Oil Prices Rise to Near $90 as OPEC Cut Looms

Oil prices rose further on Tuesday as markets positioned for the biggest supply cut by OPEC since the 2020 COVID crisis, with weakness in the dollar also helping. London-traded Brent oil futures the global benchmark, rose 0.6% to $89.28 a barrel, while West Texas Intermediate crude futures rose 0.2% to $83.82 a barrel. Both contracts jumped as much as $4 on Monday, amid reports that the Organization of Petroleum Exporting Countries and its allies (OPEC+) is considering a production cut of up to 1 million barrels per day (bpd). The move…

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Gold Steadies Above $1,650 as Safe Haven Appeal Creeps Back in

Gold prices steadied above a major support level on Monday as growing risks of an economic recession spurred some safe-haven demand for the yellow metal. Prices also recovered marginally from a bruising September, where they dropped 3%. Bullion prices marked their worst quarter since March 2021 with a 7.5% drop. Spot rose 0.2% to $1,663.99 an ounce, while gold futures were flat around $1,672 an ounce by 20:31 ET (00:31 GMT). Prices of the yellow metal were steady even as U.S. Data on Friday showed inflationary pressures remained elevated and were likely to invite more rate hike pain from the Federal Reserve. But fears…

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Oil Heads For Fourth Straight Monthly Loss as OPEC Meeting Looms

Oil prices rose slightly on Friday, but were set for a fourth straight month of losses amid growing concerns over weakening demand, with the focus now turning to a potential supply cut by the OPEC next week. London-traded Brent oil futures, the global benchmark,  were flat at $87.50 a barrel by 21:55 ET (01:55 GMT), while U.S West Texas Intermediate curse futures rose 0.4% to $81.56 a barrel. Both contracts were set to lose about 9% in September. Prices took mixed signals from Chinese manufacturing data on Friday. While the…

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Govt hikes DA by 4% under 7th Pay Commission; details here

The Union Cabinet has hiked the  Dearness Allowance (DA) of central government employees and pensioners by 4 percent under the 7th Pay Commission, The hike takes DA to 38 percent from the current 34 percent of basic pay/pension. The Finance Ministry said that the central government employees and pensioners will become entitled to a higher amount of Dearness Allowance (DA) and Dearness Relief (DR), respectively, w.e.f. July 1, 2022. Speaking at a press conference in New Delhi, the Union Minister added that the hike in salary and pension will benefit…

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Financial News Market Stock Market 

Asia FX Battered by Hawkish Fedspeak, Dollar Back at 20-Year Peak

Asian currencies plummeted on Wednesday, while the dollar surged to new 20-year highs on hawkish comments from Federal Reserve officials and growing safe haven demand. The dollar index jumped 0.4% to a new 20-year high of 114.68, while dollar index futures rose in a similar range. A broad market rout in risk-driven assets also drove safe haven demand for the greenback. Asian currencies fell sharply as hawkish comments from some Fed officials pointed to more rate-hike pain for the region. China’s offshore yuan was among the worst performers for the…

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Oil Prices Hover Near 8-Mth Low as Recession Fears Dent Outlook

Oil prices held near eight-month lows on Monday after falling sharply last week as markets feared that slowing global economic activity will dent demand for crude. Anderson-traded Brent oil futures rose 0.3% to $85.29 a barrel, while U.S. West Texas Intermediate futures were unchanged at $78.67 a barrel by 21:30 ET (01:30 GMT). Both contracts were trading just above their weakest level in eight months and were nursing steep losses from last week. Prices trimmed early gains on Monday after Japanese Business activity showed manufacturing activity in the world’s second-largest…

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BOJ Holds Ultra-Low Interest Rates Despite High Inflation, Fed Pressures

The Bank of Japan (BOJ) held its benchmark interest rates at ultra-low levels on Thursday, as expected, citing the need for accommodative monetary policy amid continued headwinds from rising commodity prices and the aftermath of the COVID-19 pandemic. The world’s third-largest central bank held its short -term policy interest rate.  at negative 0.1% after a unanimous vote and vowed to keep purchasing bonds so that 10-year yields remain pinned at zero. The central bank has kept the short-term rate in negative territory for over seven years, amid a marked slowdown…

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Asian Stocks Slammed by Fed Rate Hike Risks

Asian stock markets sank on Wednesday, tracking overnight losses on Wall Street as investors awaited an interest rate hike and more hawkish signals from the Federal Reserve. Hong Kong’s technology-heavy Hang Seng index continued to lag behind its peers, falling 1.5%, while Japan’s Nikkei index lost 1.3%. The day’s losses also negated a soft rebound seen earlier this week. Market focus was squarely on the Federal Reserve, which is expected to hike interest rates by at least 7.5 basis points (BPS) at the conclusion of a two-day meeting later in the day. Markets are also pricing…

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10-year yields highest since 2011 before expected Fed rate hike

Benchmark 10-year U.S. Treasury yields jumped to their highest level since 2011 on Monday as investors adjusted for the likelihood that the Federal Reserve will hike rates higher and for longer than previously expected as inflation remains near multi-decade highs. Data last week showed higher-than-expected consumer prices in August, dashing hopes that the worst of rising price pressures may be in the past. It also made it more likely that the Fed will hike rates by another 75 basis points when it concludes its two-day meeting on Wednesday. Traders are…

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Dow Futures Tick Higher After Indices Post Their Worst Week Since June

U.S. stock futures were trading slightly higher during Sunday’s evening deals, after major benchmark indices posted their greatest weekly losses in 3 months, with investors remaining cautious amid persistent inflation fears ahead of Federal Reserve’s two-day meeting and rate decision later this week. By 7:10pm ET (11:10pm GMT) Dow Jonas Futures and S&P 500 Futures  were up 0.2% apiece, while  Nasdaq 100 Futures were flat at 11,862.7. Ahead of  the week, market participants will be closely focused on the Federal Reserve’s interest rate decision following a hotter-than-expected CPI reading boosted…

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