Higher draw of crude stocks… The surprise drawdown of inventories has helped to push the price of crude up. It was trading down about -$0.30. It is now trading up $0.22 at $66.59.
Latest data released by Eurostat – 13 June 2018 The slightly better revisions is not going to do enough to offset the misses here. On the surface, the readings are poor and it highlights the recurring theme that we have seen this week from Eurozone April industrial output data really.
Speakling on CNBC And
Latest data released by ONS – 13 June 2018 Bang in line with estimates but cable slipped to a low of 1.3312 following the release. At first glance, there’s nothing much to gather from report. Looking into the details now.
Iran’s OPEC governor: You cannot place sanctions on OPEC members, and still blame OPEC for oil price volatility
Response to Trump tweet The Trump administration tore up the Iran Deal and imposed sanctions as well. The Iran OPEC minister also said:
Focus on media stocks The judges ruling in the favor of AT&T /Time Warner merger, has the stock market focused on media stocks. AT&T is trading down $1.32 or -3.84%. while Time Warner is up $3.66 or 3.80%
Pres. Trump gets on OPEC…. Crude prices are lower by about -$0.30 currently. The price has traded above and below the $66.00 level today for the front futures contract. The high reached $66.34. The low extended to $65.52.
YoY comes in at 4.5% vs 5.6 % last The Teranet/ National Bank HPI rose by 1.0% in May vs. 0.2% last month
US PPI data for May 2018 The US PPI data from May came out Higher than expected The numbers are hotter than expected and could be reflective of a pipeline of price increases for consumers down the road. The FOMC is expected to increase rates by 0.25% to 1.75%-2.0% range at 1 PM ET today.
Is the Fed walking down a path where the end of the rate hike cycle is near? The FOMC meeting today will be one of the more interesting ones in my view. Maybe not in terms of immediate repercussions but it will certainly entail a lot of consideration as the Fed moves forward with their…