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Reuters
UPDATE 1-U.S. shale producers to remain on sidelines if OPEC+ cuts output
A big oil production cut by OPEC+ members will not spur new U.S. oil and gas production, energy executives told Reuters, despite the likely rise in prices that could signal higher profits and inflation pressures. The Organization of the Petroleum Exporting Countries and its allies, called OPEC+, meets on Wednesday to consider output cuts that could exceed 1 million barrels per day, the largest since the 2020 pandemic-driven market crash. A hefty cut will show the extent to which OPEC+ has regained control of oil markets and increase pressure on U.S. President Joe Biden to respond to rising fuel prices.
Bloomberg
Oil Extends Rally as OPEC Cuts Output, Russia Mulls Reduction
(Bloomberg) — Oil extended its rally after OPEC+ agreed to the largest supply cut since 2020 and Russia warned it may reduce its own output even further. Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanMar-a-Lago Documents Included Pardons, Emails, Legal BillsStocks Trim Drop as Oil Giants Rally on OPEC+ Day: Markets WrapWest Texas Interm
Reuters
Oil jumps more than 3% ahead of OPEC+ meeting on supply cuts
NEW YORK (Reuters) -Oil rose by nearly $3 a barrel on Tuesday on expectations of a large cut in crude output from the OPEC+ producer group and as a weaker U.S. dollar made oil purchases less expensive. Top oil traders also said at the Argus European Crude Conference in Geneva on Tuesday that economic headwinds have not yet caused significant erosion of global oil demand.
Reuters
Italy’s De Nora teams up with GES on hydrogen battery project
Italian electrode maker De Nora and Green Energy Storage (GES) said on Wednesday they had established a partnership to develop a hydrogen battery prototype. De Nora is newly-listed and began trading on the Milan bourse on June 30. Founded in 1923, the group is a leading manufacturer of electrodes for devices such as rechargeable batteries and also makes systems for water filtration and wastewater treatment as well as components to produce green hydrogen.
Bloomberg
Cash ETFs Draw Record $36 Billion With Even Dalio Changing Tune
(Bloomberg) — Cash is having its moment in the sun as risk assets whipsaw. Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanBiden, Kishida Condemn North Korean Missile Launch Over JapanStock Shorts Fold in Best Two-Day Rally Since 2020: Markets WrapExchange-traded funds holding bonds that mature in a year or sooner have posted inflows of n
Benzinga
OncoSec Cuts Workforce, Prioritizes Pipeline
OncoSec Medical Inc (NASDAQ: ONCS) announced a corporate restructuring intended to prioritize the development of its lead clinical candidate TAVO (TAVO-EP). Oncosec is reducing its staff by approximately 45% and prioritizing clinical pipeline activities to reduce operating expenses. The company will focus on clinical activities in melanoma to advance TAVO-EP toward near-term data milestones of the KEYNOTE-695 trial. OncoSec will provide more detail on the financial implications of the restructur
Bloomberg
Junk Market Is Only Open to Familiar Firms Offering High Yields
(Bloomberg) — The junk bond market has become so selective that only well-known borrowers are able to sell bonds — and even they have to offer sky-high rates. It’s a worrying sign for other issuers that aim to tap the market, and for banks on financing deals.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanMar-a-Lago Documents Included Pa
Bloomberg
TSMC, Chipmakers Rally After Morgan Stanley Calls a Recovery
(Bloomberg) — Taiwan Semiconductor Manufacturing Co. surged the most in almost three months after Morgan Stanley projected a return to growth for the semiconductor industry by the second half of 2023, spurring a sector rally in Asia. Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanThe Best Bar in the World Is Hidden Behind a Barcelona Pas
Barrons.com
How OPEC’s Production Cut Could Spark a Bigger Oil Rally
OPEC’s meeting this week takes place against a gloomy background: A global economic meltdown has caused oil prices to fall even as Russia’s war against Ukraine has made supplies more uncertain than ever. Oil prices rose on Monday, with Brent crude climbing to nearly $89 per barrel. Shares of oil companies also rose, with the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund (ticker: XOP) gaining 6.5%.
Reuters
Swiss National Bank monitoring Credit Suisse situation – Maechler
The Swiss National Bank (SNB) is following the situation at Credit Suisse closely, SNB Governing Board member Andrea Maechler told Reuters on Wednesday. “We are monitoring the situation,” Maechler said on the sidelines of an event in Zurich. The SNB has declined to comment in the past about Credit Suisse, which has said it has a strong capital base and liquidity.
Bloomberg
Ukraine Latest: EU Backs Russian Oil Cap as Kyiv Forces Advance
(Bloomberg) — The European Union approved a fresh package of sanctions against Russia that includes a price cap on oil sales, as Ukrainian President Volodymyr Zelenskiy said his forces were advancing in the south. Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanMar-a-Lago Documents Included Pardons, Emails, Legal BillsStocks Trim Drop as
Benzinga
What Analysts Think About These High-Dividend Mortgage REITs
You would be hard-pressed to find a worse-performing real estate investment trust (REIT) class in 2022 than mortgage REITs (mREITs). With over 8% inflation and the Federal Reserve raising interest rates multiple times, the mREIT group has been trounced. Many mREITs are still maintaining dividends without cuts, and with the substantial price declines this year, many of these stocks are now paying high single-digit and even double-digit dividend yields. But what do analysts think about the future
SmartAsset
How to Turn Dividends Into Steady Passive Income
The premise of passive income is attractive because who wouldn’t want to sit back and watch their extra cash silently earn more money without doing any additional work? However, generating passive income is easier said than done. It only comes … Continue reading → The post How to Earn Passive Income From Dividends appeared first on SmartAsset Blog.
Reuters
Fed determined to fix ‘problematic’ inflation, Daly says
What the Fed does see, she said, is that “inflation is problematic, and we are committed to restoring price stability” by raising rates further. The Fed is expected to deliver a fourth straight 75-basis-point rate hike when it meets early next month, as it tightens monetary policy more aggressively than it has done since the 1980s to ease price pressures that have stayed higher for longer than policymakers had expected. Global stock markets have gyrated as investors try to calibrate when the Fed’s rate hikes could end, and policymakers like Daly have stuck firmly to their message that the tightening will only end when inflation comes down.
Bloomberg
S&P 500 Well Off Lows as ‘Chunky’ Trade Hits Tape: Markets Wrap
(Bloomberg) — Stocks came way off session lows, but struggled to gain further momentum after a two-day rally from this year’s bottom.Most Read from BloombergMusk Revives $44 Billion Twitter Bid, Aiming to Avoid TrialLoretta Lynn, Coal Miner’s Daughter And Country Queen, DiesElon Musk Sets Off Uproar in Ukraine by Tweeting His ‘Peace’ PlanMar-a-Lago Documents Included Pardons, Emails, Legal BillsStocks Trim Drop as Oil Giants Rally on OPEC+ Day: Markets Wrap“Around noontime a chunky derivatives
