Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
Oil extends losses as other markets fall, inventories rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


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Russia raises key rate to 7.50 percent, extends pause in FX buying

The Russian central bank raised its key interest rate to 7.50 percent on Friday and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility. It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble. “The increase of the key rate will help maintain real interest rates on deposits in positive territory, which will support the attractiv


The Russian central bank raised its key interest rate to 7.50 percent on Friday and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility. It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble. “The increase of the key rate will help maintain real interest rates on deposits in positive territory, which will support the attractiv
Russia raises key rate to 7.50 percent, extends pause in FX buying Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: andrey rudakov, bloomberg, getty images, sam clune, john gress, tom williams, cq-roll call group
Keywords: news, cnbc, companies, rate, raised, buying, fx, central, inflation, bank, end, extends, rouble, expected, russia, 750, raises, key, help, pause


Russia raises key rate to 7.50 percent, extends pause in FX buying

The Russian central bank raised its key interest rate to 7.50 percent on Friday and said it would not make any foreign currency purchases until the end of the year, citing the risk of higher inflation and rouble volatility.

It was the first time the central bank had raised the key rate since late 2014 when it had to step in to help stabilise the tanking rouble.

The rouble firmed after the decision, trading at 67.88 versus the dollar compared with 68.41 shortly before.

“The increase of the key rate will help maintain real interest rates on deposits in positive territory, which will support the attractiveness of savings and balanced growth in consumption,” the central bank said in a statement.

Analysts polled by Reuters had mostly expected the central bank to hold the rate at 7.25 percent, as it had done at three previous board meetings, but had not ruled out the possibility of a rate hike either.

The bank’s decision to extend a pause in daily FX buying until the end of 2018 from the end of September will help curtail exchange rate volatility and its influence on inflation over the next few quarters, the central bank said.

Explaining its thinking, the central bank said “changes in external conditions observed since the previous meeting of the Board of Directors have significantly increased pro-inflationary risks.”

Annual inflation is rising more than expected, the central bank said, adding that it expected it to peak in the first half of 2019 and reach 5.0-5.5 percent by the end of 2019.

“The Bank of Russia will consider the necessity of further increases in the key rate, taking into account inflation and economic dynamics against the forecast, as well as risks posed by external conditions and the reaction of financial markets,” it said.

The next two rate-setting meetings this year are scheduled for Oct. 26 and Dec. 14.


Company: cnbc, Activity: cnbc, Date: 2018-09-14  Authors: andrey rudakov, bloomberg, getty images, sam clune, john gress, tom williams, cq-roll call group
Keywords: news, cnbc, companies, rate, raised, buying, fx, central, inflation, bank, end, extends, rouble, expected, russia, 750, raises, key, help, pause


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Dollar extends two-week winning streak on trade fears; euro falters

The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher. Against a broad basket of currencies, the dollar rose 0.32 percent to 95.45 and is within striking distance of more-than-one-year peak of 95.652 reached on July 19. The dollar’s gains has been more pronounced against emerging-market currencies as investors bet that an escalation in trade war concerns would hit these


The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher. Against a broad basket of currencies, the dollar rose 0.32 percent to 95.45 and is within striking distance of more-than-one-year peak of 95.652 reached on July 19. The dollar’s gains has been more pronounced against emerging-market currencies as investors bet that an escalation in trade war concerns would hit these
Dollar extends two-week winning streak on trade fears; euro falters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-06  Authors: tyrone siu
Keywords: news, cnbc, companies, nearly, fears, investors, senior, extends, falters, euro, twoweek, emergingmarket, trade, winning, war, streak, rose, currencies, turkish, dollar


Dollar extends two-week winning streak on trade fears; euro falters

The dollar rose on Monday, building on two consecutive weeks of gains, as investors bet that trade war rhetoric and a strong U.S. economy would continue to drive the currency higher.

Against a broad basket of currencies, the dollar rose 0.32 percent to 95.45 and is within striking distance of more-than-one-year peak of 95.652 reached on July 19.

“The U.S. economy is doing well and the Fed is moving towards a more predictable path of interest rates than earlier which has prompted us to change our underweight positions on U.S. debt to neutral in some portfolios,” said Paul Eitelman, a senior investment specialist at Russell Investments.

The dollar’s gains has been more pronounced against emerging-market currencies as investors bet that an escalation in trade war concerns would hit these export-oriented economies harder.

