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The Fed raised the key rate by 50 basis points in December, after four back-to-back 75-bps hikes, but also indicated a prolonged period of rate hikes to above 5% in 2023. Traders' bets of a 25-basis point rate hike by the Fed in February shot up to 89% after the inflation data, from 77% previously. Advancing issues outnumbered decliners for a 2.31-to-1 ratio on the NYSE and a 1.63-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 39 new highs and 10 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The Labor Department's report showed U.S. consumer prices grew 6.5% on an annual basis in December, in line with expectations, from a 7.1% rise last month. Markets initially spiked lower after the data, but quickly reversed to edge higher as investors assessed the numbers. Consumer prices unexpectedly fell for the first time in more than 2-1/2 years in December, suggesting that inflation was now on a sustained downward trend. Some Fed policymakers earlier this week signaled the possibility of a 25-basis point hike during the February meeting, if the much-awaited consumer prices data further adds to evidence of a cooling economy. ET, Dow e-minis were up 138 points, or 0.4%, S&P 500 e-minis were up 17.25 points, or 0.43%, and Nasdaq 100 e-minis were up 45 points, or 0.39%.

☆ Gold firms as dollar eases ahead of U.S. inflation data
▼ + stars: | 2023-01-12 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies U.S. CPI due at 1330 GMT(.DXY) down 0.1%Jan 12 (Reuters) - Gold prices ticked higher on Thursday, aided by a softer dollar, while market participants awaited key U.S. inflation data that could influence the Federal Reserve's policy path. "Gold prices are very well supported as the dollar has weakened. If the inflation report is supportive for gold, then prices could move up to $1,900 level, but there might be some profit booking after that, Kedia added. Although gold is seen as an inflation hedge, rising rates increase the opportunity cost of holding bullion. On the physical front, Indian gold refiners have nearly stopped imports of gold dore, a semi-pure alloy, as grey market operators offer hefty discounts, industry officials said.

☆ U.S. House passes bill banning exports of reserve oil to China
▼ + stars: | 2023-01-12 | by ( Timothy Gardner | ) www.reuters.com time to read: +2 min

Companies U.S. House of Representatives FollowWASHINGTON, Jan 12 (Reuters) - The U.S. House of Representatives overwhelmingly passed a bill on Thursday to ban releases of oil from the U.S. Strategic Petroleum Reserve from being exported to China, though the measure faces an uncertain future in the Senate. The bill passed 331-97 in the House, which Republicans took narrow control of this month. Through October last year U.S. oil companies exported nearly 67 million barrels of oil to China. But in all of 2020, when Republican Donald Trump was president, the United States exported 176 million barrels to China. U.S. House lawmakers also voted overwhelming this week to create a select committee on China to counter Beijing's growing international influence.

☆ Gold prices steady as focus shifts to Powell's speech
▼ + stars: | 2023-01-10 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

SummarySummary Companies U.S. CPI report due on ThursdayHawkish tone from Fed could prompt profit-taking - analystJan 10 (Reuters) - Gold prices were steady on Tuesday, with cautious traders largely focusing on Federal Reserve Chair Jerome Powell's speech for insights into the U.S. central bank's rate-hike trajectory. Spot gold held its ground at $1,872.79 per ounce, as of 0333 GMT. Investors' focus is on Powell's speech at a central bank conference later in the day. "Gold prices are hitting a key resistance at the $1,875 level ... A hawkish tone in Fed Chair Powell's speech later today could prompt some near-term profit-taking in gold," said IG Market strategist Yeap Jun Rong. "However, market is on the watch for a downside surprise in the U.S. CPI to support the less-hawkish rate-hike expectations, which could translate to upside for gold prices."

☆ Gold scales 8-month high as Fed slowdown prospects lift appetite
▼ + stars: | 2023-01-09 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold was up 0.7% at $1,878.55 per ounce, as of 0256 GMT, its highest level since May 9, 2022. U.S. gold futures also rose 0.7% to $1,883.20. The dollar index slipped 0.3%. Market participants will now turn to Fed Chair Jerome Powell's speech at a central bank conference in Stockholm on Tuesday and U.S. consumer price index data due on Thursday. "This week's CPI data would be key.

