- Barry Adams
- 15 Sep, 2022
- New York City
Stocks on Wall Street lacked direction and struggled to stay above the flat-line as investors digest conflicting trends in the economy.
Economy is slowing down as the housing market faces surging mortgage rates but labor market conditions remain tight and consumer spending is holding up despite high inflation.
However, global markets remain defensive as nervous investors digest the implications of higher rates and economic slowdown.
Economic slowdown worries spilled over energy markets and crude oil prices eased in New York and in European trading.
Weakening economic backdrop and stubborn inflation has also lifted bond yields around the world.
The S&P 500 index rose 0.2% to 3,954.50 and the Nasdaq Composite index gained 0.24% to 11,743.87.
Financials led the early gains in the session with banks and brokerage companies leading the gainers.
Oil complex traded lower after energy prices eased from one-week highs.
Adobe Inc plunged 10% after the software company said it agreed to acquire design software platform developer Figma for $20 billion.
Weekly Jobless Claims Lowest Since May
Initial weekly jobless claims declined 5,000 to 213,000 in the week ending on September 10, the U.S. Department of Labor said Thursday.
The initial claims were the lowest since the last week in May highlighting the tight labor market conditions.
Initial claims plunged 40% from 363,000 a year ago in the similar period.
Seasonally unadjusted claims declined 16,934 from the previous week to 155,961.
Retail Sales In August Rise 0.3%
Retail sales in August rose 0.3% from July, when sales fell 0.4% after a revision, the U.S. Census Bureau and Commerce Department said Thursday.
July retail sales were revised lower from flat to a decline of 0.4%.
Retail sales data are not adjusted for inflation and falling gasoline prices helped consumers to make other purchases.
Gasoline stations sales declined 4.2%, furniture store sales fell 1.3%, and sales at non-store retailers decreased 0.7%.
Excluding gasoline stations, sales increased 0.8%.
Core retail sales which exclude automobiles, gasoline, building materials and food services, were flat.
Industrial Production Falls
Industrial production in August declined 0.2% from July but rose 3.7% from a year ago, the Federal Reserve Board reported Thursday.
Manufacturing output edged up 0.1% after rising 0.6% in July.
The index for mining was unchanged, and the index for utilities decreased 2.3%.
Capacity utilization declined 0.2 percentage point in August to 80.0%.
Bond Market Route Continues
The yield on 10-year U.S. Treasury bonds are above 3.45% and approaching the peak of 3.5% reached in June and 2-year notes are now at 3.8%, a 15-year high.
In addition, the bond yields in Germany are at 1.7%, a 8-year high, as the deepening energy crisis shows no sign of easing. Yields in Greece and Italy are above 4%, prompting worries of another sovereign debt crisis in the eurozone.
Crude Oil Searches Bottom
Global market sentiment has been weakening on the extended coronavirus lockdowns and housing market problems in China, natural gas crisis in Europe, and escalating interest rates in the U.S.
Moreover, shifting of Russia's oil supply to Asia and a conflict between Armenia and Azerbaijan has kept the supply worries in front and center.
WTI crude oil price eased $1.20 to $87.22 a barrel and Brent crude price declined $1.40 to $92.71.
Surging energy costs also negatively impacted trade balance for the eurozone.
Railroad Strike Averted for Now
Railroad stocks traded higher after President Joe Biden announced a preliminary agreement for a better pay and working conditions for railroad workers.
The agreement is likely to avert the strike for now and disruptions in services.
In corporate news, Adobe dropped nearly 10% after the company announced a deal to acquire cloud-based software design company Figma Inc for $20 billion in cash and stock.
Danaher Corp jumped 3% after the medical technology and industrial products maker said it plans to separate its environment and science applications division as a separate company in the last quarter of 2023.
- Brian Turner
- 15 Sep, 2022
- New York City
The euro area trade balance swung to a merchandise trade deficit of
- Barry Adams
- 15 Sep, 2022
- New York City
Global markets remain defensive as nervous investors digest implications of higher rates and economic slowdown.
Economic slowdown worries spilled over energy markets and crude oil prices eased in New York and in European trading.
Weakening economic backdrop and stubborn inflation has also lifted bond yields around the world.
Bond Market Rout Deepens
The yield on 10-year U.S. Treasury bonds are above 3.45% and approaching the peak of 3.5% reached in June and 2-year notes are now at 3.8%, a 15-year high.
