Latest news with #ANZ
Shafaq News
9 hours ago
- Business
- Shafaq News
Oil prices edge up on US trade hopes and falling inventories
Shafaq News Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 21 cents, or 0.3%, to $68.72 a barrel by 0335 GMT. U.S. West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $65.47 per barrel. Both benchmarks were little changed on Wednesday as markets monitored developments in U.S.-European Union trade talks, following President Donald Trump's tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo from new levies in exchange for a $550 billion package of U.S.-bound investment and loans. "Buying was driven by optimism that progress in tariff negotiations with the U.S. would help avoid a worst-case scenario," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. "Still, uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," he added, predicting WTI will likely remain range-bound between $60 and $70. Two European diplomats said on Wednesday that the EU and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal. On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Gasoline stocks also fell by 1.7 million barrels to 231.1 million barrels, nearly double expectations for a 908,000-barrel draw. Distillate stockpiles, including diesel and heating oil, rose by 2.9 million barrels in the week to 109.9 million barrels - still near their lowest seasonal level since 1996, ANZ analysts said in a note. "This suggests demand over the northern hemisphere summer has been relatively strong," ANZ said. Meanwhile, geopolitical tensions remained in focus. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. Separately, foreign oil tankers were temporarily barred from loading at Russia's main Black Sea ports due to new regulations, two industry sources said on Wednesday, effectively halting exports from Kazakhstan through a consortium partly owned by U.S. energy majors. The U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. Meanwhile, the EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude.
Zawya
11 hours ago
- Business
- Zawya
Asian shares, Aussie dollar climb on trade, earnings optimism
TOKYO: Shares in Asia rallied and the Australian dollar hit an eight-month high on Thursday as optimism over earnings and trade supported demand for higher yielding assets. Tokyo's broad Topix gauge of shares hit an all-time high, following new records on Wall Street overnight, after a trade pact between Japan and the U.S. stoked speculation more deals would appear soon to head off sweeping tariffs. Nasdaq and S&P futures rose after results by Google parent Alphabet beat estimates to kick off the "Magnificent Seven" earnings season. The U.S. has also reached deals with the Philippines and Indonesia and an agreement with the European Union is also expected. "Worst case concerns about tariffs in the U.S. are probably dissipating to some degree at the moment, but nonetheless, tariffs are going up and that is a hurdle for consumers," Brian Martin, ANZ's head of G3 economics, said in a podcast. The EU and U.S. are closing in a trade deal that would impose 15% tariffs on European imports, while waiving duties on some items, according to officials from the European Commission. Meanwhile, Treasury Secretary Scott Bessent said U.S. and Chinese officials will meet in Stockholm next week. Second-quarter earnings season is underway in the U.S., with 23% of the companies in the S&P 500 having reported. Of those, 85% have beaten Wall Street expectations, according to LSEG data. Results from Magnificent Seven members, whose results have powered indexes to previous peaks, are in the spotlight for guidance on spending and returns surrounding artificial intelligence (AI). Alphabet strongly beat estimates and cited massive demand for its cloud computing services as it hiked its capital spending plans. But electric car maker Tesla posted its worst quarterly sales decline in more than a decade and profit that trailed analyst targets. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%. Japan's Topix surged for a second day, rising 1.4% to surpass its previous all-time high reached last year. The Australian dollar, a common proxy for risk sentiment, fetched $0.66, just off $0.6604 hit earlier, which was the highest since November 2024. The U.S. dollar dropped 0.1% to 146.38 yen. U.S. crude climbed 0.4% to $65.5 a barrel. Spot gold was traded at $3,390.84 per ounce, up 0.1%. In early trades, pan-region Euro Stoxx 50 futures shot up 1.3% at 5,435, while German DAX futures were up 1.3%. U.S. stock futures, the S&P 500 e-minis, were up 0.13% and Nasdaq contracts climbed 0.4%.
