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The S & P 500 is up nearly 14% year to date, putting it on track for its best first-half performance since 2021. In fact, three of the best-performing S & P 500 stocks in the first half rode the wave more than most: Nvidia , Meta Platforms and Tesla . All three stocks have at least doubled year to date, with Nvidia leading the way. The chipmaker is up more than 180% in 2023, while Meta and Tesla are up 137% and 107%, respectively. Nvidia has quickly become an AI darling on Wall Street, with many analysts calling it the best way to gain exposure to the burgeoning trend due to its chips.

Persons: it's, Tesla, Goldman Sachs, Toshiya Hari, Mark Zuckerberg, — CNBC's Michael Bloom Organizations: Federal Reserve, Nvidia, Meta, Street Journal Locations: U.S, China, NVDA

☆ Powell says more 'restriction' is coming, including possibility of hikes at consecutive meetings
▼ + stars: | 2023-06-28 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Federal Reserve Chairman Jerome Powell talked tough on inflation Wednesday, saying at a forum that he expects multiple interest rate increases ahead and possibly at an aggressive pace. "We believe there's more restriction coming," Powell said during a monetary policy session in Sintra, Portugal. Assuming a quarter point per meeting, that would mean two more hikes. Most economists think the rate increases ultimately will pull the U.S. into at least a shallow recession. "Bank credit availability and credit can move down a little bit with a bit of a lag.

Persons: Jerome Powell, Powell, CNBC's Sara Eisen, Christine Lagarde, Kazuo Ueda, Andrew Bailey, wouldn't, that'll Organizations: European Central Bank . Markets, Dow Jones, Valley Bank, Bank, " Bank of Japan, Bank of England Locations: Sintra , Portugal, The

June 26 (Reuters) - Certain banks working with FTX founder Sam Bankman-Fried's trading firm Alameda Research raised questions about the firm's wire activity as early as 2020, according to a report released by FTX on Monday. Federal prosecutors have alleged that Bankman-Fried stole billions of dollars in customer funds to plug losses at Alameda. He has previously said that when FTX did not have a bank account, some customers wired money to Alameda and were credited on FTX. In 2020, certain banks working with Alameda pressed the firm on its wire transfers, according to the report. One bank representative wrote to Alameda about references to FTX in the company's wire activity and asked whether the account was being used to settle trades on FTX.

Persons: Sam Bankman, FTX, Fried, Hannah Lang, Matthew Lewis Organizations: Alameda Research, Federal, Alameda, Thomson Locations: Alameda, FTX, An Alameda, Washington

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

☆ As downturn fears grow, Bank of America names 8 global stocks to ride out a recession
▼ + stars: | 2023-06-26 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Bank of America has named the European companies whose stocks are expected to perform robustly in the face of a possible economic downturn. It comes amid increasing signs that the European economy could be headed for a period of extended recession. Bank of America's proprietary Style Cycle model also shows that the region is facing a "recession phase." The forward cash yield measures how much cash a company is expected to generate for its shareholders over the next year compared to its current market price. The cash yield also includes returns through buybacks.

Persons: Intesa Sanpaolo, Paulina Strzelinska Organizations: of America, of, KBC, Eni, Nordea Bank, Barclays, Aviva, BNP, Bank, America's Locations: Europe, Belgium, Italy, Finland, Repsol, Spain, United Kingdom, France, buybacks, industrials

☆ European markets open tentatively higher after downbeat week
▼ + stars: | 2023-06-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: 1 min

The pan-European Stoxx 600 index was up 0.1% at market open, with most sectors trading in tentatively positive territory. Oil and gas stocks led marginal gains with a 0.8% uptick, followed by travel and leisure and mining stocks, which each gained 0.4%. The benchmark index fell over five consecutive sessions last week as it reflected the negative global sentiment. The Bank of England unexpectedly hiked rates by 50 basis points Thursday after inflation figures and wage growth came in hotter than anticipated. The U.S. Federal Reserve, meanwhile, opted for a pause in hiking — although it stressed that more were likely.

