citi-says-triple-digit-oil-should-be-near-$70-as-recession-looms

Citi Says Triple-Digit Oil Should Be Near $70 as Recession Looms

  • Bloomberg

    Stock Rebound Is Powell’s Headache as Financial Conditions Ease

    (Bloomberg) — A rebound in risk assets could prove to be a problem for a Federal Reserve trying to curb excesses across markets.Most Read from BloombergReady to Buy a House? Just Wait a Few WeeksSoros’s Money Manager Warns Recession ‘Inevitable’ But Market Timing Is OffGiant Deep Ocean Turbine Trial Offers Hope of Endless Green PowerChinese Banks Overflow With Cash That Nobody Wants to BorrowBiden Says US Will Provide Ukraine Advanced Rocket SystemsStocks have bounced sharply since mid-May’s lo

  • Reuters

    Analysis-Sizzling U.S. energy stock rally confronts global growth worries

    A scorching rally in U.S. energy shares has left investors facing a tough decision: hold on despite growing worries that global growth will slow or lock in profits in one of the few areas of the stock market that has thrived this year. The S&P 500 energy sector has surged 55.7% year-to-date on the back of soaring oil prices, making it a welcome counterweight in portfolios during a year in which the broader S&P 500 has declined by 13.3%. Some individual energy names have delivered returns more typically seen in high-flying technology over the past decade: Exxon Mobil Corp and Chevron Corp have gained 57% and 49% year-to-date, respectively, while Occidental Petroleum Corp has soared about 140%.

  • Associated Press Videos

    Canada to cap market for handguns with new law

    Canadian Prime Minister Justin Trudeau’s government introduced legislation Monday that would put a freeze on importing, buying or selling handguns. The regulations are expected to be enacted this fall. (May 31)

  • Reuters

    Delighted Citigroup chief calls Buffett’s investment ‘wonderful’

    The timing of Warren Buffett’s recent investment in Citigroup Inc was not known in advance by the U.S. lender, Chief Executive Jane Fraser said on Tuesday. Fraser, speaking to reporters in Frankfurt during a trip to Europe, also said the bank didn’t yet know whether it would keep its bank licenses in Russia, where it has been shrinking operations after the country sent troops into Ukraine. Earlier this month Buffett’s Berkshire Hathaway Inc made a new $3 billion bet on Citi, lifting its shares and boosting confidence in the battered Wall Street lender’s stock.

  • Bloomberg

    Bank of Canada Set to Deliver Another Jumbo Rate Hike: Decision Guide

    (Bloomberg) — The Bank of Canada is set to take another aggressive step in its hiking cycle, moving swiftly to tame inflation by bringing its policy interest rate back to a more neutral level.Most Read from BloombergReady to Buy a House? Just Wait a Few WeeksSoros’s Money Manager Warns Recession ‘Inevitable’ But Market Timing Is OffGiant Deep Ocean Turbine Trial Offers Hope of Endless Green PowerChinese Banks Overflow With Cash That Nobody Wants to BorrowBiden Says US Will Provide Ukraine Advan

  • Reuters

    U.S. stock bounce likely just ‘bear market rally,’ says Morgan Stanley strategist

    A rebound in U.S. stocks may have another 5% to go but likely remains just a “bear market rally,” according to Morgan Stanley’s equity strategist, who sees negative trends in corporate earnings and economic indicators. The S&P 500 as of Friday had bounced back 6.6% from May 19, when it closed down 18.7% from its Jan. 3 record high. The benchmark index was down about 1% in morning trading on Tuesday.

  • Bloomberg

    Wall Street Sees Any Stock Market Rally as Likely Short-Lived

    (Bloomberg) — A growing number of Wall Street strategists see last week’s stock market rebound as a head fake before more selling, as risks to the US economy and corporate earnings growth remain with stubbornly high inflation.Most Read from BloombergReady to Buy a House? Just Wait a Few WeeksSoros’s Money Manager Warns Recession ‘Inevitable’ But Market Timing Is OffGiant Deep Ocean Turbine Trial Offers Hope of Endless Green PowerChinese Banks Overflow With Cash That Nobody Wants to BorrowBiden

  • Barrons.com

    Biden Will Meet With Fed’s Powell Tuesday to Discuss Economy

    President Joe Biden is set to meet with Federal Reserve Chair Jerome Powell on Tuesday to discuss the state of the economy. The meeting will be the first time the two have met since Biden announced Powell’s re-election as chair in November. The Senate confirmed Powell to the position in early May.

  • Bloomberg

    What Exempting Russia From OPEC+ Supply Quotas May Mean for Oil

    (Bloomberg) — Exempting Russia from the OPEC+ alliance’s oil-production agreements is being discussed by some members of the Organization of Petroleum Exporting Countries, the Wall Street Journal reported. Most Read from BloombergReady to Buy a House? Just Wait a Few WeeksSoros’s Money Manager Warns Recession ‘Inevitable’ But Market Timing Is OffGiant Deep Ocean Turbine Trial Offers Hope of Endless Green PowerChinese Banks Overflow With Cash That Nobody Wants to BorrowBiden Says US Will Provide

  • Associated Press

    Sanctioned Abramovich files lawsuit at EU general court

    Roman Abramovich has filed a lawsuit at the EU’s general court against the European Union Council, which imposed sanctions on the former Chelsea owner as part of measures targeting Russia and President Vladimir Putin’s close allies. The EU in March included the Russian oligarch on its list of individuals targeted with frozen assets and travel bans over their role in the Russian invasion of Ukraine. Officials from the Council and the EU’s court could not comment on the details of the legal case when contacted Tuesday.

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