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A woman passes by a logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. Oil prices were little changed on Thursday as OPEC+ members will delay plans to increase production. U.S. crude oil down 2 cents, or 0.03%, to $68.52 per barrel at 8:26 a.m. Eight OPEC+ members will keep production cuts of 2.2 million barrels per day in place until April 2025, two delegate sources told CNBC. The cuts were originally supposed to start phasing out in December.
Organizations: Organization of, Petroleum, Brent, CNBC Locations: United Nations, Baku, Azerbaijan
European stocks are set to open in negative territory Thursday, with French markets in focus after Prime Minister Michel Barnier's government was toppled in a vote of no confidence Wednesday. A majority of lawmakers from both the left-wing New Popular Front alliance and the far-right National Rally supported a no-confidence motion in the country's lower house yesterday evening. The move angered opposition parties and, last night, deputies on the left and right ousted the government. Barnier is expected to resign Thursday, but he could remain in charge of a caretaker government while President Emmanuel Macron searches for a replacement. Elsewhere overnight, Asia-Pacific markets traded mixed after Wall Street stock benchmarks notched record highs yesterday.
Persons: Michel Barnier's, Barnier, Emmanuel Macron Organizations: Front, Wall Locations: Asia, Pacific, U.S, Europe
OPEC+ members to delay oil production increases
  + stars: | 2024-12-05 | by ( Ruxandra Iordache | ) www.cnbc.com   time to read: +2 min
The OPEC+ oil producers' alliance has postponed plans to unwind several formal and voluntary crude production cuts into 2026 amid a lukewarm outlook for global demand, according to delegate sources and internal documents. Eight OPEC+ members will now extend their 2.2 million-barrel-per day voluntary production decline into the first quarter, and will begin hiking production incrementally between April and September 2026. Several OPEC+ members will also be postponing the unwinding of a second 1.7-million-barrels-per-day cut until the end of next year. "While today’s decision by OPEC+ to delay the unwinding of some of its oil production cuts until April 2025 buys the group some time, the backdrop of weak global oil demand means that it could easily find itself back in a similar position in three months’ time," analysts at Capital Economics said in a note. "In our view, the fundamentals for oil prices remain weak, and the risks to prices are skewed to the downside."
Persons: Ice Brent, Donald Trump — Organizations: Organization of, Petroleum, OPEC, Ice, Capital Economics Locations: United Nations, Baku, Azerbaijan, OPEC, London
Commercial and residential buildings are illuminated at dawn in Seoul, South Korea, on Saturday, Oct. 21, 2023. South Korea has prepared a financial support program of 75.9 trillion won ($56.97 billion) for companies increasing investment in key sectors as well as small businesses struggling with the impact of high interest rates. Asia-Pacific markets are set to open mixed on Thursday, as all three major stock indexes on Wall Street notched record highs, buoyed by a tech rally and comments from Federal Reserve Chair Jerome Powell. Investors in Asia will continue to monitor the political situation in South Korea. South Korea released its revised gross domestic product in the third quarter, which showed the economy expanding 0.1% quarter-on-quarter, and 1.5% on an annual basis.
Persons: Jerome Powell, Yoon Suk, Australia's Organizations: Federal, Investors, Nikkei Locations: Seoul, South Korea, Asia, Pacific, Chicago, Osaka
Washington CNN —Federal Reserve Chair Jerome Powell said Wednesday that the US economy’s strength means the central bank can show some restraint with cutting interest rates. “The good news is that we can afford to be a little more cautious” with cutting rates, the Fed leader said. Powell’s comments come as the Fed is expected to cut interest rates later this month for the third time this year. Joseph Brusuelas, chief economist at RSM US, said on X that he doesn’t expect another rate cut after December until March 2025 at the earliest. For now, the Fed seems to be on track for a third rate cut this year.
