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On December 15th, Morgan Stanley strategists noted in a report that the dollar could fall to new lows if upcoming US jobs data and decisions from the European Central Bank and the Bank of Japan lead to unfavorable interest rate differentials. They stated that a weak non-farm payroll report, likely to be released on Tuesday, could exacerbate market expectations of another Fed rate cut in at least the first quarter of next year. The ECB may leave room for a rate hike at its meeting on Thursday, while the Bank of Japan may raise rates on Friday and hint at further rate increases in the future. Overall, the convergence of interest rates between the US and other countries will "continue to play a key role in pushing the dollar lower."The European Central Bank stated that Italys frequent temporary tax measures have created uncertainty, damaged investor confidence, and could affect banks funding costs.The British Medical Association (BMA) says resident doctors in England have rejected a government proposal and are scheduled to strike on Wednesday.On December 15th, Citigroup set a year-end target of 7700 for the S&P 500, citing strong corporate earnings and continued positive impacts from investments in artificial intelligence (AI). The brokerage firm stated that it expects AI infrastructure development to be a key theme in 2026, consistent with its Wall Street peers, but anticipates a shift in market focus from companies providing AI technology to those adopting this emerging technology. A Citigroup strategist stated, "While AI is expected to remain a focus for the market, its development is likely to follow a winner-takes-all, loser-out pattern." Citigroups target implies a 12.7% increase in the index from the previous days closing price of 6827.41.Zelenskys office stated that the talks between the Ukrainian and US delegations in Berlin have concluded.

Oil prices increase as U.S. crude stockpiles decline

Skylar Williams

Jul 27, 2022 10:57

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After industry statistics suggested a greater-than-anticipated reduction in U.S. crude stocks, oil prices surged in early Asian trade on Wednesday.


U.S. West Texas Intermediate (WTI) oil climbed 67 cents, or 0.7%, to $95.65 per barrel at 00:09 GMT.


Brent crude oil futures rose 33 cents, or 0.3%, to $104.73 a barrel.


Tuesday after market close, the American Petroleum Institute revealed that oil stocks in the United States declined by 4 million barrels last week.


Reuters surveyed analysts who projected a decline of 1 million barrels. This decline is four times as significant. [EIA/S]


In contrast to forecasts of a rise of 3.5 million barrels, gasoline inventories declined by 1.1 million barrels, according to statistics from the American Petroleum Institute (API).


The Energy Information Administration of the United States releases its weekly oil report every Wednesday evening.


Gazprom's (MCX:GAZ) announcement that it will limit flows via the Nord Stream 1 pipeline to Germany by one-fifth to one-fifth of capacity has increased expectations for a tighter European gas market beginning on Wednesday.


After negotiating agreements to limit reductions for certain states, European Union officials agreed on a weaker emergency plan to curb consumption on Tuesday.

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