Goldman slashes year-end target for the S&P 500 by about 16% to 3,600 points
(Bloomberg) -- Oil benchmarks tumbled to their lowest in more than six months as demand concerns emanating from China prompted a wave of selling that turned into a frenzy as prices breached technical warning levels.
Apple’s iPhone 14 Offers Camera Upgrades, Satellite Feature
Texas Judge Says HIV Drug Mandate Violates Religious Freedom
Russia Privately Warns of Deep and Prolonged Economic Damage
A Text Alert May Have Saved California From Power Blackouts
Stocks Roar Back as Treasuries Halt Bearish Frenzy: Markets Wrap
West Texas Intermediate extended losses to settle below $82 a barrel while Brent closed at $88, their lowest since January. A dollar gauge reached an all-time high on Wednesday, offering a macro headwind to commodities at a time when the oil market is grappling with potential slowing demand in China.
Traders lamented the market picture was darkening as oil formed what’s referred to as a “death cross” - a bearish technical signal where WTI’s 50-day moving average falls below its 200-day MA- for the first time since 2020.
“Elevated volatility is the story here,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “There is no way to have conviction and want to place bets when the market trades in huge ranges with limited liquidity. The risk reward is just not there.”
Crude has made a soft start to September, extending a run of three monthly losses that’s the longest streak in more than two years. With central banks jacking up rates to quell inflation, investors are concerned economies may tip into recession and slow crude demand. In China, one of the world’s largest oil consumers, virus curbs are damping demand, with centers from Chengdu to Shenzhen extending lockdowns or adopting movement controls.
As oil sheds all of the gains accrued since the invasion of Ukraine and heads back to levels seen at the start of the year, traders are evaluating if prices could fall much further. Despite the uncertainty in Chinese demand, another main oil buyer, the US, remains strong.
“WTI crude should hold $80 given how strong the US economy remains and now that most of the demand shock from China’s deteriorating COVID situation has been priced in,” said Ed Moya, senior market analyst at Oanda.
Meanwhile, the US administration is attempting to build a coalition on a proposed oil price cap on Russian crude in order to limit Moscow’s ability to fund its war in Ukraine. Market participants see the move as largely symbolic as Russia has been capable of working around G-7 restrictions.
Prices erased a one-day rally on Monday driven by a decision from the Organization of Petroleum Exporting Countries and its allies on Monday to pare output. Reflecting the market softness, Saudi Arabia reduced prices for customers in Asia and Europe for next month’s shipments.
Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Sign up here.
This week’s MLIV Pulse survey focuses on energy. It’s brief and confidential. Please click here if you would like to share your views.
Most Read from Bloomberg Businessweek
The Republicans Have a Peter Thiel Problem
What a Rocket Startup That Helped Create the ‘New Space’ Wave Leaves Behind
Women Who Stay Single and Don’t Have Kids Are Getting Richer
Startup Wants to Chart Path to More Equitable Urban Development
Russia’s Conspiracy-Theory Factory Is Swaying a Brand-New Audience
Credit Suisse is sounding out investors for fresh cash, two people familiar with the matter said, approaching them for the fourth time in around seven years as it attempts a radical overhaul of its investment bank. Various scenarios are under discussion for the investment bank, including the most drastic option of largely exiting the U.S. market, two sources said. Credit Suisse shares fell by as much as 8.3% in early trade on Friday, hitting their lowest level on record.
The head of Airbus Helicopters has urged Europe to back its domestic defence industry when launching major new military programmes, as a row simmers over U.S. arms imports. The comments come weeks after six European NATO nations embarked on efforts to define future transport needs under the alliance's Next Generation Rotorcraft Capability (NGRC) project. They also coincide with a standoff over Berlin's reluctance to buy into an upgrade of Airbus's Tiger attack helicopter over operational problems and a row with Norway over its decision to axe its fleet of NH-90 military helicopters.
George Courey Inc., a 112-year-old business, owned by the same family for four generations, has undergone a successful transition from the third to the fourth generation. Taking a century-old business into the future requires a business acumen and maturity of leadership which Jeffrey Courey and Robert Courey bring to the table.
(Reuters) -U.S. chip designer Qualcomm Inc on Thursday said its automotive business "pipeline" increased to $30 billion, up more than $10 billion since its third quarter results were announced in late July. The jump in future business was thanks to its Snapdragon Digital Chassis product used by car makers and their suppliers, Qualcomm said at its Automotive Investor Day. The Snapdragon Digital Chassis can provide assisted and autonomous driving technology, as well as in-car infotainment and cloud connectivity.
The repayment timelines range from three to 48 months and the interest rate for simple interest-bearing loans generally starts from 10 per cent and goes up to 30 per cent.
