LONDON—Oil prices extended gains on Tuesday, with Brent crude trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude rose by $1.04, or 1.3 percent, to $79.64 a barrel by 1119 GMT. U.S. West Texas Intermediate (WTI)…
China Cuts Lending Benchmark, Market Sees More Easing in 2022
SHANGHAI—China cut its lending benchmark loan prime rate (LPR) for the first time in 20 months on Monday, in a bid to prop up growth in the slowing economy, although it remains wary of loosening conditions in the country’s highly leveraged property market. The one-year LPR was lowered by 5 basis points to 3.80 percent…
Dollar Loses Ground After US Inflation Data
December 10, 2021
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The dollar lost some ground on Friday after U.S. consumer prices increased roughly in line with expectations in November as investors, who had been bracing for much higher inflation, bet that the actual number would not change the pace of interest rate hikes. Labor Department data showed an increasing consumer price index (CPI) as cost…
Daimler Truck Shares Climb on Frankfurt Market Debut
December 10, 2021
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FRANKFURT—Shares in Daimler Truck climbed on their Frankfurt market debut on Friday following the commercial vehicle maker’s long-awaited spin-off from Daimler AG. The split was announced in February and pitched by the two companies as an opportunity to unlock value in both Daimler Truck and the owner of Mercedes-Benz passenger cars and vans. At 1023…
Wall Street Investors Find New Opportunities in China as CCP Infighting Spreads to Financial Sector
December 9, 2021
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News Analysis Investment giants of Wall Street, although with some uncertainty over China’s complex and unstable policies, are lining up to enter the Chinese market with full control over their companies. The move comes as Chinese leader Xi Jinping uproots the status quo for local financial markets in an attempt to squeeze out a rival…
Italy Fines Amazon Record $1.3 Billion for Abuse of Market Dominance
December 9, 2021
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MILAN—Italy’s antitrust watchdog said on Thursday it had fined Amazon 1.13 billion euros ($1.28 billion) for alleged abuse of market dominance, in one of the biggest penalties imposed on a U.S. tech giant in Europe. Amazon said it “strongly disagreed” with the Italian regulator’s decision and would appeal. Global regulatory scrutiny of tech giants has…
Bitcoin Back Over $50,000, as Market Calms After Weekend Turmoil
December 7, 2021
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HONG KONG—Bitcoin rose 1.5 percent in early Asia on Tuesday, after firming overnight in line with equity markets and other risk assets, but many crypto traders remained on edge after Saturday’s sharp and sudden plunge. The world’s largest cryptocurrency was last around $50,800, having closed a choppy day on Monday 2.2 percent higher. “The general…
Omicron Shows Policymakers Can’t Let Guard Down: BIS
December 6, 2021
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LONDON—The newly-discovered Omicron variant shows policymakers and financial markets cannot lower their guard on COVID-19 and will have to calibrate their policies carefully, the Bank for International Settlements said on Monday. Dubbed the central bank to the world’s central banks due to its regular gatherings of decision makers, the Swiss-based BIS said Omicron had already…
US Dollar Net Longs Jump to Highest Since Mid-June 2019: CFTC
December 4, 2021
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NEW YORK—Speculators’ net long positioning on the U.S. dollar in the latest week soared to its highest level since mid-June 2019, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released on Friday. The value of the net long dollar position was $23.99 billion for the week ended Nov. 30, up from…
Narrowing Equity Market Breadth May Signal a ‘Market Top’: BofA
December 3, 2021
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LONDON—Narrowing equity market breadth, rising volatility, and the prospects of rate hikes are the classic signs of a market top, BofA said in a weekly report on Thursday. Just five of the biggest U.S. technology stocks accounted for 71 percent of the nearly 20 percent gains in U.S stocks, BofA analysts noted of the performance…
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