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  • Sep 05, 2024

Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall

(Reuters) -Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns. Brent crude futures for November rose 35 cents, or 0.48%, to $73.05 a barrel at 0607 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. "Pessimistic sentiments in oil markets seem to ease after robust API data and news of OPEC+ reconsidering output jump surfaced and boosted hopes," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

  • Sep 05, 2024

S&P 500 could see 5% earnings hit from Harris' proposed tax reforms, says Goldman Sachs

Last month, Harris proposed raising the corporate tax rate to 28% from 21% and ensure "big corporations pay their fair share," if she wins the election against Republican rival Donald Trump. Goldman estimated that at a 28% taxation rate earnings of S&P 500 companies would take a 5% hit. On the other hand, Trump's proposed relief on the federal statutory domestic corporate tax rate to 15% from the current 21% would "arithmetically" boost S&P 500 earnings by about 4%.

  • Sep 05, 2024

Dollar struggles to find footing on rising bets of outsized Fed cut

SINGAPORE (Reuters) -The dollar stayed on the back foot on Thursday as renewed concerns over the U.S. economy's growth outlook bolstered expectations of a supersized rate cut from the Federal Reserve this month. The yen was a notable outperformer, in part due to safe-haven demand, but also on the view that imminent rate hikes from the Bank of Japan against the tide of a global easing cycle would lift the Japanese currency due to narrowing interest rate differentials. Global markets have been on edge and stocks, in particular, have been badly bruised after softer-than-expected U.S. data this week reignited concerns that the growth outlook of the world's largest economy was less rosy than earlier thought and the labour market could be slowing more sharply than expected.

  • Sep 05, 2024

Analysis-Bears circle weakening dollar as Fed rate cuts loom

The U.S. dollar's decline is gaining speed as anticipated interest rate cuts by the Federal Reserve threaten to end the greenback's years-long period of strength. The reason is an imminent drop in U.S. interest rates. That yield advantage is set to diminish now that inflation has cooled and Fed Chairman Jerome Powell said last month the "time has come" to start cutting rates, a process expected to kick off at the central bank's Sept. 17-18 monetary policy meeting.

  • Sep 05, 2024

Diesel Market Faces Strains in Asia as Chinese Demand Contracts

(Bloomberg) -- Chinese and Indian diesel markets — which account for the bulk of Asian demand — are showing signs of a slowdown, potentially leading to more weakness in crude oil prices.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsIn China, the biggest oil importer, demand for the fuel is contracting, while in India, consumption growth has collapsed. Against that backdrop,

  • Sep 05, 2024

Morning Bid: Markets hit tentative pause on selloff

Markets hit the pause button after a selloff in equities since the start of the week but sentiment remained fragile, as worries re-emerged over the prospects for the U.S. economy and investors focused squarely on this week's job reports. Labour data on Wednesday suggested the U.S. jobs market was losing steam, raising expectations the Federal Reserve may resort to large interest rate cuts, while additional reports including Friday's non-farm payrolls data are keeping sentiment on edge. Futures indicated European bourses were set for a subdued open after Asian shares rose 0.4% on Thursday, clawing back some of the week's losses, although the MSCI's broadest index of Asia-Pacific shares outside Japan is still down 2.2% so far this week.

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