U.S. Stocks Decline; Oil Drops From Six-Year High: Markets Wrap

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Bloomberg 06 July, 2021 - 08:26am 19 views

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U.S. Futures Fluctuate; Oil Jumps on OPEC+ Dispute: Markets Wrap

Yahoo Finance 06 July, 2021 - 09:10am

Contracts on the S&P 500 Index ended little-changed after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for the fourth time in five days after the oil-exporters club called off another meeting to discuss United Arab Emirates’ opposition to an extension of output increase. News related to corporate deals buoyed European stocks.

The U.S. jobs report Friday signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly. Fed watchers awaited June Federal Open Market Committee meeting minutes due Wednesday to gauge how far divisions among members have widened on the tapering time line. U.S. stock and bond markets remain closed for the July 4 Independence Day holiday.

“Today’s public holiday suggests trading will be quiet, although the Fed story will very much re-emerge on Wednesday evening when investors pore through the minutes of the pivotal June 16th FOMC meeting,” ING Groep strategists including Chris Turner wrote in a note. “Before then, we expect much focus on the commodity complex.”

WTI oil continued its inflationary surge above $76 a barrel with the bitter spat between Saudi Arabia and the UAE pushing OPEC+ to abandon its planned meeting and leaving the oil market facing much tighter supplies than had been expected. Brent crude briefly rose above $77 for the first time since 2018.

“As oil prices move higher it should force the hand of UAE to resolve a mutual framework that works for OPEC,” Christyan Malek, head of EMEA oil & gas research at JPMorgan Chase & Co. said in an e-mailed response to questions.

While the jobs report eased concerns about the Fed’s hawkish pivot last month, central banks around the world are beginning to pull back from from the emergency stimulus they deployed to fight the pandemic-driven global recession. For instance, the Reserve Bank of Australia is expected to pare back some stimulus at its Tuesday meeting despite ongoing curbs against a recent Covid-19 flareup.

Meanwhile, a gauge of China’s services industry slowed sharply in June following virus outbreaks in some parts of the country and weaker new orders. The survey shows a deeper downturn in services than the official non-manufacturing gauge released last week.

Shares in British retailer Wm Morrison Supermarkets Plc jumped 12% to the highest price since 2018 as a takeover battle intensified. Investors will watch Didi Global Inc. when U.S. markets reopen after China expanded a cybersecurity probe.

Elsewhere, Bitcoin fell 4.8% to about $33,937 amid generalized losses for cryptocurrencies.

Here are some events to watch this week:

Reserve Bank of Australia policy decision TuesdayFOMC minutes WednesdayThe Group of 20 finance ministers and central bankers meet in Venice on FridayChina PPI and CPI data released on Friday

These are some of the main moves in markets:

Futures on the Dow Jones Industrial Average closed little-changedThe Stoxx Europe 600 rose 0.3%The MSCI World index rose 0.1%

The Bloomberg Dollar Spot Index unchanged as of 4:46 p.m. New York timeThe euro was unchanged at $1.1862The British pound rose 0.2% to $1.3846The Japanese yen strengthened 0.1% to 110.97 per dollar

Germany’s 10-year yield advanced two basis points to -0.21%Britain’s 10-year yield advanced one basis point to 0.71%

West Texas Intermediate crude rose 1.6% to $76.36 a barrelBrent crude climbed 1.3% to $77.16Gold futures rose 0.3% to $1,791.82 an ounce

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There has been plenty of talk recently about oil prices hitting $100, a claim that simply cannot be justified by current market conditions and demand fears

The direction of the September WTI crude oil futures contract early Tuesday is likely to be determined by trader reaction to $75.46.

Equity index futures were lacking any clear direction on Monday afternoon.

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Inflation in advanced nations is rising at the fastest pace since 2008, sparking fresh concerns over the state of the global economy in the wake of the pandemic. The annual rate of inflation among the Organisation for Economic Cooperation and Development’s 38 members averaged 3.8pc over May, up from 3.3pc in April. The figures - which came as UK services firms pushed up prices at a record rate - will intensify the debate among central bankers over when to curb emergency stimulus introduced to he

While Tesla took the top spot in June, it does not register in the year-to-date top 10, with Vauxhall Corsa and Ford Fiesta proving to be the most popular autos on the road.

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Asian share markets were volatile on Tuesday, after Australia's central bank flagged some tapering in its quantitative easing programme and concerns over the future of China's powerful technology sector weighed down shares. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1%. In Hong Kong, the Hang Seng Index was down 0.44%, marking its sixth day of losses, while China's CSI300 was off by nearly 0.6% to an almost two-month-low.

