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MARKET NEWS

OPEC cuts oil demand growth forecast, highlighting dilemma over Oct hike

LONDON (Reuters) -OPEC on Monday cut its forecast for global oil demand growth in 2024 citing softer expectations for China, a reduction that highlights the dilemma faced by the wider OPEC+ group in raising production from October. This is the first cut in OPEC's 2024 forecast since it was made in July 2023, and comes after mounting signs that demand in China has lagged expectations due to slumping diesel consumption and as a crisis in the property sector hampers the economy. In a monthly report on Monday, the Organization of the Petroleum Exporting Countries said world oil demand will rise by 2.11 million barrels per day in 2024, down from growth of 2.25 million bpd expected last month.

Nasdaq 100, Dow and Dax Continue to Rebound

Morning Bid: Markets pray inflation stays well behaved

Off-radar for much of the past week's market turbulence, U.S. inflation updates this week will reveal just how much latitude the Federal Reserve has to meet pumped-up expectations around its first interest rate cut next month. With the S&P500 ending last week basically unchanged despite days of outsize swings, the VIX volatility gauge has returned close to long-term means around 20.

British Pound (GBP) Latest – BoE Policymaker Warns on Inflation, GBP/USD Analysis

BOE to Get Another Reason for Caution as Inflation to Pick Up

(Bloomberg) -- UK inflation is expected to pick up for the first time in 2024 in new data that’s likely to keep Bank of England policy makers wary about pushing ahead with further interest rate reductions next month.Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceLos Angeles Sees Remote Work Helping ‘No Car’ 2028 Olympic GamesIn DNC, Chicago’s Embattled Transit System Faces a High-Pr

Oil Steady After Weekly Gain as Traders Watch for Iran Reprisal

(Bloomberg) -- Oil was steady after its first weekly gain since early July, with the market still waiting for Iran’s response to last month’s assassination of a Hamas leader in Tehran.Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceLos Angeles Sees Remote Work Helping ‘No Car’ 2028 Olympic GamesIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestNYC Subway Riders See

Small US Inflation Pickup Won't Derail a Fed Rate Cut in September

(Bloomberg) -- US inflation probably picked up modestly in July, but not enough to derail the Federal Reserve from a widely anticipated interest-rate cut next month.Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureIn DNC, Chicago’s Embattled Transit System Faces a High-Profile TestHow Chicago’s Gigantic Merchandise Mart Is Still Thriving as Office SpaceNYC Subway Riders See ‘Exceptionally High’ A

Fed's Bowman: Rate cuts will be needed if inflation keeps falling

"Should the incoming data continue to show that inflation is moving sustainably toward our 2% goal, it will become appropriate to gradually lower the federal funds rate to prevent monetary policy from becoming overly restrictive on economic activity and employment," Bowman said in remarks prepared for delivery to a closed meeting of the Kansas Bankers Association. "But we need to be patient and avoid undermining continued progress on lowering inflation by overreacting to any single data point."

Charting the Global Economy: Wild Week in Markets Ends Quietly

(Bloomberg) -- A week that started off with a $6.4 trillion global stock rout and a broad rally in bonds ended relatively quietly, calming from historic volatility triggered in part by the prior week’s disappointing US jobs report.Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNYC Subway Riders See ‘Exceptionally High’ Air PollutionIn DNC, Chicago’s Embattled Transit System Faces a High-Profile

BlackRock's Wei Li Sees Risk of Donald Trump Challenging Fed's Independence

(Bloomberg) -- Treasury investors should consider the possibility of a Donald Trump presidency after the Republican candidate said he would look to influence US monetary policy if elected, according to Wei Li, global chief investment strategist at BlackRock. Most Read from BloombergHow a Tiny Midwestern Town Became a Mecca for Modern ArchitectureAfrica’s Richest City Needs $12 Billion to Fix InfrastructureNYC Subway Riders See ‘Exceptionally High’ Air PollutionWhen Climate Funds Pay for Highway

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