Since mid-April, the dollar index has gained 6 percent while an emerging-market local currency bond exchange traded fund has fallen more than 10 percent over the same period.

The dollar gained against emerging-market currencies, including the Turkish lira, which weakened 0.6 percent to a record low of 5.12 to the dollar.

The United States announced late on Friday it was reviewing Turkey’s duty-free access to U.S. markets a move that could affect nearly $1.7 billion of Turkish imports.

Chinese stocks slumped nearly 2 percent as Beijing proposed tariffs on $60 billion worth of U.S. goods on Friday, while a senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the conflict.


Company: cnbc, Activity: cnbc, Date: 2018-08-06  Authors: tyrone siu
Keywords: news, cnbc, companies, nearly, fears, investors, senior, extends, falters, euro, twoweek, emergingmarket, trade, winning, war, streak, rose, currencies, turkish, dollar


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Oil extends decline after biggest monthly slump in two years

Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July. October Brent crude futures dropped 29 cents, or 0.4 percent, to $73.92 a barrel by 0044 GMT, adding to a 1.8 percent loss in the previous session. U.S. crude futures were down 44 cents, or 0.6 percent, at $68.32 a barrel, having dropped nearly 2 percent on Tuesday. Brent fell more than 6 percent i


Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July. October Brent crude futures dropped 29 cents, or 0.4 percent, to $73.92 a barrel by 0044 GMT, adding to a 1.8 percent loss in the previous session. U.S. crude futures were down 44 cents, or 0.6 percent, at $68.32 a barrel, having dropped nearly 2 percent on Tuesday. Brent fell more than 6 percent i
Oil extends decline after biggest monthly slump in two years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-01  Authors: getty images
Keywords: news, cnbc, companies, oil, biggest, week, decline, rose, monthly, showed, strait, supply, crude, saudi, extends, slump, futures, sea


Oil extends decline after biggest monthly slump in two years

Oil prices fell on Wednesday after industry data showed U.S. stockpiles of crude unexpectedly rose, starting the new month in negative territory after the largest monthly decline in two years in July.

October Brent crude futures dropped 29 cents, or 0.4 percent, to $73.92 a barrel by 0044 GMT, adding to a 1.8 percent loss in the previous session.

U.S. crude futures were down 44 cents, or 0.6 percent, at $68.32 a barrel, having dropped nearly 2 percent on Tuesday.

Brent fell more than 6 percent in July, while U.S. crude futures slumped about 7 percent, the biggest monthly decline for both benchmarks since July 2016.

Data from the American Petroleum Institute showed domestic crude inventories rose by 5.6 million barrels last week. A Reuters poll had forecast a fall of 2.8 million barrels.

Official data from the U.S. Energy Information Administration is due later on Wednesday.

Signs that a supply disruption in the Bab al-Mandeb Strait in the Red Sea could be resolved also weighed on prices.

Yemen’s Houthi group said it was ready to unilaterally halt attacks in the Red Sea to support peace efforts. Saudi Arabia suspended oil shipments through the strait last week after the Houthis attacked two Saudi oil tankers.

A Reuters poll showed that oil prices are likely to hold fairly steady this year and next as increased output from OPEC and the United States meets growing demand led by Asia and helps to offset supply disruptions.

OPEC has pledged to offset the loss of supply from Iran, the group’s third-biggest producer.

Looming U.S. sanctions have already started to cut Iranian exports, with buyers from its biggest customers in Asia cutting imports to a seven-month low in June.


Company: cnbc, Activity: cnbc, Date: 2018-08-01  Authors: getty images
Keywords: news, cnbc, companies, oil, biggest, week, decline, rose, monthly, showed, strait, supply, crude, saudi, extends, slump, futures, sea


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Nikkei drops 1.1% as dollar extends losses; rest of Asia trades lower

That, coupled with U.S. interest rate hikes, was making the U.S. lose its competitive edge as the dollar strengthened, Trump claimed. Trump said in a separate tweet in reference to the Fed that “[t]ightening now hurts all that we have done.” That came after the president told CNBC in an interview that he was “not thrilled” about the central bank hiking interest rates. The dollar index, which tracks the greenback against a basket of currencies, stood at 94.277 after stumbling in the last session.