The United Arab Emirates and Saudi Arabia have clashed over how OPEC+ producers unwind oil output cuts, forcing a third day of talks on Monday in a dispute with implications for the wider economy. The U.S. Federal Reserve surprised investors in June by signalling it might raise rates and end emergency bond buying much faster than previously expected, while the U.S. administration has raised concern about rising oil prices. There is also concern among OPEC+ players that non-member the United States could boost output and grab market share as current price levels make shale oil production profitable.

Shares of Restaurant Brands, the parent of Burger King and Popeyes, have underperformed this year, but new director Marc Lemann bought up stock.

Germany's car industry on Monday slashed its forecast for production growth this year, indicating that the recovery from the coronavirus pandemic will be bumpy as manufacturers battle supply-chain disruptions. The Association of German Automobile Manufacturers (VDA) cut its forecast for production growth to 3% from 13% previously, saying that production in recent months had been "significantly below expectations". It now expects 3.6 million cars to be made in Germany this year, down by 400,000 units from its last forecast, the VDA said in its mid-year market update.

Hundreds of Chinese companies trade in the U.S., but which China stocks should you consider? Here are the best Chinese stocks to buy and watch.

In last week's article on three stocks to avoid, I predicted that Norwegian Cruise Line (NYSE: NCLH), Walgreens Boots Alliance (NASDAQ: WBA), and Osprey Bitcoin Trust (OTC: OBTC) would have a rough few days. Walgreens Boots Alliance slipped 8%. Just as its rival tumbled after posting disappointing guidance a week earlier, this drugstore chain also put out poorly received quarterly results.

Stock futures were mixed while crude oil prices rose as a divided OPEC+ postponed talks. Apple and Google are leading the stock market rally.

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Asian Stocks Up, Investors Sift Through Regional and US Data By Investing.com

Investing.com 06 July, 2021 - 09:10am

Investing.com – Asia Pacific stocks were mostly up Monday morning after the release of a slew of economic data in the region as well as the U.S. Investors are also gauging how long the U.S. Federal Reserve will continue with its current accommodative monetary policy.

China’s Shanghai Composite edged up 0.18% by 10:30 PM ET (2:30 AM GMT) and the Shenzhen Component inched up 0.09%.

The Caixin services purchasing managers index (PMI), released earlier in the day, was at 50.3 in June, lower than the 55.1 figure reported for the previous month. Chinese consumer price index and producer price index data is also due later in the week.

The Cyberspace Administration of China also ordered app stores to remove ride-hailing giant Didi (NYSE:DIDI) from their offerings, merely days after Didi’s listing in New York. Investors will also pay attention to any jitters as the Chinese stock market opened for trading.

Hong Kong’s Hang Seng Index inched up 0.03%.

Japan’s Nikkei 225 was down 0.59%, with the services PMI for June at a higher-than-expected 48.

The ASX 200 edged up 0.15% in Australia, with the services PMI at a slightly higher-than-forecast 56.8. Australian retail sales, meanwhile, grew a better-than-expected 0.4% month-on-month in May.

The Reserve Bank of Australia (RBA) is also due to hand down its policy decision on Tuesday.

South Korea’s KOSPI was up 0.46%.

U.S. markets are closed for a holiday, but the S&P 500 hit a record for a seventh day on Friday after the latest U.S. jobs report hinted that the U.S. economy was continuing its recovery from COVID-19, but not quickly enough for the Fed to start asset tapering.

The report said that non-farm payrolls grew increased by a higher-than-expected 850,000 in June, while the unemployment rate was also higher than expected at 5.9%.

Although the data calmed fears that the Fed would act on the hawkish stance that it took as it handed down its latest policy decision in June, central banks globally are already starting to withdraw the unprecedented stimulus unleashed to counter the economic impact of COVID-19.

RBA is expected to pare back some stimulus in its decision, even as some cities remain under lockdown due to the country’s latest COVID-19 outbreak.

“Markets are priced for the continuation of a scenario that could not be better constructed... investors are living with risks that are seen to be manageable while growth and the technical set-up of our financial system is rewarding capital allocated to risk,” AXA Investment Managers chief investment officer for core investments Chris Iggo said in a note.

Investors now await the minutes from the Federal Open Market Committee’s latest meeting, due later in the week. Meanwhile, finance ministers and central bankers from the Group of 20, or G20, will meet in Venice on Friday.

