Articles in this Cluster
05-05-2025
Australian stocks fell after Prime Minister Anthony Albanese won re-election, while most Asian markets were closed for holidays. The S&P/ASX 200 lost 0.84%, but the Australian dollar rose 0.33% against the US dollar. In contrast, India's Nifty 50 and BSE Sensex rose 0.66% and 0.57%, respectively. Several Asian currencies, including the offshore Chinese yuan and New Taiwanese dollar, strengthened against the US dollar. Adani group companies' shares surged after reports that representatives met with US officials to discuss dismissing criminal charges. Meanwhile, Indonesia's economy grew 4.87% year-on-year in Q1, slower than expected, and oil prices dropped after OPEC+ agreed to raise production.
05-05-2025
US stock futures fell slightly on Sunday night after the S&P 500 had its longest winning streak in two decades, rising nearly 1.5% on Friday. The gains were driven by hopes of a US trade deal with major trading partners, with China evaluating the possibility of trade negotiations. Investors are now looking ahead to the Federal Reserve's two-day policy meeting starting Tuesday, with earnings reports from On Semiconductor, Tyson Foods, and Loews also on the docket for Monday. Meanwhile, US crude oil prices fell over 4% after OPEC+ agreed to increase production.
05-05-2025
U.S. crude oil futures fell over 4% after OPEC+ agreed to increase production by 411,000 barrels per day in June, following a similar surge in May. The decision has raised concerns of an oversupplied market, particularly amid fears of a recession due to President Donald Trump's tariffs, which could slow demand. Oil prices have fallen over 20% this year, with U.S. crude dropping to $55.80 a barrel and global benchmark Brent falling to $58.90 per barrel.
05-05-2025
Oil prices continued to decline as the OPEC Plus cartel announced plans to increase oil production, despite concerns that President Trump's trade war would reduce demand. The US benchmark oil price fell to around $56 a barrel, making it unprofitable for many companies to drill wells in the US. The price drop is attributed to OPEC Plus's decision to raise output and economists' warnings that higher tariffs will slow global economic growth, potentially causing a recession in the US. As a result, some companies are pulling back, with 9% fewer rigs drilling in the Permian Basin than last year. Major oil companies like Exxon Mobil and Chevron reported lower first-quarter earnings due to market uncertainty.
