Barclays on Wednesday raised its Brent price forecast for 2024 by $8 per barrel to $97 a barrel as it expects market balances to tighten further next year. “Slowing non-OPEC+ supply growth, driven primarily by the US, and persistent underproduction from several OPEC+ producers due to structural constraints bolsters our core thesis behind a constructive
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Dollar is facing accelerated selloff following the release of disappointing ADP private employment data, which showed deceleration in both job and pay growth. Although the employment numbers were by no means dismal, the cooling job market is being perceived as a positive development by Fed and market participants. This perception stems from the notion that
In this article BF.B Follow your favorite stocksCREATE FREE ACCOUNT Jack Daniel’s Tennessee Whiskey Getty Images Jack Daniel’s maker Brown-Forman on Wednesday fell short of Wall Street expectations for its first quarter of fiscal 2024, plagued by lagging whiskey sales, supply challenges and a significant inventory rebuild. Net sales for whiskey products decreased by 1%, led
Relief efforts are still underway on the Hawaiian island of Maui following a series of wildfires severely damaging major areas including Lahaina. All Hands and Hearts, a disaster relief organization, has been collecting cryptocurrency and fiat donations to assist local Maui residents in the wake of the fires which took the lives of more than
Share: USD/JPY trades down 0.13% at 145.68, pressured by disappointing US labor market data and lower-than-expected Q2 GDP growth. US 10-year Treasury Note yield dips to 4.102%, further weakening the dollar, as the DXY index slumps 0.43% to 103.041. BoJ board member Naoki Tamura signals inflation is “clearly in sight,” hinting at a potential end
Gold was perched atop a three-week high on Wednesday as traders positioned for more U.S. economic readings that could further alter the odds of another interest rate hike by the Federal Reserve. Spot gold rose 0.1% to $1,939.23 per ounce by 1152 GMT, its highest level since Aug. 7. U.S. gold futures also rose 0.1%
The AUDUSD price moved lower in the Asian-Pacific session after lower-than-expected in Australia. However, momentum could not be sustained and the USD selling on the back of weaker ADP and GDP helped to push the price above the high from last week and the high from yesterday near 0.6487. That level will now be a
The FX market appears to be teeing up a repeat of yesterday’s price action as soft economic data led to US dollar selling and a bid in bonds. This time it doesn’t appear to be accompanied by bids in equities, but it’s early. The dollar is at the lows of the day right across the
Dollar’s attempted rally quickly reversed overnight, following disappointing consumer confidence data. Interestingly, equities gained on what some market participants are calling a “bad news is good news” factor. The logic here is that Fed is now less likely to raise interest rates again this year, thereby giving stocks a lift, as Treasury yields also took
A ‘help wanted’ sign is displayed in a window of a store in Manhattan on December 02, 2022 in New York City. Spencer Platt | Getty Images Job creation in the United States slowed more than expected in August, according to ADP, a sign that the surprisingly resilient U.S. economy might be starting to ease
Lego Star Wars toys sit on display inside a Toys R Us store in Paramus, New Jersey, Nov. 26, 2019. Bloomberg | Getty Images While other toy companies struggle with an inflation-fueled sales slump, Lego is building positive results brick by brick. The privately held Danish toymaker saw revenue rise 1% during the first six
Share: GBP/USD retreats on US Dollar recovery, trades near 1.2630 GBP/USD trades lower around 1.2630 on the back of a recovery in the US Dollar (USD), which could be attributed to the improvement in US Treasury yields snapping a two-day losing streak. The US Dollar Index (DXY), which measures the performance of the Greenback against
Oil prices were little changed on Tuesday as investors weighed supply concerns from a hurricane hurtling towards the U.S. Gulf Coast against the enduring possibility of demand being dented by another increase to U.S. interest rates. Brent crude edged up by 3 cents to $84.45 a barrel by 1332 GMT while U.S. West Texas Intermediate
US yields are moving to new lows. The snapshot shows: 2 year yield 4.81%, -12.8 basis points 5 year yield 4.264% -12.6 basis points 10 year yield 4.111% -10.0 basis points 30 year yield 4.229%, -6.0 basis points The US yields moving lower, is giving support to US stocks. Looking at them, the major indices
Chinese refining giant Sinopec Corp says its planning to maintain steady refinery output during the second half of 2023. The firm is expecting domestic fuel demand to further recover. plans 127 million metric tons of crude throughput, about 5.04 million barrels per day, between July and December, versus 126.54 million tons during the first six
In a relatively uneventful trading day, the notable standout is the rally in the USD/JPY currency pair, which has now reached its highest level this year. The bullish momentum for Dollar against Yen raises questions about whether traders are positioning themselves ahead of crucial employment and inflation data set to be released from the US
In this article BBY Follow your favorite stocksCREATE FREE ACCOUNT A shopper pushes a cart with a TV in front of a Best Buy store in Chicago, Illinois, November 25, 2022. Jim Vondruska | Reuters Best Buy on Tuesday surpassed Wall Street’s quarterly sales expectations, but tempered its outlook for the rest of the year