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Stocks Eye Steady Open; Oil in Focus on OPEC+ Spat: Markets Wrap

BNN 06 July, 2021 - 09:10am

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U.S. equity-index futures fluctuated between gains and losses, as crude oil surged above US$76 per barrel and investors weighed the potential for a more hawkish tilt at the Federal Reserve and worsening OPEC+ tensions over oil production.

Contracts on the S&P 500 Index ended little-changed after the benchmark index notched up another record on Friday. West Texas Intermediate crude rose for the fourth time in five days after the oil-exporters club called off another meeting to discuss United Arab Emirates’ opposition to an extension of output increase. News related to corporate deals buoyed European stocks.

The U.S. jobs report Friday signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly. Fed watchers awaited June Federal Open Market Committee meeting minutes due Wednesday to gauge how far divisions among members have widened on the tapering time line. U.S. stock and bond markets remain closed for the July 4 Independence Day holiday.

“Today’s public holiday suggests trading will be quiet, although the Fed story will very much re-emerge on Wednesday evening when investors pore through the minutes of the pivotal June 16th FOMC meeting,” ING Groep strategists including Chris Turner wrote in a note. “Before then, we expect much focus on the commodity complex.”

WTI oil continued its inflationary surge above US$76 a barrel with the bitter spat between Saudi Arabia and the UAE pushing OPEC+ to abandon its planned meeting and leaving the oil market facing much tighter supplies than had been expected. Brent crude briefly rose above US$77 for the first time since 2018.

“As oil prices move higher it should force the hand of UAE to resolve a mutual framework that works for OPEC,” Christyan Malek, head of EMEA oil & gas research at JPMorgan Chase & Co. said in an e-mailed response to questions.

While the jobs report eased concerns about the Fed’s hawkish pivot last month, central banks around the world are beginning to pull back from from the emergency stimulus they deployed to fight the pandemic-driven global recession. For instance, the Reserve Bank of Australia is expected to pare back some stimulus at its Tuesday meeting despite ongoing curbs against a recent COVID-19 flareup.

Meanwhile, a gauge of China’s services industry slowed sharply in June following virus outbreaks in some parts of the country and weaker new orders. The survey shows a deeper downturn in services than the official non-manufacturing gauge released last week.

Shares in British retailer Wm Morrison Supermarkets Plc jumped 12 per cent to the highest price since 2018 as a takeover battle intensified. Investors will watch Didi Global Inc. when U.S. markets reopen after China expanded a cybersecurity probe.

Elsewhere, Bitcoin fell 4.1 per cent to about US$34,085 amid generalized losses for cryptocurrencies.

Here are some events to watch this week:

These are some of the main moves in markets:

Ross Healy's Top Picks: July 5, 2021

Alex Ruus' Top Picks: July 2, 2021

Colin Stewart's Top Picks: June 30, 2021

The real estate board representing Canada's largest housing market is predicting the peak may be in the rear view for Toronto.

Oil jumped to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.

Stocks and U.S. futures were steady Tuesday as traders weighed a jump in crude oil prices after a breakdown in OPEC+ talks. A gauge of the dollar was little changed.

Canada's main stock index set new highs to start the trading week.

U.S. futures are mixed with stocks as bonds climb - BNN Bloomberg

BNN 06 July, 2021 - 09:10am

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U.S. futures were mixed while European stocks fluctuated Tuesday as traders weighed crude oil prices at six-year highs. A gauge of the dollar edged higher.

In Europe, gains in travel shares offset a decline in carmakers. Contracts on S&P 500 were slightly lower as markets were poised to reopen after the Independence Day holiday. Futures for the Nasdaq Composite were higher. Ride-hailing firm Didi Global Inc. plunged 20 per cent in premarket trading after a Chinese regulator ordered the removal of its platform from app stores, days after its U.S. listing. A gauge of Asia-Pacific shares was little changed.

West Texas Intermediate crude pared gained after jumping to a six-year high. Saudi Arabia raised oil prices after a fight with the United Arab Emirates that brought an end to OPEC+ supply talks. Investors are assessing the risk of the conflict escalating into a price war that could hamper the global economic recovery and add to inflationary pressures. That, in turn, may strengthen the Federal Reserve’s case for tightening policy.

The risk of oil at US$100 a barrel “is so correlated with short-run inflation that it will make the market very, very edgy, and we know that the Federal Reserve is both watching the economic data but also markets,” Alan Higgins, chief investment officer at Coutts & Co., said on Bloomberg Television.

