The stock market may be on the verge of an even deeper decline. Federated Investors’ Phil Orlando is out with a note suggesting a cruel summer for stocks has arrived. “We’re expecting an air pocket here that will take the market down to let’s say the 200-day moving average over the summer months,” the firm’s […]
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OPEC set for a collision course over production policy ahead of landmark meeting
OPEC kingpin Saudi Arabia is struggling to convince some of the world’s largest oil producers over the need to increase oil output ahead of a key meeting on Friday. The Middle-East-dominated oil cartel is not scheduled to make a decision over production policy until later this week, although the gathering of OPEC and other exporters […]
Read moreCheck out the companies making headlines before the bell: Winnebago – The recreational vehicle maker earned $1.02 per share for its latest quarter, beating estimates by 11 cents, with revenue well above estimates as well. The company said new products are performing well and that it is also successfully managing its costs. General Electric – […]
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General Electric shares were lower early Wednesday, a day after news that the last original Dow component was being dropped from the blue-chip index. Shares of GE, which has been in the index continuously since November 1907, fell more than 1 percent in premarket trading Wednesday to around $12.81 per share. At one point, it […]
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EU to hit $3.2 billion of US imports starting Friday in response to Trump's tariffs
The European Union will start charging import duties of 25 percent on a range of U.S. products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June, the European Commission said on Wednesday. The Commission formally adopted a law putting in place the duties on 2.8 billion euros ($3.2 […]
Read moreInterest rate volatility has dissuaded borrowers for months, but some returned to the mortgage market last week. Mortgage application volume increased 5.1 percent from the previous week, according to the Mortgage Bankers Association‘s seasonally adjusted survey. The gain was driven by applications to refinance a home loan, which rose 6 percent for the week but […]
Read moreKroger reports earnings on Thursday, and one derivatives expert says the options market is implying a relatively tame move on the report. That’s not always the case. “To say this stock has had a wild ride over the last year would be an understatement,” Stacey Gilbert, head of derivative strategy at Susquehanna, said Tuesday on […]
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Hopes are rising of a breakthrough in one of Africa's longest conflicts
Eritrean President Isaias Afwerki raised hopes of a breakthrough in one of Africa’s most intractable conflicts on Wednesday by describing recent peace overtures from arch-enemy Ethiopia as “positive signals”. Speaking at a Martyrs’ Day event in the capital, Asmara, 72-year-old Isaias said he was sending a delegation to Addis Ababa to understand the position of […]
Read moreGoldman Sachs CEO Lloyd Blankfein does not own bitcoin, but he did not rule out Tuesday the cryptocurrency having a future. During a talk at the The Economic Club of New York, the banker struck an optimistic tone on bitcoin. He explained how the world moved from gold to fiat currencies that we have today […]
Read moreWhile petroleum-producing countries are being buoyed by higher global oil prices, the big consumers are taking a hit — especially India, whose energy appetite is growing, its oil minister said at the Vienna OPEC summit Wednesday. “We are a primary consumer country, our import is very huge… our appetite is growing, and in future we […]
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