In addition, the bond yields in Germany are at 1.7%, a 8-year high, as the deepening energy crisis shows no sign of easing. Yields in Greece and Italy are above 4%, prompting worries of another sovereign debt crisis in the eurozone.
Crude Oil Searches Bottom
Global market sentiment has been weakening on the extended coronavirus lockdowns and housing market problems in China, natural gas crisis in Europe, and escalating interest rates in the U.S.
Moreover, shifting of Russia's oil supply to Asia and a conflict between Armenia and Azerbaijan has kept the supply worries in front and center.
WTI crude oil price eased $1.20 to $87.22 a barrel and Brent crude price declined $1.40 to $92.71.
Surging energy costs also negatively impacted trade balance for the eurozone.
U.S. Stocks Trade with Downward Bias
In New York, benchmark indexes traded down between 0.3% and 0.5% and tech stocks led the decliners in early trading.
Railroad stocks traded higher after President Joe Biden announced a preliminary agreement for a better pay and working conditions for railroad workers.
The agreement is likely to avert the strike for now and disruptions in services.
In corporate news, Adobe dropped nearly 10% after the company announced a deal to acquire cloud-based software design company Figma Inc for $20 billion in cash and stock.
Danaher Corp jumped 3% after the medical technology and industrial products maker said it plans to separate its environment and science applications division as a separate company in the last quarter of 2023.
Eurozone Swings to Trade Deficit
The euro area trade balance swung to a merchandise trade deficit of
- Barry Adams
- 14 Sep, 2022
- New York City
Benchmark indexes on Wall Street struggled around the flat-line a day after major averages recorded this year's worst losses and fell the most in two years.
Major averages struggled to stay in the positive zone after four attempts in choppy trading and accelerated the decline in the final hour of trading.
Popular indexes managed to rebound in the final 20 minutes of trading and closed marginally higher in the session.
The S&P 500 index increased 0.3% to 3,946.01 and the Nasdaq Composite index added 0.7% to 11,719.84.
Tech stocks rebounded on the hopes that Tuesday's sell-off was overdone but nervous investors worried a sustained rally in less likely until there is a clarity on the inflation front.
Apple, Tesla, IBM, Microsoft, Google and Amazon added between 0.5% and 1.5%.
Oil complex stocks gained after crude oil and natural gas prices continued to advance.
APA, Marathon Oil, Hess, Exxon Mobil, Chevron and Schlumberger gained between 2% and 4.5%.
Crude oil price rebounded 2% and reached a one-week high nearing $89 a barrel.
Crude oil prices advanced $1.55 to $88.67 a barrel and natural gas increased 82 cents to $9.10 a thermal unit.
Producer prices, a measure of wholesale prices, declined 0.1% in August after falling 0.4% in July, the second monthly decline in a row.
Gasoline prices fell 12.7% but services prices rose 0.4%, the fourth monthly increase in a row.
On a yearly basis, producer prices slowed to 8.7% in August from 9.8% in July. the U.S. Bureau of Labor Statistics reported Wednesday.
The yield on 2-year Treasury notes increased to 3.80%, 10-year notes edged up to 3.40% and 30-year bonds eased to 3.46%.
European Leaders Plan to Intervene In Energy Markets
Market indexes in Europe swung between losses and gains as investors focused on faster and larger rate increase outlook in the U.S.
Energy policy was also in focus in the region after President Ursula von der Leyen said that the European Commission is considering intervening in the energy markets including price caps and revenue caps on low-cost electricity producers.
The market interventions are expected to generate
- Barry Adams
- 14 Sep, 2022
- New York City
Benchmark indexes on Wall Street struggled around the flat-line a day after major averages recorded this year's worst loss and fell the most in two years.
Producer prices, a measure of wholesale prices, declined 0.1% in August after falling 0.4% in July, the second monthly decline in a row.
The S&P 500 index increased 0.3% to 3,943.58 and the Nasdaq Composite index added 0.7% to 11,712.18.
Crude oil price rebounded 2% and reached a one-week high nearing $89 a barrel.
Crude oil prices advanced $1.20 to $88.54 a barrel and natural gas increased 47 cents to $8.73 a thermal unit.
The yield on 2-year Treasury notes increased to 3.80%, 10-year notes edged up to 3.42% and 30-year bonds eased to 3.50%
Home builders extended two-day losses to more than 10% after mortgage loan application volume decreased 1.2% for the week ending September 9 from the previous week on a seasonally adjusted basis.