Minutes due Wednesday from the Fed’s latest meeting may provide further context on the central bank’s hawkish pivot last month.

Elsewhere, AMC Entertainment Holdings Inc. rose after saying it would no longer seek shareholder approval to issue 25 million more shares. Gold rose for a fifth day.

Australian bond yields rose as the central bank announced a slower pace of asset purchases, while reiterating that interest rates are unlikely to rise before 2024.

Here are some events to watch this week:

These are some of the main moves in markets:

Ross Healy's Top Picks: July 5, 2021

Alex Ruus' Top Picks: July 2, 2021

Colin Stewart's Top Picks: June 30, 2021

The real estate board representing Canada's largest housing market is predicting the peak may be in the rear view for Toronto.

Oil jumped briefly to the highest in more than six years after a bitter fight between Saudi Arabia and the United Arab Emirates plunged OPEC+ into crisis and blocked a supply increase.

U.S. futures were mixed while European stocks fluctuated Tuesday as traders weighed crude oil prices at six-year highs. A gauge of the dollar edged higher.

Alstom SA Chief Executive Officer Henri Poupart-Lafarge expects costly and painful months ahead as the rail-equipment maker works to turn around the flagging operations of the Canadian rival it acquired.

Weibo Soars, Didi Tumbles, and the Dow Has Dropped 200 Points

Barron's 06 July, 2021 - 07:17am

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Stocks were mixed in early trading as U.S. bond yields dropped below 1.4% and investors digested China’s delisting of Didi’s app and its implications for that nation’s U.S.-listed stocks.

The S&P 500 has fallen 0.3%, while the Dow Jones Industrial Average dropped 203.78 points, or 0.6%, and the Nasdaq Composite has risen 0.2%. Oil prices, after gaining early, have fallen 0.8% to $74.54 after the OPEC+ meeting collapsed without a deal. The 10-year U.S. Treasury yield fell 0.072 percentage point, to 1.36%.

Shares of Chinese ride-sharing firm Didi (DIDI) have tumbled 22% after it was removed from app stores in China over data security concerns. Full Truck Alliance (YMM) has slumped 19%, and Kanzhun (BZ) has dropped 9.3% after their apps were also deleted. Perhaps not unrelated, Weibo (WB) jumped about 40% on reports it’s planning to go private, though the stock is up only 14% after the company denied the reports. The actions against Didi raise many questions for investors invested in U.S.-listed Chinese stocks. “This action could pose big risks for other Chinese listing candidates in the US that may face similar questions over the way they store data,” write Gavekal’s Ernan Cui & Thomas Gatley.

Pfizer (PFE) has fallen 1.4% on reports that its vaccine has lost some of its effectiveness in Israel.

Virgin Galactic (SPCE) has jumped 7.2% despite getting downgraded to Neutral from Buy at UBS.

American Express (AXP) has risen 1% after getting upgraded to Buy from Neutral at Goldman Sachs.

Ingersoll Rand (IR) has fallen1% after getting upgraded to Buy from Neutral at Goldman Sachs.

Hologic (HOLX) has risen 1.3% after getting upgraded to Outperform from In Line at Evercore ISI.

Write to Ben Levisohn at ben.levisohn@barrons.com

Stocks were mixed in early trading as U.

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U.S. Stocks Are Steady as Oil Hits Multiyear Highs

Barron's 06 July, 2021 - 05:02am

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Stocks are relatively steady on Tuesday, as investors digest higher oil prices and China’s regulatory attack on U.S.-listed Chinese companies.

Shortly after the open, the Dow Jones Industrial Average  dipped 104 points, or 0.3%, while the S&P 500 fell 0.1%, and the  Nasdaq Composite  rose 0.1%. Oil prices have gained 1% to $75.90 after the OPEC+ meeting collapsed without a deal.

“Oil prices are on a tear after OPEC+ talks collapsed on Monday without any agreement,” writes Oanda market analyst Sophie Griffiths. “The immediate consequence of the breakdown in talks is that the oil supply increase the market was expecting won’t be happening…Given the oil market is so tight, prices are unsurprisingly on the rise.”

In Asia, Tokyo’s Nikkei 225 rose 0.2%, while Hong Kong’s Hang Seng declined 0.25%. The Shanghai Composite dipped 0.1%. The FTSE 100 in London was down 0.2% as the pan-European Stoxx 600 was up 0.2%. The CAC 40 in Paris declined 0.2% and Frankfurt’s DAX fell 0.2%.

