A gunman killed one person Saturday at a Louisville, Ky. park where people have been gathering for weeks to protest the killing of a 26-year-old black woman. Photo: Darron Cummings/Associated Press...
(Bloomberg) -- Iraq is reassessing contracts to pump crude at fields where production costs are high as it tries to contain expenses while curbing output, the oil minister said, according to a report on Sunday in Al-Sabah newspaper.OPEC’s second-biggest producer has an interest in cooperating with other global suppliers in reducing output to prop up crude prices, Oil Minister Ihsan Abdul Jabbar said in an interview with state-run Al-Sabah. The ministry is reviewing some of its contracts and may try to amend those with high costs, he said, without giving additional details.Iraq, a long-time laggard in meeting output cuts that it pledged as part of the OPEC+ coalition, is scaling back production in a renewed commitment to its partners. Brent crude is down 38% this year as the coronavirus pandemic batters demand.The country’s oil ministry is seeking to reduce production expenses and invest in low-cost fields that contain lighter, more profitable...
“I am sticking with my thesis that the lows are in, but that the market is not a layup from here. While a repeat of the Great Depression seems unlikely, it is good to at least be aware that the strength of the rally so far does not guarantee a continued bullish outcome,” said Jurrien Timmer, director of global macro in Fidelity’s Global Asset Allocation Division....
The commodity market with the exception of a few agriculture markets are generally entering the second half on a firmer footing. However, with virus cases continuing to rise some concerns may emerge that could limit the upside over the coming weeks....
One of the most telling patterns in Gold over the past 6+ months has been the “washout low” price rotation pattern after establishing a momentum price base....
(Bloomberg) -- Just as the U.S. president urges American companies to ditch China, many of them can’t get more of China fast enough.Consider the voyage of the container ship Melina, which set sail Wednesday from a Chinese port near Shenzhen with products bound for U.S. households, a hulking symbol of how the flow of goods is adapting in a global economy crippled by a pandemic.Capable of carrying almost 4,300 containers, she’s downright petite in an industry where the biggest can handle more than 20,000. The Melina is part of a budding fleet of smaller vessels that Covid-19 has thrust into service between the world’s biggest economies. Smaller means faster. She’ll dock in Los Angeles on July 6 after a 12-day nonstop journey — a week ahead of a larger ship doing the same route.With the extra speed comes a price that’s as much as double the cost of standard transpacific service, which is already skyrocketing because...
(Bloomberg) -- European stocks are entering the second half of the year on a strong footing.Even after three straight months of gains, a growing number of strategists and investors are turning bullish on the region’s equities. Helping sentiment are reports pointing to an economic bounce, unprecedented stimulus measures and optimism that easing lockdown measures won’t lead to a second wave of coronavirus infections.That’s building a case for European equities to continue a rare outperformance over peers in the U.S., where infections are on the rise in several states. Both the Stoxx Europe 600 Index and the Euro Stoxx 50 Index have outperformed the S&P 500 benchmark since mid-May, and are on track to beat Wall Street for the first full month since last September, helped in part by a rotation into cyclical and value shares.“I absolutely agree with the growing positive view on European equities,” Chris Dyer, director of global equity...
