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☆ Premarket stocks: Apple is giving banks a run for their money
▼ + stars: | 2023-04-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

Apple’s savings account is managed through Apple products and users must have Apple’s credit card, simply called Apple Card, to qualify for one. “It’s very much a loyalty play because it’s a multi-level process: To get the Apple credit card you need the phone, and to get the savings account you need the credit card. The Apple savings account through Goldman is also insured by the Federal Deposit Insurance Corporation. And Apple’s savings account is hardly the best out there, either. UFB Direct offers a savings account with more than a 5% annual percentage yield.

☆ China GDP: Economy shakes off Covid legacy to grow 4.5% in Q1
▼ + stars: | 2023-04-17 | by ( Laura He | ) edition.cnn.com time to read: +5 min

But private investment barely budged and youth unemployment surged to the second highest level on record, indicating the country’s private sector employers are still wary about longer term prospects. Retail sales jumped 10.6% in March from a year earlier, the highest level of growth since June 2021. The country’s GDP will grow 5.2% this year and 5.1% in 2024, it predicted. If adjustments are made to account for the impact of delayed economic activity, GDP growth in the first quarter could have been just 2.6%, he said. For example, private investment was extremely weak.

☆ Oil falls as weak U.S. economic data stokes recession fears
▼ + stars: | 2023-04-06 | by ( ) www.cnbc.com time to read: +2 min

Oil fell on Thursday as weak U.S. economic data raised concerns over a potential global recession and demand reduction, but benchmark prices were headed for a weekly advance after OPEC+ announced further output cuts and U.S. oil stocks dropped. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. The slew of soft economic data soured market sentiment, stoking fears of a recession and prompting investors to adopt risk aversion strategies. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

☆ Oil prices ease as weak economic data clouds demand prospects
▼ + stars: | 2023-04-05 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

TOKYO, April 6 (Reuters) - Oil prices eased in early Asian trade on Thursday after weak U.S. job openings data signalled cooling economic conditions which may hit demand. The data offset market's reaction to earlier OPEC+ cuts and the recent reduction of U.S. crude and fuel stockpiles. "Crude oil's rally paused as it battled the headwinds created by the weak economic data. U.S. crude inventories fell 3.7 million barrels last week, about 1.5 million barrels more than forecast, government data showed. Gasoline and distillate stocks also fell more than expected, drawing down by 4.1 million barrels and 3.6 million barrels, respectively.

March 14 (Reuters) - Australia's economic health will be its central bank's compass for plotting the course of rate hikes, as stringent regulation insulates its banking sector from the collapse of Silicon Valley Bank (SVB) (SIVB.O), analysts at top domestic banks said. Analysts at three of the top four lenders - Commonwealth Bank of Australia (CBA.AX), National Australia Bank (NAB.AX), and ANZ Group Holdings (ANZ.AX) - continue to expect the RBA to deliver its 11th consecutive rate hike next month. 0#RBAWATCH"The Australian domestic fundamentals remain consistent with further tightening from the RBA," Adelaide Timbrell, senior economist at ANZ Research said. Australian banking sector, while not immune to the collapse of SVB, is in a "more insulated" position, Rodrigo Catril, senior FX strategist at NAB said. Globally, banking stocks have taken a hit from the collapse of SVB despite of assurances from U.S. authorities, prompting a reassessment of interest rate expectations.

Brent crude futures rose 18 cents, or 0.2%, to $83.47 per barrel by 0452 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents to $77.62 a barrel. Data from the American Petroleum Institute showed U.S. crude inventories fell by about 3.8 million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000 barrel rise in crude stocks from nine analysts polled by Reuters. Traders were awaiting crude inventory data from the U.S. Energy Information Administration later on Wednesday, after the API data showed a decline in crude inventories for the first time after a 10-week build, she added. Powell's comments propelled the U.S. dollar, which typically trades inversely with oil, to hit a three-month high against a basket of currencies.

