US futures point to higher open

U.S. stock index futures were set to open higher on Friday morning. ET, Dow futures rose 156 points, indicating a positive open of more than 164 points. Futures on the S&P and Nasdaq were both higher. Wall Street closed Thursday’s session on a more positive note, reverting some of the steep losses seen earlier in the week. However, market sentiment remains volatile to developments in the bond market.


U.S. stock index futures were set to open higher on Friday morning. ET, Dow futures rose 156 points, indicating a positive open of more than 164 points. Futures on the S&P and Nasdaq were both higher. Wall Street closed Thursday’s session on a more positive note, reverting some of the steep losses seen earlier in the week. However, market sentiment remains volatile to developments in the bond market.
US futures point to higher open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: silvia amaro
Keywords: news, cnbc, companies, stock, positive, points, street, futures, open, volatile, point, market, week, higher, thursdays


US futures point to higher open

U.S. stock index futures were set to open higher on Friday morning.

At around 02:30 a.m. ET, Dow futures rose 156 points, indicating a positive open of more than 164 points. Futures on the S&P and Nasdaq were both higher.

Wall Street closed Thursday’s session on a more positive note, reverting some of the steep losses seen earlier in the week. However, market sentiment remains volatile to developments in the bond market.


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: silvia amaro
Keywords: news, cnbc, companies, stock, positive, points, street, futures, open, volatile, point, market, week, higher, thursdays


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US futures point to slightly higher open

U.S. stocks were set to open slightly higher Wednesday morning. ET, Dow futures dipped 23 points, indicating a positive open of more than 37 points. Futures on the S&P and Nasdaq were both slightly higher. Market focus is largely attuned to global trade developments, after the U.S. delayed tariffs on some Chinese imports in the previous session. Wall Street stocks soared shortly after the announcement, with the Dow jumping as much as 529 points before settling to finish the day 372 points higher


U.S. stocks were set to open slightly higher Wednesday morning. ET, Dow futures dipped 23 points, indicating a positive open of more than 37 points. Futures on the S&P and Nasdaq were both slightly higher. Market focus is largely attuned to global trade developments, after the U.S. delayed tariffs on some Chinese imports in the previous session. Wall Street stocks soared shortly after the announcement, with the Dow jumping as much as 529 points before settling to finish the day 372 points higher
US futures point to slightly higher open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: sam meredith
Keywords: news, cnbc, companies, delayed, dow, higher, slightly, tariffs, open, futures, points, trade, point, stocks


US futures point to slightly higher open

U.S. stocks were set to open slightly higher Wednesday morning.

At around 03:10 a.m. ET, Dow futures dipped 23 points, indicating a positive open of more than 37 points. Futures on the S&P and Nasdaq were both slightly higher.

Market focus is largely attuned to global trade developments, after the U.S. delayed tariffs on some Chinese imports in the previous session.

The United States Trade Representative announced Tuesday that certain products including clothing and cellphones were being removed from the tariff list based on “health, safety, national security and other factors” and will not face additional tariffs of 10%. Other tariffs will be delayed to Dec. 15 from Sep. 1 for certain articles, it said.

President Donald Trump said Tuesday that the move was designed to avoid any potential impact on holiday shopping ahead of Christmas season. He added China would very much like to make a trade deal.

Wall Street stocks soared shortly after the announcement, with the Dow jumping as much as 529 points before settling to finish the day 372 points higher.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: sam meredith
Keywords: news, cnbc, companies, delayed, dow, higher, slightly, tariffs, open, futures, points, trade, point, stocks


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US futures point to slightly higher open

U.S. stocks were set to open slightly higher Wednesday morning. ET, Dow futures dipped 23 points, indicating a positive open of more than 37 points. Futures on the S&P and Nasdaq were both slightly higher. Market focus is largely attuned to global trade developments, after the U.S. delayed tariffs on some Chinese imports in the previous session. Wall Street stocks soared shortly after the announcement, with the Dow jumping as much as 529 points before settling to finish the day 372 points higher