Analysts noted that the macro picture remained broadly unchanged for markets, with the focus being on measures of economic recovery and inflation, and indications of how central banks will respond.

Crude prices were the standout on Tuesday, after the OPEC+ group of oil-producing countries postponed a decision on whether or not to increase output. International benchmark Brent was trading at $77.50 a barrel while West Texas Intermediate was near $76.50—their highest levels since around October 2018.

“Combined with the rising oil demand driven by easing travel restrictions, the impasse in discussions and inability to find an agreement on increasing supply will provide further support to oil prices to the clear benefit of oil producing nations,” said Jamie Maddock, an analyst at Quilter Cheviot. 

“Crucially, it could also provide a challenge to the consensus view that global inflation is simply transitory,” Maddock added. “But for the time being, the oil majors are reaping the benefits, enabling rapid debt paydown and comfortably funding old and new energy investment,” he said. 

On the U.S. economic front, investors can expect the final purchasing managers index reading for market services in June, as well as the Institute for Supply Management’s services index.

Shares in Alstom fell 5%, as the French train and railway manufacturing group updated investors in a capital markets day. The company said the financial year 2021/2022 will be a transition period as it stabilizes after acquiring Bombardier Transportation.

Shares of Chinese ride-sharing firm  Didi  (ticker: DIDI) have tumbled 22% after it was removed from app stores in China over data security concerns. Full Truck Alliance (YMM) has slumped 20%, and Kanzhun (BZ) has dropped 8% after their apps were also deleted. Perhaps not unrelated,  Weibo  (WB) has jumped 12% on reports it’s planning to go private.

Pfizer  (PFE) has fallen 1.1% on reports that its vaccine has lost some of its effectiveness in Israel.

Virgin Galactic  (SPCE) slipped 0.1% after getting downgraded to Neutral from Buy at UBS.

American Express  (AXP) has risen 1.7% after getting upgraded to Buy from Neutral at Goldman Sachs.

Ingersoll Rand  (IR) has gained 0.1% after getting upgraded to Buy from Neutral at Goldman Sachs.

Hologic  (HOLX) has risen 0.9% after getting upgraded to Outperform from In Line at Evercore ISI.

Write to Ben Levisohn at ben.levisohn@barrons.com

Stocks are relatively steady on Tuesday, as investors digest higher oil prices and China’s regulatory attack on U.

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U.S. Stocks Decline; Oil Drops From Six-Year High: Markets Wrap

BloombergQuint 05 July, 2021 - 04:57pm

The S&P 500 retreated from a record high as U.S. markets reopened after the Independence Day holiday, with energy shares leading declines. Technology shares kept the Nasdaq Composite little changed. Ride-hailing firm Didi Global Inc. plunged after a Chinese regulator ordered the removal of its platform from app stores, days after its U.S. listing. In Europe, gains in travel shares offset a decline in carmakers. A gauge of Asia-Pacific shares was little changed.

“We’ve had a mixed and cautious start to the week,” said Fiona Cincotta, senior financial markets analyst at City Index. “Rising oil prices have an inflationary impact and there are concerns that that is going to undermine the global recovery.”

West Texas Intermediate crude pared gains registered in the wake of Saudi Arabia’s decision to raise oil prices after a fight with the United Arab Emirates that brought an end to OPEC+ supply talks. Investors are assessing the risk of the conflict escalating into a price war that could hamper the global economic recovery and add to inflationary pressures. That, in turn, may strengthen the Federal Reserve’s case for tightening policy.

The risk of oil at $100 a barrel “is so correlated with short-run inflation that it will make the market very, very edgy, and we know that the Federal Reserve is both watching the economic data but also markets,” Alan Higgins, chief investment officer at Coutts & Co., said on Bloomberg Television.

Minutes due Wednesday from the Fed’s latest meeting may provide further context on the central bank’s hawkish pivot last month.

The Chinese crackdown has knocked about $42 billion off the market value of firms listed on the Nasdaq’s Golden Dragon China Index, which tracks Chinese ADRs, since the government derailed the planned IPO of giant Ant Group Co. in November. Further moves included a record $2.8 billion fine on Alibaba Group Holding Ltd. after an antitrust probe found it had abused its market dominance, sparking concern about the future of the sector.

Elsewhere, Australian bond yields rose as the central bank announced a slower pace of asset purchases, while reiterating that interest rates are unlikely to rise before 2024.

For more market commentary, follow the MLIV blog.

Here are some events to watch this week:

These are some of the main moves in markets:

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