That, coupled with U.S. interest rate hikes, was making the U.S. lose its competitive edge as the dollar strengthened, Trump claimed. Trump said in a separate tweet in reference to the Fed that “[t]ightening now hurts all that we have done.” That came after the president told CNBC in an interview that he was “not thrilled” about the central bank hiking interest rates. The dollar index, which tracks the greenback against a basket of currencies, stood at 94.277 after stumbling in the last session.
Nikkei drops 1.1% as dollar extends losses; rest of Asia trades lower Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-23  Authors: cheang ming
Keywords: news, cnbc, companies, losses, 11, told, president, lower, drops, trump, war, asia, nikkei, rest, interest, extends, interview, trades, dollar, tariffs, trade


Nikkei drops 1.1% as dollar extends losses; rest of Asia trades lower

The dollar extended its losses after Trump doubled down on his criticism of global monetary policy and the Federal Reserve, tweeting that “China, the European Union and others have been manipulating their currencies and interest rates lower.” That, coupled with U.S. interest rate hikes, was making the U.S. lose its competitive edge as the dollar strengthened, Trump claimed.

Trump said in a separate tweet in reference to the Fed that “[t]ightening now hurts all that we have done.” That came after the president told CNBC in an interview that he was “not thrilled” about the central bank hiking interest rates.

The dollar remained broadly weaker on the back of those comments after Friday’s slide. The dollar index, which tracks the greenback against a basket of currencies, stood at 94.277 after stumbling in the last session.

“We understand the political economy of the dollar is one that the administration wants a weaker dollar, whether it’s implicitly through their policy actions, their protectionist policies focusing on the current account deficit, or explicit, as we’ve heard from the president multiple times now,” Viraj Patel, FX strategist at ING, told CNBC’s “Squawk Box.”

An important focus for markets remains the U.S.-China trade war: Trump told CNBC in a recent interview that he was prepared to impose tariffs on all Chinese imports to the U.S. if he had to. “I’m ready to go to 500,” the president told CNBC’s Joe Kernen in an interview, referring to the $505.5 billion in goods from China the U.S. imported in 2017.

The U.S. and China have already exchanged new tariffs — each hitting $34 billion worth of goods from the other. The Trump administration has also announced a list of proposed duties on $200 billion in Chinese imports, although those tariffs are not yet in effect.

“The hope is that this bluster is a negotiation tactic that will be watered down during negotiations but increasingly it looks difficult to duck trade blowback,” Vishnu Varathan, head of economics and strategy at Mizuho Bank, wrote in a note.

Push back from France at the weekend’s G-20 meeting, meanwhile, makes it “abundantly clear that trade war risks are not likely to dissipate like water off a duck’s back; but instead it could be a slow burn and mounting risk with markets likely to have outbursts of risk off,” Varathan added.

Despite Trump’s recent remarks, stocks stateside finished the Friday session only marginally lower as strong corporate results releases balanced investors’ fear of the trade war and its implications for global economic growth. About 16.4 percent of S&P 500 companies had released their quarterly results as of Friday, with 83 percent of them topping expectations, according to FactSet.

The Dow Jones Industrial Average slipped 0.03 percent, or 6.38 points, to close at 25,058.12, the S&P 500 shed 0.09 percent to end at 2,801.83 and the Nasdaq Composite inched lower by 0.07 percent to 7,820.20.


Company: cnbc, Activity: cnbc, Date: 2018-07-23  Authors: cheang ming
Keywords: news, cnbc, companies, losses, 11, told, president, lower, drops, trump, war, asia, nikkei, rest, interest, extends, interview, trades, dollar, tariffs, trade


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Gold prices subdued as dollar extends rally

Gold prices were muted early Friday as the dollar extended gains from the previous session when strong U.S. inflation data and trade war concerns boosted demand for the greenback. Spot gold was down about 0.1 percent at $1,246.11 an ounce at 0050 GMT. Asian shares rose on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather. The United States and China could reopen talks on trade but only if Beijing is willing to make significa


Gold prices were muted early Friday as the dollar extended gains from the previous session when strong U.S. inflation data and trade war concerns boosted demand for the greenback. Spot gold was down about 0.1 percent at $1,246.11 an ounce at 0050 GMT. Asian shares rose on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather. The United States and China could reopen talks on trade but only if Beijing is willing to make significa
Gold prices subdued as dollar extends rally Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-13
Keywords: news, cnbc, companies, extends, thursdaythe, subdued, united, states, gold, dollar, war, rate, rally, trade, prices, inflation


Gold prices subdued as dollar extends rally

Gold prices were muted early Friday as the dollar extended gains from the previous session when strong U.S. inflation data and trade war concerns boosted demand for the greenback.