☆ Oil stabilises as surprise US crude draw offsets rate hike jitters
▼ + stars: | 2023-03-08 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude futures for April gained 8 cents to $83.37 per barrel by 0120 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 4 cents to $77.54 a barrel. Supporting the market on Wednesday, data from the American Petroleum Institute showed U.S. crude inventories fell by about 3.8 million barrels in the week ended March 3, according to market sources. The drawdown defied forecasts for a 400,000 barrel rise in crude stocks from nine analysts polled by Reuters. Gasoline inventories rose by about 1.8 million barrels, while distillate stocks rose by about 1.9 million barrels, according to the sources, who spoke on condition of anonymity.

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

☆ Oil down 1% on another surprise build in U.S. crude stocks
▼ + stars: | 2023-01-19 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

MELBOURNE, Jan 19 (Reuters) - Oil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand. Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. Nine analysts polled by Reuters had estimated on average that crude inventories fell by about 600,000 barrels. The big build marks the second consecutive week of large inventory increases. On a bullish note, however, distillate stockpiles, which include diesel and heating oil, fell by about 1.8 million barrels against analysts' expectations for a 120,000-barrel increase.

☆ Oil slips as U.S. crude, fuel inventories reignite demand concerns
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Oil prices fell on Wednesday, erasing the previous session's gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world's biggest oil user, which reignited worries about fuel demand. Analysts polled by Reuters expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels. The big focus this week is on U.S. inflation data, due on Thursday. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

☆ Oil prices climbs after OPEC+ keeps output cut targets, China eases
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices jumped 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. "Prices are currently weighed down by expectations of slow demand growth, despite the EU oil import ban on Russian crude and the G-7 price cap. The adjustment to the EU ban and price cap is likely to support prices temporarily," Hittle said. Hittle added that the EU's looming embargo on Russian oil products, in addition to crude oil, from Feb. 5 should support crude demand in the first quarter of 2023, as the market is short of diesel and heating oil.

☆ Oil inches up amid wrangling over Russian oil price cap
▼ + stars: | 2022-11-25 | by ( Sonali Paul | Mohi Narayan | ) www.reuters.com time to read: +2 min

MELBOURNE, Nov 25 (Reuters) - Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing. Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT. G7 and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. Russian President Vladimir Putin has said Moscow will not supply oil and gas to any countries that join in imposing the price cap, which the Kremlin reiterated on Thursday. "This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices," ANZ said in a separate commodity note.

☆ Global investors are bullish again on China as Beijing switches to damage control
▼ + stars: | 2022-11-17 | by ( Laura He | ) edition.cnn.com time to read: +6 min

A key index of Chinese stocks in New York jumped 15% during the same period. Some investment banks even upgraded their China growth forecasts following the policy changes. They want to correct the market’s perception of China’s economic outlook, as President Xi Jinping interacts with global leaders at G20,” it said. “I don’t think the long-term appetite for China and Hong Kong shares will return so quickly. The Nasdaq Golden China Index, a popular index tracking Chinese companies in New York, has plunged more than 33% so far in 2022.

☆ Oil jumps by 3% as China eases COVID curbs
▼ + stars: | 2022-11-11 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON, Nov 11 (Reuters) - Oil prices jumped by about 3% on Friday after health authorities in China, the top global crude importer, eased some of the country's heavy COVID curbs. Brent crude futures rose $2.86, or 3.1%, to $96.53 a barrel by 1145 GMT, extending a 1.1% rise in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained $2.87, or 3.3%, to $89.34 a barrel, after climbing 0.8% in the previous session. A weaker U.S. dollar also supported oil prices as it makes the commodity cheaper for buyers holding other currencies. Still, the benchmark oil contracts were headed for weekly declines due to rising U.S. oil inventories, and lingering fears over capped fuel demand in China amid an uptick in daily COVID cases.

