Global Energy Roundup: Market Talk

Dow Jones02-19

The latest Market Talks covering Energy markets. Published exclusively on Dow Jones Newswires throughout the day.

0834 GMT - Oil prices are trading lower on market concerns over sluggish demand and hopes for imminent interest-rate cuts fade following reports of higher producer prices in the U.S. Data from the U.S. Labor Department showed January wholesale prices increased more than expected, another sign of persistent inflation, just days after the closely watched consumer-price index rose above forecast. The prospect of higher-for-longer interest rates and a IEA report pointing to a significant slowdown in oil demand is weighing on sentiment, despite escalating tensions in the Middle East amid Red Sea attacks and Israel's military offensive in Gaza. Brent crude and WTI are both down 0.8% at $82.76 a barrel and $77.81 a barrel. Trading volumes are relatively subdued due to Presidents Day in the U.S. (giulia.petroni@wsj.com)

0723 GMT - Frencken Group stands to benefit from the stellar 1Q results and 2Q earnings guidance upgrade by key client Applied Materials, Maybank Research analyst Jarick Seet says in a research report. Maybank now foresees Applied Materials' inventories will likely be drawn down, boosting the probability of more orders for Frencken, Seet says. The Singapore-listed technology-solutions company will also be a major beneficiary of Applied Materials' production shift to Southeast Asia via new projects and volumes, Seet adds. Maybank raises the stock's target price to S$1.61 from S$1.39 with an unchanged buy rating. Shares are 3.5% higher at S$1.47. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

February 19, 2024 03:34 ET (08:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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Published exclusively on Dow Jones Newswires throughout the day. \n\n\n  0834 GMT - Oil prices are trading lower on market concerns over sluggish demand ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SG9999004360.SGD","symbol_name":"Nikko AM Shenton Thrift Fund SGD","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2412434901","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2412434901","pubTimestamp":1708331640,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"The latest Market Talks covering Energy markets. 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