U.S. stocks were set to open slightly higher Wednesday morning. ET, Dow futures dipped 23 points, indicating a positive open of more than 37 points. Futures on the S&P and Nasdaq were both slightly higher. Market focus is largely attuned to global trade developments, after the U.S. delayed tariffs on some Chinese imports in the previous session. Wall Street stocks soared shortly after the announcement, with the Dow jumping as much as 529 points before settling to finish the day 372 points higher
US futures point to slightly higher open Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: sam meredith
Keywords: news, cnbc, companies, delayed, dow, higher, slightly, tariffs, open, futures, points, trade, point, stocks


US futures point to slightly higher open

U.S. stocks were set to open slightly higher Wednesday morning.

At around 03:10 a.m. ET, Dow futures dipped 23 points, indicating a positive open of more than 37 points. Futures on the S&P and Nasdaq were both slightly higher.

Market focus is largely attuned to global trade developments, after the U.S. delayed tariffs on some Chinese imports in the previous session.

The United States Trade Representative announced Tuesday that certain products including clothing and cellphones were being removed from the tariff list based on “health, safety, national security and other factors” and will not face additional tariffs of 10%. Other tariffs will be delayed to Dec. 15 from Sep. 1 for certain articles, it said.

President Donald Trump said Tuesday that the move was designed to avoid any potential impact on holiday shopping ahead of Christmas season. He added China would very much like to make a trade deal.

Wall Street stocks soared shortly after the announcement, with the Dow jumping as much as 529 points before settling to finish the day 372 points higher.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: sam meredith
Keywords: news, cnbc, companies, delayed, dow, higher, slightly, tariffs, open, futures, points, trade, point, stocks


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Dow futures are stable in overnight trading after Wednesday’s big rout

The little changed trading follows the Dow Jones Industrial Average’s worst day of the year on Wednesday amid a recession signal from the bond market. Dow futures opened down about 32 points Wednesday evening, but then climbed back to about little changed. The stock market took a huge hit in the previous session with the Dow plunging 800 points in its fourth-largest point drop ever to a two-month low. Growth of China’s industrial output slowed to 4.8% in July from a year earlier, the weakest gro


The little changed trading follows the Dow Jones Industrial Average’s worst day of the year on Wednesday amid a recession signal from the bond market. Dow futures opened down about 32 points Wednesday evening, but then climbed back to about little changed. The stock market took a huge hit in the previous session with the Dow plunging 800 points in its fourth-largest point drop ever to a two-month low. Growth of China’s industrial output slowed to 4.8% in July from a year earlier, the weakest gro
Dow futures are stable in overnight trading after Wednesday’s big rout Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: yun li
Keywords: news, cnbc, companies, trading, dow, big, trade, growth, points, yield, worst, futures, rout, negative, stable, wednesdaythe, stock, trump, overnight, wednesdays


Dow futures are stable in overnight trading after Wednesday's big rout

Stock futures stabilized after opening the overnight session lower. The little changed trading follows the Dow Jones Industrial Average’s worst day of the year on Wednesday amid a recession signal from the bond market.

Dow futures opened down about 32 points Wednesday evening, but then climbed back to about little changed. The stock market took a huge hit in the previous session with the Dow plunging 800 points in its fourth-largest point drop ever to a two-month low. The Dow’s 3% drop was the worst this year. The S&P 500 also fell nearly 3%.

The massive sell-off was triggered by a bond market phenomenon on Wednesday where the yield on the benchmark 10-year Treasury note briefly broke below the 2-year rate. The inversion of this key part of the yield curve has been a reliable indicator of economic recessions. As of Wednesday evening, the curve was no longer inverted.

“The 2-10 inversion is sending a massively negative signal that stocks are having a difficult time ignoring,” Adam Crisafulli, a J.P. Morgan managing director, said in a note on Wednesday.

