Author: Daniel Chang

SINGAPORE (Reuters) – China National Petroleum Corporation (CNPC), the leading oil producer in Asia, is reassessing its global strategy to revive its presence in international dealmaking. The company is considering investments in gas liquefaction and deep-sea drilling, alongside efforts to maximize output from aging oil wells, according to the head of its research division. Facing challenges such as stagnant domestic oil production, a limited number of new global projects, and declining demand due to economic slowdown and the rise of electric vehicles, CNPC and its subsidiary PetroChina are under pressure to seek growth opportunities abroad. However, geopolitical tensions are complicating…

With the Federal Reserve signaling a potential rate cut at its upcoming September 18 meeting, investors are reevaluating their strategies to adapt to the anticipated shift in the market landscape. Oppenheimer analysts have highlighted that recent comments by Fed Chair Jerome Powell at the Kansas City Fed’s Jackson Hole Economic Symposium strongly suggest that a rate cut is on the horizon, likely by 25 basis points. This expected shift in policy comes in response to a recent downward revision in cumulative payroll gains, which reduced job numbers by 818,000 over the past year. According to Oppenheimer, this adjustment, coupled with…

MEXICO CITY (Reuters) – The Mexican government has temporarily halted its interactions with the U.S. and Canadian embassies after their ambassadors expressed concerns over a judicial reform backed by President Andres Manuel Lopez Obrador. President Lopez Obrador announced the pause during a press conference, clarifying that the freeze in relations is specifically with the embassies and does not extend to the countries themselves. The judicial reform in question seeks to allow the public to elect judges, including Supreme Court justices. A committee in Mexico’s lower house passed the proposal on Monday, positioning it for potential approval by the newly elected…

National Australia Bank (NAB), the country’s third-largest lender by total loans, announced a drop in profit for the June quarter on Friday, driven by rising costs due to inflation and increased competition. Despite this, the bank’s core operating margins remained stable, which led to a positive response from investors, boosting its share price. NAB, which holds a leading position in business lending and is a significant player in the mortgage market, raised concerns about a decline in its business banking portfolio. The bank reported that “non-performing” loans have reached their highest levels in over two years. In a limited third-quarter…

The stock market experienced a mixed session on Wednesday as investors digested the latest Consumer Price Index (CPI) data, according to the Sevens Report. The S&P 500 ended the day with a slight increase, closing up 0.38%. Initially, there was optimism as July’s headline CPI came in slightly below expectations, marking the first instance of inflation dipping below 3% since early 2021. However, the core CPI remained steady at 3.2%, which is still over 1% higher than the Federal Reserve’s 2% target, leading to a more cautious approach from investors. The S&P 500 began the session on a high note,…

As the 2024 US Presidential election draws near, ING has outlined three potential scenarios and their respective impacts on financial markets. These scenarios examine the outcomes of different political alignments and their influence on domestic policies, foreign relations, trade, and the broader economic environment. 1. Trump Wins with Full Republican Control In this scenario, Donald Trump secures the presidency, and Republicans gain control of both the House and Senate. The focus would shift toward expanding the 2017 tax cuts and boosting domestic economic growth, particularly through initiatives to bring manufacturing back to the US. However, international policies, including support for…

The S&P 500 closed higher on Wednesday, driven by increasing expectations for a Federal Reserve rate cut in September, which overshadowed concerns about the economy following weaker labor market data. By the close of trading at 16:00 ET (20:00 GMT), the Dow Jones Industrial Average rose by 55 points (0.1%), the S&P 500 climbed 0.4%, and the NASDAQ Composite advanced 0.6%. Fed Hints Strongly at Potential September Rate Cut The minutes from the Federal Reserve’s July meeting, released on Wednesday, provided the clearest indication yet that a rate cut could be on the horizon. A “vast majority” of Fed policymakers…

A significant majority of Federal Reserve policymakers indicated that they may consider cutting interest rates in September if the current trend of decreasing inflation continues. According to the minutes from the Fed’s July meeting, most members agreed that if economic data continues to align with expectations, a rate cut could be appropriate in the near future. Market sentiment appears to be in agreement, with 63% of traders predicting a rate cut next month, based on Investing.com’s Fed Rate Monitor Tool. Since the Federal Reserve’s tenth rate hike in May of last year, the central bank has adopted a data-dependent approach…

Nvidia (NASDAQ: NVDA) remains a highly sought-after stock in the tech industry, and analysts at Itau BBA have provided a thorough evaluation of its future prospects, establishing a fair price range for the semiconductor giant’s shares. The analysts recently examined several factors influencing Nvidia’s trajectory, including delays in the release of the Blackwell chip and possible overextension in capital expenditures (capex) by major tech players. Despite these hurdles, Itau BBA’s analysts have grown more optimistic about Nvidia’s earnings performance over the next two to three quarters. Contrary to widespread concerns, they suggest that the delay in the Blackwell chip could…

The S&P 500 ended Thursday’s session in negative territory, with rising Treasury yields prompting investors to adopt a cautious stance ahead of Federal Reserve Chairman Jerome Powell’s anticipated speech at the Jackson Hole Symposium. As of 4:00 p.m. ET (2000 GMT), the Dow Jones Industrial Average dropped 177 points, or 0.4%, while the S&P 500 declined by 0.8%, and the Nasdaq Composite slipped by 1.6%. Anticipation Builds for Powell’s Address at Jackson Hole Wall Street’s losses were largely driven by increasing Treasury yields, as market participants looked forward to Jerome Powell’s upcoming address at the Jackson Hole Symposium on Friday.…