OPEC, Saudi Arabia ‘no longer in control’ of oil prices

For decades, OPEC’s sway on oil prices was unparalleled. But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale. “Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas. The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said…

U.S. jobless claims declined for 3rd consecutive week

New applications for U.S. jobless benefits unexpectedly fell last week and the number of Americans on unemployment rolls tumbled to a 28-1/2-year low, pointing to rapidly shrinking labor market slack. The economy’s brightening prospects were further boosted by other data on Thursday showing a sharp acceleration in factory activity in the mid-Atlantic region this month…

Forex Weekly Outlook – May 15 ~ 19, 2017

We got plenty of high impact news scheduled this week, here’s a brief list of tradable releases, for a complete analysis along with Forecast and Previous figures, make sure to visit our Forex Calendar page. Here’s a brief list (all in US Eastern Standard Time): Tue May 16 4:30am UK CPI y/y Wed May 17 […]

UK workers to face rising unemployment, falling real pay over Brexit

British workers should brace themselves for rising unemployment and falling real pay in the year ahead as the impact of a Brexit slowdown is increasingly felt in the jobs market, reports have warned. The era of rapidly increasing employment is over, according to the forecasting group EY Item Club, which on Monday predicted the unemployment rate will rise from 4.7% now to 5.4% in 2018 and 5.8% in 2019…

U.S. jobless claims unexpectedly falls, producer prices up 0.5%

New applications for U.S. jobless benefits unexpectedly fell last week while producer prices rebounded strongly in April, pointing to a tightening labor market and rising inflation that could spur the Federal Reserve to raise interest rates in June. Labor market strength was also underscored by a sharp drop in the number of Americans on unemployment rolls to a 28-1/2-year low in the final week of April…

Wall Street’s ‘fear gauge’ slips to 9.8, hits 23-year low

It’s extremely rare for Wall Street to be as calm as it is right now. The VIX volatility index plunged this week to the unusually-low level of 9.8. That hasn’t happened for this closely-watched “fear gauge” since December 1993. To put that into context, that was the month that President Bill Clinton signed NAFTA into law. Here’s another way to think of it: a single-digit VIX (VIX) reading has happened in less than 0.2% of all trading days since 1990, according to ConvergEx…

Reforms to Fannie Mae, Freddie Mac could shock sector: Fed’s Rosengren

A Federal Reserve official warned U.S. lawmakers on Tuesday that any reforms that reduce the massive lending presence of mortgage giants Fannie Mae and Freddie Mac in the multi-family real estate market could shock that sector of the economy. Members of Congress and the Trump administration have signaled they will overhaul the two government-sponsored enterprises (GSEs), which the government took over during the 2008 financial crisis, after they suffered massive losses on bad mortgages…

Daily Newsletter Is Back!

Back by popular demand, our once long-running (10 years) daily newsletter is back. Just enter your email address in the Newsletter box above then confirm your email (we’ll send you an one-time confirmation email), and that’s it. You’ll start receiving your newsletter daily on Upcoming tradable news, market headlines, important economic topics for the day, and […]

U.S. nonfarm payroll employment rises by 211,000 jobs in April, jobless rate hits 4.4%

U.S. job growth rebounded sharply in April and the unemployment rate dropped to 4.4 percent, near a 10-year low, pointing to a tightening labor market that could seal the case for an interest rate increase next month despite moderate wage growth. Nonfarm payrolls surged by 211,000 jobs last month, the Labor Department said on Friday, well above the monthly average of 185,000 this year and a jump from the gain of 79,000 in March…

A look at China’s aviation market by the numbers

China’s first large jetliner took its maiden flight on Friday, performing a series of test maneuvers in hazy skies near Shanghai. The successful first flight is a huge deal for China, and an indication that Boeing (BA) and Airbus (EADSF) will eventually face a new competitor in a key aviation market. Here’s a look at China’s aviation market by the numbers: 487 million: That’s the number of domestic and international journeys made last year in China, according to data from the Civil Aviation Administration of China (CAAC)…

Fed downplays weak Q1 economic growth, puts emphasis on labor market strength

The U.S. Federal Reserve kept interest rates unchanged on Wednesday and downplayed weak first-quarter economic growth while emphasizing the strength of the labor market, in a sign it was still on track for two more rate rises this year. In a bullish statement following the end of a two-day policy meeting, the central bank also said consumer spending continued to be solid, business investment had firmed and inflation has been “running close” to the Fed’s target…

U.S. private sector hiring slows slightly in April, services sector expands to 57.5

U.S. companies hired workers at a slower but still-solid pace in April, while the domestic services sector grew more than expected, supporting the notion the economic expansion remains on track despite a weak first quarter, private data released on Wednesday showed. An improving labor market and faster activity in services industries last month also buttressed traders’ expectations the Federal Reserve would raise interest rates further in the coming months…

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