☆ Oil jumps by over 2% as China eases COVID curbs
▼ + stars: | 2022-11-11 | by ( Jeslyn Lerh | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 11 (Reuters) - Oil prices jumped more than 2% on Friday after health authorities in China, the top global crude importer, eased some of the country's heavy COVID curbs. Brent crude futures rose $2.39, or 2.6%, to $96.06 a barrel by 0745 GMT, extending a 1.1% rise in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained $2.24, or 2.6%, to $88.71 a barrel, after climbing 0.8% in the previous session. The move towards liberalising the COVID-zero policy will provide a springboard for oil markets, given that lockdowns hurt mobility and oil prices more than economic activity, he said. A weaker U.S. dollar also supported oil prices as it makes the commodity cheaper for buyers holding other currencies.

SINGAPORE, Nov 11 (Reuters) - Oil prices picked up on Friday after a milder than expected U.S. inflation data reinforced hopes that the Federal Reserve will slow down rate hikes, boosting chances of a soft landing for the world's biggest economy. Prices were still set to show a decline for the week after COVID-19 cases in top oil importer China jumped, raising fears of weaker fuel demand. Brent crude futures rose 21 cents, or 0.2%, to $93.88 a barrel at 0500 GMT, extending a 1.1% rise in the previous session. "Since traders are hyper-sensitive to lockdowns in the world's largest oil importer, this could temporarily hold the oil market's top-side ambition in check," said Stephen Innes, managing partner at SPI Asset Management. Reporting by Sonali Paul in Melbourne and Jeslyn Lerh in Singapore; Editing by Bradley Perrett & Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

☆ Oil crawls higher on U.S. hopes, but COVID rise in China caps gains
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Brent crude futures were up 23 cents, or 0.3%, to $93.80 a barrel at 0101 GMT, extending a 1.1% rise in the previous session. U.S. West Texas Intermediate (WTI) crude futures rose 28 cents, or 0.3%, to $86.75 a barrel, after climbing 0.8% in the previous session. So far this week, WTI has fallen more than 6%, while Brent has dropped nearly 5%. A weaker U.S. dollar boosts oil demand as it makes the commodity cheaper for buyers holding other currencies. "Since traders are hyper-sensitive to lockdowns in the world's largest oil importer, this could temporarily hold the oil market's top-side ambition in check.

☆ Oil crawls higher on U.S. hopes, but Covid rise in China caps gains
▼ + stars: | 2022-11-11 | by ( ) www.cnbc.com time to read: +2 min

Brent crude futures were up 23 cents, or 0.3%, to $93.80 a barrel at 0101 GMT, extending a 1.1% rise in the previous session. So far this week, WTI has fallen more than 6%, while Brent has dropped nearly 5%. A weaker U.S. dollar boosts oil demand as it makes the commodity cheaper for buyers holding other currencies. "Since traders are hyper-sensitive to lockdowns in the world's largest oil importer, this could temporarily hold the oil market's top-side ambition in check. Hopes that China was going to ease its zero Covid policy pumped up the oil market last week, but comments from health officials this week made it clear they would continue to strictly curb any outbreaks.

☆ Oil prices fall as China demand, recession concerns outweigh supply woes
▼ + stars: | 2022-11-08 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 8 (Reuters) - Oil prices fell on Tuesday as recession concerns and worsening COVID-19 outbreaks in China sparked fears of lower fuel demand, outweighing supply worries. Brent crude fell 31 cents, or 0.3%, to $97.61 a barrel by 0434 GMT, while U.S. West Texas Intermediate (WTI) crude fell 36 cents, or 0.4%, to $91.43 a barrel. COVID cases sharply escalated in Guangzhou and other major Chinese cities, official data showed on Tuesday. A firmer greenback also weighed on oil prices. "This, along with a slowdown in China fuel demand, are reasons for the pull-back in oil futures prices in the past few months."

☆ Oil prices steady as supply woes offset recession fears
▼ + stars: | 2022-11-08 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

SINGAPORE, Nov 8 (Reuters) - Oil prices were little changed early on Tuesday as supply worries offset recession fears and China's commitment to its zero-COVID policy. read moreHowever, Chinese health officials over the weekend reaffirmed China's commitment to its strict zero-COVID policy. The near-term fundamentals for oil remain bullish, with the focus returning to supply issues, ANZ Research analysts said. "The market is facing the deadline for European imports of Russian oil before sanctions kick in," ANZ added. U.S. crude oil stocks were expected to have risen by about 1.1 million barrels last week, a preliminary Reuters poll showed on Monday.

