Today: September 23, 2024
Today: September 23, 2024

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Siemens Gamesa has fix for onshore wind turbine problem

– Siemens Energy has fixed quality issues at onshore wind turbines it is currently selling to customers, the CEO of the group’s wind division Siemens Gamesa said on Friday, adding the group had made progress with its turnaround. The comments by Jochen Eickholt come after Siemens Energy this week unveiled 2.2 billion euros ($2.4 billion) in charges related to its wind division, a major setback for the group that has drawn the ire of top shareholder Siemens AG. Of those charges, 1.6 billion euros are earmarked for quality issues around rotor blades and gears for its latest onshore

August 11, 2023
Siemens Gamesa has fix for onshore wind turbine problem
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IEA sees slower 2024 oil demand growth, tightening market this year

The International Energy Agency (IEA) on Friday said demand growth for oil next year will be slower than previously forecast, citing lacklustre macroeconomic conditions, a post-pandemic recovery running out of steam and the burgeoning use of electric vehicles. Growth is forecast to slow to 1 million barrels per day (bpd) in 2024, the Paris-based energy watchdog said in its August monthly oil market report, down by 150,000 bpd from its previous forecast. “The global economic outlook remains challenging in the face of soaring interest rates and tighter bank credit, squeezing businesses that

August 11, 2023
IEA sees slower 2024 oil demand growth, tightening market this year
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Italy signs preliminary deal with KKR to take up to 20% of TIM's grid

The Italian government could end up with a stake of as much as 20% in Telecom Italia’s landline grid after signing a preliminary agreement with U.S. fund KKR, which is lining up a bid for the asset. KKR is in exclusive discussions with debt-laden Telecom Italia (TIM) over the acquisition of Netco, a venture comprising both TIM’s fixed domestic access grid and submarine cable unit Sparkle. A treasury statement said a Memorandum of Understanding (MoU) signed late on Thursday provides for the Italian Treasury to take a stake of up to 20% as part of any binding offer,

August 11, 2023
Italy signs preliminary deal with KKR to take up to 20% of TIM's grid
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ChatGPT fever spreads to US workplace, sounding alarm for some

– Many workers across the U.S. are turning to ChatGPT to help with basic tasks, a Reuters/Ipsos poll found, despite fears that have led employers such as Microsoft and Google to curb its use. Companies worldwide are considering how to best make use of ChatGPT, a chatbot programme that uses generative AI to hold conversations with users and answer myriad prompts. Security firms and companies have raised concerns, however, that it could result in intellectual property and strategy leaks. Anecdotal examples of people using ChatGPT to help with their day-to-day

August 11, 2023
ChatGPT fever spreads to US workplace, sounding alarm for some
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China July new bank loans tumble, credit growth weakens further

– China’s new bank loans tumbled in July from a month earlier and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy. Chinese banks extended 345.9 billion yuan ($47.80 billion) of new yuan loans in July, tumbling from June and falling far short of analysts’ forecasts, data from the People’s Bank of China showed on Friday. Analysts polled by Reuters had expected new loans last month to fall sharply from 3.05 trillion yuan in June to 800 billion yuan, after record lending in the

August 11, 2023
China July new bank loans tumble, credit growth weakens further
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Oil holds near highs on upbeat demand growth forecasts

– Oil prices held near recent highs on Friday amid optimistic demand forecasts from the OPEC producer group and the International Energy Agency (IEA). Brent crude was down 12 cents, or 0.1%, at $86.28 a barrel at 0910 GMT while U.S. West Texas Intermediate (WTI) crude futures were down 7 cents, or 0.1%, at $82.75. Both benchmarks have been on a sustained rally since June, with WTI trading on Thursday at its highest this year and Brent hitting its highest since late January. The IEA on Friday warned that global inventories could fall sharply over

August 11, 2023
Oil holds near highs on upbeat demand growth forecasts
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Marketmind: Soft landing fatigue

– A look at the day ahead in U.S. and global markets by Naomi Rovnick. Positive economic data tends to move stock markets, either by fueling rallies, or prompting a temporary sell-off as traders take profits. So this week’s lackluster reaction to cheering U.S. inflation figures looks unusual. Data on Thursday showed core U.S. inflation, the measure of sticky price pressures central bankers worry about, rose by 4.7% in July, its slowest annual rise since October 2021. But Wall Street stock markets ended Thursday flat. Futures point to mild declines for the S&P 500 and the Nasdaq 100 on

August 11, 2023
Marketmind: Soft landing fatigue
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FTX's Bankman-Fried, seeking to avoid jail, due back in court

– Sam Bankman-Fried, the indicted founder of the bankrupt FTX cryptocurrency exchange, is due back in a Manhattan courtroom on Friday, where he may learn if he will have to prepare for his October fraud trial from behind the jailhouse door. Bankman-Fried, 31, has pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at his hedge fund Alameda Research. He has been largely confined to his parents’ Palo Alto, California, home on $250 million bond since his December 2022 arrest, but the U.S. Attorney’s Office in Manhattan now

August 11, 2023
FTX's Bankman-Fried, seeking to avoid jail, due back in court
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Olam Group's first-half profit falls 89% on poor almond crop yield

Singapore’s Olam Group posted an 88.8% fall in first-half profit on Friday, hurt by a lower crop yield from its almond orchards in Australia and higher borrowing costs. Earnings before interest and tax (EBIT) for the company’s food ingredients segment, that trades cocoa, coffee, nuts, dairy and spices, rose 3.4%. Last month, Olam flagged lower bee activity during pollination, adverse weather impacts, including unseasonal cold amid excessive rain and flooding, led to an unexpected drop in yield and quality of the 2023 almond crop in Australia. “We have been budgeting for higher interest costs and optimising cost structures overall.