Organizations: Banking, Bank of England, U.S . Federal Reserve Locations: Asia, Pacific

June 26 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. It is unclear what the immediate impact of Russian mercenaries' advance on Moscow, retreat and apparent deal with President Vladimir Putin will be on risk appetite and demand for traditional 'safe haven' assets like gold, Treasuries, the Japanese yen or the U.S. dollar. These assets would likely have attracted strong investor demand first thing on Monday morning had the Wagner group's march on Moscow continued. The S&P 500, Nasdaq, MSCI World Index, China's major indices and Japan's Nikkei 225 index all posted their biggest losses since March last week. The MSCI Asia ex-Japan index, a broad measure of Asian stocks, slumped 4.2%, its worst week since September.

Persons: Jamie McGeever, Vladimir Putin, Wagner, Antony Blinken, Diane Craft Organizations: U.S ., Investors, . Stock, Nasdaq, Nikkei, Thomson, Reuters Locations: Russia, Moscow, U.S, Beijing, Asia, Japan, Singapore, Taiwan, Germany

☆ Take Five: The only way is up
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +6 min

June 23 (Reuters) - It's been a turbulent week or two for markets, with one central bank after another making it very clear the only way for rates right now is up as inflation tightens its grip on the global economy. Bad news could be taken as a positive, if traders see it as a way of pushing authorities to offer more support to the economy - as long as it eventually arrives. Make your way to the foothills of Portugal's Sintra mountains from Monday through Wednesday. The agenda is, of course, inflation, inflation, inflation. Many expect initial attempts to talk the currency higher - "jawboning", in central bank jargon - before considering whether direct intervention is needed.

Persons: It's, Yoruk, Lewis Krauskopf, Naomi Rovnick, Amanda Cooper, it's, Big Tech's, CHRISTINE, Christine Lagarde, Yannis Stournaras, Jan Harvey Organizations: Investors, Federal, Credit Suisse, Big Tech, Federal Reserve, European Central Bank, Traders, ECB, Reuters Graphics Reuters, Analysts, Thomson Locations: Portugal, Rae Wee, Singapore, Amsterdam, New York, London, U.S, Beijing, China, Portugal's Sintra, SWEDEN, Swedish

☆ London stocks open lower on recession fears; homebuilders worst hit
▼ + stars: | 2023-06-23 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies FTSE 100 down 0.2%, FTSE 250 off 0.4%June 23 (Reuters) - UK's benchmark indexes extended their slide on Friday, led by a decline in homebuilders, as investors' concerns over recession heightened following the Bank of England's outsized interest rate hike. The benchmark FTSE 100 (.FTSE) was down 0.2% at 0706 GMT, while the FTSE 250 (.FTMC) mid-cap index lost 0.4%. Both indexes were on track for their worst weekly drop since the U.S. banking turmoil in March. Retail sales, however, unexpectedly rose in May, suggesting most consumers were coping with rigid inflation's impact on their spending power. Reporting by Ankika Biswas in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, Ankika Biswas, Sherry Jacob, Phillips Organizations: Bank of England's, Federal Reserve, GSK, Thomson Locations: homebuilders, U.S, Norway, Switzerland, Bengaluru

☆ Bankrupt SVB Financial still exploring options for venture capital arm
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Bankrupt SVB Financial Group said on Wednesday it is continuing to evaluate strategic alternatives for SVB Capital, its venture capital and credit investment arm, as well as other assets and investments. The disclosure comes days after the company agreed to sell its investment banking division, SVB Securities, to a group led by the segment's chief executive officer. SVB Financial had collapsed into bankruptcy after former unit Silicon Valley Bank's failure in March triggered the worst U.S. banking crisis in 15 years. A hearing to approve the sale of SVB Securities is scheduled for June 29 in the United States Bankruptcy Court for the Southern District of New York. The deal will close shortly thereafter, SVB Financial said.