Persons: Jerome Powell, ” Powell, hasn’t, Donald Trump’s, Trump, Powell, Joseph Brusuelas, won’t, Adriana Kugler, Raphael Bostic, there’d, ” Bostic, , Christopher Waller, It’s, Ken Griffin, Scott Bessent, Bessent Organizations: Washington CNN — Federal, The New York Times, Fed, RSM, Trump, Yale Budget, CNN, Congress, , Atlanta Fed, , American Institute for Economic Research, New York Times Locations: Mexico, Canada, Detroit
Futures tied to the Dow Jones Industrial Average fell 16 points, or 0.04%. On the other hand, S&P 500 futures slid 0.07%, and Nasdaq-100 futures moved 0.1% lower. During Wednesday's trading session, the three major averages saw solid gains, with the S&P 500 and the Nasdaq Composite scoring new closing records. The Dow Jones Industrial Average also closed above 45,000 for the first time. For the month, companies added 146,000, but economists polled by Dow Jones had expected 163,000 positions.
Persons: Tony Pasquariello, Goldman Sachs, Dow Jones, Jerome Powell Organizations: New York Stock Exchange, Dow Jones, Nasdaq, Eagle, Goldman, The New York Times, Fed, Dollar, Signet Jewelers, Kroger, Hewlett Packard Enterprise Locations: New York City . U.S, U.S
Danikowski and many other Gen Zers are rapidly building up credit-card debt. Alev told me Credit Karma data shows Gen Zers are acquiring debt at a faster rate than any other age group. While Gen Zers' overall debt levels are still lower than older generations', young consumers' early reliance on credit cards puts their financial futures at risk. Part of Gen Zers' interest in credit cards is simply the march of technological progress. Struggling to get by, William primarily used his credit card for necessities like groceries, bills, and car maintenance.
Persons: Timothy Danikowski, Danikowski, millennials, Zers, Alev, Courtney Alev, Gen Zers, they've, Karma, Gen Xers, Nico, He's, Emmaline, William, Erin Snodgrass Organizations: Credit, Young, American Express, Federal Reserve Bank of New, Business Locations: Seattle, millennials, Chicago, North Carolina, Colorado, Federal Reserve Bank of New York, Europe, New York
Gold steady; all eyes on U.S. jobs data, Fed Chair's speech
  + stars: | 2024-12-04 | by ( ) www.cnbc.com   time to read: +2 min
Gold U.S. dollar bullion coins are seen in this photo illustration taken in Moscow, Russia August 4, 2017. Gold prices steadied on Wednesday as markets awaited U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for further insights into the U.S. interest rate cut trajectory. Spot gold held its ground at $2,644.42 per ounce, as of 0203 GMT. A strong jobs report could lead the Fed to take a cautious stance on cutting rates. Non-yielding bullion thrives in low interest rate environment.
Persons: Jerome Powell, Powell, Kelvin Wong, OANDA's, Donald Trump's, Wang Tao Organizations: U.S, Federal, Asia Pacific Locations: Moscow, Russia, U.S
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. Oil prices were little changed in early Asia trade on Wednesday as market participants weighed higher U.S. crude oil and fuel inventories as well as the likelihood of OPEC+ extending supply cuts. U.S. crude oil inventory rose 1.2 million barrels last week, market sources said, citing data from the American Petroleum Institute. Official data on oil stocks from the U.S. Energy Information Administration is due on Wednesday at 10:30 a.m. Analysts polled by Reuters expect a 700,000 barrel decline in crude and a 639,000 barrel increase in gasoline.
Persons: Brent Organizations: Brent, U.S, West Texas, American Petroleum Institute, U.S . Energy, Administration, Reuters, Organization of, Petroleum, OPEC, Investors, Hezbollah Locations: Loving County , Texas, U.S, Asia, Israel, Lebanon, Syria, Hama, Aleppo
Investors may be getting too excited about the stock market. The data also shows that only 21.3% expect to see the market decline over the next 12 months. Indeed, the S & P 500 notched a fresh record high on Monday, briefly breaking above 6,050. .SPX 3M mountain SPX 3-mo chart Ginsberg pointed to other signs of overly bullish market sentiment. Ginsberg also said the five-day moving average on the S & P 500 put-call ratio dipped below 0.65 last week — flashing a contrarian sell signal.
