of additional crude import permits is a factor that could keep crude imports strong in the second half, but it's likely that much will depend on crude prices. This level of stockpile building gives China's refiners options should crude oil prices rise as OPEC+ cuts output.
Persons: refiners, Jamie Freed Organizations: Saudi, Brent, Organization of, Petroleum, International Energy Agency, Refinitiv Oil, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi Arabia, Russia, Saudi, OPEC, Russian, CHINA, Beijing, China
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Traders see Apple hitting $3 trillion mark by mid JulyMike Khouw, Optimize Advisors president, joins CNBC’s Melissa Lee and the Options Action traders to talk Apple.
Persons: Mike Khouw, Melissa Lee Organizations: Apple, Options
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