DIRS.INFO The most relevant business & tech news

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Oil prices slide 5% amid skepticism the debt-ceiling deal holds
▼ + stars: | 2023-05-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Oil prices tumbled Tuesday as worries about demand for the commodity accelerated. Two of nine Republicans on the House Rules Committee have signaled opposition to the debt ceiling deal. US and international oil prices each dropped to their lowest prices since May 5. The Fiscal Responsibility Act, if passed, would limit US baseline spending for two years and raise the debt ceiling into 2025. "Oil prices remain stuck while awaiting the response from Congress on the debt ceiling deal," Saxo Bank strategists said in a note early Tuesday.

Persons: —, Brent, Price, Kevin McCarthy Organizations: West Texas, Service, Republican, White House, Caucus, Politico, CNBC, Saxo Bank, Treasury Department Locations: Saudi, Brent

☆ Dollar nudges lower as U.S. debt ceiling deal dents safe-haven appeal
▼ + stars: | 2023-05-29 | by ( Dhara Ranasinghe | ) www.reuters.com time to read: +4 min

Summary Dollar edges down following U.S. debt ceiling dealRisk currencies rallyTurkish lira touches new record lowLONDON, May 29 (Reuters) - The dollar nudged lower on Monday, pulling back from six-month peaks against the yen as a U.S. debt ceiling deal lifted risk appetite across world markets and dented the greenback's safe-haven appeal. Having briefly touched a six-month high of 140.91 yen during Asia trade, the dollar drifted lower and was last down 0.25% at 140.25 yen. "We've got a risk-positive response so far to the debt deal news," said Ray Attrill, head of FX strategy at National Australia Bank. "Obviously there's still the need to get this debt deal over the line, but I think markets are happy to travel on the presumption that it will get done before the new X-date." Talk that the U.S. rate hiking cycle may not be over as soon as hoped given signs of economic strength have bolstered the dollar this month and could support the currency even as U.S. debt ceiling worries abate.

To be sure, the April inflation data hit the UK debt market like a thunderbolt. While the headline consumer price inflation rate dropped to 8.7% from 10.1% in March, as energy prices ebbed, that was still far higher than forecast and core inflation rates hit their highest in 31 years at just under 7%. And a chief concern for many households is ongoing annual food price inflation still near 20%. Sterling and real yield spreadsNew UK gilt shock? Using 5-year real yields from the index-linked bond market, that premium jumped almost 40bp this week to its highest since last October.

☆ Gold recovers as debt-ceiling talks make little apparent progress
▼ + stars: | 2023-05-23 | by ( ) www.cnbc.com time to read: +2 min

Gold prices rebounded from their earlier losses on Tuesday, as yields fell and the dollar retreated from its highs, while another round of U.S. debt ceiling talks ended without much progress. Spot gold was up 0.3% at $1,975.39 per ounce, after shedding as much as 0.8% earlier. Gold rose from session lows on reports of further negotiations over raising the debt ceiling, said Daniel Pavilonis, senior market strategist at RJO Futures. Wall Street's main indexes fell and the dollar index backed off from its session high, while benchmark 10-year yields fell from a two-month peak. Gold tends to lose appeal when rates rise and push up bond yields, increasing the opportunity cost of holding zero-yield bullion.

Persons: Daniel Pavilonis, Joe Biden, Pavilonis, Bullion, Ole Hansen, Neel Kashkari, Silver Organizations: Futures, Republicans, Saxo Bank ., Tuesday U.S, Investors, Federal

☆ Chinese company earnings reveal lopsided economic recovery
▼ + stars: | 2023-05-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Restaurants and tourism businesses recovered, with travel-related consumer services sector earnings surging 155%, data from China International Capital Corp (CICC) showed. Food-and-beverage sector earnings jumped 18% and automobiles were up a smaller 8%. Several analysts believe the first quarter will be the low point for 2023 and full-year earnings will reach double digits. Refinitiv data forecasts full-year earnings growth of 26% for companies listed on the Shanghai Stock Exchange. The materials sector posted the worst results, with earnings in steel and building materials tumbling more than 60%, respectively.