August 11, 2023
Olam Group's first-half profit falls 89% on poor almond crop yield
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European stocks fall on uncertainty over U.S. inflation

– European stock indexes fell in early trading on Friday after data showed U.S. consumer prices increased moderately in July, which kept investors cautious ahead of more U.S. numbers later in the session. The consumer price index rose 0.2% last month, the same increase as in June, prompting initial relief in markets on Thursday as some saw the data as lessening the chance of another Federal Reserve rate hike next month. Investor optimism was kept in check by San Francisco Federal Reserve Bank President Mary Daly saying that more progress was needed before she would

August 11, 2023
European stocks fall on uncertainty over U.S. inflation
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FTX's Bankman-Fried, seeking to avoid jail, due back in court

– Sam Bankman-Fried, the indicted founder of the bankrupt FTX cryptocurrency exchange, is due back in a Manhattan courtroom on Friday, where he may learn if he will have to prepare for his October fraud trial from behind the jailhouse door. Bankman-Fried, 31, has pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at his hedge fund Alameda Research. He has been largely confined to his parents’ Palo Alto, California, home on $250 million bond since his December 2022 arrest, but the U.S. Attorney’s Office in Manhattan now

August 11, 2023
FTX's Bankman-Fried, seeking to avoid jail, due back in court
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Air Canada posts quarterly profit versus year-ago loss

– Air Canada reported a quarterly profit on Friday compared with a year-ago loss as Canada’s largest airline cashed in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. Canada, which lifted all COVID-related restrictions last year, has seen a strong rebound in international leisure and corporate travel. The carrier posted a net profit of C$838 million ($622.77 million), or C$2.34 per share, for the quarter ended June 30, compared with a net loss of

August 11, 2023
Air Canada posts quarterly profit versus year-ago loss
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UBS ends taxpayer backstop granted for Credit Suisse rescue

– Swiss taxpayers are no longer on the hook over the rescue of Credit Suisse after UBS said on Friday it would not need the 9 billion francs ($10.3 billion) of state guarantees provided to smooth the takeover of its failing rival. UBS also said it no longer needed a public liquidity backstop or a liquidity assistance loan of up to 100 billion francs from the Swiss National Bank (SNB) and backed by a federal guarantee, freeing it of taxpayer-backed funding. “These measures, which were created under emergency law to preserve financial stability, will thus

August 11, 2023
UBS ends taxpayer backstop granted for Credit Suisse rescue
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IEA flags risk of higher oil prices, cuts 2024 demand view

– The International Energy Agency (IEA) on Friday said OPEC+ supply cuts could erode inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024. Tighter supply driven by OPEC+ oil output cuts and rising global demand has underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January. The IEA said if OPEC+ current targets are maintained, oil inventories could draw by 2.2 million barrels per day (bpd) in the

August 11, 2023
IEA flags risk of higher oil prices, cuts 2024 demand view
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UBS ends taxpayer backstop granted for Credit Suisse rescue

– Swiss taxpayers are no longer on the hook over the rescue of Credit Suisse after UBS said on Friday it would not need the 9 billion francs ($10.3 billion) of state guarantees provided to smooth the takeover of its failing rival. UBS also said it no longer needed a public liquidity backstop or a liquidity assistance loan of up to 100 billion francs from the Swiss National Bank (SNB) and backed by a federal guarantee, freeing it of taxpayer-backed funding. “These measures, which were created under emergency law to preserve financial stability, will thus

August 11, 2023
UBS ends taxpayer backstop granted for Credit Suisse rescue
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China July new bank loans tumble, credit growth weakens further

China’s new bank loans tumbled in July and other key credit gauges also weakened, even after policymakers cut interest rates and promised to roll out more support for the faltering economy. Chinese banks extended 345.9 billion yuan ($47.80 billion) of new yuan loans in July, tumbling 89% from June to the lowest since late 2009 and falling far short of analysts’ forecasts, data from the People’s Bank of China showed on Friday. Analysts polled by Reuters had expected new loans last month to fall sharply from 3.05 trillion yuan in June to

August 11, 2023
China July new bank loans tumble, credit growth weakens further
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Dollar set for fourth week of gains, climbs back towards 145 yen