From a year ago, the application volumes declined nearly one third.
- Bridgette Randall
- 14 Sep, 2022
- Frankfurt
Market indexes in Europe swung between losses and gains as investors focused on faster and larger rate increase outlook in the U.S.
Energy policy was also in focus in the region after President Ursula von der Leyen said that the European Commission is considering intervening in the energy markets including price caps and revenue caps on low-cost electricity producers.
The market interventions are expected to generate
- Brian Turner
- 14 Sep, 2022
- New York City
Producer prices, a measure of wholesale prices, declined 0.1% in August after falling 0.4% in July, the second monthly decline in a row.
Gasoline prices fell 12.7% but services prices rose 0.4%, the fourth monthly increase in a row.
On a yearly basis, producer prices slowed to 8.7% in August from 9.8% in July. the U.S. Bureau of Labor Statistics reported Wednesday.
- Barry Adams
- 14 Sep, 2022
- New York City
Benchmark indexes on Wall Street struggled around the flat-line a day after major averages recorded this year's worst loss and fell the most in two years.
Producer prices, a measure of wholesale prices, declined 0.1% in August after falling 0.4% in July, the second monthly decline in a row.
Gasoline prices fell 12.7% but services prices rose 0.4%, the fourth monthly increase in a row.
On a yearly basis, producer prices slowed to 8.7% in August from 9.8% in July. the U.S. Bureau of Labor Statistics reported Wednesday.
The S&P 500 index increased 0.3% to 3,942.60 and the Nasdaq Composite index added 0.3% to 11,664.78.
Crude oil price rebounded 2% and reached a one-week high nearing $89 a barrel.
Crude oil prices advanced $1.20 to $88.54 a barrel and natural gas increased 47 cents to $8.73 a thermal unit.
The yield on 2-year Treasury notes increased to 3.80%, 10-year notes edged up to 3.42% and 30-year bonds eased to 3.50%.
Europe Looks to Intervene Energy Markets
In Europe, market indexes swung between losses and gains as investors focused on faster and larger rate increase outlook in the U.S.
Energy policy was also in focus in the region after President Ursula von der Leyen said that the European Commission is considering intervening in the energy markets including price caps and revenue caps on low-cost electricity producers.
The market interventions are expected to generate
- Barry Adams
- 13 Sep, 2022
- New York City
Stocks plunged on Wall Street after the latest data showed how entrenched high prices have become in the broader economy.
The today's market plunge erase gains of the last one week and the benchmark indexes dropped near to the level last seen on September 6.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
On s monthly basis, prices increased 0.1% from July when prices were flat from the previous month.
Consumer inflation advanced at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The market sentiment worsened and investors feared that the Fed may have to increase the pace and the size of rate hikes beyond 75 basis points and keep higher rates longer.
The S&P 500 index dropped 4.3% to 3,932.69 and the Nasdaq Composite index plunged 5.2% to 11,633.57.
The S&P 500 index and the Dow Jones Industrial Average recorded their worst day of 2022.
Crude oil declined 21 cents to $87.56 a barrel and natural gas rose 11 cents to $8.35.
The yield on 2-year Treasury notes rose to 3.75%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.49%.
European Markets Plunge After U.S. Inflation Data
Benchmark indexes in Europe plunged after U.S. consumer inflation was higher than expected and dented the hopes of less aggressive rate hikes.
The DAX index plunged 1.4% to 13,211.26, the CAC-40 index declined 1.2% to 6,257.31, and the FTSE 100 index dropped 1.1% to 7,391.47.
The euro edged down to $1.0003 and the British pound traded down to $1.1519.
Brent crude oil declined $1.90 to $92.08 a barrel and TTF natural gas price gained 6% to 202.55 euros a megawatt hour.
The bond yields rose following the U.S. inflation report.
The yield on 10-year bonds issued by Germany rose to 1.72%, U.K. advanced to 3.17%, France gained to 2.29% and Switzerland to 1.08%.
UK Jobless Rate Drops to 48-Year Low
The latest jobs market data released by the Office for National Statistics offered mixed views but supported the case for higher rates by the Bank of England.
Jobless rate in the U.K. held steady at 3.9% in August, the number of people claiming jobless benefits rose 6,300 contrary to the expectation of a decline of 13,000, according to the data released by the Office for National Statistics.
