• Aug 26, 2024

Libyan Rival Government to Stop Oil Output Over Bank Row

(Bloomberg) -- Libya’s eastern government said it will shut down all oil production and exports, after a spat with its Tripoli-based rival escalated over control of the central bank.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democrats

• Aug 26, 2024

EM Stocks Gain as Fed Cut Bets Seen Boosting Riskier Assets

(Bloomberg) -- Emerging stocks resumed their advance, led by Chinese tech blue-chips, after Federal Reserve Chairman Jerome Powell signaled that US interest rates would be reduced starting from next month.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housin

• Aug 26, 2024

Israel Economy Hit as War-Focused Netanyahu Stalls on Budget

(Bloomberg) -- With domestic and international attention focused on Israel’s war in Gaza and escalating tensions with Hezbollah, Prime Minister Benjamin Netanyahu’s administration has stalled discussions on next year’s budget — set to be the most challenging and crucial in decades.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the

• Aug 26, 2024

Stocks stutter, oil jumps on Mideast escalation worries

LONDON (Reuters) -World stock markets turned cautious on Monday as optimism that U.S. interest rates are coming soon was tempered by concern over increased tensions in the Middle East, with oil prices rising over 1.5%. U.S. stock futures were a touch firmer, European shares were a tad weaker, and trading was subdued with the London market closed for a UK public holiday. In a highly-anticipated speech to the Jackson Hole symposium on Friday, Federal Reserve chief Jerome Powell said the time had come to start easing policy and emphasised the central bank did not want to see further weakening in the labour market.

• Aug 26, 2024

Palm Oil Climbs to One-Month High on Stronger Demand Outlook

(Bloomberg) -- Palm oil advanced for a fourth day — making it costlier than rival soybean oil that generally commands a premium — on expectations of strong purchases by top importers. Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democra

• Aug 26, 2024

India's CBDC Has 5M Users, Can be Phased in Gradually: Central Bank Governor

Governor Shaktikanta Das said there should not be in any rush to roll out a system-wide CBDC.

• Aug 26, 2024

US Oil Dominance Hinges on Quiet Corner of New Mexico

(Bloomberg) -- About 100 miles east of UFO-capital Roswell, a dusty corner of New Mexico with more cattle than people is quietly buttressing the US’s world oil dominance.Most Read from BloombergSydney Central Train Station Is Now an Architectural DestinationNazi Bunker’s Leafy Makeover Turns Ugly Past Into Urban EyecatcherChicago Overcomes DNC Skeptics With Calm, Parties and SunHow the Cortiços of São Paulo Helped Shelter South America’s Largest CityWith Housing Costs High, Democrats Hone YIMBY

• Aug 26, 2024

Fed's shift to job market risks is done; now policy has to catch up

In 2022, when the Federal Reserve's focus shifted to combating inflation, it had to ratchet up interest rates fast to get monetary policy caught up with fast-rising prices. Two years later, the focus has changed again - this time to protecting the job market, as outlined in Chair Jerome Powell's speech Friday at the Fed's annual Jackson Hole conference. Powell's signal of coming rate cuts completed a Fed shift that began in January when it acknowledged emerging job market risks, and now it has made countering those its top job.

• Aug 26, 2024

Analysis-As US rate cuts near, economic 'soft-landing' odds could dictate stock performance

With interest rate cuts virtually locked in, investors are ramping up their focus on economic data over the next few months as they game out whether the “soft landing” narrative that has helped drive U.S. stocks in 2024 can continue. Federal Reserve Chair Jerome Powell on Friday said the “time has come” to begin lowering interest rates - a more dovish message than many investors had believed they would hear at the central bank’s annual conference in Jackson Hole, Wyoming. With the S&P 500 up 18% on the year and equities richly valued, market participants will need to see continued evidence that the economy is gliding to a soft landing, where growth remains resilient while inflation cools.

• Aug 26, 2024

Greek-flagged tanker is burning after Houthi attacks, but no sign of oil spill

A Greek-flagged tanker repeatedly attacked by Yemen's Houthi rebels in the Red Sea remains ablaze but hasn't sprung a major oil leak in the waterway, a European Union naval command said Monday. The attack on the Sounion marks the most serious assault in weeks by the rebels, who continue to target shipping through the Red Sea corridor over the Israel-Hamas war in the Gaza Strip. Images published by the EU's Operation Aspides, whose mission is to protect shipping in the area, showed smoke rising from multiple points along the Sounion's deck and its bridge Sunday.