The weak economic data around the world also fueled concerns that the global slowdown could tip the U.S. economy into a recession. Growth of China’s industrial output slowed to 4.8% in July from a year earlier, the weakest growth in 17 years. Germany also saw a negative GDP print, while the growth in euro zone also slowed at a faster pace than expected.

Investors remained on edge about the trade tensions between the U.S. and China. President Donald Trump in a tweet after the bell Wednesday linked the trade battle to the increasingly violent protests in Hong Kong, further complicating the trade issue. But he also proposed a personal meeting between him and Chinese President Xi.

This week, Trump decided to delay tariffs on certain Chinese goods while outright removing some items from the tariff list, a move to avoid any negative impact on the holiday shopping season. The announcement sent the Dow rallying more than 300 points on Tuesday. Those gains were lost in the big sell-off Wednesday.

The deferral “helps China more than us, but will be reciprocated,” Trump said Wednesday.


Company: cnbc, Activity: cnbc, Date: 2019-08-14  Authors: yun li
Keywords: news, cnbc, companies, trading, dow, big, trade, growth, points, yield, worst, futures, rout, negative, stable, wednesdaythe, stock, trump, overnight, wednesdays


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Oil soars 4% on easing US-China trade tensions

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. “The U.S.-China trade war has caused energy demand growth to take a big hit. The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. OPEC and its allies, known as OPEC+, hav


Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months. “The U.S.-China trade war has caused energy demand growth to take a big hit. The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks. OPEC and its allies, known as OPEC+, hav
Oil soars 4% on easing US-China trade tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, states, prices, united, oil, soars, opec, chinese, uschina, trade, easing, million, tensions, bpd, energy, futures


Oil soars 4% on easing US-China trade tensions

Oil prices rose almost 5% on Tuesday after the United States said it would delay imposing a 10% tariff on certain Chinese products, easing concerns over a global trade war that has pummeled the market in recent months.

The Chinese products include laptops and cellphones. The tariffs had been scheduled to start next month.

“The U.S.-China trade war has caused energy demand growth to take a big hit. Any glimmer of hope revives the prospects for a more positive demand landscape,” said John Kilduff, partner at energy hedge fund Again Capital Management in New York.

Brent futures were up 4.5%, at $61.20 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 4%, at $57.10.

That put Brent futures on track for their biggest daily percentage gain since December.

The Chinese Ministry of Commerce said in a statement on Tuesday that U.S. and Chinese trade officials spoke on the phone and agreed to talk again within two weeks.

“The possibility that the United States and China can get the trade talks on track … is raising hopes that they might actually get some type of deal,” said Phil Flynn, analyst at Price Futures Group in Chicago.

“That’s why we are seeing this big rebound in prices,” Flynn said.

Before the U.S. announcement about the tariff delay, Brent futures were still trading about 20% below the 2019 high they hit in April.

Oil prices seesawed earlier in the day, caught between demand worries and rising global supplies and expectations for deeper production cuts from leading producers.

U.S. oil output from seven major shale formations was expected to rise by 85,000 barrels per day (bpd) in September to a record 8.77 million bpd, the Energy Information Administration forecast in a report.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), last week said it planned to keep its crude exports below 7 million bpd in August and September to help drain global oil inventories.

“Saudi Arabia and its Gulf allies standing firm on their commitment to the OPEC+ output-cut agreement has supported prices,” said Abhishek Kumar, head of analytics at Interfax Energy in London.

OPEC and its allies, known as OPEC+, have agreed to cut 1.2 million bpd of production since Jan. 1.

In the United States, meanwhile, analysts forecast crude stockpiles fell by 2.8 million barrels last week, according to a Reuters poll.

“If we get the drawdown in (U.S.) inventory that most people are looking for, that is going to get the market a lot tighter,” said Flynn at Price Futures.

The American Petroleum Institute (API), an industry group, was due to release its inventory report at 4:30 p.m. EDT (2030 GMT) on Tuesday, followed by U.S. government data on Wednesday morning.