Persons: Niket, Devika Organizations: SVB Financial, SVB Capital, SVB Securities, SVB, Citizens, Bank, Jitters, KBW, United States, Southern, of, Thomson Locations: U.S, backstop, of New York, Bengaluru

☆ Carlyle names insider John Redett as finance chief
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +1 min

June 20 (Reuters) - Carlyle Group Inc (CG.O) named company veteran John Redett as its new chief financial officer, the investment firm said on Tuesday, in the first major appointment under Chief Executive Officer Harvey Schwartz's leadership. Redett, who will take over from Curt Buser on Oct. 1, joined Carlyle 16 years ago and currently leads the firm's global financial services. Redett, who previously worked for U.S. banking giants Goldman Sachs (GS.N) and JPMorgan (JPM.N), will also become the head of corporate strategy at Carlyle. Carlyle hired Schwartz, a former Goldman Sachs (GS.N) executive, as its chief executive officer earlier this year, after a six-month long search. Carlyle also said it has also appointed Jim Burr as the head of global financial services.

Persons: John Redett, Harvey Schwartz's, Redett, Curt Buser, Goldman Sachs, Carlyle, Buser, Schwartz, Jim Burr, Jaiveer Singh, Nivedita Bhattacharjee Organizations: Carlyle Group Inc, Carlyle, Goldman, JPMorgan, Thomson Locations: Bengaluru

☆ Goldman Sachs Asset Management head of healthcare investing to leave
▼ + stars: | 2023-06-20 | by ( Saeed Azhar | ) www.reuters.com time to read: +1 min

NEW YORK, June 20 (Reuters) - The head of healthcare investing at Goldman Sachs Asset Management (GS.N), Jo Natauri, will leave the company at the end of the year to pursue other opportunities in the sector. "We're entering a pretty attractive period for healthcare private investing, which I think could be pretty interesting to explore," Natauri told Reuters, without giving details about her next move. Goldman Sachs Asset Management (GSAM) has invested $5 billion in healthcare assets over the last five years, she said. Natauri, who will step down from Goldman Sachs Group's elite partner ranks, spent 17 years at the U.S. banking group. "She's poised for success, and I'll be rooting for her," Goldman Sachs CEO David Solomon said in a statement.

Persons: Jo Natauri, Natauri, Goldman, Goldman Sachs, She's, David Solomon, Nicole Agnew, Jeff Bernstein, Adam Dawson, Saeed Azhar, Lananh Nguyen, Susan Fenton Organizations: YORK, Goldman Sachs Asset Management, Reuters, Asset Management, Thomson

A short position is essentially a wager an asset's price will fall, and a long position a bet it will rise. Funds expanded their already record net short two-year Treasuries futures position to more than 1 million contracts for the first time. The scale of the move lately is remarkable - the net short position has more than doubled in just two months. Notably, funds' net short two-year Treasuries position now exceeds their net short 10-year Treasuries position by some 354,000 contracts. Reuters ImageIf this is indeed hedge funds betting on an inverted 2s/10s yield curve, they are sitting pretty.

Persons: that's, Jamie McGeever, Tom Hogue Organizations: U.S, Futures Trading Commission, Reuters, Barclays, Thomson Locations: ORLANDO, Florida, U.S . Federal, U.S, York

☆ US banking regulator seeks bids for Silicon Valley Bank's German assets
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

June 15 (Reuters) - The U.S. banking regulator is seeking bids for the sale of collapsed Silicon Valley Bank's German assets, according to a Thursday notice posted on its website. The regulator said it will open the German branch's data room to eligible bidders on June 20, adding that participants must hold lending authorization in Germany. This comes in the wake of reports last week from local German media, which said that SVB's German branch was in search of a potential buyer. In March, Silicon Valley Bridge Bank was granted permission by German financial regulator BaFin to conduct its lending business through its SVB Germany branch. HSBC (HSBA.L), which acquired the UK arm of SVB, has been floated as a potential buyer, according to media reports.

