Exxon, Shell profits bubble higher with oil prices
LONDON/HOUSTON, Oct 28 (Reuters) - The world's biggest oil companies, Exxon Mobil and Royal Dutch Shell , reported sharply higher third-quarter profits on Thursday, beating analysts' forecasts, as rising energy demand drove up oil and gas prices and fattened refinery margins.
Oil prices climbed 12 percent in the quarter from a year earlier on the back of the global economic recovery and strong demand from China, which became the world's largest energy user this year.
COMMODITY MARKETS: Most markets up modestly as dollar tumbles
NEW YORK, Oct 28 (Reuters) - Commodities rose on Thursday on better-than-expected U.S. job indicators but gains in oil and most raw materials did not match the sharp drop in the dollar due to uncertainties about factors ranging from Fed easing to the outcome of U.S. Congressional elections.
"Are we seeing the inverse relationship between the dollar and commodities beginning to fray somewhat? For sure," said Adam Sarhan, founder of New York's Sarhan Capital, which oversees about $100 million in client assets.
GLOBAL MARKETS: Stocks mixed, dollar falls before elections, Fed
NEW YORK, Oct 28 (Reuters) - Global stocks rose despite Wall Street's mixed finish and the dollar's slide on Thursday as investors pulled back before expected upheaval from next week's U.S. elections and the likelihood of more monetary easing.
"Perhaps this is going to be a 'buy the rumor, sell the news' kind of deal where we have had the rally in anticipation of all these things," said Phil Orlando, chief equity market strategist, at Federated Investors in New York.
OIL: Crude falls before U.S. economic growth data
SINGAPORE, Oct 29 (Reuters) - Oil fell to below $82 ahead of U.S. third-quarter GDP data due later on Friday, the last major economic cue for markets before the Federal Reserve outlines steps to boost recovery in a meeting next week.
The United States is expected to show a 2 percent increase in third-quarter GDP growth, up from 1.7 percent in the second, due to higher consumer spending, a Reuters poll showed.
PRECIOUS-Gold recovers as dollar weakens ahead of Fed meet
LONDON, Oct 28 (Reuters) - Gold rose back towards $1,330 an ounce in Europe on Thursday as fresh dollar weakness arrested the previous session's decline, but trading was cautious ahead of Federal Reserve talks on monetary easing next week.
"Our colleagues on the FX side think the numbers that are circling in the market on QE measures are far too high, we expect some lower numbers, and that will probably help the dollar," said Commerzbank analyst Daniel Briesemann. "That could weigh on precious metals prices."
FOREX-Dollar slides, short-covering rally sputters
LONDON, Oct 28 (Reuters) - The dollar slipped on Thursday, relinquishing some of the gains made earlier this week as a short-covering rally ran out of steam and U.S. Treasury yields fell.
"We'd seen a short squeeze in the dollar in the past few days due to exhaustion in positioning, but when there's no incentive to maintain that, you get some profit taking," said Peter Frank, currency strategist at Societe Generale.
U.S. wheat rises for 5th session on weather concerns
SINGAPORE, Oct 28 (Reuters) - Chicago wheat futures ticked higher, rising for the fifth straight session, as concerns over bad weather in the United States and Australia continued to support the market.
"In the last few days, the market has drawn support from relatively weak U.S. crop conditions," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
Asian stocks rebound; yen unmoved by BOJ
SYDNEY, Oct 28 (Reuters) - Asian stocks rebounded after having suffered their biggest one-day fall in four months, while the yen held firm against a broadly weaker dollar, taking details of the Bank of Japan's stimulus plan in its stride.
"What stands out is that the BOJ rescheduled its next meeting, bringing it forward, which suggests the central bank wants to make sure it can take action if needed after the FOMC," said Takeshi Minami, chief economist at Norinchukin Research Institute, referring to the U.S. central bank meeting on Nov. 2-3.
No comments:
Post a Comment