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21/10/2022

Shares in Renault SA (EPA:RENA) fell in early European dealmaking on Friday after the French automaker said that supply constraints weighed on the number of cars sold by the French automaker in the third quarter.

Sales volumes slipped by 2.4% year-on-year to 481,000. The maker of brands like Dacia and Alpine flagged that it is still facing disruptions to the supply of key semiconductors, which have ebbed recently due to ongoing COVID-19 restrictions in some areas of China, a major chip producer.

But this decline was partly offset by an uptick in the price tag of Renault's vehicles, which the firm said was necessary in response to cost and currency inflation. Group revenue grew by 20.5% to €9.8B.

18/10/2022

Oil prices were muted on Tuesday as markets weighed signs of tightening crude supply against increasing fears that a global economic slowdown will erode crude demand this year.

Crude markets marked a slow start to the week, retaining most of last week’s losses amid growing signs that the United States will enter a recession within the next 12 months, according to Bloomberg economists.

The dismal forecast comes amid rising inflation in the country, with steep interest rate hikes by the Federal Reserve having done little so far to soothe price pressures.

14/10/2022

Oil prices rose slightly on Friday but were set to end the week lower as a spike in Chinese COVID cases drove concerns over slowing demand, while the U.S. logged a bigger-than-expected build in crude inventories.

Crude prices bounced unexpectedly on Thursday despite data showing a bigger-than-expected rise in U.S. inflation, as markets bet that price pressures in the country had peaked this year.

But the outlook for crude remains constrained, especially with the threat of new COVID lockdowns in major importer China, which could severely crimp demand. Shanghai, the country’s financial capital, has already introduced some restrictions.

08/10/2022

A U.S. judge could rule soon on a final auction schedule that could force a breakup of Venezuela-owned Citgo Petroleum, the seventh-largest U.S. oil refiner by capacity, according to court filings.

U.S. District Judge Leonard P. Stark last year approved the sale of shares in Citgo's parent to pay Canadian miner Crystallex $970 million owed from an expropriation judgment for its assets in Venezuela. Citgo is the crown jewel of Venezuela's overseas assets.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has blocked thus far any transfer of ownership or control in Venezuelan assets in the United States and it is unclear whether an auction would go ahead with its acceptance.

30/09/2022

Eurozone inflation touched a fresh record high in September, according to Eurostat data.

The preliminary year-on-year reading of the currency bloc's consumer price index for the month came in at 10%, up from 9.1% in August and above economists' estimates of 9.7%.

27/09/2022

China's central bank stepped up cash injection towards the quarter-end by making the biggest daily offering in seven months on Tuesday.

The People's Bank of China (PBOC) injected a total of 175 billion yuan ($24.46 billion) via open market operations, including 113 billion yuan through 7-day reverse repos and another 62 billion yuan through the 14-day tenor, it said in a statement.

23/09/2022

Stocks wobbled on Thursday as investors tried to soak in the Federal Reserve's forecasts for the direction of interest rates.

The Fed sees the benchmark rate moving above 4.5% next year and staying higher for longer than investors thought. It is aiming to tame inflation, also forecasting a rise in unemployment next year, something that is stoking recession fears.

Big companies such as FedEx have forecasted costs to rise as business slows down. Walmart Inc (NYSE:WMT), the biggest U.S. retailer, isn't going to hire as many seasonal workers this year compared with last year, when it was scrambling to find enough workers.

20/09/2022

Oil prices moved little on Tuesday as traders kept away from big bets ahead of a U.S. Federal Reserve meeting, while doubts over steady demand in the remainder of the year also weighed on trade.

London-traded Brent oil futures rose 0.1% to $91.84 a barrel, while U.S. crude West Texas Intermediate futures fell 0.3% to $85.09 a barrel by 21:07 GMT (01:07 ET).

The Fed is broadly expected to raise interest rates by 75 basis points on Wednesday, and signal more hikes as it moves to curb inflation reaching a 40-year high. Other central banks in Europe and Asia are also expected to hike rates this week, amid surging inflation levels across the globe.

17/09/2022

The U.S. Food and Drug Administration (FDA) has approved Bluebird bio's gene therapy for the treatment of a rare neurological disorder, the company said late on Friday.

"SKYSONA is the first FDA approved therapy shown to slow the progression of neurologic dysfunction in boys" with early, active Cerebral Adrenoleukodystrophy (CALD), the company said in a statement, saying CALD is a "devastating and fatal neurodegenerative disease."

Bluebird said it anticipates commercial product will be available by the end of 2022 through a limited number of qualified treatment centers in the United States.

13/09/2022

Australian consumer confidence improved slightly in early-September, a survey by Westpac Banking Corp (ASX:WBC) showed on Tuesday, as strength in the labor market helped offset headwinds from high inflation and interest rates.

The Westpac Melbourne Institute Index of Consumer Sentiment rose by 3.9% from 81.2 in August to 84.4 in September, the bank said in a statement. While the index logged its first gain in 10 months, it still remained near historic lows.

The reading comes despite the Reserve Bank of Australia’s commitment to keep raising interest rates, after a sharp hike earlier in September. Inflation is also trending around 20-year highs in Australia.

09/09/2022

Gold prices traded above weekly lows on Friday as investors digested more hawkish comments from the Federal Reserve, while copper eyed a large weekly gain on supply concerns stemming from a strike in Chile’s Escondida mine.

Copper futures rallied nearly 4% on Thursday after unionized workers at Chile’s Escondida, the world’s largest copper mine, voted to go on strike over safety concerns. The gains put copper on course for a weekly gain of more than 4%.

The mine, which is majority owned by Australian miner BHP Group (NYSE:BHP), is one of the largest sources of copper in the world. Workers at the mine said they would begin partial work stoppages next week, followed by a complete shutdown later in September.

07/09/2022

United Airlines said on Tuesday it plans to end services in October to New York's John F. Kennedy Airport (JFK) if the Federal Aviation Administration (FAA) does not grant the air carrier additional flights.

United Chief Executive Scott Kirby (NYSE:KEX) wrote to Acting FAA Administrator Billy Nolen last week to urge him to increase capacity at JFK, according to an email by the airline to employees that was seen by Reuters.

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