Spot gold was down about 0.1 percent at $1,246.11 an ounce at 0050 GMT.

U.S. gold futures for August delivery were little changed at $1,246.30 an ounce.

The U.S. dollar hit a six-month high against the Japanese yen on Friday. Against a basket of six major currencies, the dollar was up 0.1 percent at 94.899.

U.S. consumer prices recorded their largest increase in nearly 6-1/2 years in the year through June, while the monthly pace continued to suggest a steady buildup of inflation that could keep the Federal Reserve on a path of gradual interest rate increases.

Fed Chairman Jerome Powell said he believes the U.S. economy remains in a “good place,” with recent government tax and spending programs likely to boost gross domestic product for perhaps three years.

Asian shares rose on Friday following gains on Wall Street overnight, as concerns over an escalating U.S. trade war with China took a breather.

The United States and China could reopen talks on trade but only if Beijing is willing to make significant changes, U.S. Treasury Secretary Steven Mnuchin said on Thursday.

Kim Jong Un told President Donald Trump he believed their efforts could open up a “new future” between North Korea and the United States and expressed hope for “practical actions” in the future, according to a letter from the North Korean leader released on Thursday.

The European Central Bank will keep rates at a record low for as long as needed to raise inflation, and its interest rate guidance should be seen as “open-ended”, policymakers concluded in June, according to minutes of their meeting published on Thursday.

The European Commission on Thursday cut its forecasts for the euro zone’s economic growth this year, citing among the top causes for its revision trade tensions with the United States and rising oil prices which push the bloc’s inflation higher.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.48 percent to 795.19 tonnes on Thursday.


Company: cnbc, Activity: cnbc, Date: 2018-07-13
Keywords: news, cnbc, companies, extends, thursdaythe, subdued, united, states, gold, dollar, war, rate, rally, trade, prices, inflation


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Asian shares stumble as China extends declines amid trade tensions

Elsewhere, Japan’s Nikkei 225 turned lower, slipping 0.26 percent after earlier retracing some of the sharp declines seen in the overnight session. Meanwhile, MSCI’s index of stocks in Asia Pacific outside of Japan sank 0.96 percent in Asia morning trade. The U.S. is also engaged in disputes on trade issues with other key trading partners, including Canada and the European Union. Those jitters also overshadowed the moderate gains made on Wall Street overnight, with U.S. stocks closing in positiv


Elsewhere, Japan’s Nikkei 225 turned lower, slipping 0.26 percent after earlier retracing some of the sharp declines seen in the overnight session. Meanwhile, MSCI’s index of stocks in Asia Pacific outside of Japan sank 0.96 percent in Asia morning trade. The U.S. is also engaged in disputes on trade issues with other key trading partners, including Canada and the European Union. Those jitters also overshadowed the moderate gains made on Wall Street overnight, with U.S. stocks closing in positiv
Asian shares stumble as China extends declines amid trade tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-03  Authors: cheang ming
Keywords: news, cnbc, companies, index, asia, session, tensions, amid, declines, concerns, shares, asian, china, overnight, european, dollar, union, trade, stocks, stumble, extends


Asian shares stumble as China extends declines amid trade tensions

Elsewhere, Japan’s Nikkei 225 turned lower, slipping 0.26 percent after earlier retracing some of the sharp declines seen in the overnight session. Insurers and oil producers clung to gains, while automakers, banks and precision machinery stocks declined.

In South Korea, the Kospi edged up by 0.15 percent, but was off its intraday high. Manufacturers gained, while the technology space was a mixed picture. Samsung Electronics and steelmaker Posco were up 1.54 percent and 0.48 percent, respectively. The S&P/ASX 200 saw more convincing increases, with the index tacking on 0.45 percent amid broad-based gains.

Meanwhile, MSCI’s index of stocks in Asia Pacific outside of Japan sank 0.96 percent in Asia morning trade.

Investors were cautious as markets continued to watch developments on the trade front. A looming July 6 deadline is set to see the U.S. impose a 25 percent tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of U.S. products.

