Syria’s government and opposition groups are invited to resume peace talks in Geneva on March 23, the UN envoy said Wednesday, as the United States pledged support for the negotiations.Staffan de Mistura announced the date after reporting to the Securi…
Day: March 8, 2017
Shrimp, caviar, truffle and gold flakes aren’t standard ingredients in Mexico’s popular tacos. But chef Juan Licerio Alcala uses them to create the world’s most expensive taco at $25,000.No one has ordered one. Yet.The handheld dish made of a corn or w…
Oil prices slumped to their lowest level of 2017 Wednesday following a bearish US supply report that also dented American petroleum-linked shares.
The US oil benchmark, West Texas Intermediate, slid more than five percent to $50.28 a barrel, its lowest price since December. International oil benchmark Brent also ended the day at a low for 2017.
The retreat in oil prices came on a choppy day for global stocks, with US equities finishing mostly lower, Asian markets mixed and European equities close to flat.
US stocks have been under pressure all week in a retreat seen as a consolidation after Wall Street set multiple records last week.
US investors also have questions about an expected Federal Reserve interest rate hike next week, and doubts about whether President Donald Trump can rapidly enact tax cuts and other key aspects of his agenda.
“With the Q4 2016 profit-reporting period behind us, investors are now focusing on the nation’s capital for possible trend-altering events, and are unnerved by what they see,” said Sam Stovall, chief investment strategist at CFRA.
– US oil supply surges –
Oil prices have held solidly above $50 a barrel throughout the first part of 2017, a move that has incentivized US shale producers begin to ramp production back up after a two-year slump in oil prices.
But US Energy Department’s inventory report Wednesday showed a hefty increase of eight million barrels in petroleum stocks in the latest week, with higher domestic production and increased stockpiling at the closely-watched Cushing, Oklahoma trading hub.
“People are nervous because they don’t understand where all this oil is coming from,” said Phil Flynn of the Price Futures Group. “Is it US production, is it imports, is it because OPEC is not joining in? Because of these fears people are getting out of the market.”
The sharp drop in oil prices dented leading petroleum-linked stocks, pushing both the Dow and S&P 500 into negative territory. ExxonMobil and Chevron both shed almost two percent and Halliburton tumbled 3.2 percent.
– ECB meeting in focus –
The dollar pushed higher against the euro ahead of a European Central Bank meeting at which monetary policymakers are expected to resist calls to end a flood of cheap money.
The euro could get a bounce if the ECB hikes its economic forecasts, yet ECB chief “Mario Draghi will most likely talk down the currency and that could erase any earlier gains,” predicted BK Asset Management managing director Kathy Lien.
Meanwhile, British finance minister Philip Hammond predicted the economy would grow by 2.0 percent this year — much higher than the government’s previous 1.4-percent GDP forecast.
He also said that Britain would borrow far less this year than predicted last year.
But the pound still fell against the dollar, reflecting anxiety towards the next step in Britain’s divorce from Europe, noted Lien. Prime Minister May has vowed to activate Article 50 of the EU’s Lisbon Treaty in the next three weeks.
“Investors remain nervous about holding sterling ahead of the potential trigger of Article 50,” Lien said.
