The worsening prospects for the global economy point to continued strength for the greenback. The International...
The worsening prospects for the global economy point to continued strength for the greenback. The International Monetary Fund predicted Tuesday that growth worldwide will slow to 2.7% in 2023 from 3.2% in 2022.
"As the global economy is headed for stormy waters, financial turmoil may well erupt, prompting investors to seek the protection of safe-haven investments, such as US Treasuries, and pushing the dollar even higher," the IMF warned.
The US Dollar Index has been rallying over the past week after coming down from 20-year highs. The recent moves track those of the 10-year US Treasury yield, which slid last month after the Bank of England announced emergency gilt purchases. Take a look at the greenback's relentless advance of the past year and a half.
Benchmark U.S. crude oilfor November delivery fell $1.78 to $89.35 a barrel Tuesday. Brent crudefor December delivery fell $1.90 to $94.29 a barrel.
Wholesale gasoline for November delivery rose 1 cent to $2.63 a gallon. November heating oilrose 2 cents to $3.93 a gallon. November natural gas rose 16 cents to $6.60 per 1,000 cubic feet.
U.S. stocks end lower for fifth day; Nasdaq posts lowest close since 2020
U.S. stocks finished mostly lower on Tuesday with the S&P 500 logging its lowest end-of-date...
U.S. stocks finished mostly lower on Tuesday with the S&P 500 logging its lowest end-of-date level since September, while the Nasdaq Composite logged its lowest such level since July. Only the Dow Jones Industrial Average managed to evade a loss for the day; the other two indexes recorded their fifth straight session in the red. The S&P 500 SPX, -0.65% finished down 23.55 points, or 0.7%, to 3,588.84. The Nasdaq COMP, -1.10% fell 115.91 points, or 1.1%, to close at 10,426.19. The Dow DJIA, +0.12% advanced 36.31 points, or 0.1%, to finish at 29,239.19
Crude oil could hit $125 a barrel as Russia's reaction to a US-led price cap threatens to squeeze supply, UBS says
Crude oil could hit $125 a barrel as Russia's response to a US-led price cap plan threatens to tighten...
Crude oil could hit $125 a barrel as Russia's response to a US-led price cap plan threatens to tighten the global market even further, a top UBS commodities strategist has said.
Moscow has said it's prepared to cut its oil output if the G7 nations carry through with the price cap, warning the measure will end up primarily hurting those behind the plan.
Dominic Schnider, head of commodities at UBS Global Wealth Management, said that could pull another 1 million barrels a day at a time when the oil market is already facing a supply squeeze from the OPEC+ decision to slash its production targets.
"As we get further draws, you're going to see prices going up. That simple. And we're looking at $110-$125, that's for us our point of gravity when it comes to crude oil,"he added.
