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On October 27, Berkshire Hathaway (BRK.AN, BRK.BN) received a rare "sell" rating, as analysts remained cautious about its earnings outlook and continued concerns about Warren Buffetts impending departure and macro risks. New York investment bank KBW (Keefe, Bruyette & Woods) downgraded the conglomerates Class A shares from "market perform" to "underperform," citing "many factors moving in the wrong direction." This is the only sell rating among the six analysts covered by the firm. "In addition to our ongoing concerns about macro uncertainty and Berkshires historically unique succession risk, we believe the stock will underperform as earnings challenges emerge and/or persist," analyst Meyer Shields wrote in the report. Berkshire Class B shares fell about 1% on Monday. So far this year, the stock has risen just 7.8%, compared to a 16% gain for the S&P 500.Pemex: By the end of the third quarter, it had received 380.1 billion pesos in support from the government.Pemex: Crude oil and condensate production in the third quarter was 1.65 million barrels per day, a year-on-year decrease of 6.6%.Pemex: Crude oil processing volume in the third quarter was 1.01 million barrels per day, a year-on-year increase of 4.9%.On October 27, the Federal Reserve is expected to cut the target range for the federal funds rate by 25 basis points to 3.75%–4.0% on Wednesday. However, Generali Investments predicts that the vote among policymakers may be "three-way split": one dissenter supports a larger 50 basis point rate cut, and there may be some dissenters who support keeping interest rates unchanged. Paul Zanghieri, a senior economist at the agency, said this would create an "almost unprecedented" disagreement. The agency expects the Fed to cut interest rates again in December and make a final rate cut in the first quarter of 2026. Zanghieri said that at the press conference, Fed Chairman Powell may describe the rate cut as a risk management measure without giving any hint about the policy orientation of the December meeting.

Despite Economic Uncertainty, Oil Prices Are Poised For A Robust Week

Despite Economic Uncertainty, Oil Prices

Feb 10, 2023 11:18

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On Friday, oil prices stayed stable despite mounting concerns about a U.S. economic slowdown and a sluggish rebound in China, but they were poised for substantial weekly gains as near-term supply remained curtailed as a result of outages in Turkey.


The world's top oil importer may take longer than anticipated to return to pre-pandemic levels of growth, based on Chinese inflation data that was less than anticipated.


An inversion in the yield curve, a typical indication of a slowdown, hit its deepest level since the 1980s, exerting additional pressure on the oil markets.


The likelihood of a slower-than-anticipated recovery in China, along with the possibility of a U.S. recession this year, could indicate a decline in oil consumption this year.


By 21:01 ET, Brent oil prices were unchanged at $84.25 per barrel, while West Texas Intermediate crude futures increased 0.2% to $77.84 per barrel (02:01 GMT). Both contracts were expected to gain approximately 5.5% and 6.3% per week, respectively.


Crude prices recovered strongly from recent lows this week after a disastrous earthquake in Turkey disrupted oil flows from Iraq and also suspended exports from the Ceyhan terminal, forecasting tighter supply in portions of Europe, Asia and North America.


It is unknown when shipments from the Ceyhan terminal will restart, as several operators in the region have declared force majeure.


Saudi Arabia increased its official crude sales price to Asia, indicating that the world's top oil producer anticipates a revival in Chinese demand, which boosted oil markets.


Additionally, crude markets profited from the dollar's depreciation in the context of rising uncertainty on the future course of U.S. interest rates. While a number of Federal Reserve officials said that interest rates are likely to rise in the coming months, higher-than-anticipated weekly unemployment claims data bolstered optimism that a weakening labor market could prevent the Fed from raising rates.


Next week's U.S. inflation figures for January will provide additional information on the possible direction of U.S. monetary policy. While it is anticipated that inflation will have decreased from the previous month, it is still anticipated to be substantially above the Fed's yearly objective.


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