Summary Oil rallies after three straight weekly declinesGoldman Sachs says demand fears 'overblown'US inflation data and OPEC report in focus this weekSINGAPORE, May 8 (Reuters) - Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent crude was up $1.57, or 2.1%, at $76.87 a barrel by 11:19 a.m. EDT (1519 GMT). Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

☆ Oil climbs more than 2% as recession fears begin to fade
▼ + stars: | 2023-05-08 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose over 2% on Monday as U.S. recession fears eased and some traders saw crude's three-week slide on demand worries as overdone. Brent had finished last week with a decline of about 5.3% while U.S. crude plunged by 7.1% even after Friday's rebound. Banking concerns have plagued the market recently after the collapse of three major regional banks. "The market is less worried about a banking crisis that could lead to a recession and hurt demand," said Phil Flynn, an analyst at Price Futures Group. OPEC's latest monthly oil market report is due on Thursday, providing an updated reading on the demand and supply outlook.

☆ Shares rise, dollar weakens on bank sector fears
▼ + stars: | 2023-05-05 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

SINGAPORE, May 5 (Reuters) - Asian stocks rose, the dollar eased and gold hovered around its record highs on Friday, as jittery investors remained nervous about the U.S. banking sector following another rout in shares of regional lenders. Wall Street ended lower on Thursday after Los Angeles-based PacWest Bancorp's (PACW.O) move to explore strategic options deepened fears about the health of U.S. lenders as pressure grows on regulators to take more steps to shore up the country's banking sector. Shares of U.S. regional banks sank this week in the wake of the collapse of First Republic Bank over the weekend that has brought back fears of a financial sector crisis. The Federal Reserve on Wednesday raised interest rates by 25 basis points, but hinted that its marathon hiking cycle may be ending. China shares (.SSEC) rose 0.21%, while Hong Kong's Hang Seng index (.HSI) was up 0.6%, helping lift the region's shares.

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2023. Major U.S. stock indexes dropped over 1% on Tuesday as regional bank shares tumbled on renewed fears over the financial system and as investors tried to gauge how much longer the Fed may need to hike interest rates. Estee Lauder Cos Inc (EL.N) slid 21.3% as the MAC lipstick maker forecast a bigger drop in full-year sales and profit. Advancing issues outnumbered decliners for a 2.11-to-1 ratio on the NYSE and a 2.25-to-1 ratio on the Nasdaq. The S&P index recorded 19 new 52-week highs and two new lows, while the Nasdaq recorded 30 new highs and 76 new lows.

Disruptions may hit mine output, leading analysts to trim a forecast surplus for this year to 133,000 tonnes from 165,000 tonnes of oversupply in the previous poll. Analysts have marked up their estimates for an aluminium market surplus this year to 113,500 tonnes from 80,535 tonnes forecast in January. "Due to relentless mined nickel supply growth in Indonesia, and its broad-based nickel-bearing exports, we remain longer-term bears on the global nickel price," said Tom Price at Liberum. Analysts expect LME cash nickel prices to average $22,273 a tonne in the third quarter, down 11% from current levels. They also expect the global nickel market to see a surplus of 112,000 tonnes this year and an oversupply of 89,500 tonnes in 2024.

☆ Oil drops as economic growth concerns offset OPEC+ cuts
▼ + stars: | 2023-05-01 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The Fed, which meets on May 2-3, is expected to increase interest rates by another 25 basis points. The U.S. dollar rose against a basket of currencies on Monday, making oil more expensive for other currency holders. "The failure to reach more solid ground above $80.50 in Brent points to continued selling interest amid the well known growth/demand concerns," said Ole Hansen, head of commodity Strategy at Saxo Bank. "We believe the oil market will be in deficit through the remainder of the second quarter" following the OPEC+ cuts, said Baden Moore, head of commodity and carbon strategy at National Australia Bank. Reporting by Katya Golubkova; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

Oil prices dropped almost 4% on Wednesday as jitters about a U.S. economic downturn overshadowed a larger-than-expected fall in U.S. crude inventories. The OPEC+ group of leading oil producers does not see the need for further oil output cuts but is always able to adjust its policy, Novak said. Data on Thursday showed U.S. economic growth slowed by more than expected in the first quarter, although jobless claims fell in the week ending April 22. Oil prices were also pressured as weak risk sentiment spread from the banking sector after First Republic Bank's continued slump. Analysts see weak refinery margins as a major contributor to the recent oil price decline, with oil broker PVM's Tamas Varga pointing to heating oil and gasoil as "the main possible culprit for the outsized weakness".

☆ It's a 'pretty frustrating' time for many traders, strategist says
▼ + stars: | 2023-04-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's a 'pretty frustrating' time for many traders, strategist saysCharu Chanana, market strategist at Saxo Markets, says markets are struggling to find direction and face a "Goldilocks situation."

