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The discount on Western Canada Select crude to West Texas Intermediate futures reached its widest levels since 2023 this month, driven by soaring global freight prices that make re-exporting Canadian barrels from the US Gulf Coast cost-prohibitive. The WCS differential at Houston is the steepest since January 2023.
US Treasury yields mostly rose on Monday, with 10- and 30-year yields hitting fresh 24-year highs as recent negative sentiment in the bond market prevailed. Investors weighed the outlook for higher rates, with CME Group data showing about a 76% chance of the Fed holding rates steady in October.
US Treasury yields, particularly the 10- and 30-year, climbed on Monday to reach new 24-year highs. This movement reflects persistent negative sentiment in the bond market and investor concerns about the prospect of continued high interest rates.
The MSCI's gauge of stocks across the globe rose 0.7%. The Nasdaq Composite reached a record closing high, lifted by Nvidia and Microsoft. The euro stumbled to a 17-month low against the dollar, and the 10-year US Treasury yield rose to a fresh 24-year high.
The index rose 1.05% to 27,477.31 after weaker-than-expected US jobs data boosted bets against an October Fed rate hike. PTC jumped 33% on Schneider Electric's $22.6 billion all-cash bid, while RXO rose over 22% on a $5.8 billion deal with C.H. Robinson.