Markets

Russia’s exports of crude oil have now surpassed the volumes hit before its invasion of Ukraine. China and India account for roughly 90% of Russia’s seaborne crude exports, Kpler data shows. With Europe largely out of the picture, the two countries are each buying 1.5 million barrels a day from Russia. Loading Something is loading.… Continue reading China and India are buying so much Russian oil that Moscow’s now selling more crude than it was before invading Ukraine

Morgan Stanley’s Mike Wilson backed his forecast for an earnings recession amid banking sector concerns. The equity strategist sees the S&P 500 falling more than 20% before parring losses by year-end.  JPMorgan, Citigroup, and Wells Fargo are kicking off earnings on Friday. Loading Something is loading. Thanks for signing up! Access your favorite topics in… Continue reading Morgan Stanley’s US stock chief sees more than 20% downside coming for the S&P 500 and warns of an earnings recession on banking sector turmoil

Jennifer Sor Brendan McDermid/Reuters US stocks jumped on Thursday on more signs of falling inflation and a cooling labor market. Investors cheered data that showed a big drop in the Producer Price Index in March.  All three major indexes ended higher, with the S&P 500 notching its best day since February. Loading Something is loading.… Continue reading Dow soars 383 points as US stocks jump on more signs inflation is falling

Twitter has partnered with brokerage firm eToro to give users more financial data. If they choose to trade, they can also access eToro’s site through the social-media app. The collaboration is a step toward Musk’s plans to create an “everything app.”  Loading Something is loading. Thanks for signing up! Access your favorite topics in a… Continue reading Elon Musk edges closer to his ‘everything app’ dream as Twitter enables trading via eToro

Exxon Mobil CEO’s total compensation increased 52% last year to $35.9 million. The company notched record profits on an oil boom amid Russia’s invasion of Ukraine. Executive-level pay increased along with Exxon’s share price, which surged nearly 80% in 2022. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized… Continue reading Surging oil prices amid war in Ukraine helped push Exxon CEO’s pay up more than 50% in 2022

Global oil markets could see a supply deficit of 2 million barrels a day in the fourth quarter. That’s after OPEC and Russia announced steep cuts to crude production. Meanwhile, oil demand is expected to hit a fresh record high later this year. Loading Something is loading. Thanks for signing up! Access your favorite topics… Continue reading Oil markets could see a supply shock of 2 million barrels a day this year as OPEC and Russia slash production

Morgan Chittum Spencer Platt/Getty Images US stocks erased earlier gains to close lowers despite cooler-than-expected March inflation data.  The consumer price index increased 0.1% last month compared to estimates of 0.2%.  The Fed expects the economy to slip into a recession later this year, meeting minutes show.  Loading Something is loading. Thanks for signing up!… Continue reading US stocks fall as inflation drops in March but traders mull fresh recession concerns

FTX may reopen its crypto exchange operations, reports said, citing the legal team overseeing the company.  “The situation has stabilized, and the dumpster fire is out,” an FTX lawyer reportedly said at a hearing.  FTX’s token more than doubled in price on the reports, which also included an update on asset recovery.  Loading Something is… Continue reading FTX has recovered $7.3 billion, and the failed exchange could relaunch, lawyers say