Unemployment rate declined to 3.6% in three months to July, the lowest since the similar three-month period in 1974.
In August, employees on payrolls increased 71,000 from July to a record 29.7 million.
Italy's Jobless Rate Eases to 8.0%
Italy's seasonally adjusted jobless rate eased to 8.0% in the second quarter ending in June from 8.8% in the first quarter ending in March, Italy's statistics office Istat reported Tuesday.
Jobless rate in the similar period a year ago was 9.6%.
Total employment rate increased to 60.5% in the second quarter from 59.1% in the first quarter and the inactivity rate among the 15 to 64 age group declined to 34.2% from 35.1% in the previous quarter.
Spain's Inflation Eases but Stays Near Record High
Spain's inflation eased less than the previous estimate in August.
Consumer prices rose 10.5% in August from a 4-decade record of 10.8% in July, the Spain's statistics office INE reported Tuesday.
The inflation rate was previously estimated at 10.4% on August 30.
Core inflation, excluding non-processed food and energy, increased to 6.4% from 6.1% in July, record high since January 1993.
Housing costs soared 24.8% from a year ago, and prices of food and non-alcoholic beverages rose 13.8%.
- Barry Adams
- 13 Sep, 2022
- New York City
Stocks plunged on Wall Street after the latest data showed how entrenched high prices have become in the broader economy.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August rose 0.1% from July when prices were flat from the previous month.
Consumer prices rose at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
Crude oil declined 39 cents to $87.35 a barrel and natural gas rose 5 cents to $8.30.
The yield on 2-year Treasury notes rose to 3.74%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.54%.
Braze Inc fell 18.8% to $35.38 after the cloud computing company reported revenue in the second quarter ending in July increased to $86.1 million from $55.8 million a year ago.
Net loss in the quarter increased to $33.4 million from $12.4 million or 35 cents on 90 million shares from 60 cents or 20.3 million shares a year ago.
Core & Main gained 3.5% to $25.36 after the company reported revenues in the fiscal second quarter ending in July soared 43.4% to $1.86 billion from a year ago.
Net income in the quarter soared to $182 million from $10 a year ago.
The net income increase is primarily attributable to higher operating income, the $50 million loss on debt modification and extinguishment and equity award modification expense, both of which occurred in fiscal 2021, and lower interest expense, partially offset by an increase in income taxes, according to the earnings release from the company.
The company lifted its fiscal 2022 adjusted EBITDA to be in the range of $840 to $890 million, representing annual growth between 39% and 47%.
Corteva Inc increased 1% to $62.72 after the agriculture science company said its board authorized a new share repurchase plan of $2 billion.
The newly authorized program is in addition to the existing $1.5 billion program announced in August 2021, which had $650 million remaining as of the end of the second quarter.
Eastman Chemical Company dropped 9.2% to $86.12 after the company lowered its adjusted earnings outlook for the third quarter to $2.0 from the previous estimate of $2.46.
In the second quarter the chemical company reported revenue edged up to $2.78 billion from $2.65 billion and swung to a net profit of $2.03 a diluted share from a loss of $1.07 a share a year ago.
- Brian Turner
- 13 Sep, 2022
- New York City
Inflation continued to stay elevated and rapid price increases spread beyond crude oil and gasoline prices.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August rose 0.1% from July when prices were flat from the previous month.
Consumer prices rose at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
The inflation index was driven higher by broad-based increases in the food price index of 11.4%, the housing index of 6.2% and the medical care services index of 5.6%.
The food price index rose at the fastest pace since May 1979 and the housing price index increased at the fastest pace since 1984.
However these increases were offset by slower gains in the energy price index of 23.8% from 32.9% in July.
Core inflation, excluding food and energy, rose 0.6% in August from the previous month or 6.3% from a year ago. Monthly price increase was the most since March and higher than 5.9% both in June and July.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
Crude oil declined 39 cents to $87.35 a barrel and natural gas rose 5 cents to $8.30.
The yield on 2-year Treasury notes rose to 3.74%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.54%.
- Bridgette Randall
- 13 Sep, 2022
- Frankfurt
Benchmark indexes in Europe plunged after U.S. consumer inflation was higher than expected and dented the hopes of less aggressive rate hikes.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August advanced 0.1% from July when prices were flat from the previous month.