Company: cnbc, Activity: cnbc, Date: 2019-08-13
Keywords: news, cnbc, companies, states, prices, united, oil, soars, opec, chinese, uschina, trade, easing, million, tensions, bpd, energy, futures


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Dow futures higher after China fixes yuan at stronger-than-expected level

U.S. stock index futures were higher Monday morning, after China’s central bank set the official midpoint reference for the yuan at a stronger-than-expected level. Market focus is largely attuned to simmering trade tensions between the world’s two largest economies. Market participants have been monitoring the dollar/yuan exchange rate closely following an escalation in trade tensions between Washington and Beijing. The yuan depreciated past the 7-per-dollar level last week for the first time si


U.S. stock index futures were higher Monday morning, after China’s central bank set the official midpoint reference for the yuan at a stronger-than-expected level. Market focus is largely attuned to simmering trade tensions between the world’s two largest economies. Market participants have been monitoring the dollar/yuan exchange rate closely following an escalation in trade tensions between Washington and Beijing. The yuan depreciated past the 7-per-dollar level last week for the first time si
Dow futures higher after China fixes yuan at stronger-than-expected level Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: sam meredith
Keywords: news, cnbc, companies, strongerthanexpected, washington, china, report, higher, futures, trade, tensions, weaker, president, level, set, yuan, dow, fixes


Dow futures higher after China fixes yuan at stronger-than-expected level

U.S. stock index futures were higher Monday morning, after China’s central bank set the official midpoint reference for the yuan at a stronger-than-expected level.

At around 02:30 a.m. ET, Dow futures rose 46 points, indicating a positive open of more than 55 points. Futures on the S&P and Nasdaq were both slightly higher.

Market focus is largely attuned to simmering trade tensions between the world’s two largest economies.

On Monday, the People’s Bank of China (PBOC) set its daily midpoint for yuan trading — which determines the limits for its onshore movement — at 7.0211 per dollar. That was weaker than Friday’s session, but beat market expectations.

Market participants have been monitoring the dollar/yuan exchange rate closely following an escalation in trade tensions between Washington and Beijing.

The yuan depreciated past the 7-per-dollar level last week for the first time since the global financial crisis in 2008. The move prompted the U.S. Treasury Department to designate China as a currency manipulator.

A weaker currency makes a country’s exports cheaper and President Donald Trump’s administration has consistently complained that a cheaper yuan would give China a trade advantage.

The U.S. president said Friday that the U.S. would continue to hold trade talks with Beijing, but that Washington was not prepared to make a deal for now.

On the data front, the Federal Budget for July is expected to be published at around 2:00 p.m. ET.

In corporate news, Sysco and Barrick Gold are both expected to publish quarterly earnings before the opening bell.

Bloom Energy and Tencent Music will report their latest results after market close.

— CNBC’s Saheli Roy Choudhury contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: sam meredith
Keywords: news, cnbc, companies, strongerthanexpected, washington, china, report, higher, futures, trade, tensions, weaker, president, level, set, yuan, dow, fixes


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Corn futures fall after USDA forecasts bigger-than-expected US crop

For the 2019/20 crop year, the corn harvest will total 13.901 billion bushels, based on an average yield of 169.5 bushels per acre, the USDA predicted in its monthly supply and demand report. Corn futures briefly fell their daily trading limit as analysts had been expecting the government to lower its estimate of corn production and yield. Soybean production was pegged at 3.680 billion bushels, based on an average yield of 48.5 bushels per acre. In July, USDA projected a corn harvest of 13.875 b