A weaker dollar boosts oil demand as it makes the commodity cheaper for those holding other currencies. While demand concerns weighed on the market, supply is still expected to be tight, with Europe's upcoming embargoes on Russian oil starting and a slide in U.S. crude stockpiles. "The spectre of further rate hikes dimmed hopes of a pick-up in demand," ANZ Research analysts said in a note. ANZ analysts pointed to signs of weaker demand in Europe and the United States with people driving less and Amazon warning of weaker sales, which could dampen demand for distillate. The cut was in line with trade sources' forecasts, which were based on a weaker outlook for Chinese demand.

☆ Oil climbs as dollar slips, but demand fears keep a lid on gains
▼ + stars: | 2022-11-04 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

Both contracts fell in early trade as the dollar moved higher then turned around when the dollar index slipped 0.3% to 112.67. A weaker dollar boosts oil demand as it makes the commodity cheaper for those holding other currencies. "The spectre of further rate hikes dimmed hopes of a pick-up in demand," ANZ Research analysts said in a note. ANZ analysts pointed to signs of weaker demand in Europe and the United States with people driving less and Amazon warning of weaker sales, which could dampen demand for distillate for its deliveries. The cut was in line with trade sources' forecasts, which were based on a weaker outlook for Chinese demand.

☆ Oil prices drop as demand fears dominate
▼ + stars: | 2022-11-04 | by ( Sonali Paul | ) www.reuters.com time to read: +2 min

Companies Amazon.com Inc FollowMELBOURNE, Nov 4 (Reuters) - Oil prices slid in early trade on Friday, extending losses from the previous session on fears U.S. interest rates will go higher than previously expected and fresh concerns that COVID outbreaks will dent fuel demand in China. Brent crude futures dropped by 22 cents, or 0.2%, to $94.45 a barrel at 0025 GMT after falling 1.5% in the previous session. "The spectre of further rate hikes dimmed hopes of a pick-up in demand," ANZ Research analysts said in a note. ANZ analysts pointed to signs of weaker demand in Europe and the United States with people driving less and Amazon warning of weaker sales, which could dampen demand for distillate for its deliveries. Investors earlier in the week had thought the world's largest oil importer may be moving toward easing restrictions to boost the economy.

☆ Oil climbs 4% as dollar slips and EU ban looms
▼ + stars: | 2022-11-04 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

Both contracts were supported by a weaker dollar , which can boost oil demand because it makes the commodity cheaper for those holding other currencies. While demand concerns weighed on the market, supply is expected to remain tight because of Europe's planned embargoes on Russian oil and a slide in U.S. crude stockpiles. "The slight weakness in the dollar, the upcoming ban on Russian oil sales are certainly supportive as focus is shifting from recession fears to supply issues," said PVM Oil Associates analyst Tamas Varga. "The main catalyst, however, is reports that China may ease its zero-Covid restrictions, which would be a boon to its economy and oil demand." The EU ban on Russian crude imports is due to take effect from Dec. 5.

☆ Oil climbs on demand hopes after big drawdown in U.S. crude stocks
▼ + stars: | 2022-11-02 | by ( Sonali Paul | ) www.reuters.com time to read: +1 min

MELBOURNE, Nov 2 (Reuters) - Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in U.S. crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth. Brent crude futures picked up 17 cents, or 0.1%, to $94.82 a barrel at 0014 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 26 cents, or 0.3%, to $88.63 a barrel. In a further positive sign for demand, data on Tuesday from the American Petroleum Institute showed crude stocks fell by about 6.5 million barrels for the week ended Oct. 28, according to market sources. China's zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world's second largest economy. "Potential changes to China's COVID-19 policy could have significant implications for oil demand," ANZ Research analysts said in a note.

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