Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Joe Wallace"


21 mentions found


Europe, Once Fearing Gas Rationing This Winter, Has a Glut
  + stars: | 2022-10-27 | by ( Joe Wallace | ) www.wsj.com   time to read: 1 min
LONDON—Europe is suddenly sitting on a glut of natural gas, sending prices lower and easing fears of winter fuel shortages and rationing as the continent weans itself off Russian energy. Just a few months ago, officials, executives and analysts worried that as Europe pivoted from Russian gas in the wake of Moscow’s invasion of Ukraine—and as Russia throttled exports in retaliation for sanctions—the continent wouldn’t have enough for winter. They urged consumers and companies to conserve fuel, warned of mandatory rationing if they didn’t and bought massive amounts of shipped gas from places like the U.S. and Qatar. Those measures—coupled with a blast of unseasonable warm weather recently—have resulted in vast supplies of gas in storage onshore and in tankers floating just off the coast.
Europe is spending hundreds of billions of euros to wean itself off Russian natural gas but there is one corner of the energy market where the continent is finding it hard to kick its habit. While supplies of Russian pipeline gas, which made up the bulk of Europe’s gas imports before the Ukraine war, are down to a trickle, European importers have been quietly splurging on frozen Russian gas delivered by giant ships.
Dozens of ships laden with natural gas are floating off the coast of Europe, many of them waiting for berths to unload as the continent races to top up storage ahead of a winter without Russian gas. Thirty-five tankers are idling or sailing slowly around northwest Europe and the Iberian Peninsula, according to Felix Booth, head of LNG at energy and shipping data firm Vortexa. Six of the giant tankers are moored in Spain’s Bay of Cadiz, and there is another cluster in the English Channel.
EU Puts Forth Emergency Cap on Gas Prices
  + stars: | 2022-10-18 | by ( Kim Mackrael | Joe Wallace | ) www.wsj.com   time to read: 1 min
BRUSSELS—European Union officials are seeking the power to impose an emergency cap on the price of natural gas on the bloc’s main trading exchange, part of a package of proposals to cushion consumers from high prices and fill storage tanks next year ahead of winter. The European Commission, the EU’s executive arm, on Tuesday published proposals that include steps to encourage companies to pool their demand and buy gas together and rules for how gas could be shared across borders if some countries run short. Other measures seek to limit volatility on energy markets and boost the financial support that can flow to struggling consumers.
EU Seeks Power to Set Emergency Cap on Gas Prices
  + stars: | 2022-10-18 | by ( Kim Mackrael | Joe Wallace | ) www.wsj.com   time to read: 1 min
BRUSSELS—European Union officials are seeking the power to impose an emergency cap on the price of natural gas on the bloc’s main trading exchange, part of a package of proposals to cushion consumers from high prices and fill storage tanks next year ahead of winter. The European Commission, the EU’s executive arm, on Tuesday published proposals that include steps to encourage companies to pool their demand and buy gas together and rules for how gas could be shared across borders if some countries run short. Other measures seek to limit volatility on energy markets and boost the financial support that can flow to struggling consumers.
Stock Futures Rise Ahead of Bank Earnings
  + stars: | 2022-10-17 | by ( Joe Wallace | ) www.wsj.com   time to read: 1 min
Stock futures jumped, pointing to another day of outsize moves on Wall Street, as investors try to make sense of an unsettled economic outlook and gear up for another batch of earnings. S&P 500 futures added 1% Monday, technology-focused Nasdaq-100 futures rose 1.2% and Dow Jones Industrial Average futures gained 0.8%. The S&P 500 slid 2.4% Friday after a 2.6% gain Thursday.
U.S. Stocks Jump, With Dow Up About 550 Points
  + stars: | 2022-10-17 | by ( Joe Wallace | Justin Baer | ) www.wsj.com   time to read: 1 min
U.S. stocks surged Monday, another day of outsize moves on Wall Street, as investors tried to make sense of an unsettled economic outlook and geared up for another batch of corporate earnings. The S&P 500 rose 94.88 points, or 2.6%, to 3677.95. The index slid 2.4% Friday after a 2.6% gain Thursday. The Dow Jones Industrial Average added 550.99 points, or 1.9%, to 30185.82, while the Nasdaq Composite jumped 354.41 points, or 3.4%, to 10675.80.
Europe is as ready as it can be for a winter without Russian natural gas, but there is no margin for error. Storage facilities of gas for heating and power generation are almost full, consumption is down and liquefied-natural gas tankers are steaming in. Europe in a stronger position than feared in recent months, after Moscow slashed gas deliveries in retaliation for Western sanctions over the invasion of Ukraine.
LONDON—Workers evacuated a natural-gas plant in Norway and European gas prices spiked after what local officials said was a hoax bomb threat. By Thursday afternoon, workers were back at the plant restoring normal operations, and gas prices had receded. The scare, though, punctuated a sense of high alert over energy infrastructure across Europe, and in Norway in particular. The country is a major gas producer and has become an even more important source of gas to the continent after Russia by and large shut off flows to Europe.
S&P, Nasdaq Stage Biggest Rally of the Year
  + stars: | 2022-10-11 | by ( Akane Otani | Joe Wallace | ) www.wsj.com   time to read: 1 min
U.S. stocks jumped, staging their biggest rally of the year, after softer-than-expected inflation data reignited bets that the Federal Reserve might slow down the pace of its interest-rate increases. The S&P 500 added 4% Thursday, while the technology-focused Nasdaq Composite soared 5.4% and the Dow Jones Industrial Average was up 2.6%.