Persons: Wolfe, Rob Ginsberg, Donald Trump, Ginsberg, Jefferies, Rob Dickerson Organizations: Conference, Board, Wolfe Research, Kroger, Albertsons, KR, ACI Locations: U.S
Asia-Pacific markets are set to open higher on Tuesday, tracking gains on Wall Street after the S&P 500 and the Nasdaq Composite rose to new records. Hong Kong's Hang Seng index futures were at 19,628, higher than the HSI's last close of 19,550.29. Overnight in the U.S., the S&P 500 added 0.24% to close at 6,047.15. The blue-chip index briefly topped the 45,000 level during the day, a key threshold it hit a few times last week. Fed funds futures are currently pricing in a 76% probability that the central bank lowers interest rates during its policy gathering, according to CME's FedWatch Tool.
Persons: Ed JONES, ED JONES, CME's, , Alex Harring, Lisa Kailai Han Organizations: Getty, Nikkei, Nasdaq, Traders, Federal Reserve, Reuters, Dow Jones Industrial Locations: Seoul, AFP, Chicago, Osaka, Asia, Pacific, U.S
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2024. U.S. stock futures were flat Tuesday night after the S&P 500 posted a new record close. Futures tied to the S&P 500 added just 0.1%. During the regular session, the S&P 500 inched up by 0.05%, while the Nasdaq Composite added 0.4%. The S&P Global U.S. Services Purchasing Managers' Index, factory orders and durable goods are also slated for release.
Persons: Dow, Donald Trump's, George Smith, Dow Jones, Jerome Powell, Locker Organizations: New York Stock Exchange, Futures, Nasdaq, Dow Jones Industrial, Labor, P Global U.S, Services, Federal Reserve Locations: New York City, U.S, New York
Art Cashin, UBS’ director of floor operations at the New York Stock Exchange and a man The Washington Post called “Wall Street’s version of Walter Cronkite,” has died. It was part of a persona that was carefully constructed over more than 50 years on Wall Street. Though he was a respected market historian, he was most renowned as a storyteller for the stock market. Those who are somewhat suspect, they do much better.”He had two great loves in his life: his family and the New York Stock Exchange. In the age of computerized trading, the fabled NYSE trading floor still survives, though in greatly diminished form.
Persons: Cashin, Walter Cronkite, , Bobby Van’s, Nellie, ” Cashin, Arthur D, Thomson McKinnon, , PaineWebber, New York Americans —, John Wayne Western, I’ve, Arthur Cashin, Cronkite, Cashin Jr, — CNBC’s Martin Steinberg Organizations: UBS, New York Stock Exchange, Washington Post, CNBC, NYSE, Herzig, Wall, World Trade, New York Americans, Heroes, CBS, Xavier High School Locations: Jersey City , New Jersey, Jersey City, Brooklyn, Manhattan, Dunkirk, New, U.S, , , New York, NY
Stock futures are near flat Monday night after the S&P 500 concluded the first session of December's trading month at an all-time closing high. S&P 500 futures and Nasdaq 100 futures both sat near their flatlines. Futures tied to the Dow Jones Industrial Average lost 26 points, or around 0.1%. Both the broad S&P 500 and technology-heavy Nasdaq Composite closed at records on Monday after hitting fresh intraday highs. Traders will also monitor Tuesday speeches from Fed Governor Adriana Kugler and Chicago Fed President Austan Goolsbee slated for the afternoon.
Persons: Dow, CME's, Sam Stovall, Adriana Kugler, Austan Goolsbee Organizations: New York Stock Exchange, Stock, Nasdaq, Dow Jones Industrial, Labor, CFRA Research, Chicago Fed
Oil inches up on upbeat China data, shaky Israel-Lebanon ceasefire
  + stars: | 2024-12-02 | by ( ) www.cnbc.com   time to read: +2 min
Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East. Oil prices edged up on Monday supported by upbeat factory activity in the world's second largest oil consumer China and as Israel resumed attacks on Lebanon despite a ceasefire agreement, stoking tensions in the Middle East. "China data is helping, but I think it is also coming on concerns the Israel-Lebanon ceasefire may not hold," IG's Sydney-based market analyst Tony Sycamore said. A truce between Israel and Lebanon came into effect on Wednesday but both sides have accused each other of breaching the ceasefire. The Lebanese Health Ministry said in a statement several people were wounded in two Israeli strikes in south Lebanon.
