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  • Dec 09, 2024

Oil rises over 1% on ouster of Syria's Assad, Chinese monetary policy

HOUSTON (Reuters) -Oil prices climbed more than 1% on Monday on higher geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010. "Events in Syria over the weekend could impact the crude market and increase the geopolitical risk premium on oil prices in the weeks and months to come amid yet more instability in the Middle East region," said Jorge Leon, Rystad Energy's head of geopolitical analysis.

  • Dec 09, 2024

California law, refinery exit reflect ongoing fuel market challenges, EIA says

Fuelmakers in California could face more headwinds next year as new legislation takes effect and refining margins remain weak, the U.S. Energy Information Administration (EIA) said on Monday. California, the most populous U.S. state, consistently faces some of the nation's highest average gasoline prices, leading to an often tense relationship between the state and oil companies. However, imported fuels are likely to become a more important source of supply for California as refineries in the state struggle with profitability, the EIA said in an analysis on Monday.

  • Dec 09, 2024

Dollar edges up as market looks to CPI data; Aussie, kiwi rise on China

NEW YORK (Reuters) -The dollar was up slightly in skittish trading on Monday as investors awaited U.S. inflation data later this week, while the Australian and New Zealand dollars rallied after China pledged an "appropriately loose" monetary policy next year. While markets have priced in a quarter-point interest-rate cut by the U.S. Federal Reserve next week as a near certainty, investors are waiting for U.S. consumer price data on Wednesday. "The move higher in unemployment that we saw in November, that really just cements the case for a 25-basis-point cut next Wednesday," said Michael Brown, senior research strategist at Pepperstone.

  • Dec 09, 2024

Why Alibaba's Stock Is Soaring Monday

Alibaba's U.S.-traded shares soared Monday after Chinese authorities announced plans to expand stimulus spending next year and co-founder Jack Ma highlighted the company's potential to benefit from AI. Alibaba affiliate Ant Group also named a new CEO.

  • Dec 09, 2024

Citigroup joins Wall Street peers in forecasting 25 bps rate cut by Fed in December

Citigroup's revision came after data on Friday showed nonfarm payrolls rose by 227,000 jobs last month, following an upward revision to 36,000 jobs in October. U.S. job growth surged in November after being severely hindered by hurricanes and strikes, but a rise in the unemployment rate to 4.2% pointed to an easing labor market that indicated the Fed could likely cut interest rates this month. Major brokerages including Morgan Stanley and Goldman Sachs have reiterated their expectation of a 25-basis-point interest rate cut by the Fed in December after the jobs data.

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