Oil prices edged lower on Monday as Russia signaled output will remain high, but losses were limited ahead of U.S. sanctions on Iranian exports that are expected to reduce supplies when they come into effect in just under a week.
Global stocks pared their gains Monday as investors remained cautious despite IBM’s $34 billion deal to purchase Red Hat Inc and Standard & Poor’s decision to keep Italy’s credit rating unchanged.
General Motors Co said it favors an annual increase in fuel-efficiency standards based on “historic rates” rather than tough Obama era rules or a Trump administration proposal that would freeze requirements.
Oil prices edged lower on Monday as Russia signaled output will remain high, but losses were limited ahead of U.S. sanctions on Iranian exports that are expected to reduce supplies when they come into effect in just under a week.
Shares of U.S. automakers rose on Monday after a report that China was considering halving its car purchase tax to 5 percent to support its struggling auto industry, which has been hit hard by the ongoing Sino-U.S. trade war.
U.S. consumer spending rose for a seventh straight month in September, but income recorded its smallest gain in more than a year on moderate wage growth, suggesting the current pace of spending was unlikely to be sustained.
U.S. stocks gained on Monday, helped by relief over Italy maintaining its debt rating, as equities clawed back from a sharp sell off last week.
A recovery in technology stocks following IBM Corp’s $34 billion deal to buy Red Hat Inc and Standard & Poor’s decision to leave Italy’s ratings level unchanged helped global stocks rebound on Monday after choppy sessions last week.
General Motors Co said that Obama era rules aiming to hike fleetwide fuel efficiency to more than 50 miles per gallon by 2025 are “not technologically feasible or economically practicable” and called for a more modest annual increase in requirements.
U.S. cannabis retailer Curaleaf Holdings Inc opened lower in its trading debut in Toronto on Monday after amassing $400 million in the biggest equity raising in Canada’s marijuana industry.
U.S. cannabis retailer Curaleaf Holdings Inc opened lower in its trading debut in Toronto on Monday after amassing $400 million in the biggest equity raising in Canada’s marijuana industry.
Oil prices dropped on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid-2016.
U.S. stock indexes rose on Monday, as gains in auto stocks, a recovery in tech company stocks and relief over an unchanged sovereign rating on Italy helped a rebound from last week’s steep global selloff.
Shortly after U.S. President Donald Trump announced in May he would reimpose sanctions on Iran, the State Department began telling countries around the world the clock was ticking for them to cut oil purchases from the Islamic Republic to zero.
U.S. stocks opened higher on Monday, bouncing back from a steep sell-off last week, helped by gains in auto stocks.
Copyright 1997-2019 Wall Street Reporter / Octagon Media Corp.