☆ Gold rises, set for weekly gain with spotlight on U.S. jobs data
▼ + stars: | 2023-01-06 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

Spot gold rose 0.3% to $1,838.38 per ounce, as of 0238 GMT. The market's focus shifts to the U.S. Labor Department's closely watched nonfarm payrolls (NFP) data due at 1330 GMT. "Higher-than-expected job gains and more persistent wage pressures may be catalysts to add pressure on gold," said IG Market strategist Yeap Jun Rong. "Gold prices have been finding its way higher since November as bullish bets in dollar and yields unwind. For 2023, gold prices may continue to draw in buyers but it might face some risk from hawkish pushback from policymakers."

The nonfarm payrolls rose by 223,000 jobs in December, data from the Labor Department showed, while a 0.3% rise in average earnings was smaller than expected and lower than the previous month. The numbers for November were revised to show nonfarm payrolls rose by 256,000 and average earnings grew by 0.4%. Another set of data showed U.S. services activity contracted for the first time in more than 2-1/2 years in December amid weakening demand, with more signs of inflation abating. Except healthcare stocks (.SPXHC), all the major S&P 500 indexes were in the green led by gains in energy shares (.SPNY). The S&P index recorded 13 new 52-week highs and five new lows, while the Nasdaq recorded 45 new highs and 52 new lows.

On the benchmark S&P 500 index, rate-sensitive real estate stocks (.SPLRCR) led the losses with a 2.2% drop, while financials (.SPSY) slipped 1%. The ADP National Employment report showed a much greater-than-expected rise in private employment in December, while another report showed weekly jobless claims fell last week. The reports came a day after data showed a moderate fall in U.S. job openings, in growing evidence that the labor market remains tight. A strong labor market has been a concern for markets pummeled by rising borrowing costs as it gives the Federal Reserve a reason to raise rates for longer than expected this year. The more comprehensive nonfarm payrolls report is due on Friday, which would provide further clues on labor demand and the rate hike trajectory.

☆ Gold firms on dollar slide; market focus on Fed minutes
▼ + stars: | 2023-01-04 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

"Traders remain cautious ahead of the Fed minutes. The minutes will likely give an idea about the Fed's policy decisions and this will impact dollar and gold," said Hareesh V., head of commodity research at Geojit Financial Services. There are chances of more inflows to gold when the Fed starts easing policies." Bullion is seen as a hedge against inflation, but rising rates dull non-yielding asset's appeal. Traders also kept a tab on rising coronavirus infections in top gold consumer China after the country's abrupt COVID policy U-turn in early December.

☆ Shale oil wraps up an underwhelming year, girds for lower growth
▼ + stars: | 2022-12-30 | by ( Liz Hampton | ) www.reuters.com time to read: +3 min

SummarySummary Companies U.S. gains stifled by inflation, aging wells, investor demandsWeaker shale oil production growth lies ahead for 2023Dec 30 (Reuters) - The shale oil patch this week closes the door on a disappointing year while bracing for weaker output gains in 2023, hamstrung by rising costs, dwindling reserves and pressures to hold down spending. He predicted 300,000 bpd to 400,000 bpd of increased shale production in 2023. Civitas grew volume about 4% year-over-year, and anticipates similar growth this coming year as it prioritizes free cash flow and balance sheet strength over growth. OLD WELLS PUMP LESSPioneer and other shale producers are experimenting with oil recovery techniques that could eventually squeeze more oil out of older wells. In the near-term, Sheffield warned oilfield inflation, which ran around 10% to 15% this year, will persist and limit production growth.

☆ Wall St ends firmer, growth stocks lead in thin trading
▼ + stars: | 2022-12-29 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

All 11 S&P 500 sector indexes rose, with communication service (.SPLRCL) and technology (.SPLRCT) as the biggest winner with gains of nearly 3%. The Fed's aggressive interest rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. Tesla Inc (TSLA.O) shares rose after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness." For 2022, Tesla's 66% slump and Amazon.com's 50% drop played a big part in the S&P 500 consumer discretionary sector's 38% loss. The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 75 new highs and 160 new lows.