☆ Big copper deals to take centerstage in Santiago as demand heats up
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Lundin Mining Corp (LUN.TO) is paying nearly $1 billion for control of Chile's Caserones copper mine despite ongoing political uncertainty in the country. "The green transformation theme remains a strong tailwind for copper, the king of green metals," Saxo Bank strategist Ole Hansen told Reuters. Global copper demand expected to reach 53 million tonnes annually by 2053 - more than double current levels - but supply is still expected to fall short, according an S&P Global (SPGI.N) study. And Hudbay Minerals Inc (HBM.TO) last week said it would pay $439 million for rival Copper Mountain Mining Corp (CMMC.TO). Neighboring Peru, the world's second-largest copper producer, also expects to boost production this year.

Summary Dollar index on course for fifth weekly lossesEuro touches two-month highLONDON/SINGAPORE, April 13 (Reuters) - The dollar fell to a two-month low on Thursday after data showed U.S. inflation slowed sharply in March, bolstering hopes that the Federal Reserve's rate-hiking campaign is either already finished or will be by May. The dollar dropped after the data was released and weakened further on Thursday, helping the euro rise 0.27% to a two-month high of $1.102. The dollar index , which measures the greenback against six major peer, was last down 0.2% at 101.28, its lowest since the start of February. John Hardy, head of FX strategy at Saxo Bank, said the inflation data "left the market with not much to go on". He said he expects the dollar to grind lower from here as inflation cools and the economy slows.

☆ Dollar eases as US inflation cools
▼ + stars: | 2023-04-13 | by ( Ankur Banerjee | ) www.reuters.com time to read: +2 min

SINGAPORE, April 13 (Reuters) - The dollar was on the back foot on Thursday after cooler-than-anticipated U.S. inflation data lifted risk sentiment and stoked expectations that the Federal Reserve will be done with its monetary tightening after hiking one last time next month. The dollar index , which measures the currency against six major peers, eased 0.03% to 101.44, hovering around a one week low of 101.40 after sinking 0.6% overnight. "While disinflation trends continue and broadened across headline, core and supercore measures, the CPI report is hardly an all clear on inflation," strategists at Saxo Markets said. Taylor Nugent, an economist at National Australia Bank, said the CPI data and the minutes provided ample fodder for those reading the Fed tea leaves, noting that inflation showed welcome, but not overwhelming progress. The Japanese yen weakened 0.04% to 133.20 per dollar, while sterling was last trading at $1.2486, up 0.04% on the day.

☆ Dollar eases as U.S. inflation cools
▼ + stars: | 2023-04-13 | by ( ) www.cnbc.com time to read: +2 min

An image of the U.S. dollar bill and a euro coinThe dollar was on the back foot on Thursday after cooler-than-anticipated U.S. inflation data lifted risk sentiment and stoked expectations that the Federal Reserve will be done with its monetary tightening after hiking one last time next month. The dollar index , which measures the currency against six major peers, eased 0.03% to 101.44, hovering around a one week low of 101.40 after sinking 0.6% overnight. "While disinflation trends continue and broadened across headline, core and supercore measures, the CPI report is hardly an all clear on inflation," strategists at Saxo Markets said. Taylor Nugent, an economist at National Australia Bank, said the CPI data and the minutes provided ample fodder for those reading the Fed tea leaves, noting that inflation showed welcome, but not overwhelming progress. The Japanese yen weakened 0.04% to 133.20 per dollar, while sterling was last trading at $1.2486, up 0.04% on the day.

The inflation data came on the heels of last Friday's employment report, which showed a solid pace of job growth in March and the unemployment rate falling back to 3.5%. In Europe, stock markets rose after the U.S. data and the broad STOXX 600 index was last up 0.5% (.STOXX) and holding near one-month highs. BONDS UP, DOLLAR DOWNU.S. bonds yields fell after the CPI numbers. Rate-sensitive two-year Treasury yields were last down 12 basis points at 3.93% , while U.S. 10-year yields fell 6 bps to 3.37%. The dollar fell with an index measuring the U.S. currency against six rivals down 0.4% at 101.72.

