Markets

US crude oil exports hit a record high last week, as the West scrambles to find alternatives to Russian supplies. Exports totaled 4.55 million barrels a day, up 21% from the prior week, according to the Energy Information Administration. The combined exports of crude and oil products also rose to a new all-time high, surging… Continue reading US crude-oil exports hit a record high last week as the West scrambles to fill the hole in Russian supply

Brian Evans oris Johnson, Prime Minister of the United Kingdom, (front l-r) Joe Biden, President of the United States, and German Chancellor Olaf Scholz (SPD) , behind (l-r) Fumio Kishida, Prime Minister of Japan, Ursula von der Leyen, President of the European Commission (EU), Charles Michel, President of the European Council, Mario Draghi, Prime Minister… Continue reading The G7 is looking to cap Russian oil prices by December as China and India show interest in minimizing import costs, report says

Germany’s cabinet backed a plan on Wednesday for a $180 billion fund to bolster energy efficiency.  The funding comes as Germany and other EU countries look to cut their reliance on Russian energy.  Funding will go in part toward energy-efficiency renovations for existing buildings, but EV subsidies will end.  Loading Something is loading. Germany’s cabinet… Continue reading Germany just approved a $180 billion fund designed to reduce the nation’s reliance on Russian energy supply

The S&P 500 has picked up more than 3% since the Fed’s June meeting, at which it raised rates by 75 basis points.  But the broad-market index could see a muted gain, if any, after Wednesday’s Fed meeting, said Bespoke Investment Group.  Investors widely expect the Fed to hike rates by another 75 basis points. … Continue reading Stocks have rallied on rate hikes in 2022, but history suggests another reactionary spike is unlikely, says investment firm

US stocks ended lower Tuesday as Walmart’s earnings warning added to growing alarms about the economy. The world’s largest retailer cut its profit forecast, citing high inflation and changing consumer habits. Oil prices reversed lower as recession fears weighed on prospects for demand. Loading Something is loading. US stocks closed lower Tuesday, extending losses from… Continue reading US stocks tumble as earnings add to worries about the economy ahead of more Fed rate hikes

Lumber prices fell 7% on Tuesday as new home sales registered an 8% decline in June, hitting its lowest level in two years.Lumber prices have fallen 28% from their July high as the housing market continues to slow due to higher mortgage rates.”We think there is more downside to go in housing,” LPL’s chief economist… Continue reading Lumber prices fall 7% as new-home sales plunge to a 2-year low – and one economist sees further downside ahead

The recent uptick in stocks is just a bear-market rally and unsustainable, a Morgan Stanley exec said. The outlook for equities is still damp, given that many investors and banks think a recession is inevitable. A previous Morgan Stanley note forecasted a 20% S&P 500 sell-off amid serious worries about the market’s future. Loading Something… Continue reading The recent stock-market recovery is likely just a bear market rally, and ‘significant risks’ lie ahead says Morgan Stanley exec

Russia’s natural gas cuts to Europe are ramping up competition for LNG supplies in other parts of the world. Japan and South Korea are moving up LNG purchases on fears that Europe will also hoard supplies, traders told Bloomberg. Buyers in other countries, including India and Thailand, are also trying to obtain supplies to avoid… Continue reading Russia’s natural gas cuts have sparked LNG hoarding that could drive up prices further and worsen shortages