Crude-Oil Futures Advance 5% As OPEC+ Disrupts Fed-Pivot Wagers: Markets Wrap

Bloomberg2023-04-03

Global markets made a shaky start to the second quarter of 2023 as OPEC+ group’s surprise plan to cut oil production stoked fears of elevated inflation and pushed traders to prune their wagers on a ...

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Chris Tan
2023-04-03
Chris Tan
Good for EV companies 👍

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Those bets were now being revised: Money markets raised the probability of a quarter-point interest-rate hike in May to 65% from 55% seen earlier.“The impact of this will feed into inflation data globally and means that inflation may take longer to return to target,” said Mark Dowding, the chief investment officer at BlueBay Asset Management. “This will mean that interest rates, once they peak, will need to stay at higher levels for longer.”Brent crude headed for the biggest gain since April 2022 while West Texas Intermediate was poised for the best day since May. The Organization of Petroleum Exporting Countries and allies including Russia pledged on Sunday to make the cuts from next month that will exceed 1 million barrels a day, with Saudi Arabia leading the way with 500,000 barrels.A subgroup index of energy stocks in Europe jumped 3.7%, the most since November. BP Plc, Shell Plc and TotalEnergies SE, each of which rose more than 4%, contributed two-thirds of the gauge’s gains. Saudi stocks rallied for an eighth day Monday, the longest streak of gains since January 2022. In New York premarket trading, Marathon Oil rallied 5.4%, while APA Corp. and Halliburton Co. jumped more than 4.6% each.Outside of the energy sector, however, the equity-market sentiment was muted. Europe’s Stoxx 600 index was little changed as 12 0f its 20 subgroups posted losses. Futures on the S&P 500 Index were down 0.1%, while Nasdaq 100 futures fell 0.6%. The S&P 500 had jumped 3.5% last week, the most since November, while the tech-heavy Nasdaq gauge notched its biggest quarterly gain since June 2020. “We’re now probably about to enter a very short-term down leg again,” Paul Gambles, MBMG Group co-founder and managing partner, said on Bloomberg Television. “We’ve had a year of pretty irresponsible policy guides and all the damage that they’ve done is now starting to show up.”Treasury yields rose across the curve, with UK and German government bonds joining the selloff. The dollar was marginally higher, mostly driven by losses for the yen. The Japanese currency weakened as data showed confidence among the nation’s large manufacturers has worsened, adding to the case for the central bank to maintain ultra-easy monetary settings a while longer.Other haven assets failed to see a bid too. Gold dropped for a second day, while the Swiss franc weakened against both the dollar and euro. In the alternatives universe, Bitcoin erased losses, holding above $28,000 apiece.Treasury yields rose across the curve, with UK and German government bonds joining the selloff. The dollar was marginally higher, mostly driven by losses for the yen. The Japanese currency weakened as data showed confidence among the nation’s large manufacturers has worsened, adding to the case for the central bank to maintain ultra-easy monetary settings a while longer.Other haven assets failed to see a bid too. Gold dropped for a second day, while the Swiss franc weakened against both the dollar and euro. In the alternatives universe, Bitcoin erased losses, holding above $28,000 apiece.Key events this week:Eurozone S&P Global Eurozone Manufacturing PMI, MondayUS construction spending, ISM manufacturing, light vehicle sales, MondayEurozone PPI, TuesdayUS factory orders, US durable goods, TuesdayAustralia rate decision, TuesdayCleveland Fed President Loretta Mester speaks, TuesdayEurozone S&P Global Eurozone Services PMI, WednesdayUS trade, WednesdayUBS annual general meeting, WednesdayUS initial jobless claims, ThursdaySt. Louis Fed President James Bullard speaks, ThursdayUS unemployment, nonfarm payrolls, FridayGood Friday. Many markets closed, including US stock and bond marketsSome of the main moves in markets:StocksThe Stoxx Europe 600 rose 0.2% as of 11:09 a.m. London timeS&P 500 futures were little changedNasdaq 100 futures fell 0.6%Futures on the Dow Jones Industrial Average rose 0.3%The MSCI Asia Pacific Index was little changedThe MSCI Emerging Markets Index fell 0.2%CurrenciesThe Bloomberg Dollar Spot Index was little changedThe euro rose 0.1% to $1.0852The Japanese yen fell 0.4% to 133.33 per dollarThe offshore yuan fell 0.3% to 6.8918 per dollarThe British pound rose 0.1% to $1.2355CryptocurrenciesBitcoin rose 0.9% to $28,336.5Ether rose 1.1% to $1,809.18BondsThe yield on 10-year Treasuries advanced five basis points to 3.51%Germany’s 10-year yield advanced two basis points to 2.31%Britain’s 10-year yield advanced one basis point to 3.50%CommoditiesBrent crude rose 5.1% to $83.95 a barrelSpot gold fell 0.1% to $1,966.65 an ounce","kind":null,"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":[{"id":9941435015,"gmtCreate":1680521411337,"gmtModify":1680521416283,"author":{"id":"4100325483048030","authorId":"4100325483048030","name":"Chris Tan","avatar":"https://community-static.tradeup.com/news/234d0c8219838a66f0165bcb29277534","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4100325483048030","authorIdStr":"4100325483048030"},"htmlText":"Good for EV companies 👍","listText":"Good for EV companies 👍","text":"Good for EV companies 👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9941435015","repostId":1135760976,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":33,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1135760976"}