Tag Archives: Closes

OPEC sees gradual recovery in oil demand as it closes in on deal

OPEC’s latest forecast for oil demand fits with a plan for it and its allies to boost oil supplies and cool prices which are near their highest levels in two and a half years.

OPEC forecast a gradual recovery in demand for its crude this year and next, as the group closes in on a deal to revive the production still shuttered since the pandemic.

The need for supplies from the Organization of Petroleum Exporting Countries will continue to climb, remaining well above the group’s current output and exceeding pre-virus levels by the second half of 2022. But it will go through a lull in the first quarter that could see the global market return to surplus, the group indicated.

“Looking ahead to 2022, risks and uncertainties loom large and require careful monitoring to ensure the recovery from the Covid-19 pandemic,” OPEC said in its monthly report, which contained the first detailed estimates for next year.

The mixed outlook fits with plans by OPEC and its allies – yet to be ratified – to gently restore the vast amounts of production they still have offline in monthly tranches of 400,000 barrels a day. Before that road map can be approved, the group must first resolve a spat between the United Arab Emirates and Saudi Arabia.

The two countries have made progress in resolving a dispute over what the UAE says is an unfairly low output limit. If they can overcome the bitter impasse, the coalition can proceed with restarting the idled barrels.

International oil prices are trading near their highest level in 2 1/2 years, at about $ 74 a barrel in London, as fuel consumption roars back in the U.S. and China with the lifting of lockdowns. Yet crude remains volatile amid threats from coronavirus variants, and fears that OPEC’s internal clash could fray its cohesion.

The analysis published on Thursday by the OPEC secretariat’s Vienna-based research department underscores why the cartel wants to move carefully – and why Abu Dhabi’s insistence on ramping up output was initially rebuffed.

OPEC predicts that global oil demand will climb by 3.3 million barrels a day in 2022 – about 3.4% – and surpass 100 million barrels a day in the third quarter for the first time since the coronavirus emerged. But before reaching that level, consumption will suffer a relapse in the first quarter, slipping back to 97 million a day.

Much of the rebound in demand will be satisfied by a revival in supplies from OPEC’s rivals. Non-OPEC production will increase next year by 2.1 million barrels a day, or 3.3%, with about a third of the growth coming from the cartel’s long-standing competitor, the U.S.

Demand for crude from the organization will exceed 30 million barrels a day in the second half of 2022, substantially above the 26 million it pumped in June. That ought to allow OPEC and its partners, who have already restored about 40% of the output cut during the pandemic, to produce at near-normal levels.

“Ongoing broad-based stimulus measures and high saving rates in advanced economies are forecast to lead to a release of pent-up demand in the second half of 2021, which will carry over into 2022,” the organization said.

Yet in the first quarter of 2022, the call on OPEC’s crude will retreat to 26.4 million barrels a day — below the level it’s likely to pump this month once scheduled increases are made. The alliance’s provisional plan to drip-feed the return of more barrels in coming months stands to make that surplus even bigger.

That soft patch may help explain why Riyadh is pushing to ensure that the OPEC+ agreement to restrain output continues beyond its scheduled expiry in April.

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This post originally posted here Al Jazeera – Breaking News, World News and Video from Al Jazeera

Wall Street closes lower as investors size up earnings, inflation

Stocks gave up early gains and closed broadly lower Tuesday as investors weighed the latest quarterly earnings reports from big United States companies and new data pointing to rising inflation.

The S&P 500 fell 0.4 percent, with most of the companies in the benchmark index losing ground. Banks, industrial stocks and companies that rely on consumer spending accounted for a big share of the decline.

Technology stocks bucked the trend, helping counter some of the broader slide. Small company stocks took some of the heaviest losses.

The pullback brought the major stock indexes slightly below the record highs they set a day earlier. Treasury yields rose.

Investors sized up mixed quarterly earnings reports from Goldman Sachs, JPMorgan Chase, PepsiCo and other big companies. They also got another snapshot of how inflation continues to show up in the economy as a rapid spike in consumer demand and supply constraints translate into higher prices for consumer goods.

The latest report from the US Department of Labor showed yet another increase in consumer prices in June that surprised economists.

“You had the element of just incredible earnings reported for the most recent quarter, but in some of the commentary that came out there were some questions about, ‘OK, what about cost pressures going forward?’” said Alan McKnight, chief investment officer at Regions Asset Management. “Then you pair that with the inflation report today where we see another high print.”