☆ Futures edge higher ahead of inflation data
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +3 min

SummarySummary Companies Futures up: Dow 0.19%, S&P 0.13%, Nasdaq 0.06%April 12 (Reuters) - U.S. stock index futures edged higher on Wednesday as investors awaited key inflation data and minutes from the Federal Reserve's policy meeting for clues on whether U.S. interest rates are near their peak. The Labor Department data, which will be published at 8:30 a.m. US inflation, Fed rates and marketsMinutes from the U.S. central bank's policy meeting in March will be watched closely by investors later in the day for fresh clues on the trajectory of interest rates. The Fed in March raised rates by 25 bps and signaled it was on the verge of pausing further rate hikes. ET, Dow e-minis were up 64 points, or 0.19%, S&P 500 e-minis were up 5.25 points, or 0.13%, and Nasdaq 100 e-minis were up 8 points, or 0.06%.

REUTERS/StaffApril 12 (Reuters) - World stocks and bond yields stalled on Wednesday as markets anticipated crucial U.S. inflation data which could give signals on how soon the Federal Reserve will end its aggressive rate hikes. Markets were in wait-and-see mode ahead of the data, with the pan-European STOXX 600 index inching up 0.3% by 0820 GMT, while Britain's FTSE (.FTSE) was up 0.6%. Government bond yields were also little moved with benchmark U.S. 10-year Treasury yields unchanged on the day at 3.43%. "We do not assume that the discrepancy between Fed and market expectations will end today or in the near future," Reichelt said. With oil prices rising again and labour market cooling only gradually, risk remains tilted for core inflation to remain elevated for longer," they said.

☆ Asian stocks ease ahead of US inflation data, Fed minutes
▼ + stars: | 2023-04-12 | by ( Ankur Banerjee | ) www.reuters.com time to read: +5 min

The Eurostoxx 50 futures was down 0.16%, German DAX futures up 0.01% and FTSE futures down 0.07%. The consumer price index is expected to show core inflation rose 0.4% on a monthly basis and 5.6% year-over-year in March, according to a Reuters poll of economists. Markets are now pricing in a 66% chance of the Fed raising interest rates by 25 basis points in May and then pausing for the subsequent meetings, according to the CME FedWatch tool. The Fed last month raised interest rates by a quarter of a percentage point, taking it to a range of 4.75% to 5.00%. With oil prices rising again and labour market cooling only gradually, risk remains tilted for core inflation to remain elevated for longer," they said.

LONDON, April 5 (Reuters) - As "fragmentation" of politics and economics becomes the new buzzword for a world that appears to be splintering into blocs, the related costs of the new order are only now being totted up. Corporate rethinking of foreign direct investment (FDI) - bricks-and-mortar developments overseas as well as mergers and acquisitions - would make the hit even scarier. And if FDI fragmentation is defined by a permanent rise in cross-bloc barriers to imported investment inputs, the IMF said developments could cut world output by 2% in the long term. "Fragmentation of the global economy will likely put inflation at a higher structural level, and the cost of capital will likely go up, squeezing low-quality and leveraged companies." Reuters GraphicsBIS chart on global trade as share of GDPBCG projections on world trade to 2031The opinions expressed here are those of the author, a columnist for Reuters.

☆ Bank relief and Alibaba plans nudge stocks higher
▼ + stars: | 2023-03-30 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gained for a third day in a row, rising 0.3%. It is eyeing two consecutive quarters in the green for the first time since the middle of 2021. The yen last traded at 132.75 to the dollar. Two-year yields are down 30 basis points for the quarter, the first quarterly fall since March 2020. Investors are hoping the plans signal authorities' tacit approval for growth and profit ahead.

REUTERS/Florence Lo/File PhotoSummarySummary Companies Five big lenders post over 3.5% annual net profit growthNet interest margin shrank at all fiveNPL ratios steady or down for all fiveBEIJING, March 30 (Reuters) - China's Big Five lenders posted above 3.5% annual net profit growth this week, but warned that the foundations of the country's recovery were "not yet solid". China's Bank of Communications Co Ltd (BoCom) (601328.SS), and Bank of China (BoC) (601988.SS) both posted just over 5% annual net profit growth on Thursday. Even higher figures came from the Agricultural Bank of China Ltd (601288.SS) (AgBank) on Thursday and China Construction Bank Corp on Wednesday, which both posted over 7% annual net profit growth. Industrial and Commercial Bank of China (ICBC) (601398.SS), , the world's largest listed lender by assets, came in at 3.5% annual net profit growth. NPLsWhile all five lenders posted steady or falling non-performing loan ratios, they also logged shrinking net interest margins (NIM), a key gauge of bank profitability.

Search resuls for: "Saxo"

25 mentions found