The Star
11 hours ago
- Business
- The Star
Oil prices rise on US trade optimism, drop in crude inventories
TOKYO: Oil prices rose on Thursday, buoyed by optimism over U.S. trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in U.S. crude inventories. Brent crude futures gained 21 cents, or 0.3%, to $68.72 a barrel by 0335 GMT. U.S. West Texas Intermediate crude futures climbed 22 cents, or 0.3%, to $65.47 per barrel. Both benchmarks were little changed on Wednesday as markets monitored developments in U.S.-European Union trade talks, following President Donald Trump's tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo from new levies in exchange for a $550 billion package of U.S.-bound investment and loans. "Buying was driven by optimism that progress in tariff negotiations with the U.S. would help avoid a worst-case scenario," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. "Still, uncertainty over U.S.-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," he added, predicting WTI will likely remain range-bound between $60 and $70. Two European diplomats said on Wednesday that the EU and the U.S. are moving toward a trade deal that could include a 15% U.S. baseline tariff on EU goods and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal. On the supply side, U.S. Energy Information Administration data showed U.S. crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Gasoline stocks also fell by 1.7 million barrels to 231.1 million barrels, nearly double expectations for a 908,000-barrel draw. Distillate stockpiles, including diesel and heating oil, rose by 2.9 million barrels in the week to 109.9 million barrels - still near their lowest seasonal level since 1996, ANZ analysts said in a note. "This suggests demand over the northern hemisphere summer has been relatively strong," ANZ said. Meanwhile, geopolitical tensions remained in focus. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. Separately, foreign oil tankers were temporarily barred from loading at Russia's main Black Sea ports due to new regulations, two industry sources said on Wednesday, effectively halting exports from Kazakhstan through a consortium partly owned by U.S. energy majors. The U.S. energy secretary said on Tuesday that the U.S. would consider sanctioning Russian oil to end the war in Ukraine. Meanwhile, the EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. - Reuters
New Straits Times
11 hours ago
- Business
- New Straits Times
Oil prices rise on US trade optimism, drop in crude inventories
TOKYO: Oil prices rose on Thursday, buoyed by optimism over US trade negotiations that would ease pressure on the global economy and a sharper-than-expected decline in US crude inventories. Brent crude futures gained 21 cents, or 0.3 per cent, to US$68.72 a barrel by 0335 GMT. US West Texas Intermediate crude futures climbed 22 cents, or 0.3 per cent, to US$65.47 per barrel. Both benchmarks were little changed on Wednesday as markets monitored developments in US-European Union trade talks, following President Donald Trump's tariff deal with Japan. The agreement lowers duties on auto imports and spares Tokyo from new levies in exchange for a US$550 billion package of US-bound investment and loans. "Buying was driven by optimism that progress in tariff negotiations with the US would help avoid a worst-case scenario," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. "Still, uncertainty over US-China trade talks and peace negotiations between Ukraine and Russia is limiting further gains," he added, predicting WTI will likely remain range-bound between US$60 and US$70. Two European diplomats said on Wednesday that the EU and the US are moving toward a trade deal that could include a 15 per cent US baseline tariff on EU goods and possible exemptions, potentially paving the way for another major trade agreement following the Japan deal. On the supply side, US Energy Information Administration data showed US crude inventories fell last week by 3.2 million barrels to 419 million barrels, exceeding analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Gasoline stocks also fell by 1.7 million barrels to 231.1 million barrels, nearly double expectations for a 908,000-barrel draw. Distillate stockpiles, including diesel and heating oil, rose by 2.9 million barrels in the week to 109.9 million barrels - still near their lowest seasonal level since 1996, ANZ analysts said in a note. "This suggests demand over the northern hemisphere summer has been relatively strong," ANZ said. Meanwhile, geopolitical tensions remained in focus. Russia and Ukraine held peace talks in Istanbul on Wednesday, discussing further prisoner swaps, though the two sides remain far apart on ceasefire terms and a possible meeting of their leaders. Separately, foreign oil tankers were temporarily barred from loading at Russia's main Black Sea ports due to new regulations, two industry sources said on Wednesday, effectively halting exports from Kazakhstan through a consortium partly owned by US energy majors. The US energy secretary said on Tuesday that the US would consider sanctioning Russian oil to end the war in Ukraine. Meanwhile, the EU on Friday agreed its 18th sanctions package against Russia, lowering the price cap for Russian crude. (Reporting by Yuka Obayashi in Tokyo and Emily Chow in Singapore; Editing by Jacqueline Wong)
Business Recorder
12 hours ago
- Business
- Business Recorder
Indian rupee likely to get a fleeting lift on US trade deals-driven risk rally
MUMBAI: The Indian rupee is poised to open higher on Wednesday, supported by upbeat risk appetite following progress on U.S. trade deals, although traders expect the move to be short-lived based on recent price action. The 1-month non-deliverable forward indicated the rupee will open in the 86.34-86.36 range versus the U.S. dollar, compared with the close of 86.4075 in the previous session. Recent sessions have shown that the rupee's opening strength often fades quickly. Tepid inflows, one-off dollar outflows, importer hedging, and weak near-term technicals have been cited as factors behind the currency's subdued performance by bankers. 'Intraday fades (on dollar/rupee) have not been sticking - importers are lying in wait and speculators are not showing up on the sell side,' a currency trader at a Mumbai-based bank said. 'It's hard to build a case for a move lower, no matter how positive the Asian cues are.' The rupee has been depreciating in a slow, orderly fashion, with volatility remaining subdued. Despite slipping to a near one-month low, the 10-day realised volatility has dropped to 2%, the lowest since January. Asia rallies Asian currencies and equities climbed on Thursday following more positive developments on the U.S. trade front. After the U.S. and Japan reached a deal to reduce tariffs, Washington and the European Union are reportedly moving toward a similar agreement that could include a 15% baseline U.S. tariff on EU goods—mirroring the terms of the Tokyo deal. Japanese shares extended Wednesday's rally and the euro crept toward its highest level in nearly four years on Thursday. Announcements of U.S. trade deals with Japan have boosted optimism that more agreements will be finalised ahead of the August 1 deadline, ANZ said in a note, pointing to an upcoming meeting between U.S. Treasury Secretary Scott Bessent and China's trade delegation next week. Trade negotiations aside, markets will also be focused on a rate decision from the European Central Bank later in the day.
