Stocks Edge Higher as $95 Brent Boosts Oil Majors

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Stocks Edge Higher as $95 Brent Boosts Oil Majors

Bloomberg2023-09-19

Brent tops $95 per barrel for first time since NovemberFed is forecast to keep rates on hold in Wednesday’s decisionEuropean shares crept higher, boosted by oil stocks, as traders braced for this week...

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Benchmark Brent crude topped $95 a barrel for the first time since November, adding to concerns about inflation.Oil majors TotalEnergies SE, BP Plc and Shell Plc were among the biggest contributors as Europe’s Stoxx 600 benchmark climbed 0.3%, while US equity futures pointed to modest gains on Wall Street later.Crude has soared by about a third since mid-June as Saudi Arabia and Russia joined hands to curb supplies and drive a rebound in prices. That has sustained the pressure on central bankers as they seek to cool inflation, while managing risks to their economies. The Federal Reserve sets policy Wednesday, the Bank of England Thursday and the Bank of Japan Friday.“Central banks have done a rather good job so far, but there’s little room for manoeuvre now,” said David Kalfon, chief executive officer of Sanso Investment Solutions. “They made clear since the start of the cycle that beating inflation is the key, not growth.”US Treasury yields edged higher, while a gauge of dollar strength slipped.The prospect of rates staying higher for longer has drained some of the enthusiasm toward tech shares, after they led the rally in US stocks earlier this year. Flows suggest investors are positioning for more losses in the Nasdaq 100, according to Citigroup Inc. strategists.Nasdaq futures continued to attract bearish flows last week, leaving positioning heavier on short bets rather than long, the team led by Chris Montagu said. That suggests “few investors are comfortable taking a bullish view on the possibility of a near-term reversal for the growth/tech related index,” they wrote in a note dated Sept. 18. The Nasdaq 100 is down about 3.9% from a peak on July 18.With the Fed forecast to keep interest rates on hold this week, traders will be focused on the so-called dot plot summary of economic forecasts. The two main questions are whether policymakers will retain their projections for one more 25 basis-point hike by year-end, and how much easing they are penciling in for 2024. In June, they projected one percentage point of cuts.“The Fed is likely to highlight that in its collective view the fight against inflation has not yet been won and that the FOMC will be highly data-dependent in terms of future rate decisions, leaving the door open for a possible rate hike later in the year,” said Richard Flax, chief investment officer at European digital wealth manager Moneyfarm. “If the Fed sounds a more hawkish tone, we could see a continuation of the higher-for-longer trend that we’ve seen recently, with lower probability of significant rate cuts in 2024.”Key events this week:This week, Ukrainian President Volodymyr Zelenskiy is expected to meet with Joe Biden at the White House, attend United Nations General Assembly in New YorkOECD releases interim economic outlook report on the global economy, TuesdayEurozone CPI (August final), TuesdayBloomberg Future of Finance Conference in Frankfurt, with speakers to include German Finance Minister Christian Lindner, TuesdayUS housing starts, TuesdayJapan trade, WednesdayChina loan prime rates, WednesdayUK CPI, WednesdayFederal Reserve policy meeting followed by Fed Chair Jerome Powell’s news conference, WednesdayBank of Canada issues summary of September’s policy meeting, WednesdayEurozone consumer confidence, ThursdayBank of England policy meeting, ThursdayUS leading index, initial jobless claims, existing home sales, ThursdayChina’s Bund Summit, FridayJapan CPI, PMIs, FridayBank of Japan rate decision, FridayEurozone S&P Global Eurozone PMIs, FridayUS S&P Global Manufacturing PMI, FridaySome of the main moves in markets:StocksS&P 500 futures rose 0.15% as of 6:36 a.m. New York timeNasdaq 100 futures rose 0.13%Futures on the Dow Jones Industrial Average rose 0.13%The Stoxx Europe 600 rose 0.3%The MSCI World index was little changedCurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro was little changed at $1.0694The British pound was little changed at $1.2388The Japanese yen was little changed at 147.72 per dollarCryptocurrenciesBitcoin rose 1.7% to $27,230.02Ether rose 0.7% to $1,649.82BondsThe yield on 10-year Treasuries advanced one basis point to 4.31%Germany’s 10-year yield was little changed at 2.71%Britain’s 10-year yield declined four basis points to 4.35%CommoditiesWest Texas Intermediate crude rose 0.97% to $91.46 a barrelBrent tops $95 per barrel for first time since NovemberGold futures rose 0.23% to $1,957.80 an ounce","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":7,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}