Persons: BaFin, Niket Nishant, Akriti Sharma, Krishna Chandra Eluri Organizations: U.S, Federal Deposit Insurance Corporation, Bank, HSBC, Financial, Thomson Locations: U.S, Frankfurt, Berlin, Germany, Silicon, Bengaluru

☆ Bank of America commits $500 million to funds led by minority, women entrepreneurs
▼ + stars: | 2023-06-15 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

NEW YORK, June 15 (Reuters) - Bank of America Corp (BAC.N) on Thursday said it has committed more than $500 million in equity investments to funds led by minority and women entrepreneurs, more than doubling from its initial commitment of $200 million. The bank has committed equity to more than 150 funds, which to date have invested in over 1,000 companies that span 40 states, it said. These companies are led by 1,500 diverse entrepreneurs and employ over 21,000 people. "As a company, we looked at how to support women and diverse entrepreneurs," Tram Nguyen, global head of Strategic and Sustainable Investments at Bank of America, told Reuters. "Each time we support a minority or women-led fund, they in turn support diverse entrepreneurs, which ultimately helps us toward achieving our goal to advance racial equality and economic opportunity," Nguyen said.

Persons: Nguyen, Nasir Qadree, George Floyd, Saeed Azhar, Chizu Nomiyama, Mark Porter Organizations: YORK, Bank of America Corp, Strategic, Sustainable Investments, Bank of America, Reuters, Capital Partners, Thomson Locations: Esusu

LONDON, June 15 (Reuters) - Hawkish central banks have sent a resounding "no" to markets betting recession would force rate cuts soon, leaving money managers scrambling for direction as the second half of the year approaches. "Markets have been wrong not only in their interpretation of the data but of the central bank reaction," he added. "Even though inflation is coming down, you are still getting that phase were the central banks think they need to talk hawkishly about this." Canada last week restarted rate hikes, Australia has come off a pause and Norway may have to accelerate hikes next week. BofA now expects two 25 bps interest rate hikes from the Fed this year, JPMorgan sees only one more and Morgan Stanley sees none.

Persons: Jason Simpson, Shorter, BofA, Morgan Stanley, Mark Nash, Nash, Kaspar Hense, Michael Michaelides, Shamik, BoE, they're, Dhar, Naomi Rovnick, Dhara Ranasinghe, Conor Humphries Organizations: U.S . Federal Reserve, European Central Bank, Bank of England, State, Bank of Japan, Treasury, JPMorgan, BlueBay Asset Management, BNY Mellon Investment Management, Thomson Locations: U.S, Canada, Australia, Norway, Shamik Dhar

☆ HSBC builds innovation division from the bones of collapsed SVB UK
▼ + stars: | 2023-06-12 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

U.K. banking titan HSBC unveiled a new HSBC Innovation Banking unit Monday, as it seeks to push into the technology sector following its eleventh-hour rescue of the U.K. subsidiary of failed Silicon Valley Bank (SVB) in March. HSBC acquired the London-based SVB unit for £1 after its parent company suffered a run on its assets fueled by customer fears over the bank's solvency. SVB was one of several U.S. and European lenders that met their downfall earlier this year as broader turmoil rattled the global banking sector. The U.K. government and Bank of England facilitated the purchase in a bid to protect deposits, as Britain separately struggles to retain its position as an international tech capital. Some have questioned whether traditional financial institution HSBC is well placed to take over the legacy of SVB and finance tech-focused startups and small businesses.

Persons: SVB, Ian Stuart, CNBC's Arjun Kharpal Organizations: HSBC, HSBC Innovation Banking, Bank, Bank of England Locations: London, Britain

☆ Turkey's Erdogan appoints a former Goldman executive as its new central bank chief
▼ + stars: | 2023-06-09 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara. Turkey's President Recep Tayyip Erdogan has appointed a former Wall Street banker Hafize Gaye Erkan as the country's new central bank governor — another move that could potentially mark a policy pivot away from economic unorthodoxy. Erkan, Turkey's first female central bank chief, was a former managing director at Goldman Sachs and co-CEO at First Republic Bank. She is also Turkey's fifth central bank governor in four years. The caveat would lie in how much autonomy the central bank could exercise, and to what extent —something that Demiralp says investors will have to wait and see.