For the 2019/20 crop year, the corn harvest will total 13.901 billion bushels, based on an average yield of 169.5 bushels per acre, the USDA predicted in its monthly supply and demand report. Corn futures briefly fell their daily trading limit as analysts had been expecting the government to lower its estimate of corn production and yield. Soybean production was pegged at 3.680 billion bushels, based on an average yield of 48.5 bushels per acre. In July, USDA projected a corn harvest of 13.875 b
Corn futures fall after USDA forecasts bigger-than-expected US crop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: emma newburger
Keywords: news, cnbc, companies, futures, acre, forecasts, based, biggerthanexpected, corn, yield, fall, harvest, average, usda, crop, billion, bushels, projected


Corn futures fall after USDA forecasts bigger-than-expected US crop

The U.S. corn harvest will be bigger than previously forecast, the U.S. Agriculture Department said on Monday, as the government issued a surprise boost to its yield estimate despite ongoing concerns in the country about a wet spring and dry summer limiting production.

For the 2019/20 crop year, the corn harvest will total 13.901 billion bushels, based on an average yield of 169.5 bushels per acre, the USDA predicted in its monthly supply and demand report.

Corn futures briefly fell their daily trading limit as analysts had been expecting the government to lower its estimate of corn production and yield.

Soybean production was pegged at 3.680 billion bushels, based on an average yield of 48.5 bushels per acre.

In July, USDA projected a corn harvest of 13.875 billion bushels and an average yield of 166 bushels per acre. Soybean harvest was estimated at 3.845 billion bushels and yields were projected at 48.5 bushels per acre in July. The August forecast is based largely on farmer surveys and satellite imagery, while earlier estimates came from statistical models.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: emma newburger
Keywords: news, cnbc, companies, futures, acre, forecasts, based, biggerthanexpected, corn, yield, fall, harvest, average, usda, crop, billion, bushels, projected


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Cramer on computer traders: ‘Why don’t they go work for NASA’ instead of wrecking markets

CNBC’s Jim Cramer said he was “aghast” at the huge swing between the sharp decline in stock futures Monday evening and the strong Wall Street open Tuesday. The “Mad Money ” host blasted “pajama traders,” the term he coined for those who buy and sell futures contracts, often based on computer algorithms, during market off-hours. Cramer said making investment decisions based on what stock futures are doing outside the regular market session is ill-advised. “It was almost as if it was a huge, huge


CNBC’s Jim Cramer said he was “aghast” at the huge swing between the sharp decline in stock futures Monday evening and the strong Wall Street open Tuesday. The “Mad Money ” host blasted “pajama traders,” the term he coined for those who buy and sell futures contracts, often based on computer algorithms, during market off-hours. Cramer said making investment decisions based on what stock futures are doing outside the regular market session is ill-advised. “It was almost as if it was a huge, huge
Cramer on computer traders: ‘Why don’t they go work for NASA’ instead of wrecking markets Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, wrecking, futures, dont, work, currency, traders, markets, market, points, instead, dow, stock, huge, nasa, cramer, computer


Cramer on computer traders: 'Why don't they go work for NASA' instead of wrecking markets

CNBC’s Jim Cramer said he was “aghast” at the huge swing between the sharp decline in stock futures Monday evening and the strong Wall Street open Tuesday.

The “Mad Money ” host blasted “pajama traders,” the term he coined for those who buy and sell futures contracts, often based on computer algorithms, during market off-hours.

“Why don’t they just go work for NASA?” Cramer asked, rhetorically, suggesting their computer skills would be better used elsewhere. “Why do they have to wreck our markets?”

After the Dow Jones Industrial Average on Monday tanked 767 points, or 2.9%, on concerns about the U.S.-China trade war turning into a currency battle, Dow futures were down more than 600 points after hours. But early Tuesday morning, they turned positive after China allowed its currency to rise, one day after letting it drop to its lowest level in more than a decade.

Cramer said making investment decisions based on what stock futures are doing outside the regular market session is ill-advised. He said, “Don’t buy up openings, period,” adding that “nine times out of 10, it’s been a fool’s game.”

“I’m still aghast at what happened last night,” Cramer added Tuesday on CNBC. “It was almost as if it was a huge, huge seller who was so wrong.”

