Markets

Energy providers Centrica and Shell both just booked record profits as fuel costs rise. Europe is experiencing a gas crisis, with one key benchmark doubling in two months. British households’ energy bills could have tripled by the end of the year, according to the consultancy firm BFY. Loading Something is loading. Soaring gas prices are… Continue reading European energy companies are raking in record profits – as sky-high bills squeeze their customers’ wallets

In 2022, the dollar has jumped more than 10% against other major currencies, strengthening to levels not seen since 2002. But a shift by the Fed away from its aggressive rate-hike campaign would send the dollar lower, economist Barry Eichengreen said. The idea that inflation will remain in the high single digits and the Fed… Continue reading The dollar could crash from 20-year highs if the Fed pauses rate hikes in a weak economy, says top economist

The oil market has yet to price in a worldwide recession taking hold, JPMorgan said this week.  But the risk of a recession is rising, it said in a week that saw a contraction in second-quarter US GDP.  Oil prices tend to drop 30% to 40% in all recessions, the bank said.  Loading Something is… Continue reading Oil markets haven’t yet priced in the rising risk of recession, which could lead to major declines if one transpires, JPMorgan says

Wall Street is underestimating further Federal Reserve rate hikes, according to Bill Dudley.  The former New York Fed chief told Bloomberg TV that he thinks the terminal rate is about 4%.  If stocks rally another 5% to 10%, “I would view that as sort of undermining what the Federal Reserve is trying to accomplish,” he… Continue reading Stock market upside is ‘very much capped’ as the Federal Reserve looks to raise rates more than expected, says former New York Fed president

The amount of Russian oil involved in “dark” ship-to-ship transfers has surged, according to Vortexa. Russian ships are increasingly turning off their trackers and offloading their crude onto China-bound vessels, it said. Sanctions on Russia over the Ukraine war have led to higher levels of secrecy in global oil markets, analysts say.  Loading Something is… Continue reading Russia’s oil exports to China via ‘dark’ ship-to-ship transfers have surged as trading secrecy grows

US stocks finished Friday’s session higher as investors cheered quarterly results from Apple and Amazon.  Major indexes in July notched their best monthly gains since late 2020.  The closely watched PCE inflation gauge rose by a more-than-expected rate of 0.6%.  Loading Something is loading. US stocks closed higher Friday, with earnings beats by Amazon and… Continue reading US stocks cap best month since 2020 as Amazon and Apple soar on earnings

Chinese stocks moved lower on Friday after the SEC flagged Alibaba for a potential delisting.Chinese companies listed on US exchanges have until 2024 to comply with a new law that requires them to be audited by US-based accountants.”If we’re in the same place two years from now,” many companies “would be suspended,” SEC Chairman Gary… Continue reading Alibaba tanks 10% and drives Chinese stocks lower after SEC says e-commerce giant faces potential delisting

Ark Invest’s flagship fund has failed to keep up with the broader stock market’s rally this week.Earnings implosions from some of Ark’s top holdings like Roku and Teladoc added to the pain.Despite the sharp underperformance, Ark’s flagship fund has attracted nearly $2 billion in fund inflows year-to-date. Loading Something is loading. Ark Invest’s flagship fund… Continue reading Ark Invest’s flagship fund falters amid broader tech rally after earnings implosion from top holdings Roku and Teladoc