Oil giant Saudi Aramco has $42.4B profit in third quarter
Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit...
Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.
The oil firm's profits will help fund the kingdom's assertive Crown Prince Mohammed bin Salman's plans for a futuristic city on the Red Sea coast, but also comes as the U.S. grows increasingly frustrated by higher prices at the pump chewing into American consumer's wallets.
Those tensions yet again have chilled relations between Riyadh and Washington before the Nov. 8 midterm elections. Aramco will keep its dividend this quarter at $18.8 billion, the world's highest.
The energy sector is off to a mixed-to-lower start, pressured...
The energy sector is off to a mixed-to-lower start, pressured by weakness in the crude complex as the major equity indices swing in and out of positive territory. U.S. stock index futures were mostly flat ahead of a widely expected super-sized rate hike from the Federal Reserve, with investors looking for signs the central bank could temper its aggressive stance on future interest rate increases.
WTI and Brent crude oil futures are down in early trading ahead of an expected rate hike by the Federal Reserve but found a floor as market participants eyed falling U.S. crude stockpiles and upcoming European sanctions on Russian barrels. U.S. crude oil stocks fell about 6.5 million barrels for the week ended Oct. 28. At the same time, gasoline inventories fell 2.6 million barrels, more than expected. China's zero-COVID policy has been a key factor in keeping a lid on oil prices as repeated lockdowns have slowed growth and pared oil demand in the world's second-largest economy.
Natural gas futures are trading higher on a drop in output at the start of the month and expectations gas demand will rise once the Freeport liquefied natural gas (LNG) export plant in Texas exits an outage.
Kremlin: Considering ‘Further Steps’ over Allegation Britain Attacked Nord Stream
Russia said on Nov. 1 that it was considering what “further steps”...
Russia said on Nov. 1 that it was considering what “further steps” to take in connection with its allegation that Britain was responsible for an attack on the Nord Stream undersea gas pipelines.
Russia’s defense ministry said on Oct. 29 that British navy personnel had blown up the Nord Stream pipelines in September, an assertion that London said was false and designed to distract from Russian military failures in Ukraine.
“There is evidence that Britain was involved in sabotage ... a terrorist act against vital energy infrastructure,” Kremlin spokesman Dmitry Peskov told reporters.
U.S. stocks open modestly lower as investors await Fed decision
U.S. stocks opened modestly lower on Wednesday as investors digested...
U.S. stocks opened modestly lower on Wednesday as investors digested stronger-than-expected private payrolls data while waiting to hear from Federal Reserve Chairman Jerome Powell. The S&P 500 SPX, -0.43% opened 8 points, or 0.2%, lower at 3,847. The Dow Jones Industrial Average DJIA, -0.41% fell 102 points, or 0.3%, to 32,550. The Nasdaq Composite COMP, -0.32% slipped 13 points, or 0.1%, to 10,876. Data released early Wednesday showed U.S. private payrolls rose by 239,000 in October, surpassing the 195,000 gain anticipated by economists polled by the Wall Street Journal. In the afternoon, the Fed is expected to deliver a fourth consecutive 75 basis point interest-rate hike. But investors will be paying close attention to any hints about the size of future hikes as the central bank has signaled the possibility of down-shifting to a 50 basis-point hike in December. If stocks finish lower on Wednesday, it would mark the third session in the red for the major indexes.
Wall Street's top strategist thinks the Fed will end its tightening campaign sooner than later. Market...
Wall Street's top strategist thinks the Fed will end its tightening campaign sooner than later. Market guru Mike Wilson kicked off this week by telling investors to anticipate a stock rally because the central bank's about to ease up on interest rates.
In a Monday note from Morgan Stanley, Wilson pointed out the recent inversion of the 3-month and 10-year US Treasury yield curves as reason to support a Fed pivot.
Wilson sees a 6.4% upside for the S&P 500, in part because the major indexes closed last week in the green despite horrendous earnings coming out of Big Tech.