LONDON (AP) — The U.K. government confirmed Thursday that it's lifting a ban on fracking in England, arguing that the move will help boost the country's energy security amid Russia's war in Ukraine. Prime Minister Liz Truss announced within days of taking office earlier this month that she would reverse a 2019 ban on hydraulic fracturing, a controversial technique used to extract oil and gas from shale rock. Britain needs to “explore all avenues available to us through solar, wind, oil and gas p
ENCOR Advisors ("ENCOR") is thrilled to announce the appointment of Jared Collis and Jed Hershberg. As market-makers, Jared and Jed have been appointed as Senior Vice Presidents and are the latest additions to the ENCOR Partnership. Both have a wealth of experience in brokerage with a specialty in the technology sector, further strengthening ENCOR's growing presence across Canada.
French industrial group Schneider Electric on Wednesday said it would proceed with a full takeover of the British software company, offering 31 pounds per share. The statement resonates with another investor in Aveva, M&G Investments.
U.S. business activity contracted for a third straight month in September, though the pace of decline slowed while improving global supply chains eased inflation pressures for companies. S&P Global said on Friday its flash U.S. Composite PMI Output Index, which tracks the manufacturing and services sectors, rose to 49.3 this month from a final reading of 44.6 in August. Discounting the slump during the first wave of the COVID-19 pandemic in the spring of 2020, business output in the third quarter was the weakest since the 2007-2009 global financial crisis.
Equity markets are still licking their wounds, U.S. bond yields are at 11-year highs and the dollar is hovering near a two-decade peak. Still, investors have probably had enough this week, with the Fed raising rates by 75 basis points as expected but jolting markets with a sobering outlook. And the Bank of Japan took "decisive" action, making its first intervention in the foreign exchange market since 1998 to prop up the battered yen.
DUBAI, United Arab Emirates (AP) — Iranians experienced a near-total internet blackout on Wednesday amid days of mass protests against the government over the death of a woman held by the country's morality police for allegedly violating its strictly-enforced dress code. An Iranian official had earlier hinted that such measures might be taken out of security concerns. The loss of connectivity will make it more difficult for people to organize protests and share information about the government's
Brookfield Asset Management (TSX:BAM.A) has fallen 20% this year. Is now the time to pick up this top Canadian stock? The post Brookfield Asset Management (TSX:BAM.A) Stock Is Down 20%: Time to Buy? appeared first on The Motley Fool Canada.
That seems to be message from the Fed as it gave sobering projections and set the ground for its policy rate to rise at a faster pace and to a higher level than expected. BlackRock, the world's biggest asset manager, expects the Fed to raise rates few more times, with data determining the "veracity" of that and how much longer they will have to go. Rick Rieder, who heads BlackRock's global allocation investment team says that due to slower economic growth, the question now is when the economy will become "Fed Up," with rising rates and tighter liquidity and begin adjusting demand relative to these much tighter monetary conditions.
Xplore Inc., Canada's fibre and 5G broadband company for rural living, announced today that more than 21,000 homes and businesses across 124 rural communities in New Brunswick can now connect to download speeds up to 100 Mbps and upload speeds up to 10 Mbps - double the download speed previously available from Xplore in these areas.
CAGUAS, Puerto Rico (AP) — More than a half million people in Puerto Rico remained without water service three days after Hurricane Fiona slammed into the U.S. territory, and many spent hours in lines Wednesday to fill jugs from water trucks while others scooped water from mountain runoff. Sweat rolled down the faces of people in a long line of cars in the northern mountain town of Caguas, where the government had sent a water truck, one of at least 18 so-called “oases” set up across the island.
Newtopia Inc. ("Newtopia" or the "Company") (TSXV: NEWU) (OTCQB: NEWUF), a tech-enabled whole health platform creating sustainable habits that prevent, slow, and reverse chronic disease, today announced that on September 14, 2022, at the Company's annual and special meeting of shareholders (the "Meeting"), that its shareholders voted in favour of all matters put to shareholders.
The euro zone is facing an economic downturn but inflation is still far too high, so interest rates need to keep going up, European Central Bank board member Isabel Schnabel said. "A looming downturn would have a dampening effect on inflation," Schnabel told German news website t-online in an interview. "However, the starting point of interest rates is very low, so it is clear that we need to continue raising rates."
The Equiton Residential Income Fund Trust (The Apartment Fund) is pleased to announce the acquisition of a recently built, multi-family residential property in Sherwood Park, Alberta. The purchase price for the property was $27.75 million.
The Breakthrough Prize Foundation and its founding sponsors – Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki – today announced the 2023 Breakthrough Prize laureates, recognized for their game-changing discoveries in Fundamental Physics, Life Sciences and Mathematics, along with early-career scientists who have made significant contributions to their fields.
KYIV, Ukraine (AP) — Russian President Vladimir Putin ordered a partial mobilization of reservists Wednesday to bolster his forces in Ukraine, a deeply unpopular move that sparked rare protests across the country and led to almost 1,200 arrests. The risky order follows humiliating setbacks for Putin’s troops nearly seven months after they invaded Ukraine. The first such call-up in Russia since World War II heightened tensions with Ukraine’s Western backers, who derided it as an act of weakness a