Oil Pauses Near 14-Month Low on Signs of Falling US Stockpiles

(Bloomberg) -- Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsBrent traded near $73 a barrel after losing almost 8% since the start of the week. West Texas Intermediate was above $69. The

Oil prices edge up as OPEC+ may delay supply hike, US stockpiles fall

(Reuters) -Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns. Brent crude futures for November rose 35 cents, or 0.48%, to $73.05 a barrel at 0607 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. "Pessimistic sentiments in oil markets seem to ease after robust API data and news of OPEC+ reconsidering output jump surfaced and boosted hopes," said Priyanka Sachdeva, senior market analyst at Phillip Nova.

Dollar struggles to find footing on rising bets of outsized Fed cut

SINGAPORE (Reuters) -The dollar stayed on the back foot on Thursday as renewed concerns over the U.S. economy's growth outlook bolstered expectations of a supersized rate cut from the Federal Reserve this month. The yen was a notable outperformer, in part due to safe-haven demand, but also on the view that imminent rate hikes from the Bank of Japan against the tide of a global easing cycle would lift the Japanese currency due to narrowing interest rate differentials. Global markets have been on edge and stocks, in particular, have been badly bruised after softer-than-expected U.S. data this week reignited concerns that the growth outlook of the world's largest economy was less rosy than earlier thought and the labour market could be slowing more sharply than expected.

Analysis-Bears circle weakening dollar as Fed rate cuts loom

The U.S. dollar's decline is gaining speed as anticipated interest rate cuts by the Federal Reserve threaten to end the greenback's years-long period of strength. The reason is an imminent drop in U.S. interest rates. That yield advantage is set to diminish now that inflation has cooled and Fed Chairman Jerome Powell said last month the "time has come" to start cutting rates, a process expected to kick off at the central bank's Sept. 17-18 monetary policy meeting.

RBA Flags Jobs Challenge If Inflation Stays Above Target

(Bloomberg) -- Australia’s central bank will struggle to maintain low unemployment if inflation stays above its target level “indefinitely,” Governor Michele Bullock said, in a warning to households and firms that interest-rate relief is still some way off.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsIn a speech in Sydney, the Reserve Bank chief reiterated that the rate-se

US economy is slowing, but still has momentum, former official says

The U.S. economy is slowing but it still has some momentum, former Treasury Secretary Robert Rubin said on Thursday. The U.S. Federal Reserve is doing about the right thing, Rubin told the Bund Summit in Shanghai, adding that former President Donald Trump poses multiple risks to the economy.

Oaktree’s Marks Says Fed Cuts Won’t Take US Rates Below 3%

(Bloomberg) -- US interest rates will settle in a range of between 3% and 4% after reductions by the Federal Reserve, according to Oaktree Capital Management LP’s Howard Marks.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US Roads“The Fed will back off from the emergency rate of five and a quarter, five and a half and get down into the threes,” Marks, the co-chairman and co-founder

Fed's Daly says rate cuts needed to keep labor market healthy

The Federal Reserve needs to cut interest rates to keep the labor market healthy, but it is now down to incoming economic data to determine by how much, San Francisco Fed President Mary Daly said on Wednesday. "As inflation falls, we've got a real rate of interest that's rising into a slowing economy; that's a basic recipe for over-tightening," Daly told Reuters in an interview. Labor market health, she said, has to be "sustained and protected, and we have to be very mindful that if policy is overly tight, you might get additional slowing in the labor market, and to my mind, that would be unwelcome."

Dollar weakness to stall as markets over-egg Fed rate cuts: Reuters poll

Recent U.S. dollar weakness will stall in the coming three months despite financial market traders ramping up bets for Federal Reserve interest rate cuts, according to a majority of foreign exchange strategists surveyed by Reuters. After surging about 5% against a basket of major currencies by midyear, the greenback lost almost all its gains as interest rate futures started pricing in about 100 basis points of Fed easing this year, nearly double June's expectations. That was driven in part by July labor market data showing signs of a slowdown, bolstered by reassurance from Fed chair Jerome Powell in his latest speech at Jackson Hole hinting rate cuts were coming.

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