Consumer prices increased at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes that cooling inflation may discourage the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
European Markets Plunge After U.S. Inflation Data
The DAX index plunged 1.4% to 13,211.26, the CAC-40 index declined 1.2% to 6,257.31, and the FTSE 100 index dropped 1.1% to 7,391.47.
The euro edged down to $1.0003 and the British pound traded down to $1.1519.
Brent crude oil declined $1.90 to $92.08 a barrel and TTF natural gas price gained 6% to 202.55 euros a megawatt hour.
The bond yields rose following the U.S. inflation report.
The yield on 10-year bonds issued by Germany rose to 1.72%, U.K. advanced to 3.17%, France gained to 2.29% and Switzerland to 1.08%.
UK Jobless Rate Drops to 48-Year Low
The latest jobs market data released by the Office for National Statistics offered mixed views but supported the case for higher rates by the Bank of England.
Jobless rate in the U.K. held steady at 3.9% in August, the number of people claiming jobless benefits rose 6,300 contrary to the expectation of a decline of 13,000, according to the data released by the Office for National Statistics.
Unemployment rate declined to 3.6% in three months to July, the lowest since the similar three-month period in 1974.
In August, employees on payrolls increased 71,000 from July to a record 29.7 million.
Italy's Jobless Rate Eases to 8.0%
Italy's seasonally adjusted jobless rate eased to 8.0% in the second quarter ending in June from 8.8% in the first quarter ending in March, Italy's statistics office Istat reported Tuesday.
Jobless rate in the similar period a year ago was 9.6%.
Total employment rate increased to 60.5% in the second quarter from 59.1% in the first quarter and the inactivity rate among the 15 to 64 age group declined to 34.2% from 35.1% in the previous quarter.
Spain's Inflation Eases but Stays Near Record High
Spain's inflation eased less than the previous estimate in August.
Consumer prices rose 10.5% in August from a 4-decade record of 10.8% in July, the Spain's statistics office INE reported Tuesday.
The inflation rate was previously estimated at 10.4% on August 30.
Core inflation, excluding non-processed food and energy, increased to 6.4% from 6.1% in July, record high since January 1993.
Housing costs soared 24.8% from a year ago, and prices of food and non-alcoholic beverages rose 13.8%.
- Barry Adams
- 13 Sep, 2022
- New York City
Stocks plunged on Wall Street after the latest data showed how entrenched high prices have become in the broader economy.
Consumer prices in August rose at a slower pace of 8.3% in August following a rise of 8.5% in July, the Bureau of Labor Statistics said Tuesday.
Consumer prices in August rose 0.1% from July when prices were flat from the previous month.
Consumer prices rose at a slower pace annually in August but still remained elevated and significantly above the 2% target set by the Federal Reserve.
Benchmark indexes have been rallying for a week on the hopes of cooling inflation and discouraging the Fed from lifting rates by another large amount.
However, the latest elevated inflation report only strengthened the case for lifting key lending rates again by 75 basis points at the next Fed's meeting later this month.
The S&P 500 index dropped 3.1% to 3,984.09 and the Nasdaq Composite index plunged 4.1% to 11,722.61.
Crude oil declined 39 cents to $87.35 a barrel and natural gas rose 5 cents to $8.30.
The yield on 2-year Treasury notes rose to 3.74%, 10-year notes advanced to 3.43%, and 30-year bonds to 3.54%.
In Europe, market indexes also plunged following the sharp declines on Wall Street.
The DAX index plunged 1.4% to 13,211.26, the CAC-40 index declined 1.2% to 6,257.31, and the FTSE 100 index dropped 1.1% to 7,391.47.
The euro edged down to $1.0003 and the British pound traded down to $1.1519.
- Barry Adams
- 12 Sep, 2022
- New York City
Stocks advanced on Wall Street on the hopes that the consumer inflation has peaked and economic slowdown may be not as deep as earlier estimated.
Investors are awaiting the inflation report on Tuesday and retail sales and industrial production data on Thursday, last two major economic reports ahead of the rate setting committee's meeting later in the month.
The consumer price inflation was 8.5% in July and economists are expecting prices to cool to 8.1% in August after crude oil and transportation costs eased in the month.
Benchmark indexes opened higher and retained the upward bias after resource led the gainers.