The U.S. is also engaged in disputes on trade issues with other key trading partners, including Canada and the European Union. The U.S. could face tariffs from the European Union on as much as $300 billion in U.S. goods if the Trump administration proceeds with imposing duties on European cars, the Financial Times reported.

Markets in Europe and Asia closed lower in the previous session amid the concerns over trade, with the pan-European Stoxx 600 declining 0.84 percent. Asian stock indexes saw steeper losses as China markets resumed their slide after getting some reprieve at the end of last week, with the Shanghai composite dropping 2.52 percent on Monday.

Amid the market moves ahead of that July 6 deadline for tariffs, U.S. Commerce Secretary Wilbur Ross told CNBC there was no “bright line level of the stock market” that would change U.S. President Donald Trump’s mind on trade policy.

Those jitters also overshadowed the moderate gains made on Wall Street overnight, with U.S. stocks closing in positive territory after dipping early in the overnight session on trade concerns. The Dow Jones Industrial Average rose 0.15 percent, or 35.77 points, to close at 24,307.18.

Investor jitters over trade concerns, meanwhile, supported the greenback. The dollar index, which tracks the dollar against a basket of currencies, traded at 94.957 at 9:47 a.m. HK/SIN after rising above the 95 handle in the overnight session. Against the yen, the dollar traded at 110.78.

Ahead, the Reserve Bank of Australia is set to announce its interest rate decision at 12:30 p.m. HK/SIN. Most economists surveyed in a Reuters poll expect the central banks to hold rates until September 2018.


Company: cnbc, Activity: cnbc, Date: 2018-07-03  Authors: cheang ming
Keywords: news, cnbc, companies, index, asia, session, tensions, amid, declines, concerns, shares, asian, china, overnight, european, dollar, union, trade, stocks, stumble, extends


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European stocks lower amid global trade fears; oil extends gains

The pan-European Stoxx 600 slipped around 0.3 percent during early morning deals, with most sectors and major bourses in negative territory. Europe’s autos stocks were among the worst performers Wednesday morning, down almost 1 percent shortly after the opening bell amid fears of an escalating global trade war. Meanwhile, oil and gas stocks led the gains Wednesday morning, up around 1 percent after the U.S. demanded all countries stop imports of Iranian oil from November on Tuesday. However, gai


The pan-European Stoxx 600 slipped around 0.3 percent during early morning deals, with most sectors and major bourses in negative territory. Europe’s autos stocks were among the worst performers Wednesday morning, down almost 1 percent shortly after the opening bell amid fears of an escalating global trade war. Meanwhile, oil and gas stocks led the gains Wednesday morning, up around 1 percent after the U.S. demanded all countries stop imports of Iranian oil from November on Tuesday. However, gai
European stocks lower amid global trade fears; oil extends gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-27  Authors: sam meredith
Keywords: news, cnbc, companies, shares, lower, extends, stock, gains, imports, morning, oil, global, amid, european, firm, stocks, trade, fears


European stocks lower amid global trade fears; oil extends gains

The pan-European Stoxx 600 slipped around 0.3 percent during early morning deals, with most sectors and major bourses in negative territory.

Europe’s autos stocks were among the worst performers Wednesday morning, down almost 1 percent shortly after the opening bell amid fears of an escalating global trade war. At the end of last week, President Donald Trump threatened to impose a 20 percent tariff on all U.S. imports of European Union-assembled cars. Shares of Rheinmetall and Schaeffler were down over 1.5 percent Wednesday morning.

Meanwhile, oil and gas stocks led the gains Wednesday morning, up around 1 percent after the U.S. demanded all countries stop imports of Iranian oil from November on Tuesday. The move exacerbated concerns about a shortage of crude at a time when Venezuela’s production is in free fall and the market is grappling with short-term disruptions from Canada and Libya.

However, gains in energy stocks were largely overshadowed by the fragile mood regarding global trade. The prospect of a settlement to Sino-U.S. tensions continued to look remote Wednesday.

Looking at individual stocks, Imerys soared to the top of the European benchmark after Exane BNP Paribas upgraded its stock recommendation to “outperform.” Shares of the French construction materials firm rose almost 6 percent higher on the news.

Meanwhile, Rubis slumped toward the bottom of the index after Berenberg cut its price target for the stock to 62 euros from 67 euros. Shares of the Paris-listed firm fell over 3 percent during early morning deals.