The S&P 500 fell 15.42 points to 4,369.21. The Dow Jones Industrial Average dropped 107.39 points, or 0.3 percent, to 34,888.79. The tech-heavy Nasdaq Composite Index slid 55.59 points, or 0.4 percent, to 14,677.65, while the Russell 2000 index of smaller companies lost 42.96 points, or 1.9 percent, to 2,238.86.

Inflation has been a lingering concern for the markets as investors try to gauge how it will impact everything from the trajectory of the economic recovery from the coronavirus pandemic to what actions the Federal Reserve will take to tackle it.

The Labor Department said Tuesday that prices for US consumers jumped in June by the most in 13 years, extending a run of higher inflation that has been raising concerns on Wall Street that the Federal Reserve might consider withdrawing its low interest rate policies and scaling back its bond purchases earlier than expected.

The US Department of Labor said Tuesday that prices for US consumers jumped by the most in 13 years in June, perpetuating concerns on Wall Street that the Federal Reserve might consider withdrawing its low interest rate policies and scaling back its bond purchases [File: Richard Drew/AP Photo]

Much of the increase in prices for goods, such as used cars, is mostly tied to a surge in demand and lack of supply. But prices for many items, like lumber and other raw materials, either is easing or will ease as suppliers continue to ramp up operations, said Jamie Cox, managing partner at Harris Financial Group.

“That’s a problem and it shows up in all kinds of places but it’s not going to be there forever,” Cox said.

Major companies opened up the latest round of corporate earnings, with investors listening closely for clues about how companies have fared during the recovery and how they see the rest of the year unfolding.

Goldman Sachs fell 1.2 percent despite reporting the second-best quarterly profit in the investment bank’s history. JPMorgan Chase dropped 1.5 percent after giving investors a mixed report with solid profits but lower revenue as interest rates fell over the last three months.

“The financials have had that real tailwind of rates going higher,” McKnight said. “We’ve already priced that in. Now it’s almost a ‘show me’ story. Can you actually prove that you can deliver earnings at a much higher clip once we get back to a more normalised environment?”

Conagra Brands slid 5.4 percent for the biggest drop in the S&P 500 after the owner of Chef Boyardee and other packaged food brands gave investors a weak financial forecast, citing inflation pressure. Fastenal, a maker of industrial and construction fasteners, also said it expects more pressure from inflation in product and transportation costs. The stock fell 1.6 percent.

Bond yields reversed course from early trading and rose to 1.42 percent from 1.36 percent late Monday. Overall, yields have been falling for months after a sharp spike earlier in the year.

The calmer bond market is partly signalling more confidence that rising inflation will likely be temporary and tied mostly to the economic recovery.

“That narrative is pretty well anchored and the bond market doesn’t fear the Fed tapering or raising rates,” Cox said.

Solid earnings did help some companies make gains. PepsiCo rose 2.3 percent after beating Wall Street’s second-quarter profit and revenue forecasts.

Boeing fell 4.2 percent after the company announced production cuts for its large 787 airliner because of a new structural flaw in some planes that have been built but not delivered to airline customers.

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This post originally posted here Al Jazeera – Breaking News, World News and Video from Al Jazeera

Most US troops now out of Afghanistan after main base closes

The US has left its main military base in Afghanistan, part of an accelerated withdrawal that has led to a resurgent Taliban gaining territory and concerns that the country could descend into chaos.

The Afghan military is set to take over Bagram Airfield, the vast US base that was once the centre of nationwide command and a sprawling symbol of the country’s “forever war”. The closure of the base, announced on Friday, means most US troops have left the country.

About 600 troops will stay behind to protect the US diplomatic mission, changing Washington’s role to providing financial and logistical support to Afghanistan from outside the country.

The Pentagon expects to meet its complete withdrawal date of September 11, two decades after US President George W Bush vowed to defeat the Taliban and al-Qaeda.

Most European countries have already withdrawn their troops, with Germany, Italy and Poland announcing last week that their troops had returned home.

The US military exit comes as security situation has worsened in the country and the Taliban have launched waves of offensives, against Afghanistan forces and civilians.

Peace talks between the Taliban and the Afghan government that began in September have failed to lead to a political settlement or ceasefire.

General Austin S Miller, the US military commander in Afghanistan, warned the country could descend into a worsening civil war in a rare press conference last week.

Eighty out of Afghanistan’s approximately 400 districts have fallen to Taliban control since May, said Mir Haider Afzaly, an MP and chair of the Afghan parliament’s defence commission.

“The violence and the battle has intensified in recent months,” he said. “We need the foreign troop support especially in the field of aviation and intelligence.”

