Oil climbs as Saudis, Russians agree on continued production cuts
It still has to be ratified by the end of May meeting of all OPEC members, but it looks like Saudi Arabia and Russia have agree to extend current production cuts past their June expiration. U.S. benchmark West Texas Intermediate moved up 2.01% to $48.80 a barrel. The positive surprise in this news, as far as oil markets are concerned, is that the two want to extend the agreement not for another six months but through the first quarter of 2018.
Notes You Need for May 15: Rig count, Warren Buffett portfolio, Japan,China Treasury holdings
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Trick or Trend: China’s in a near correction but emerging markets are soaring
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Saturday Night Quarterback says, For the week ahead expect…
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Cheniere Energy pops on possibility of increased China exports
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CPI inflation rebounds from March dip
The headline Consumer Price Index measure of inflation rose 0.2% in April, according to the Bureau of Labor Statistics. That matches projections of a 0.2% increase from economists surveyed by Briefing.com. Core inflation, that is excluding volatile food and energy prices rose by 0.1%. Economists had expected an increase of 0.2%.
Was market action today, May 11, reassuring or scary?
This, Thursday, May 11, was one of those “half full” or “half empty” days. U.S. indexes finished the day largely unchanged. The Standard & Poor’s 500 index was off 0.22% to 2394.44. The NASDAQ Composite slid the same 0.22%. And the Russell 2000 small company index was off 0.66%. That the indexes finished the day roughly unchanged would have been a huge surprise to anyone who had only checked in during the morning hours.
New tax proposal knocks back shares of Australian banks including my Dividend Portfolio pick Westpac Banking
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Freeport McMoRan and Indonesia agree to extend agreement deadline for another 6 months
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Oil pushes higher on inventory report and global markets (except for China) follow
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Fed has June 14 interest rate increase in its crosshairs
The Federal Reserve is certainly behaving like it will raise interest rates another 25 basis points at the June 14 meeting of the Open Market Committee. The U.S. central bank raised its target for the Fed funds rate to 0.75%-1% at its March meeting.
The CME Fed Watch calculations show the Fed funds futures market has priced in an 83% chance of an interest rate increase in June.
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