APA Corp, Devon Energy, Hess Corp, Marathon Oil and Pioneer Natural Resources led the gainers with a rise between 3% and 4%.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
The S&P 500 index increased 1.1% to 4,110.41 and the Nasdaq Composite added 1.3% to 12,266.41.
With earnings season nearly coming to an end, investors are focused on the possible earnings revisions for the third quarter.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
Crude oil futures increased $1.02 to $87.81 a barrel and natural gas added 37 cents to $8.38 a thermal unit.
Popular indexes stayed in the positive zone after bond yields eased on the optimism that the inflation data tomorrow may show consumer price inflation is cooling.
The yield on 12-year Treasury notes declined to 3.57%, 10-year notes edged down to 3.36%, and 30-year bond fell to 3.51%.
European Markets Pull Ahead, Euro Gains
European markets advanced after investors looked beyond the deepening energy crisis and the hawkish tone of policymakers.
Resource stocks gained after the dollar weakness lifted the euro and energy prices.
The euro resumed its advance after the European Central Bank lifted its key lending rate by 75 basis points last week.
The DAX index jumped 2.4% to 13,402.27, the CAC-40 index 1.95% to 6,333.59, and the FTSE 100 index jumped 1.7% to 7,473.08.
The euro inched higher to a 3-week high to $1.01 and the British pound edged up to $1.17.
Brent crude oil added $1.44 to $94.30 but TTF natural gas declined 8% to 190.59 euros a megawatt hour.
The British economy expanded 0.2% in July from June after falling 0.6% in the previous month, the Office for National Statistics said Monday.
Service sector led the expansion with a growth of 0.4% offset by the 0.3% decline in production and 0.8% decline in construction.
Monthly GDP is 1.1% above its pre-coronavirus level in February 2020.
GDP was flat in the three months to July compared with the previous three months.
Industrial production in Italy gained 0.4% in July from the downwardly revised 2% decline in the previous month, National Institute of Statistics said Monday.
On a seasonally adjusted and annual basis, production increased 1.4% after falling 1.1% in June.
U.K. goods trade balance improved in July from June after good exports rose and imports declined.
Total goods exports rose
- Barry Adams
- 12 Sep, 2022
- New York City
Stocks advanced on Wall Street on the hopes that the consumer inflation has peaked and economic slowdown may be not as deep as earlier estimated.
Investors are awaiting the inflation report on Tuesday and retail sales and industrial production data on Thursday, last two major economic reports ahead of the rate setting committee's meeting later in the month.
Benchmark indexes opened higher and retained the upward bias after resource led the gainers.
APA Corp, Devon Energy, Hess Corp, Marathon Oil and Pioneer Natural Resources led the gainers with a rise between 3% and 4%.
Energy prices rose after the dollar index declined following the largest rate hike in two decades in the eurozone.
Crude oil futures increased $1.61 to $88.40 a barrel and natural gas added 25 cents to $8.25 a thermal unit.
Popular indexes stayed in the positive zone after bond yields eased on the optimism that the inflation data tomorrow may show cooling of consumer price inflation.
The S&P 500 index increased 0.9% to 4,103.17 and the Nasdaq Composite added 1.02% to 12,236.62.
With earnings season nearly coming to an end, investors are focused on the possible earnings revisions for the third quarter.
The yield on 12-year Treasury notes declined to 3.54%, 10-year notes edged down to 3.29%, and 30-year bond fell to 3.44%.
Amgen, Inc declined 3.6% to $238.76 after the company's drug Otezla may face competition from Bristol-Myers' Sotyktu.
Over the weekend, the company said in a clinical trial its lung cancer pill Lumakras reduced risk of lung cancer development by 34%.
Bristol-Myers Squibb increased 5% to $73.69 after the U.S. Food and Drug Administration approved the company's oral treatment for plaque psoriasis branded Sotyktu.
Carvana Co jumped 11.4% to $40.78 after the broker Piper Sandler lifted stock rating to "overweight" from "neutral" and said in a research note that the stock has a potential to jump to above $75 from its current level.
Gilead Sciences, Inc added 4.4% to $68.05 after the company said it settled patent case related to HIV treatment with five generic drugmakers.
The company settled patent challenges with generic manufacturers - Lupin Ltd., Apotex Inc., Macleods Pharma Ltd., Hetero Labs Ltd., and Cipla Ltd associated with drugs Descovy, Vemlidy, and Odefsey.
The agreements grant the generic manufacturers a non-exclusive license in the U.S. to the company