All the major S&P 500 sector indexes rose, with consumer discretionary (.SPLRCD) and technology (.SPLRCT) leading the pack with a near 3% rise. The Fed's aggressive rate hikes have hammered equities this year, with the benchmark S&P 500 (.SPX) shedding 19.3% and the tech-heavy Nasdaq tumbling nearly 33%. The CBOE Volatility index (.VIX), known as Wall Street's "fear gauge", slipped, signaling an easing in investor anxiety. Tesla shares (TSLA.O) rose 8.3% after Chief Executive Elon Musk told staff they should not be "bothered by stock market craziness". The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 40 new highs and 117 new lows.

All the major S&P 500 sectoral indexes rose, with consumer discretionary (.SPLRCD) and information technology (.SPLRCT) up 1.8% and 1.9%, respectively. The U.S. Labor Department's report showed initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24. The report hinted at some softening in an otherwise tight labor market, bolstering hopes that the U.S. central bank would dial down its aggressive monetary policy stance. "Signs of the job market beginning to weaken is certainly apparent," said Peter Cardillo, chief market economist, Spartan Capital Securities LLC. A strong labor market and resilient American economy have fueled worries that interest rates could stay higher for longer even though easing inflationary pressures keep alive hopes of smaller increases.

Initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24, the Labor Department said. The report suggested that the rapid interest rate hikes were starting to take a toll on the labor market, bolstering hopes that the U.S. central bank would dial down its aggressive stance. "Signs of the job market beginning to weaken is certainly apparent," said Peter Cardillo, chief market economist, Spartan Capital Securities LLC. ET, Dow e-minis were up 172 points, or 0.52%, S&P 500 e-minis were up 29 points, or 0.76%, and Nasdaq 100 e-minis were up 116.25 points, or 1.08%. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

DePape pled not guilty on Wednesday to all charges and denied all the allegations, San Francisco District Attorney Brooke Jenkins said in a statement. In November, DePape pleaded not guilty to federal criminal charges in relation to the attack on the House speaker's husband. A San Francisco police officer testified earlier in December that he witnessed the October attack. Prosecutors say the suspect, demanding to see the Democratic House speaker, had broken into her home and attacked her husband. After the attack, Paul Pelosi underwent surgery for a skull fracture and injuries to his right arm and hands.

U.S.-listed shares of Chinese firms such as JD.Com Inc , Alibaba Group Holding Ltd and Pinduoduo Inc (PDD.O) climbed around 2% each in premarket trading. With a handful of trading sessions left this year, investors are hoping for a so-called "Santa rally" at the end of what has been a largely disappointing month for U.S. equities. Economic data so far has offered little hope that the Fed could hit the brakes on its interest rate hikes. ET, Dow e-minis were up 147 points, or 0.44%, S&P 500 e-minis were up 12.5 points, or 0.32%, and Nasdaq 100 e-minis were up 5 points, or 0.05%. Reporting by Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Vinay Dwivedi and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

The personal consumption expenditures (PCE) price index, the Fed's preferred inflation gauge, rose 0.1% last month after climbing 0.4% in October. On U.S. exchanges 7.75 billion shares changed hands on Friday compared with the 11.41 billion average for the last 20 sessions. Energy shares (.SPNY) stood out as the biggest advancers throughout the session as oil prices gained following news of Moscow's plans to cut crude output. Advancing issues outnumbered declining ones on the NYSE by a 2.06-to-1 ratio; on Nasdaq, a 1.09-to-1 ratio favored advancers. The S&P 500 posted 2 new 52-week highs and 1 new low; the Nasdaq Composite recorded 49 new highs and 228 new lows.

☆ U.S. FDA changes Plan B label to say it does not cause abortion
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

The consumer information distributed with the morning after pill known as Plan B One-Step, which has been available over the counter for everyone since 2013, now makes clear its mechanism of action does not alter the implantantion of an egg. It explains that Plan B One-Step works before the release of an egg from the ovary and as a result, usually stops or delays the release of an egg. The FDA also issued an updated question-and-answer section on its website, where the question "Is Plan B One-Step an abortifacient (causing abortion)" is answered with "No." The FDA said that current science suggests Plan B One-Step works by inhibiting or delaying ovulation and midcycle hormonal changes. Foundation Consumer Healthcare, which owns the Plan B brand, had requested approval to modify some of the mechanism of action information on the label, the U.S. Food and Drug Administration (FDA) said.