Persons: Donald Trump, Tony Sycamore, Bashar al, Assad, Sycamore, Brent Organizations: Brent, West Texas, Lebanese Health Ministry, Air, of, Petroleum, Reuters Locations: China, Israel, Lebanon, East, Sydney, Syria, Aleppo, OPEC
Wall Street's fickle pendulum when it comes to the Federal Reserve has swung more decisively toward expectations for a December rate cut. It's going to depend on the inflation data. However, he noted that if inflation data continues to show signs of "stalling," he will "be supportive of holding the policy rate constant." The Fed currently targets its benchmark overnight borrowing rate in a range between 4.5% and 4.75%. That follows cuts in September and November that took the fed funds rate down by three-quarters of a percentage point altogether.
Persons: Donald Trump's, Aditya Bhave, they'll, Christopher Waller, bank's, Waller Organizations: Federal Reserve, Federal, Bank of America, Fed
Gold prices snapped a four-session rally to fall on Monday, pressured by a firmer U.S. dollar and profit-taking, while investors awaited key U.S. economic data for cues on the Federal Reserve's monetary policy outlook. Gold prices snapped a four-session rally to fall on Monday, pressured by a firmer U.S. dollar and profit-taking, while investors awaited key U.S. economic data for cues on the Federal Reserve's monetary policy outlook. Major U.S. data due this week includes U.S. job openings, the ADP employment report and the payrolls report. "If the Fed was to set the stage more clearly for a potential rate hold into 2025, we may likely see gold prices weigh further," Rong said. Gold prices slipped over 3% in November to register its worst monthly performance since September 2023 as the prospect of higher tariffs under the incoming Donald Trump administration to keep interest rates higher for longer loomed.
Persons: Yeap Jun Rong, Jerome Powell, Rong, Donald Trump, Trump Organizations: Federal, U.S ., U.S, Saturday
European markets are expected to kickstart the final month of trading this year in flat to lower territory Monday. The U.K.'s FTSE 100 index is expected to open 2 points lower at 8,285, Germany's DAX down 19 points at 19,606, France's CAC down 41 points at 7,188 and Italy's FTSE MIB down 167 points at 33,275, according to data from IG. Data releases include European manufacturing purchasing manager's index figures and Italian gross domestic product. Over the weekend, China released its official purchasing managers' index reading for November, which came in at the highest level since April. On Monday, speeches are due from Federal Reserve Governor Christopher Waller and New York Fed President John Williams.
Persons: Germany's DAX, Donald Trump's, Christopher Waller, John Williams Organizations: France's CAC, IG, U.S, Federal Reserve, New York Fed Locations: Asia, Pacific, China
Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., November 29, 2024. Stock futures are little changed Sunday night as investors looked toward the final month of trading this year. Futures tied to the Dow Jones Industrial Average slipped 47 points, or 0.1%. S&P 500 futures and Nasdaq 100 futures ticked down 0.1% and 0.2%, respectively. Indeed, November marked the best month of 2024 for both the Dow and S&P 500.
Persons: Donald Trump, Russell, They'll, Christopher Waller, John Williams Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Dow, Federal Reserve, New York Fed Locations: New York City, U.S
Their goal is to leave each daughter with over $1 million by the time they are 30. Related storiesI want my kids to be trust fund babies who see money as a toolI'm not of the belief that you should just hand your kids money. Taxable brokerage accountThe second type of account we have for both of our daughters is a taxable brokerage account. AdvertisementWe want to let the money that's being invested for them grow for quite some time, so they probably won't touch the brokerage account money until they're 22 and fully in the adult world. AdvertisementI'd rather give my kids now than wait until I dieI think it's silly to wait to give our kids money.
Persons: Brennan Schlagbaum, Roth, Budgetdog, — Logan, Ellie, , that's, Logan, I'd, They're, we'll, we're, Jane Zhang Organizations: Deloitte Locations: Dallas, Fort Worth, Logan
AdvertisementSince I don't have children, I opened college savings accounts for my two nieces and one nephew. It's a college savings account, but I won't force them into college; they can do what they want. Their parents don't also need to spend their Saturday teaching a kid how to hold a tennis racket. To further support their parents, I opened college savings accounts eight years ago for my nieces and nephew. But I want them to progress toward that degree because auntie's money won't last forever.