Company: cnbc, Activity: cnbc, Date: 2018-06-27  Authors: sam meredith
Keywords: news, cnbc, companies, shares, lower, extends, stock, gains, imports, morning, oil, global, amid, european, firm, stocks, trade, fears


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China Extends Lead as the Most Prolific Supercomputer Maker

For years, the United States dominated the supercomputer market. But two years ago, China pulled even on the Top 500 list. Supercomputer technology has occasionally been a trade issue between the United States and China. The 500 list is based on the machines’ speed of mathematical calculation. But China is also catching up in software development, supercomputer experts said.


For years, the United States dominated the supercomputer market. But two years ago, China pulled even on the Top 500 list. Supercomputer technology has occasionally been a trade issue between the United States and China. The 500 list is based on the machines’ speed of mathematical calculation. But China is also catching up in software development, supercomputer experts said.
China Extends Lead as the Most Prolific Supercomputer Maker Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-25  Authors: steve lohr, li xiang, xinhua
Keywords: news, cnbc, companies, supercomputer, software, prolific, technology, china, 500, list, united, lead, extends, states, chinese, supercomputers, maker


China Extends Lead as the Most Prolific Supercomputer Maker

America is now home to the world’s speediest supercomputer. But the new list of the 500 swiftest machines underlines how much faster China is building them.

The list, published Monday, shows the Chinese companies and government pulling away as the most prolific producer of supercomputers, with 206 of the top 500. American corporations and the United States government designed and made 124 of the supercomputers on the list.

For years, the United States dominated the supercomputer market. But two years ago, China pulled even on the Top 500 list. China moved decisively ahead last fall and extended the gap in the latest tally.

More from The New York Times:

Making the most powerful supercomputers is regarded as one measure of a nation’s technical prowess, even if they are a rarefied niche of technology. Countries and companies have increasingly deployed the machines in a wider range of tasks in fields including medicine, new materials and energy technology.

Supercomputing is one step in China’s rapid rise in technology, stirring concerns in America about the country’s grand plan and tactics — and the potential economic and geopolitical implications of those advancements.

In an assessment last fall, the United States-China Economic and Security Review Commission, a bipartisan congressional advisory group, pointed to supercomputing as part of China’s “ambitious whole-of-government plan to achieve dominance in advanced technology.”

China began its supercomputing push in earnest a decade ago. Initially, it absorbed foreign technology, and then steadily developed its own.

“China was slow to make that work, but it’s working now,” said Richard Suttmeier, an expert in Chinese science policy at the University of Oregon.

The high-performance computing program, policy experts say, offers a blueprint for the multibillion-dollar efforts China has recently begun in fields like artificial intelligence and quantum computing — the next frontiers of technology, where economic advantages will be won or lost.

Supercomputer technology has occasionally been a trade issue between the United States and China. In 2015, for example, Washington denied Intel a license to sell its microprocessor chips to four supercomputer labs in China, saying the centers worked on technology for the Chinese military.

The export ban, supercomputer experts say, served to prod the Chinese to accelerate their development efforts.

“The lesson the Chinese took away was that you can’t rely on the United States,” said Jack Dongarra, a supercomputer expert at the University of Tennessee and co-creator of the Top 500 list of the fastest machines. “They’re trying to replace all Western technology with all Chinese-made.”

Supercomputers were once found almost entirely in national laboratories, and used for government projects like simulating nuclear explosions and modeling weather patterns. But more than half of the 500 fastest are now toiling for corporations.

The global supercomputer market is expected to double from 2017 to 2022, to more than $9.5 billion, according to an estimate from Hyperion Research. The research firm defines supercomputers as machines that cost more than $500,000 each.

Three Chinese companies are among the top five makers of the 500 fastest supercomputers. Lenovo is first, Inspur is third, and Sugon is fifth. Two American companies are second and fifth, Hewlett-Packard Enterprise and Cray.

The new list confirmed that the current fastest machine resides in the United States. This month, the Department of Energy announced that its new supercomputer, called Summit, had achieved speeds well ahead of the previous leader, the Sunway TaihuLight at a Chinese supercomputing center in Wuxi. Summit, built by IBM in a partnership with Nvidia, is at the Oak Ridge National Laboratory in Tennessee.

Depei Qian, a top supercomputer researcher in China, marvels at the progress his nation has made in the past decade — “beyond our expectations,” he said.

