Oil futures fall but remain near six-month highs
Crude futures settled lower on Tuesday but remained near six-month highs, supported by Middle East shipping disruption and the situation in Iran.
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Crude futures settled lower on Tuesday but remained near six-month highs, supported by Middle East shipping disruption and the situation in Iran.
U.K. retail footfall fell 2.9% from Aug. 30 to Oct. 3, versus a 1.7% decline in August, according to the British Retail Consortium and Sensormatic. The report says shoppers remain cautious ahead of the Autumn Budget and the Christmas season.
Melius Research upgraded Cava to buy from hold, saying the restaurant chain's growth is supported by national expansion and strong unit economics. The note said Cava does not need a broader economic recovery to keep its momentum.
Recap of Monday's trading across global equities, bonds, currencies and commodities.
The 2-year US Treasury yield slipped after New York Fed President John Williams said there was 'no urgency' for further action, while major stock indexes eased. US crude fell and the dollar firmed against the yen as investors awaited Wednesday's PCE inflation data.
* Oil has continued to trend lower during Wednesday's APAC session as talks continue on the sidelines of this week's UN gathering. The fact negotiations are even taking place to facilitate Middle East energy shipments is driving optimism in markets but the situation remains very precarious. UST futures are higher, but
EXECUTIVE SUMMARY * TRUMP HAILS 'VERY GOOD' IRAN TALKS FOLLOWING ANNIHILATION THREAT - BBG: #cdbad0a1-5c8d-4cdb-9819-370162b99299 * ZELENSKY ASKS TRUMP FOR WINTER ARMS PACKAGE, EXPECTS ENERGY-CEASEFIRE PUSH - WSJ: #a4c79a68-e487-466b-a806-4885fa3200e0 * LASTING SHOCKS, FIRMING DEMAND REQUIRE FED ACTION - BARKIN - MNI
The Nasdaq hit a record closing high, boosted by AI stocks, while falling oil prices and retreating Treasury yields improved risk sentiment. European shares rallied, led by banks and tech, and Asian markets were mixed, with Japan higher and China/Hong Kong up on hopes of a trade truce.
Global stocks climbed as AI demand boosted tech shares and oil prices eased. European bonds led a rally in debt markets, with German 10-year yields falling 5 basis points to 3.472%.
Energy Secretary Chris Wright said U.S. gasoline prices are "more likely to go down than go up" despite record Labor Day fuel costs, citing futures, seasonal demand and regulatory changes.