Market

Weak U.S. productivity likely to remain a drag on profits

U.S. nonfarm productivity fell less sharply than initially thought in the first quarter and labor-related costs surged for a second straight quarter as companies hired more workers to raise output, suggesting profits could remain under pressure. The Labor Department said on Tuesday productivity, which measures hourly output per worker, contracted at an annualized rate of 0.6 percent, instead of the ... Read More »

Oil hits eight-month highs on U.S. inventory draw, China imports

Oil prices rose for a third day to their highest in about eight months on Wednesday, helped by industry data showing a larger-than-expected drawdown in U.S. crude inventories, worries about attacks on Nigeria’s oil industry and strong Chinese demand. London Brent crude for August delivery was up 9 cents at $51.53 a barrel by 0451 GMT, after settling up 89 ... Read More »

Asian shares return to gains as markets digest China trade data

Asian shares edged up on Wednesday, as markets digested Chinese trade data against the backdrop of a brightening energy sector outlook and an expected delay in interest rate hikes by the U.S. Federal Reserve. European markets though were poised for a subdued start, with financial spreadbetters expecting Britain’s FTSE 100 and France’s CAC to open down 0.2 percent, and Germany’s ... Read More »

Rosengren flags jobs report, yet says Fed rate hikes coming

The U.S. economy’s rebound from a weak winter has moved the Federal Reserve closer to raising rates, though last month’s poor employment report might give it pause, a top Fed official said on Monday. Boston Fed President Eric Rosengren, speaking in Finland, gave the latest hint that while the U.S. central bank remains on track to continue tightening policy it ... Read More »

Oil near six-month high as outages support

Oil traded at around $49 a barrel on Tuesday within sight of a six-month high, supported by supply outages in Nigeria, Canada and other producers that are eroding a persistent glut. Prices eased from the highs after Libyan factions agreed in principle to have one oil organization, potentially bringing higher output a step closer. Also, traders were eyeing the restart ... Read More »

Oil rally suggests supply worries wane, but for how long?

A rally in U.S. crude oil prices recently has put the market on its firmest footing since the rout started in 2014, with the spread between prices for near-term delivery and future delivery narrowing, suggesting the worst of the supply glut may be over. Oil prices in global markets have been lifted in the past week by news of falling ... Read More »

Wall Street slips as solid data raises prospect of rate hike

Wall Street opened lower on Tuesday as data showed U.S. consumer prices recorded their biggest increase in more than three years in April, raising the chances of an interest rate hike this year. The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. That took ... Read More »

U.S. consumer prices post largest gain in three years; housing starts up

U.S. consumer prices recorded their biggest increase in more than three years in April as gasoline and rents rose, pointing to a steady inflation build-up that could give the Federal Reserve ammunition to raise interest rates later this year. Other data on Tuesday showed housing starts rose more than expected last month, with builders ramping up the construction of single ... Read More »

Disney reports rare earnings miss, shares sink

Walt Disney Co, an investor favorite for consistently beating Wall Street earnings targets, reported a rare miss on Tuesday as advertising and subscriptions declined at sports channel ESPN and theme park revenue came in weaker than expected. The home of Mickey Mouse got a boost from animated hit film “Zootopia” but it announced an exit from the console video game ... Read More »

Oil dips on Canada output prospects, record U.S. stocks

Crude prices fell on Wednesday as oil sands production in Canada restarted after forced closures due to wildfires, and as already record-high inventories especially in the United States grew. International Brent crude oil futures LCOc1 were down 28 cents at $45.24 per barrel at 0909 GMT. U.S. West Texas Intermediate (WTI) futures CLc1 were down 44 cents at $44.22 a ... Read More »