US president Joe Biden pledged support for Afghanistan after meeting President Ashraf Ghani at the White House last month.

Ghani has requested $ 3.3bn in security assistance and 3m doses of the Johnson & Johnson coronavirus vaccine. The country has been hit by a surge of infections driven by the Delta variant.

“The biggest practical measure of US support is going to be financial — they pay the entire budget of the armed forces and will continue to do so for the foreseeable future,” said Andrew Watkins, senior analyst at International Crisis Group, a non-profit organisation.

“But their support is also political and psychological; the morale of the Afghan forces depends on feeling like their Air Force, their supply lines, their paychecks are all reliably maintained by that US support.”

The US Central Command has as of the end of June handed over six facilities to the Afghan Ministry of Defence and shipped the equivalent 800 C-17 loads of material out of the country.

Author: Stephanie Findlay in New Delhi
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Rahm closes with two birdies to win U.S. Open

Rahm becomes the first Spaniard to win the U.S. Open, winning his first major tournament on his first Father’s Day.

SAN DIEGO — Two career-changing putts for Jon Rahm brought two trophies Sunday.

He cradled his 3-month-old son, Kepa, as he walked off the 18th green at Torrey Pines on Father’s Day. And then he collected the silver U.S. Open trophy after a performance filled with passion and absent of blunders that wiped out everyone else.

Rahm made a bending 25-foot birdie putt on the 17th hole to catch Louis Oosthuizen. He buried another curling, left-to-right birdie putt from 18 feet on the final hole for a 4-under 67 and a one-shot victory.

“Little man, you have no idea what this means right now,” Rahm said to his son on the practice range when he won. “You will soon enough.”

The 26-year-old Rahm became the first Spaniard to win the U.S. Open, finally getting the major prize to go along with his enormous talent. His victory also returned him to No. 1 in the world.

On a back nine filled with double bogeys by so many contenders and a shocking meltdown by defending champion Bryson DeChambeau, Oosthuizen was the last to fall.

Trailing by one shot, Oosthuizen drove into the canyon left of the 17th fairway for a bogey that left him two shots behind, and then he missed the fairway on the par-5 18th that kept him from going for the green for a look at eagle to force a playoff.

He settled for a birdie and a 71. It was his second straight runner-up in a major, and his sixth silver medal since he won the British Open in 2010 at St. Andrews.

Only two weeks ago, Rahm was on the cusp of another big win. He had a six-shot lead at the Memorial after 54 holes, only to be notified as he walked off the 18th green at Muirfield Village that he had a positive COVID-19 test and had to withdraw.

Worse yet, his parents had flown in from Spain to see their new grandson, and Rahm was in self-isolation and couldn’t be there for a special moment.

Sunday made up for it. His parents were at Torrey Pines to witness a world-class performance capped off by one of the great finishes in U.S. Open history.

Rahm finished at 5-under 278 for his 12th victory worldwide. The first one was at Torrey Pines four years ago when he holed a 50-foot eagle putt on the 18th.

This post originally appeared on CBS8 – Sports

Novak Djokovic closes in on Federer and Nadal record with French Open title win

Novak Djokovic fought back to win a dramatic 19th Grand Slam title as Stefanos Tsitsipas suffered a Greek tragedy in the French Open final. And the world No 1 can now equal the male Major record held by Roger Federer and Rafa Nadal at Wimbledon in their GOAT race.

Tsitsipas had seemed destined to become the first Greek to ever win a Grand Slam as he won the first two sets in his maiden final. Djokovic, who knocked out 13-time champion Nadal in the semi-final, struggled with the heat, his contact lenses and the relentless groundstrokes of the 22-year-old.

But it was the younger man’s challenge which melted in the Parisian sun as the super Serb, 34, wore him down to win the generation game and his 29th Grand Slam final and the generation game 6-7 2-6 6-3 6-2 6-4 in four hours and 11 minutes.

He becomes the first man in the Open era to win each Major twice after outlasting and out-classing the world No 5.

And in the seventeen Majors since Stan Wawrinka won the 2016 US Open, Dominic Thiem is the only winner from outside the Big Three after Djokovic got disqualified in New York last year.

The Australian Open champion has won seven out of 11 Majors – a run of dominance similar to Tiger Woods at the turn of the century.

And he will be favourite to retain the title he won at Wimbledon in 2019 when the grass-court Grand Slam starts on June 28.

Djokovic fell to the red clay chasing a drop shot in the seventh game of the match and needed to save a set point at 4-5 before the tiebreak. He battled back from 0-4 down and Tsitsipas saved a set point with a spectacular forehand winner in the corner before taking the opening set in 72 minutes.