– Key figures around 2200 GMT –
New York – Dow: DOWN 0.3 percent at 20,855.73 (close)
New York – S&P 500 : DOWN 0.2 percent at 2,362.98 (close)
New York – Nasdaq: UP 0.1 percent at 5,837.55 (close)
London – FTSE 100: DOWN 0.1 percent at 7,334.61 points (close)
Frankfurt – DAX 30: FLAT at 11,967.31 (close)
Paris – CAC 40: UP 0.1 percent at 4,960.48 (close)
EURO STOXX 50: UP 0.1 percent at 3,389.62 (close)
Tokyo – Nikkei 225: DOWN 0.5 percent at 19,254.03 (close)
Hong Kong – Hang Seng: UP 0.4 percent at 23,782.27 (close)
Shanghai – Composite: DOWN 0.1 percent at 3,240.66 (close)
Euro/dollar: DOWN at $1.0544 from $1.0567
Pound/dollar: DOWN at $1.2165 from $1.2203
Dollar/yen: UP at 114.31 yen from 114.00 yen
Oil – Brent North Sea: DOWN $2.81 at $53.11 per barrel
Oil – West Texas Intermediate: DOWN $2.86 at $50.28 per barrel
French President Francois Hollande on Wednesday spoke out against what he said was a decline in women’s rights in the United States and Russia.Speaking on International Women’s Day, the French leader said that “threats of backtracking” on women’s righ…
A Frenchwoman with Down’s Syndrome will realise a “dream” by presenting the prime time weather bulletin on French television next week, an advocacy group for the disabled said Wednesday.Melanie Segard, 21, will begin training for the broadcast next Tue…
Veteran French rocker Johnny Hallyday announced Wednesday that he is being treated for cancer, but added in a Twitter message that his life was not in danger.”I was actually screened a few months ago for cancer cells for which I am currently being trea…
Tens of thousands of women took to the streets across Turkey on Wednesday, marching for women’s rights while some also rallied against expanding the president’s powers.In Istanbul over 10,000 people, mostly women, walked the long Istiklal Avenue, chant…
Far-right presidential candidate Marine Le Pen and right-wing Francois Fillon on Wednesday lashed out at the French government a day after a mob of school children in a Paris suburb assaulted police and smashed public property.Chaotic images of tear ga…
Pep Guardiola saw his team squander the opportunity to gain ground on Premier League leaders Chelsea in a disappointing 0-0 draw with Stoke City at the Etihad on Wednesday.It was a strangely subdued performance by City, the result perhaps of Guardiola …
Sergi Roberto scored in the fifth minute of stoppage time as Barcelona capped a sensational Champions League fightback to thrash Paris Saint-Germain 6-1 and reach the quarter-finals on Wednesday.Despite Luis Suarez’s early opener, a Layvin Kurzawa own …
A hat-trick by Pierre-Emerick Aubameyang and Christian Pulisic’s dazzling display fired Borussia Dortmund into the Champions League quarter-finals with a 4-0 thrashing of Benfica on Wednesday. The result saw Dortmund win the round-of-16 tie 4-1 on aggr…
A goal in the fifth-minute of injury time from Sergi Roberto gave Barcelona a miracle 6-1 win over Paris Saint Germain to reach the Champions League quarter-finals on Wednesday in breathtaking style.
The question of online privacy and what Facebook is, and isn’t, doing to protect its users is under the spotlight once again after a Syrian refugee lost a case against the social network over fake news posts alleging he was a terrorist.
Read Full Article at RT.com
Everyone knows her magnified flowers and desert bones of New Mexico. But Georgia O’Keeffe also was a pioneer in preening her austere, androgynous image, which helped her become an icon of US art.That extraordinary branding is the focus of a new exhibit…
NATO and the US have warned Kosovo against its plans to transform its security force into a regular army. The alliance and Washington have promised to thwart cooperation with Kosovo if it sets up the army without a constitutional change. …
Turkish intelligence has “significantly’ increased its activities in Germany amid the ongoing diplomatic spat between the two countries ahead of April’s referendum on widening the Turkish president’s powers, Germany’s domestic intelligence service says.
Read Full Article at RT.com
Gambian police have launched an investigation into a violent public assault of a reporter by supporters of President Adama Barrow, a police source told AFP Wednesday.Journalist Kebba Jeffang was hit, scratched and insulted at a press conference on Sund…
US President Donald Trump’s deal-making skills were put to the test in his first major legislative battle Wednesday as Congress hotly debated a health care replacement plan opposed by several members of his own party.Two committees in the House of Repr…
What does a day without women look like? The city of Alexandria, Virginia, just outside the US capital, found out on Wednesday as an avalanche of teacher requests for time off to mark International Women’s Day forced it to close down its entire public …
A blanket ban on corticosteroids, the drug at the heart of controversies involving former Tour de France winner Bradley Wiggins and All Blacks rugby legend Dan Carter, is being considered by the World Anti-Doping Agency (WADA), it was revealed on Wedne…