Persons: Recep Tayyip Erdogan, Hafize Gaye Erkan, —, Turkey's, Goldman Sachs, Mehmet Simsek's, Selva Demiralp, Demiralp Organizations: Turkish Central Bank, Wall Street, First Republic Bank, Princeton, Koç University, CNBC Locations: Ankara, U.S, Istanbul

☆ Morning Bid: Fresh lira low, focus on Fed
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +3 min

A look at the day ahead in European and global markets from Kevin BucklandAnother day, another market-positive appointment from Turkish President Tayyip Erdogan, and yet, another record low for the lira. Erdogan is making all the right noises to signal a return to more orthodox policy, picking U.S. banking executive Hafize Gaye Erkan as head of the central bank. Even so, the lira is seemingly in freefall, reaching an unprecedented 23.54 per dollar in Asian hours and extending this month's drop to 12%. ECB Vice President Luis de Guindos has a chance to air his views at an event in Madrid. Reuters GraphicsKey developments that could influence markets on Friday:Sweden GDP and industrial productionItaly industrial outputECB Vice President Luis de Guindos speaks at conference in MadridReporting by Kevin Buckland; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

Persons: Kevin Buckland Another, Tayyip Erdogan, Erdogan, Hafize Gaye Erkan, Mehmet Simsek, Rodrigo Catril, Luis de Guindos, Kazuo Ueda, Kevin Buckland, Edmund Klamann Organizations: Reuters Graphics Reuters, Federal Reserve, ECB, Bank of Japan, Fed, SEC, Reuters, Thomson Locations: freefall, Europe, Canada, Australia, Madrid, Sweden, Italy

☆ Banks are cutting off Binance's access to U.S. banking system, exchange says
▼ + stars: | 2023-06-08 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

The Securities And Exchange Commission has filed lawsuits against cryptocurrency exchanges Coinbase and Binance for allegedly violating multiple securities laws. Binance announced the change late Thursday night on Twitter, and blamed the Securities and Exchange Commission's "unjustified civil claims against our business." Binance's banking transactions are the center of immense scrutiny by the SEC, which filed a civil complaint against the exchange and its founder, Changpeng Zhao, alleging both violated U.S. securities laws. But it suggests that Binance's banking partners have decided the exchange is too risky a client to keep on, and that the revelations from the SEC case have grown too significant to ignore. Multiple banking partners had already stopped serving Binance, and it wasn't immediately clear which banking partners Binance retained.

Persons: Justin Sullivan, Binance, Changpeng Zhao, —, wasn't Organizations: Securities, Exchange, Twitter, SEC, Axos Bank, Bank Locations: CALIFORNIA, San Anselmo , California, United States, Silicon Valley

WASHINGTON, June 7 (Reuters) - The U.S. economy is strong amid robust consumer spending but some areas are slowing down, U.S. Treasury Secretary Janet Yellen said on Wednesday, adding that she expects continued progress in bringing inflation down over the next two years with a strong labor market. Yellen said that inflation can subside while maintaining a strong labor market, with unemployment in the 4% range, up slightly from the 3.7% reading in May. "We've always thought an unemployment rate with four as the first digit is a very strong labor market," Yellen said. She said the economy has slowed somewhat, easing pressures in the labor market, but "we still have a very healthy labor market, wage gains are significant." Asked about former Richmond Federal Reserve President Jeffrey Lacker's view that the federal funds rate, at 5.0-5.25% now, will have to rise to 6% to tame inflation, Yellen said that was a decision for the Fed.

Persons: Janet Yellen, Yellen, We've, Jeffrey Lacker's, David Lawder, Susan Heavey, Doina Chiacu, Chizu Nomiyama, Andrea Ricci Organizations: Treasury, CNBC, Federal, Richmond Federal, Securities and Exchange Commission, European Union, Thomson Locations: U.S

☆ World shares muted, lira plunges to record low
▼ + stars: | 2023-06-07 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

Meanwhile, Turkey's lira plunged to a record low against the greenback as authorities appeared to loosen stabilising measures after the government signalled a pivot to more orthodox policies. Spanish stocks (.IBEX) outperformed after shares in the world's biggest fast fashion company Inditex (ITX.MC) jumped almost 7% following first quarter results. That left the MSCI's broadest index of world shares (.MIWD00000PUS) up just under 0.1% but close to its highest level in 13 months reached on Monday. The dollar fell 0.1% against a basket of currencies, while the Turkish lira weakened over 7% to a record low of 23.17 per dollar, its biggest one-day sell-off since the 2021 crash. Bitcoin was trading at about $26,900, consolidating after a sharp rebound on Tuesday from as low as $25,350.