The second was littered with Djokovic errors – he won only five points on the Tsitsipas serve and was broken twice.

But a Djokovic toilet break then changed the match – and he fought back from two sets down to win for the sixth time in his career.

After the match Djokovic said: “It was once again an electric atmosphere. To play nine hours of tennis in less than 48 hours against two great champions was not easy.

“Physically it was very, very difficult for me in two, three days. It is a dream once more.”

Djokovic said: “It is really a dream to be here. To have a big battle for one of the biggest trophies in our sport.

“Four Slams are the biggest tournament and they give me a lot of inspiration and a lot of motivation every day to go to the court and to training and give 100%.

“I am not young like Stefanos. I have to look for new motivations every day.

“Unforgettable matches, unforgettable moments for me and my career. I will definitely remember these last 48 hours for the rest of my life.

“I am very happy. I am not going to stop here. I am going to carry on this year and also at Roland Garros at least one or two times.”

Tsitsipas said: “It was a big fight out there.Novak has shown us over the last couple of years what a great champion he is

“I would say I am inspired by the things he has achieved so far and I hope one day I can maybe do half of what he has done so far.”

This post originally appeared on Daily Express :: Sport Feed

Wall Street closes lower as inflation jitters spark broad sell-off

Wall Street closes lower as inflation jitters spark broad sell-off© Reuters. FILE PHOTO: People are seen on Wall St. outside the New York Stock Exchange (NYSE) in New York City, U.S., March 19, 2021. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) – U.S. stocks closed lower on Tuesday as rising commodity prices and labor shortages fed fears that despite reassurances from the U.S. Federal Reserve, near-term price spikes could translate into longer-term inflation.

While all three indexes pared their losses from session lows, the sell-off was fairly evenly dispersed across the sectors.

“Today feels like a catch-up in that tech has been weak so far this month and it’s finally spilled over into other areas of the market and we’re seeing broader weakness,” said Ryan Detrick, senior market strategist at LPL Financial (NASDAQ:) in Charlotte, North Carolina.

Economic data released on Tuesday from the Labor Department showed job openings at U.S. companies jumped to a record high in March, further evidence of the labor shortage hinted by Friday’s disappointing employment report.

The report suggests labor supply is not keeping up with surging demand as employers scramble to find qualified workers.

Burrito chain Chipotle Mexican Grill (NYSE:) announced it would hike the average hourly wage of its workers to $ 15, a further sign that the worker shortage in the face of a demand revival could add fuel to the inflation surge.

That worker shortage, along with a supply drought in the face of booming demand could contribute to what is seen as inevitable prices spikes, which the U.S. Federal Reserve has repeatedly said are unlikely to translate into long-term inflation.

“The inflation concerns continue,” Detrick said. “The supply chain issues coupled with record stimulus coupled with apparently a tighter labor market have all contributed to fears that inflation could trend higher over the summer months.”

“I don’t think (the market) believes the Fed when it says they won’t raise rates until after 2023,” Detrick added. “That could be where the market and the Fed do not see eye to eye.”

Market participants will scrutinize the Labor Department’s CPI report, due early Wednesday, for further signs of potential inflationary pressures. (Graphic on inflation) https://tmsnrt.rs/2SxpkST

The fell 473.66 points, or 1.36%, to 34,269.16, the lost 36.33 points, or 0.87%, to 4,152.1 and the dropped 12.43 points, or 0.09%, to 13,389.43.

Of the 11 major sectors in the S&P 500, only materials ended the session green. Energy suffered the largest percentage loss, closing down 2.6%

The , a measure of investor anxiety, closed at 21.85, its highest level since March 11.

Boeing (NYSE:) Co lost 1.7% after the planemaker announced deliveries of its 737 MAX fell to just four planes in April due to an electrical problem.

Tesla (NASDAQ:) Inc continued its slide, dropping 1.9% following the electric automaker’s decision to expand its Shanghai plant owing to heightened U.S.-China tensions.

Mall REIT Simon Property Group Inc (NYSE:) fell 3.2% after the company said it does not expect a return to 2019 occupancy levels until next year or 2023.

L Brands Inc (NYSE:) announced it will split into two publicly traded companies, Bath & Body Works and Victoria’s Secret. Its stock dropped 1.8%.

Declining issues outnumbered advancing ones on the NYSE by a 2.85-to-1 ratio; on Nasdaq, a 1.62-to-1 ratio favored decliners.

