Oil prices soar ahead of OPEC+ meeting to discuss austerity measures

SINGAPORE, Oct. 4 (Reuters) – Oil prices rose Tuesday as expectations that OPEC+ could agree to a major cut in crude production on Wednesday outweighed concerns about the global economy. Brent crude futures were up 47 cents, or 0.5%, to $89.33 a barrel at 0352 GMT, after gaining more than 4% in the previous session. … Read more

US production almost to end in September as new order contract

Manufacturing PMI Down 1.9 Points to 50.9 in September New assignments, terms of employment contract Price pressure at factories, supply bottlenecks are decreasing WASHINGTON, Oct. 3 (Reuters) – U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September, as new orders dwindled amid aggressive Federal Reserve rate hikes to cool demand … Read more

Credit Suisse and Citi lower year-end 2022 target for S&P 500

Oct. 3 (Reuters) – Credit Suisse and Citigroup became the last brokers to cut their year-end 2022 targets for the S&P 500 index (.SPX) as U.S. stock markets endure the heat of aggressive actions from the U.S. central bank to reduce inflation. Credit Suisse on Monday cut its benchmark index target by about 10% to … Read more

Truss forced into U-turn on tax after week of market turmoil

Truss had championed policy, markets worried about costs Kwarteng now says it was a distraction U-turn made with ‘humility and repentance’ – Kwarteng Reducing the top tax rate was a small part of the overall plan Lawmakers are alarmed by the government’s verdict BIRMINGHAM, England, Oct. 3 (Reuters) – British Prime Minister Liz Truss was … Read more

Turkey inflation hits new 24-year high of 83% after rate cuts

ISTANBUL, Oct. 3 (Reuters) – Turkish annual inflation climbed to a new 24-year high of 83.45% in September, lower than expected according to official data on Monday, after the central bank surprised markets with interest rates in recent years. two months to lower. Inflation has risen since the fall of last year, when the lira … Read more

Bank of Japan discussed inflation risks in subtle shift in governance debate

Price Rises Likely to Continue for Many Goods – BOJ Summary One member expressed concern about the functioning of the bond market BOJ must communicate exit strategy at some point – summary BOJ kept monetary policy ultra-easy at September meeting TOKYO, Oct. 3 (Reuters) – With rising price increases in Japan, some central bank policymakers … Read more

Sterling bounces back from proposed tax cut, yen weakens

SINGAPORE, Oct. 3 (Reuters) – The pound sterling climbed higher on Monday after British Chancellor of the Exchequer Kwasi Kwarteng said the government would roll back a plan to scrap the UK’s top income tax rate as the yen weakened past key levels of 145 a dollar. The pound hit a week-long high of $1,128 … Read more

GLOBAL ECONOMY Asian factory activity weakens due to global slowdown, cost pressure

Japan Aug PMI Marks Weakest Growth Since January Last Year Manufacturing activity shrinks in Taiwan, Malaysia China slowing, US demand weighs on Asian economies TOKYO, Oct. 3 (Reuters) – Asian factory output largely weakened in September as slowing demand in China and advanced economies exacerbated the pain of ongoing cost pressures, surveys found on Monday, … Read more

Analysis: Underwater: how the Bank of England threw the markets a lifeline

Bank of England bought bonds after pension fund pleas Some UK pension funds faced problematic margin calls BoE support is seen as a window to build collateral UK government’s unfunded tax plan shocked markets LONDON/NEW YORK, Oct. 2 (Reuters) – Phone calls to the Bank of England began on Monday that some UK pension funds … Read more

Wall Street nears third quarter loss in a row

S&P 500 for worst September, longest streak of quarterly declines since the Great Recession Nike collapses after margin warning Indices down: Dow 0.73%, S&P 0.40%, Nasdaq 0.18% NEW YORK, Sept. 30 (Reuters) – Wall Street reeled from the end of the S&P 500’s steepest drop in September since the global financial crisis on Friday, closing … Read more