A point of particular pride: The Sunway TaihuLight machine uses homegrown microprocessors. “That used to be a weakness,” said Mr. Qian, a computer science professor at both Sun Yat-sen University and Beihang University.

But while China has made impressive strides, Mr. Qian said the country still lagged in certain advanced hardware technologies and, especially, in software. “Software is a tough issue for us,” he said. “That will take longer.”

Software is a challenge for supercomputing engineers in general. Supercomputers are increasingly being programmed to process vast amounts of data with artificial intelligence software. So data-handling speeds in software applications often become more important than raw calculating speed, which has been the traditional yardstick of supercomputer performance.

The 500 list is based on the machines’ speed of mathematical calculation. But another benchmark — codeveloped by Mr. Dongarra of the University of Tennessee — measures data-handling speed in applications. Summit tops that list as well, while the Sunway machine ranks sixth.

But China is also catching up in software development, supercomputer experts said. “The flagship centers in China today are surprisingly similar to ours,” said Rick Stevens, an associate director of the Argonne National Laboratory in Illinois.

China’s overarching policy, Mr. Stevens said, is “to play the long game in technology, and supercomputers are just one part of that.”

Follow Steve Lohr on Twitter @SteveLohr .


Company: cnbc, Activity: cnbc, Date: 2018-06-25  Authors: steve lohr, li xiang, xinhua
Keywords: news, cnbc, companies, supercomputer, software, prolific, technology, china, 500, list, united, lead, extends, states, chinese, supercomputers, maker


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Asian shares slip after escalation in US-China trade tensions as oil extends losses

Measures affecting an additional 284 products worth $16 billion will be subject to review before taking effect. Another list of U.S. imports worth $16 billion will be subject to review before being applied. Despite the latest dust-up on the trade front, U.S. stocks finished the last session well off the day’s lows. On the energy front, oil prices extended losses after slumping in the last session ahead of OPEC’s meeting in Vienna later this week. In foreign exchange, the dollar index, which trac


Measures affecting an additional 284 products worth $16 billion will be subject to review before taking effect. Another list of U.S. imports worth $16 billion will be subject to review before being applied. Despite the latest dust-up on the trade front, U.S. stocks finished the last session well off the day’s lows. On the energy front, oil prices extended losses after slumping in the last session ahead of OPEC’s meeting in Vienna later this week. In foreign exchange, the dollar index, which trac
Asian shares slip after escalation in US-China trade tensions as oil extends losses Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-06-17  Authors: cheang ming
Keywords: news, cnbc, companies, list, subject, shares, losses, session, goods, asian, oil, escalation, slip, uschina, dollar, tensions, trade, extends, tariff, worth, week, billion


Asian shares slip after escalation in US-China trade tensions as oil extends losses

Trade is likely to be top of mind for investors after the Trump administration last week said it will impose a 25 percent tariff on a list of 818 items of Chinese goods worth around $34 billion beginning July 6. Measures affecting an additional 284 products worth $16 billion will be subject to review before taking effect.

In response, China said a 25 percent tariff will be implemented on U.S. goods, including soybeans and electric vehicles, worth $34 billion starting July 6. Another list of U.S. imports worth $16 billion will be subject to review before being applied.

Despite the latest dust-up on the trade front, U.S. stocks finished the last session well off the day’s lows. The Dow Jones industrial average slipped 0.34 percent, or 84.83 points, to close at 25,090.48, after losing as much as 280.93 points earlier.

On the energy front, oil prices extended losses after slumping in the last session ahead of OPEC’s meeting in Vienna later this week. The declines also came amid the trade jitters, as energy products had been included in the list of additional U.S. goods that China could target at a later date.

Brent crude futures edged down by 0.48 percent to trade at $73.09 per barrel after settling more than 3 percent on Friday. U.S. crude futures declined 1.15 percent to $64.31.

In foreign exchange, the dollar index, which tracks the dollar against a basket of currencies, last stood at 94.873. Against the yen, the dollar traded at 110.63 at 8:14 a.m. HK/SIN.


Company: cnbc, Activity: cnbc, Date: 2018-06-17  Authors: cheang ming
Keywords: news, cnbc, companies, list, subject, shares, losses, session, goods, asian, oil, escalation, slip, uschina, dollar, tensions, trade, extends, tariff, worth, week, billion


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