Persons: It's Organizations: University of Minnesota, Western Washington University
The top 10 things to watch Friday, Nov. 29 1. (Anything above a plus 4% would indicate the market is overbought; anything below a minus 4% would indicate the market is oversold.) Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. Chona Kasinger | Bloomberg | Getty ImagesThe top 10 things to watch Friday, Nov. 29
Persons: Biden, Wedbush, , Lina Kahn, Donald Trump, Kamala Harris, CNBC's Gabrielle Fonrouge, Harris, Jim Cramer's, Jim Cramer, Jim, Satya Nadella, Chona Kasinger Organizations: Treasury, Bloomberg, Federal Trade Commission, Microsoft, FTC, Trump White House, Reuters, National Retail Federation, Deloitte, President, Trump, Walmart, Target, Dick's Sporting Goods, Costco, CNBC, Jim Cramer's Charitable, Getty Locations: China, Australia, Redmond , Washington
This surge means that coffee prices across the board — from fancy beverages made from Arabica beans to robusta-fueled instant coffee — are almost sure to cost more for the everyday consumer. On Wednesday, the global benchmark for arabica coffee — March 2025 arabica coffee futures — ended 4.6% higher on the Intercontinental Exchange (ICE) at $3.2305 per pound, after hitting their highest level since 1977. Food giant Nestlé, the world's largest coffee maker, said last week that it will hike prices to deal with the rise in coffee prices. Coffee drinkers are already paying more: Data from the US Bureau of Labor Statistics show coffee prices for urban consumers rose sharply from July 2021 to February 2023. Speculators jumping into the coffee marketGiven the confluence of factors pushing up coffee prices, non-commercial speculators, such as funds, are joining the market.
Persons: arabica —, Jason Miller, Guilherme Morya, Morya, , Christopher Tang, Tang, Donald Trump, Miller, Sucafina Organizations: Intercontinental Exchange, ICE, US Bureau of Labor Statistics, Michigan State University, Farmers, Reuters, Rabobank, Colombia —, UCLA, European Union, BMI Research, European Commission Locations: Brazil, Vietnam, Colombia, Honduras, Canada, Mexico, China, Trump's, Swiss
A general view of the Lotte tower amid the the Seoul city skyline and Han river during sunset. Asia-Pacific markets were poised to open mixed after Wall Street rally stalled overnight even as inflation data came in line with expectations. The U.S. personal consumption expenditure price index, or PCE, rose 2.3% on an annualized basis, accelerating from 2.1% in September. The Bank of Korea is expected to hold its benchmark rate unchanged at 3.25% when its monetary policy committee meets later in the day, according to a Reuters poll of economists. Hong Kong's Hang Seng index futures were at 19,618, higher than the HSI's last close of 19,603.13.
Organizations: Wall, Reuters, Bank of, Nikkei Locations: Seoul, Asia, Pacific, Bank of Korea, Chicago, Osaka
Gold trades in tight range ahead of US inflation data
  + stars: | 2024-11-27 | by ( ) www.cnbc.com   time to read: +2 min
Gold prices flitted within a narrow range on Wednesday as investors awaited key U.S. inflation data for insights into the potential scale of a Federal Reserve rate cut next month. Spot gold was steady at $2,635.56 per ounce, as of 0222 GMT, moving largely within a slim $9 range during the session. Gold is traditionally considered a safe-haven investment during periods of economic and geopolitical uncertainty, including trade wars and other conflicts. Investors digested a handful of economic data on Tuesday indicating the economy remained on solid footing. Elsewhere, China's net gold imports via Hong Kong in October fell from September and were down 43% from the previous year, data showed.
Persons: Bullion, Kyle Rodda, Rodda Organizations: Federal, Capital.com, Federal Reserve, U.S . Federal Reserve Locations: ., Israel, Lebanon, Capital.com . U.S, France, Iran, Hong Kong
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