Persons: Ben Laidler, Ipek Ozkardeskaya, eToro's Laidler, Laidler, Solana, Samuel Indyk, Kevin Buckland, Xie Yu, Robert Birsel, Louise Heavens Organizations: REUTERS, Staff LONDON, U.S, Federal Reserve, greenback, Nikkei, Fed, Wall, ICE, Treasury, Swissquote Bank, Data, Saudi, Brent, Texas, U.S . Securities, Exchange Commission, SEC, Thomson Locations: Frankfurt, Germany, Asia, Pacific, Japan, Hong Kong, Taiwan, U.S, London, Turkish, China, Cardano, Polygon

The Bank of Canada's decision to raise rates to a 22-year high of 4.75% was not widely expected. This followed an equally surprising rate hike from Australia the day before, a one-two hawkish punch from policymakers that investors had probably not braced for. The Reserve Bank of India is expected to leave its key interest rate unchanged at 6.50% and for the rest of 2023, according to a Reuters poll of economists. The Australian dollar, which hit a one-month high on Wednesday following the RBA's rate hike, could get a nudge from Australian trade data on Thursday. Here are three key developments that could provide more direction to markets on Thursday:- India interest rate decision- Japan GDP (Q1, revised)- Australia trade (April)By Jamie McGeever;Our Standards: The Thomson Reuters Trust Principles.

Persons: Jamie McGeever Organizations: Nasdaq, Mega Tech, Reserve Bank of, U.S, Thomson, Reuters Locations: India, Canada, Australia, Reserve Bank of India, Japan

☆ European markets open mixed as sentiment slumps
▼ + stars: | 2023-06-07 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

The pan-European Stoxx index was up 0.1% at market open before quickly dropping into negative territory, with sectors a mix of minor gains and losses. Banking stocks had a marginal uptick of 0.5%, followed by retail, which was up 0.4%. Health-care stocks, chemicals and telecom each dropped 0.4%. Asia-Pacific markets traded mixed overnight as China's trade data missed forecasts, with exports tumbling 7.5% year on year, sharply lower than the 0.4% fall expected, while imports saw a smaller fall of 4.5% year on year, lower than the 8% that was forecast. U.S. stock futures were flat in overnight trading after the S&P 500 notched its highest closing level of 2023.

Organizations: Banking Locations: Asia, Pacific

☆ Analysis: Saudi Arabia's 'icing on the cake' oil cut could feed US producers
▼ + stars: | 2023-06-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +5 min

With the new Saudi reduction, the group has agreed to take some 4.6 million bpd off the market in July, equivalent to 4.6% of global demand of 100 million bpd. OPEC+ also agreed on Sunday to extend the group's existing supply cuts of 3.66 million bpd into 2024. In response, oil prices rose nearly $2 a barrel early on Monday to $78 per barrel . "This market needs stabilisation," Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday, calling his surprise decision to deepen Saudi production cuts "the icing on the cake" for the deal. So far this year, a weakening global economy, concern about the U.S. banking crisis, and a slow Chinese recovery from COVID-19 restrictions have capped oil prices.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Natasha Kaneva, Morgan, Tamas Varga, Jorge Leon, Sunday's, JPM, Kaneva, Alex Lawler, Ahmad Ghaddar, el, Dmitry Zhdannikov, Simon Webb, Barbara Lewis Organizations: Saudi Energy, OPEC, White, International Energy Agency, Rystad Energy, United, Thomson Locations: Saudi, Saudi Arabia, OPEC, U.S, Russia, Ukraine, Riyadh, United States, States, COVID, Angola, Nigeria, United Arab Emirates

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