BERLIN—European governments raced to safeguard their energy infrastructure after detecting leaks on two major Russian natural-gas pipelines that officials said were the result of sabotage. The European Union on Wednesday threatened retaliation for any further attack on Europe’s energy facilities following the incidents on the Nord Stream and Nord Stream 2 pipelines. The pipes suffered a significant pressure drop on Monday and began leaking gas into the sea.
A costly troop mobilization, plunging energy prices and a new round of Western sanctions threaten to bear down on Russia’s already embattled economy and undermine the financial underpinnings of President Vladimir Putin’s war in Ukraine. The economic storm clouds come as Mr. Putin orders more financial resources directed at the war in Ukraine. The Kremlin’s decision to call up more than 300,000 soldiers will require new funds to equip, train and pay the new reinforcements, analysts said. It has also spread disruption among Russia’s private businesses, which face a fresh challenge as workers report for duty or flee the country.
Stock Futures Slip as Growth Worries Linger; Pound Slumps
  + stars: | 2022-09-26 | by ( Joe Wallace | ) www.wsj.com   time to read: 1 min
U.S. stock futures fell as investors fretted about the world economy, while the U.K. government’s tax-cutting plans sent the British currency and bond markets into disarray. Futures for the S&P 500, the Dow Jones Industrial Average and Nasdaq-100 dropped between 0.4% and 0.7% Monday, suggesting investors were continuing to back away from a market that fell sharply last week. On Friday, the S&P 500 lost 1.7% on concerns that rising interest rates will push the global economy into recession.
Dow Industrials Fall Into Bear Market
  + stars: | 2022-09-26 | by ( Hardika Singh | Joe Wallace | ) www.wsj.com   time to read: 1 min
U.S. stocks extended their decline Monday and the Dow Jones Industrial Average slid into a bear market, reflecting investor concern about the pace of global growth and the price of central-bank efforts to slow inflation. The Dow’s decline of 329.60 points, or 1.1%, to 29260.81, marked its fifth down trading day in a row. The move put the Dow into its first bear market—defined in Wall Street parlance as a drop of 20% or more from a recent high—since the early days of the pandemic.
Oil Falls Below $80 a Barrel
  + stars: | 2022-09-24 | by ( Anna Hirtenstein | Joe Wallace | ) www.wsj.com   time to read: 1 min
U.S. crude-oil prices have fallen to a discount of almost $7 a barrel compared with Brent. U.S. oil prices fell below $80 a barrel for the first time since January, dragged down by mounting fears of a global recession and a rapidly strengthening U.S. dollar. West Texas Intermediate crude futures dropped 5.7% to close at $78.74. The main U.S. oil price is down about 36% from its June peak and nearly to where it began the year. Brent crude, the global benchmark, shed 4.8% Friday to end at $86.15.
Abu Dhabi National Oil Co. is considering taking a minority stake in or full control of Gunvor Group. Abu Dhabi’s massive national oil company is in talks to buy commodity trading house Gunvor Group according to people familiar with the talks, a deal that would create one of the world’s largest traders of oil-and-gas products as the war in Ukraine is disrupting global energy supply. Abu Dhabi National Oil Co. is considering a minority stake or taking full control of Gunvor, merging it with the Emirati oil firm’s own trading company, these people said. A deal would mark a major overseas investment for a Gulf state flush with cash earned from elevated oil prices.
Surging prices for lithium are intensifying a race between auto makers to lock up supplies and raising concerns that a shortage of the battery metal could slow the adoption of electric vehicles. Lithium carbonate prices in China, the benchmark in the fast-growing market, stand at about $71,000 a metric ton, according to price-assessment firm Benchmark Mineral Intelligence. That is almost four times as high as a year ago and just below the record set this March in yuan terms.
Bond Yields Scale New Multiyear Highs; Stock Futures Slip
  + stars: | 2022-09-20 | by ( Joe Wallace | ) www.wsj.com   time to read: 1 min
Stock futures edged down and Treasury yields rose to fresh multiyear highs on expectations the Federal Reserve will continue tightening monetary policy forcefully to curb inflation. Futures for the S&P 500 fell 0.3% and Dow industrials ticked down 0.2% in early trading Tuesday. Technology-focused Nasdaq-100 futures lost 0.5%.
Commodities & Futures
  + stars: | 2022-08-26 | by ( Andrew Duehren | Vibhuti Agarwal | Stuart Condie | ) www.wsj.com   time to read: 1 min
CommoditiesIndia banned exports of broken rice and levied a tax on other key varieties in a move that would add to global inflationary pressure and exacerbate food supply pains caused by the war in Ukraine.
Rocked by its biggest energy shock since the 1970s, Europe is unpicking parts of a two-decade endeavor to foster a competitive market in natural gas. In coming weeks, the European Union will ask member states for the ability to cap gas prices in extreme market conditions. It wants energy companies to club together to gain price-negotiating clout against overseas exporters. And it is planning a new reference for gas prices in the region.
Stocks Finish Lower After Fed Signals Higher Rates
  + stars: | 2022-03-11 | by ( Joe Wallace | Hardika Singh | ) www.wsj.com   time to read: 1 min
Stocks fell and U.S. Treasury yields hit new multiyear highs Thursday, cementing another volatile trading session that reflects investors’ unease over the Federal Reserve’s intent to keep raising interest rates. The S&P 500 declined 39.80 points, or 1.1%, to 3719.89. The tech-heavy Nasdaq Composite fell 181.86 points, or 1.7%, to 10342.94. Thursday’s decline came after the S&P 500 dropped 2.5% Wednesday and the Nasdaq Composite slid 3.4%. Fed Chairman Jerome Powell said Wednesday that the central bank had “a ways to go” before it could consider pausing rate increases.
Total: 21