The S&P 500 posted seven new 52-week highs and one new low; the Nasdaq Composite recorded 28 new highs and 224 new lows.

Volume on U.S. exchanges was 11.78 billion shares, compared with the 10.33 billion average over the last 20 trading days.

By Stephen Culp

Author: Reuters
This post originally appeared on Stock Market News

Next James Bond: Luke Evans closes in on Tom Hardy for new 007

This week Hardy saw a boost in his popularity as the trailer for his film Venom 2: Let There Be Carnage was released. The British star has long been one of the favourites to take on the James Bond role after Craig steps down later this year following No Time To Die, but things aren’t looking good for the Bane actor.
In the past few months, a flurry of bets have changed the landscape of the Bond betting.

Over Christmas Netflix actor Regé-Jean Page became an overnight sensation with bookies after appearing in raunchy period drama, Bridgerton.

The British-Zimbabwean star subsequently topped the betting for 007, where he remains today.

At the moment Ladbrokes have given Page a staggering 2/1 on becoming the next Bond after Craig, making him the best bet for now.

READ MORE: James Bond: Stormzy ‘could be next theme artist’ – ‘It’s time!’

However, the star could be dethroned after Beauty and the Beast actor Evans continues to rise up the ranks.

The Welsh actor recently had his odds slashed by the bookies to an impressive 4/1 – and his odds keep improving.  

Earlier this month the booking agent revealed every “three in four bets” for the next Bond were for Evans, rather than Hardy or Page.

Ladbrokes’ Alex Apati commented: “Luke Evans is currently the punters’ pick to replace Daniel Craig and his odds have drastically tumbled as a result.”

Evans added: “It will be an exciting casting moment for the Bond production and I wish whoever gets it the best of luck.”

Of course, fans cannot forget about James Norton.

Although he hasn’t hit headlines as much as the other British contenders, Norton has maintained a powerful 3/1 odds with the bookies.

The McMafia actor still has the opportunity to claim the spot before the next film is released.

Whichever actor next takes on the mantle of Bond may have an entirely different theme to him.

Recent talks have sparked over what the next movie’s theme ought to sound like, with music producer Fraser T Smith suggesting it ought to employ a rapper rather than a singer, commenting: “It’s time, isn’t it?”

Smith added: “It could be Stormzy. With a John Barry-esque futuristic beat. It already sounds like something!”

Ladbrokes gave Stormzy 2/1 odds on getting the theme song after No Time To Die.

James Bond No Time To Die is due out on September 30, 2021. 

This post originally appeared on Daily Express :: Entertainment Feed

Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder

The crypto market has rallied into the weekend as Ether (ETH), Dogecoin (DOGE) and Shibu Inu (SHIB) hit new all-time highs as they lead the pack of altcoins up the market cap mountain. 

Much of the excitement behind Dogecoin’s rally has been attributed to the upcoming appearance of Elon Musk, the CEO of Tesla and a Dogecoin advocate, on the popular Saturday Night Live comedy sketch show. Ether, on the other hand, continues to rally toward $ 4,000 as institutional interest in the altcoin soars and the approaching London hard fork have investors feeling extra bullish.

Data from Cointelegraph Markets and TradingView shows that after briefly dipping to a low of $ 3,418 in the late hours on May 8, Ether price regained its composure and proceeded to vault 13% to reach a new all-time high at $ 3,958. 

ETH/USDT 4-hour chart. Source: TradingView

While some have been surprised by the bullish movement from the second-largest cryptocurrency by market capitalization, it comes as no shock to Cointelegraph market analyst Marcel Pechman who recently detailed how Ether “could easily sustain until $ 5,000.”

Bitcoin (BTC) has used its time out of the spotlight to quietly climb higher with bulls now attempting to hold the price above $ 59,000.

Canine-themed ‘meme coins’ lead the pack

Dogecoin has emerged as one of the biggest mainstream attention grabbers in cryptocurrency history as scores of new users got their first taste of crypto trading from the popular meme token.

The week-long build-up in momentum for DOGE led to a 25% surge in the early trading hours on Saturday that lifted its value to a new all-time high at $ 0.74 before profit-taking dropped the price back below $ 0.68.

DOGE/USDT 4-hour chart. Source: TradingView

Thanks to the global attention that Dogecoin has attracted, a number of canine-themed projects have arisen, including Shiba In (SHIB), which burst onto the scene following a two-day rally that saw its value launch 1,100% higher to establish a new record high at $ 0.0000178.

The overall cryptocurrency market cap now stands at $ 2.463 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.