“These things colored people’s mind when we left here” after Monday’s market close, he said. “It’s a thin market. The algos were going nuts,” he added, referring to algorithmic computer trading that dominates markets.


Company: cnbc, Activity: cnbc, Date: 2019-08-06  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, wrecking, futures, dont, work, currency, traders, markets, market, points, instead, dow, stock, huge, nasa, cramer, computer


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Dow futures fall, implying a 480-point drop on Tuesday as trade war sell-off continues

Stock futures fell on Monday night, adding to Wall Street’s losses from its worst day of 2019 amid intensifying trade-war fears. Dow Jones Industrial Average futures traded 358 points lower, implying a loss of 480.74 points at Tuesday’s open. S&P 500 and Nasdaq 100 futures also indicated sharp losses. The Dow and S&P 500 plunged 2.9% and nearly 3%, respectively, on Monday while the Nasdaq Composite lost 3.5%. The Treasury Department designated China as a currency manipulator on Monday night afte


Stock futures fell on Monday night, adding to Wall Street’s losses from its worst day of 2019 amid intensifying trade-war fears. Dow Jones Industrial Average futures traded 358 points lower, implying a loss of 480.74 points at Tuesday’s open. S&P 500 and Nasdaq 100 futures also indicated sharp losses. The Dow and S&P 500 plunged 2.9% and nearly 3%, respectively, on Monday while the Nasdaq Composite lost 3.5%. The Treasury Department designated China as a currency manipulator on Monday night afte
Dow futures fall, implying a 480-point drop on Tuesday as trade war sell-off continues Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: fred imbert
Keywords: news, cnbc, companies, implying, strategist, continues, trade, fall, stock, futures, tariffs, traders, stocks, 480point, war, selloff, drop, trump, losses, dow, china


Dow futures fall, implying a 480-point drop on Tuesday as trade war sell-off continues

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on January 17, 2018 in New York.

Stock futures fell on Monday night, adding to Wall Street’s losses from its worst day of 2019 amid intensifying trade-war fears.

Dow Jones Industrial Average futures traded 358 points lower, implying a loss of 480.74 points at Tuesday’s open. S&P 500 and Nasdaq 100 futures also indicated sharp losses. If these losses remain, the Dow’s two-day decline would amount to more than 1,300 points.

The Dow and S&P 500 plunged 2.9% and nearly 3%, respectively, on Monday while the Nasdaq Composite lost 3.5%.

“We are seeing another gut check after stocks had the best start to a year since 1997 (through July),” said Keith Lerner, chief market strategist at SunTrust Private Wealth, in a note. “We already thought the environment would become more challenging over the short term heading into the seasonally weaker period of August through October. The latest trade escalation has served to exacerbate this typical weakness.”

Monday’s move lower added to a sell-off that began last week when President Donald Trump announced new tariffs on Chinese goods and the Federal Reserve disappointed traders by not signaling aggressive monetary easing later in 2019.

After the new tariffs were unveiled, China let the yuan break to its lowest level against the dollar in more than 10 years on Monday. China has historically managed its currency.

The Treasury Department designated China as a currency manipulator on Monday night after Trump accused them of being one in a tweet. Trump said in the tweet: “This is a major violation which will greatly weaken China over time.”

He tweeted later in the day that it is “now even more obvious to everyone that Americans are not paying for the Tariffs – they are being paid for compliments of China, and the U.S. is taking in tens of Billions of Dollars.”

China also confirmed earlier reports that it was suspending the purchases of U.S. agricultural products.The U.S.-China trade war has been going on since last year, dimming sentiment and the outlook for corporate profits and economic growth.

“The primary risk to the U.S. economy now is not the accounting effects of tariffs and/or exchange rates, but a decline in economic confidence and a dampening in the animal spirits that have fueled growth over the past several years,” said Willie Delwiche, investment strategist at Baird. “Weakening prospects for the economy add to near-term headwinds for the stock market.”

