16/10/2024 Evening Reports
Oil prices hovered around $74 a barrel after a decline on Tuesday, as traders monitored Middle East tensions and next year’s outlook. Brent and West Texas Intermediate fluctuated between minor gains and losses, following a more than 4% drop on reports that Israel would avoid oil facilities in its response to a missile strike from Tehran.
Israeli Prime Minister Netanyahu stated the country would act as it deemed necessary. Meanwhile, Israel launched a new attack in southern Beirut, despite Lebanon receiving assurances from the US regarding a de-escalation.This month, crude prices have been volatile, influenced by regional tensions and China’s efforts to stimulate growth, with the International Energy Agency warning of a potential global glut next year.
How do you think this situation will affect oil prices? What are your long-term expectations?
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Sterling Sinks to Two-Month Low: Is a Steep Rate Cut on the Horizon?
Sterling took a tumble on Wednesday, sinking below the critical $1.30 level for the first time in two months. The culprit? Softer-than-expected inflation data that may push the Bank of England to act more aggressively with interest rate cuts.
UK inflation slowed to 1.7% in September, down from 2.2% in August, marking its lowest point since April 2021. Economists had anticipated a smaller drop to 1.9%, but the unexpected dip has fueled growing speculation of a significant rate cut from the BoE next month. Could this weak inflation be the spark for a dramatic shift in monetary policy?
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US Futures Steady Amid Chip Stock Recovery and Anticipation of Major Earnings Reports
US equity futures stabilized Wednesday as chip stocks, including Nvidia, partially recovered from a significant drop triggered by a profit warning from ASML Holding. S&P 500 and Nasdaq 100 futures were little changed ahead of Morgan Stanley’s earnings, following strong results from major banks. The British pound fell as UK inflation dipped below 2%, increasing expectations of Bank of England rate cuts. European stocks declined, led by luxury names like LVMH, while China’s property shares surged in Asia. Oil prices held near $74, with traders monitoring Middle East tensions.