[1/2] Traders work on the floor of the New York Stock Exchange, (NYSE) in New York, NY, U.S., April 30, 2018. The MSCI All-World index (.MIWD00000PUS) rose about 1.1% on the day, although it is on track for a more than 3% decline in December. This year, the index is set to have fallen for eight out of 12 months, on a par only with 2008 for the number of monthly losses in a calendar year on record. In Europe, shares more than recovered the previous day's 0.4% drop, helped in part by a rally in sportswear stocks. Citi analysts said the calm in equity markets might not last, and thin, year-end trading could lead to volatility.

☆ Oil prices rise over $2 on drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures for February delivery were up by $2.23, or 2.8%, at $82.22 a barrel by 12:20 p.m. U.S. West Texas Intermediate (WTI) crude futures gained $2.03, or 2.7%, to $78.26. U.S. crude inventories fell by 5.89 million barrels, according to data from the U.S. Energy Information Administration (EIA), compared with estimates for a drop of 1.66 million barrels. Distillate inventories fell by 242,000 barrels, according to EIA data, compared with analyst estimates for a build of 336,000 barrels. Overall, Russian oil exports fell by 11% month on month for Dec. 1-20 after the European Union's embargo on Russian oil came into force, the Kommersant daily reported.

[1/2] A trader works on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., December 14, 2022. Adding to angst, New York Fed President John Williams said it remains possible the U.S. central bank raises rates more than it expects next year. The policymaker added that he does not anticipate a recession from the Fed's aggressive tightening. The simultaneous expiration of stock options, stock index futures and index options contracts later in the day, known as triple witching, could cause volatility through the trading session. The S&P index recorded no new 52-week highs and 15 new lows, while the Nasdaq recorded 29 new highs and 267 new lows.

He described the slow rate of economic growth penciled in by Fed officials next year as still "modest." Only two of 19 Fed officials see the benchmark overnight interest rate staying below 5% next year, a sign of a still broad consensus to lean against inflation. In the U.S. Treasury market, which plays a key role in the transmission of Fed policy decisions into the real economy, yields were little changed to slightly lower. Powell said the speed of coming rate rises is less critical now than earlier in the year when the central bank was "front-loading" rate hikes to catch up with accelerating prices. "Our focus right now is really on moving our policy stance to one that is restrictive enough to ensure a return of inflation to our 2% goal over time, it's not on rate cuts," Powell said.

[1/3] Federal Reserve Board Chairman Jerome Powell speaks during a news conference following the announcement that the Federal Reserve raised interest rates by half a percentage point, at the Federal Reserve Building in Washington, U.S., December 14, 2022. The Fed's policy rate, which began the year at the near-zero level, is now in a target range of 4.25% to 4.50%, the highest since late 2007. In the U.S. Treasury market, which plays a key role in the transmission of Fed policy decisions into the real economy, yields were little changed. "It's not as important how fast we go," Powell said, noting the bigger question facing policymakers is where the endpoint of the Fed rate hikes is and how long it stays at that level. Any debate over easing rates would only happen when officials are confident inflation is moving down, he said.

☆ Miners, financials drag TSX index to three-week low
▼ + stars: | 2022-12-12 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

[1/2] The Art Deco facade of the original Toronto Stock Exchange building is seen on Bay Street in Toronto, Ontario, Canada January 23, 2019. ET (1524 GMT), the Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) was down 25.74 points, or 0.13%, at 19,921.33. The materials sector (.GSPTTMT), which includes miners of precious and base metals, shed 0.7% as gold prices trickled lower. The U.S. central bank is expected to deliver a half-percentage-point rate hike, along with The European Central Bank and the Bank of England, who are expected to raise their lending rates later in the week. Including Monday's trading, the TSX is down 6% year-to-date, outperforming the U.S. benchmark S&P 500 index (.SPX), which has lost more than 17% this year.

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