– The dollar headed for a fourth weekly gain on Friday even after data showed U.S. inflation did not pick up as strongly as expected in July, reinforcing the existing view among investors that the Federal Reserve is unlikely to raise rates much more. The stronger dollar put the Japanese yen on course to test a key support level, though liquidity was thin with Japan on holiday on Friday. The dollar was last at 144.58 yen having earlier climbed as high as 144.89 yen, its highest since June 30 when it briefly breached 145, a

August 11, 2023
Dollar set for fourth week of gains, climbs back towards 145 yen
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Oil prices could rise further this year, but 2024 demand to slow sharply: IEA

OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday. Tighter supply driven by oil output cuts from OPEC and its allies, together known as OPEC+, and rising global demand have underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January. The IEA said if OPEC+ current targets are maintained, oil inventories could draw by

August 11, 2023
Oil prices could rise further this year, but 2024 demand to slow sharply: IEA
Uncategorized

Oil prices could rise further this year, but 2024 demand to slow sharply: IEA

OPEC+ supply cuts could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024, the International Energy Agency (IEA) said on Friday. Tighter supply driven by oil output cuts from OPEC and its allies, together known as OPEC+, and rising global demand have underpinned a rally in oil prices, with Brent crude hitting highs of over $88 a barrel on Thursday, the highest since January. The IEA said if OPEC+ current targets are maintained, oil inventories could draw by

August 11, 2023
Oil prices could rise further this year, but 2024 demand to slow sharply: IEA
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Oil prices firm on upbeat demand growth forecasts

– Oil prices gained ground on Friday amid optimistic demand forecasts from the OPEC producer group and the International Energy Agency (IEA). Brent crude was up 49 cents, or 0.6%, at $86.89 a barrel at 1118 GMT while U.S. West Texas Intermediate (WTI) crude futures were up 49 cents, or 0.6%, at $83.31. Both benchmarks have been on a sustained rally since June, with WTI trading on Thursday at its highest this year and Brent hitting its highest since late January. The IEA on Friday warned that global inventories could fall sharply over the rest

August 11, 2023
Oil prices firm on upbeat demand growth forecasts
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Futures subdued as investors await producer inflation data

U.S. stock index futures were subdued on Friday as investors awaited producer prices data that could offer more clarity on the Federal Reserve’s rate hike path. Benchmark U.S. indexes finished marginally higher in the previous session as worries about the U.S. economy’s longer-term prospects and concerns over further growth in stocks eclipsed milder-than-feared consumer prices data that had initially sent shares soaring. Investors are now focused on the producer prices data due at 8:30 a.m ET that will offer more insight into inflation in the world’s largest economy. U.S. Labor Department’s

August 11, 2023
Futures subdued as investors await producer inflation data
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European stocks fall on U.S. inflation uncertainty, China worries

European stock indexes fell on Friday and Wall Street futures were flat, after data the previous session showed U.S. consumer prices increased moderately in July, which kept investors cautious ahead of more U.S. numbers later in the session. The consumer price index rose 0.2% last month, the same increase as in June, prompting initial relief in markets on Thursday as some saw the data as lessening the chance of another Federal Reserve rate hike next month. Investor optimism was kept in check by San Francisco Federal Reserve Bank President Mary Daly saying that more progress

August 11, 2023
European stocks fall on U.S. inflation uncertainty, China worries
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Air Canada beats on quarterly profit versus year-ago loss

Air Canada reported a better than expected quarterly profit on Friday compared with a year-ago loss and is adding capacity as the country’s largest airline cashes in on strong international travel demand. A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand. Montreal-based Air Canada said it expects to grow available seat mile capacity by about 11% in the third quarter compared with a year earlier. North American carriers are facing pressure from higher labor costs, with pilots commanding steep pay

August 11, 2023
Air Canada beats on quarterly profit versus year-ago loss
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Global money market funds draw biggest weekly inflow in 4-1/2 months

– Global money market funds attracted robust inflows in the week to Aug. 9, reflecting investor caution ahead of U.S. inflation readings and as Chinese economic data remained weak. Investors ploughed $73.17 billion into money market funds in their biggest weekly net purchase since March 22, data from Refinitiv Lipper showed. Inflation data released on Thursday showed U.S. consumer prices increased moderately in July, boosting expectations that the Federal Reserve will leave interest rates unchanged next month. Weak economic data from China, where exports and imports contracted in July, also affected risk sentiment. U.S. money market funds attracted a

August 11, 2023
Global money market funds draw biggest weekly inflow in 4-1/2 months
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US equity funds record biggest weekly outflow in seven weeks

– U.S. equity funds saw heavy outflows in the seven days to Aug. 9 amid investor caution ahead of the U.S. inflation data and concerns over credit rating downgrades in the banking sector. According to Refinitiv Lipper data, investors withdrew about $14.96 billion from U.S. equity funds during the week, their biggest week of net selling since June 21. Wall Street stocks posted big losses last week, with the S&P 500 and the Nasdaq registering their biggest weekly declines since March as investors took profits after five months of gains. Also tempering investor appetite, credit rating agency Moody’s downgraded

August 11, 2023
US equity funds record biggest weekly outflow in seven weeks

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