Powell Signals Downshift Likely Next Month, More Hikes to Come

Jerome Powell, chairman of the US Federal Reserve, speaks during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, Nov. 2, 2022. Federal Reserve officials delivered their fourth straight 75 basis-point interest rate increase while also signaling their aggressive campaign to curb inflation could be approaching its … Read more

Oil Extends Losses With Demand Fears Overshadowing Tight Supply

West Texas Intermediate futures dropped toward $85 a barrel after closing 3.5% lower in the previous session. OPEC cut its forecasts for global demand in the fourth quarter again, while US companies fracked fewer wells than they drilled for the first time in two years, indicating a possible slowdown in production.

Pound to Lead UK Market Suffering as BOE Flags Long Recession

The weak pound helped the FTSE 100 stock index, stacked with global exporters, to rally more than 4% this week. Still, the more domestically-focused FTSE 250 has consistently underperformed its large cap peer this year. According to Goldman Sachs Group Inc. strategists, it’s trading at the largest P/E discount against the MSCI World index since … Read more

West Texas Natural Gas Prices Go Negative for First Time in Two Years

Meanwhile, US benchmark natural gas futures surged Tuesday amid speculation that a recent selloff has run its course. Contracts for the heating and power-generation fuel delivered at the Henry Hub in Louisiana, which is not directly affected by pipeline constraints in Texas, have fallen for nine straight weeks, the longest losing streak in three decades. … Read more

Oil Recovers After US Supply Report Hints at Bullish Drivers

“It’s a super bearish headline, but if you look at the underlying data, it tells a different story,” said Matt Sallee, portfolio manager at Tortoise when referring to this week’s Energy Information Administration report. “The combination of a big distillate draw, another big SPR draw and then a reversal in the exports — I think … Read more

Gold Falls After Two-Day Surge With Fed Rate Stance in Focus

“Gold’s bottom is in place now that the US is showing clear signs the labor market is softening,” Ed Moya, senior market analyst at Oanda, said in a note. As long as the US nonfarm payrolls do not see an “extraordinary strong print”, gold should remain supported and may test the $1,750 an ounce, he … Read more