“This could spell further near-term volatility for stocks. A pullback could provide an important test of the recently improved breadth trends and also help provide a more favorable sentiment backdrop,” said Delwiche.

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Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: fred imbert
Keywords: news, cnbc, companies, implying, strategist, continues, trade, fall, stock, futures, tariffs, traders, stocks, 480point, war, selloff, drop, trump, losses, dow, china


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Oil prices drop as US-China trade war fuels growth concerns

Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers. Brent crude futures fell 73 cents, or 1.2%, to $61.16 a barrel by 0458 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 62 cents, or 1.1%, to $55.04 a barrel. “Crude oil futures experienced significant headwinds as global risk appetites re


Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers. Brent crude futures fell 73 cents, or 1.2%, to $61.16 a barrel by 0458 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 62 cents, or 1.1%, to $55.04 a barrel. “Crude oil futures experienced significant headwinds as global risk appetites re
Oil prices drop as US-China trade war fuels growth concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05
Keywords: news, cnbc, companies, trade, crude, china, drop, oil, growth, uschina, concerns, fuels, futures, fell, yuan, war, prices, week, worlds


Oil prices drop as US-China trade war fuels growth concerns

Rusted out “pump-jacks” in the oil town of Luling, Texas.

Oil prices fell on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers.

Brent crude futures fell 73 cents, or 1.2%, to $61.16 a barrel by 0458 GMT.

U.S. West Texas Intermediate (WTI) crude futures dropped 62 cents, or 1.1%, to $55.04 a barrel.

Both crude benchmarks fell last week, with Brent dropping 2.5% and U.S. crude falling 1%.

Asian equity markets dropped to a six-month low on Monday while gold prices climbed as investors sought safe-haven assets because of the ratcheting up of the trade dispute between China and the United States, the world’s two largest economies.

“Crude oil futures experienced significant headwinds as global risk appetites remain feeble over subdued global growth and a sudden escalation in the Sino-U.S. trade dispute,” said Benjamin Lu, commodities analyst at Singapore-based brokerage Phillip Futures.

Trump last week said he would impose a 10% tariff on $300 billion of Chinese imports starting on Sept. 1 and said he could raise duties further if China’s President Xi Jinping failed to move more quickly towards a trade deal.

The announcement extends U.S. tariffs to nearly all imported Chinese products. China on Friday vowed to fight back against Trump’s decision, a move that ended a month-long trade truce.

On Monday, China let the yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade, in a sign Beijing may tolerate further currency weakness because of the trade dispute.

The 1.4% drop in the yuan came after the People’s Bank of China (PBOC) set the daily mid-point of the currency’s trading band at its weakest level since December 2018.

A lower yuan would raise the cost of China’s dollar-denominated oil imports. It is the world’s biggest crude oil importer.

Signs of rising oil exports from the United States also pressured prices on Monday. U.S. shipments surged by 260,000 barrels per day (bpd) in June to a monthly record of 3.16 million bpd, U.S. Census Bureau showed on Friday.

The trade war and rising supply should accelerate the trend of speculators reducing their bullish positions in the WTI futures markets.

Speculators cut bullish wagers on U.S. crude in the week to July 30 while bearish wagers rose to their highest since February, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

However, speculators increased their bullish positions in Brent futures.

Also in the U.S., the weekly oil rig count, an indicator of future production, fell for a fifth week in a row as most independent producers cut spending even though majors were still pushing ahead with investments in new drilling.

Iran’s seizure of an Iraqi oil tanker raised some concerns about potential Middle East supply disruptions in the Gulf. Iran’s state media reported on Sunday the Iranian Revolutionary Guards seized the ship for smuggling fuel.


Company: cnbc, Activity: cnbc, Date: 2019-08-05
Keywords: news, cnbc, companies, trade, crude, china, drop, oil, growth, uschina, concerns, fuels, futures, fell, yuan, war, prices, week, worlds


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