OPEC delivered a downbeat oil market outlook for the rest of 2019 on Friday as economic growth slows and highlighted challenges in 2020 as rivals pump more, building a case to keep up an OPEC-led pact to curb supply.
U.S. stocks opened higher on Friday in broad-based gains led by technology stocks, on easing bond market rally and China’s plans to boost economic growth.
On Wednesday, the U.S. Federal Reserve releases the minutes of its last meeting, revealing what policymakers said about the flattening Treasury yield curve and the strength of support for July’s quarter-point rate cut.
Crude oil prices rose on Friday, recovering from two days of declines, after data showing a rise in U.S. retail sales helped to ease recession concerns, although a bearish outlook from OPEC capped gains.
Hopes of more official stimulus for the economy and the easing of a bond market rally put Wall Street on track to open sharply higher on Friday, as a bruising week for markets drew to a close.
BMW’s new chief executive urged employees to embrace change and to find innovative ways to help the Bavarian carmaker overtake rival Mercedes at a time when demand for luxury cars is waning.
Deere & Co. on Friday cut its earnings forecast and announced a review of costs after quarterly profits yet again missed Wall Street’s estimates, hurt by bad weather and the U.S.-China trade war that have depressed sales of its farm machines.
U.S. homebuilding fell for a third straight month in July amid a steep decline in the construction of multi-family housing units, but a jump in permits to a seven-month high offered hope for the struggling housing market.
U.S. stock index futures rose 1% on Friday, as hopes of more stimulus from central banks helped lift some gloom in what has been a turbulent week for markets.
Deere & Co.’s third-quarter earnings on Friday missed Wall Street estimates, hurt by the U.S.-China trade war that has dented the demand for its farm machines, forcing the company to revise down its full-year profit and sales growth forecasts.
World stocks rose on Friday as expectations grew of further stimulus by central banks, offsetting worries about slowing economic growth, which intensified this week as the U.S. yield curve inverted for the first time since 2007.
Deere & Co.’s third-quarter earnings on Friday missed Wall Street estimates, hurt by the U.S.-China trade war that has dented the demand for farm equipment, forcing the company to revise down its full-year profit and sales growth forecasts.
U.S. 30-year Treasury yields fell to a record low below 2% and benchmark 10-year notes dropped to a three-year trough on Thursday amid persistent worries about global trade tensions and economic slowdowns around the world.
Crude oil prices rose more than 2% on Friday, recovering from two days of declines after data showing a rise in U.S. retail sales helped to ease concerns about a recession in the world’s biggest economy.
President Donald Trump’s decision to slap 10% tariffs on imported surfboards convinced surf executive Sue Bowers to move factory jobs out of China – but not back to the United States, which was one goal of Trump’s tariffs.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
