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Oil Extends Losses As Recession Fears Mount

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(C) Reuters. FILE PHOTO: Sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, U.S. November 22, 2019. REUTERS/Angus Mordant/

By Yuka Obayashi

TOKYO (Reuters) – Oil prices fell 2% in early trade on Thursday, extending losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell $2.39, or 2.3%, to $103.80 a barrel by 0031 GMT. Brent crude futures dropped $2.24, or 2.0%, to $109.50 a barrel.

Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May.

Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases.

“Oil markets remained under pressure as investors were concerned that U.S. rate hikes would stall an economic recovery and dampen fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.

“The U.S. and European hedge funds have been selling off their positions ahead of the end of the second quarter, which is also cooling investor sentiment,” he said, predicting the WTI could fall below $100 a barrel before the July 4 holiday in the United States.

The Federal Reserve is not trying to engineer a recession to stop inflation but is fully committed to bringing prices under control even if doing so risks an economic downturn, U.S. central bank chief Jerome Powell said on Wednesday.

U.S. President Joe Biden, meanwhile, called on Congress to pass a three-month suspension of the federal gasoline tax to help combat record pump prices and provide temporary relief for American families this summer.

“The news temporarily boosted the oil product prices, but it was later viewed that even if the gasoline tax was suspended, retail prices would remain high, making it difficult to stimulate demand,” Fujitomi’s Saito said.

The U.S. Energy Information Administration said its weekly oil data, which was scheduled for release on Thursday, will be delayed due to systems issues until at least next week.

Oil extends losses as recession fears mount

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China Finance Ministry to Issue an Extra 5.5 Billion Yuan of Treasury Bonds in Hong Kong

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China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong By Reuters

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Economy 1 minute ago (Oct 05, 2022 11:05PM ET)

(C) Reuters. FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

HONG KONG (Reuters) – China’s finance ministry said on Thursday that it will issue an additional 5.5 billion yuan ($773.18 million) worth of yuan-denominated sovereign bonds in Hong Kong on Oct. 12.

The ministry said it would issue an extra 3.5 billion yuan worth of bonds due 2024 with an interest rate of 2.44% per annum, and an additional 2.0 billion yuan worth of 2027 bonds carrying an interest rate of 2.75%.

($1 = 7.1135 Chinese yuan renminbi)

China finance ministry to issue an extra 5.5 billion yuan of treasury bonds in Hong Kong

India investigating deaths in Gambia linked to India-made cough syrup – sourcesBy Reuters – Oct 05, 2022

MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told…

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

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Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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India Investigating Deaths in Gambia Linked to India-made Cough Syrup – Sources

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India investigating deaths in Gambia linked to India-made cough syrup – sources By Reuters

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MUMBAI (Reuters) – India is investigating the deaths of dozens of children in Gambia linked to the use of an India-made cough syrup, two federal health ministry sources told Reuters on Thursday.

The World Health Organization said late on Wednesday deaths of dozens of young children in Gambia from acute kidney injuries may be linked to contaminated cough syrup that had been manufactured in India.

The sources said the Indian government had asked the WHO to share the report establishing causal relation to death with the cough syrup.

India investigating deaths in Gambia linked to India-made cough syrup – sources

Sri Lanka holds rates as cenbank tries to stabilise harsh economic conditionsBy Reuters – Oct 05, 2022

By Uditha Jayasinghe and Swati Bhat COLOMBO (Reuters) -Sri Lanka’s central bank held policy rates steady on Thursday, saying monetary conditions remain “sufficiently tight” after…

Sterling to struggle on, chance of dollar parity on a knife-edge: Reuters PollBy Reuters – Oct 05, 2022

By Jonathan Cable LONDON (Reuters) – Britain’s battered pound will be around 3.6% stronger in a year, according to a Reuters poll in which analysts were divided, however, on…

Asian shares rise, oil extends gains after OPEC+ dealBy Reuters – Oct 05, 2022

By Stella Qiu SYDNEY (Reuters) – Asian shares were cautiously higher on Thursday, while the dollar eased ahead of U.S. non-farm payrolls data, and oil prices gained for a fourth…

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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Vietnam Q3 GDP Growth up 13.67% Y/y on Rebound in Manufacturing

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Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office By Reuters

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(C) Reuters. FILE PHOTO: Shipping containers are seen at a port in Hai Phong city, Vietnam July 12, 2018. REUTERS/Kham/

HANOI (Reuters) – Vietnam’s gross domestic product in the third quarter grew 13.67% from a year earlier, the fastest pace in decades, thanks to robust manufacturing and exports and a low base effect, government data released on Thursday showed.

The industrial and construction sector in the July-September period grew 12.91% from a year earlier, the General Statistics Office said in a report. The services sector expanded 18.86%, while the agricultural sector grew by 3.24%.

Vietnam Q3 GDP grows 13.67% y/y vs 7.83% expansion in Q2 – stats office

New Zealand businesses less pessimistic in September – ANZ surveyBy Reuters – Sep 28, 2022

WELLINGTON (Reuters) – New Zealand businesses were less pessimistic in September with a mood lift evident in the construction sector, an ANZ Bank survey showed on Thursday.
The…

Argentina’s economic crisis draws protests even as poverty rate easesBy Reuters – Sep 28, 2022

BUENOS AIRES (Reuters) – Argentina’s deep economic slump drew thousands to the streets on Wednesday, as protesters demanded action to counter sky-high inflation and help the…

U.S. goods trade deficit shrinks on weak exports; Q3 growth estimates raisedBy Reuters – Sep 28, 2022

By Lucia Mutikani WASHINGTON (Reuters) – The U.S. trade deficit in goods narrowed for a fifth straight month in August amid a decline in imports, which is being driven by slowing…

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(C) 2007-2022 Fusion Media Limited. All Rights Reserved.

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

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