Markets

US stocks pared losses to end mixed on Thursday after Fed officials cooled some rate hike concerns.  The Fed’s Christopher Waller and Jame Bullard backed a 75-basis-point hike, in line with June’s increase.  Earlier in the day, Fed funds futures were showing traders pricing in an 83% chance of a 100-basis-point rise this month.  Loading… Continue reading US stocks mixed as Fed officials cool jumbo rate hike fears and investors mull big bank earnings

Russian officials and oil producers are in discussion to create a global benchmark for Russian crude. The initiative been sped along by talk of a price cap on Russian oil, a source told Bloomberg. The country is seeking to sell oil without restrictions, hoping to evade western sanctions. Loading Something is loading. Russia plans to… Continue reading Russia plans to launch a national oil trading platform to foil Western energy measures, report says

Marijuana stocks soared after Bloomberg reported that said Senate Democrats will introduce a federal decriminalization bill next week.  Shares of Tilray jumped as much as 20%, while Aurora Cannabis spiked 10%, and Canopy Growth climbed 7%. The Cannabis Administration and Opportunity Act would remove marijuana from the Controlled Substances Act. Loading Something is loading. Marijuana… Continue reading Cannabis stocks spike on report that Senate Democrats are planning to introduce a bill for federal decriminalization

An oil tanker carrying 700,000 barrels of Russian oil reached Cuba on Thursday, Reuters first reported.  The ship’s cargo is worth roughly $70 million at the current market price.  Moscow has aggressively sought alternative buyers for oil as Western sanctions mount.  Loading Something is loading. A tanker carrying 700,000 barrels of Russian oil arrived in… Continue reading Russian oil arrives in Cuba as Moscow finds alternative buyers for its shunned supplies

Traders’ bets for a 100-basis-point rate hike this month saw big swings on Thursday, according to CME data.  The FedWatch tool, which is based on Fed Fund futures contract prices, saw the odds soar to 83% then dive to 45% in a few hours. A 1-percentage-point hike would be the largest since Paul Volcker was… Continue reading Soaring inflation has traders betting on the first 100-basis-point rate hike in decades

Stocks closed lower following the June inflation report, which came in hotter than expected.  Core CPI, which excludes food and energy prices, came in at 5.9%, above the expected 5.7%. The IMF said it will lower its global growth forecast for this month as global risks rise.  Loading Something is loading. US stocks fell on… Continue reading US stocks fall as hot inflation report raises odds of steeper rate hikes while Fed survey highlights growing recession fears

Jennifer Sor AN FRANCISCO – MAY 5: Gas prices are displayed at a Shell station May 5, 2008 in San Francisco, California. U.S. gas prices have shot up nearly fifteen cents in the past two weeks, bringing the national average price for a gallon of regular unleaded gasoline to $3.62. Gasoline prices have surged 55… Continue reading Oil prices could surge above $150 if Russian supplies can’t be replaced, says Truist analyst

Germany could embrace wood for heat if Russia further cuts gas flows, Deutsche Bank says.  The bank said in a note that it expects German demand for gas to fall 10% below 2021 levels.  “There are lots of elements of uncertainty,” the note said.  Loading Something is loading. German households could turn to wood as… Continue reading Germans could switch to wood this winter to heat their homes as Russia withholds natural gas, Deutsche Bank says