Intel stock extends gains after report of possible U.S. government stake
(Updates prices; changes comment, dateline; previous LONDON)
By Rodrigo Campos
NEW YORK, Oct 7 (Reuters) - Oil prices jumped on Monday as
supply issues took center stage following a week of sharp
losses, while stocks and the dollar were little changed with
eyes on the upcoming Sino-U.S. trade talks.
Oil was bid higher as deadly anti-government unrest gripped
Iraq, the second-largest producer among the Organization of the
Petroleum Exporting Countries.
Iraq's oil exports could be partly disrupted if instability
lasts for weeks, Ayham Kamel, Middle East and North Africa head
at Eurasia Group, said in a note.
"Any oil production disruption would occur at a time when
Saudi Arabia has lost a significant part of its energy system
redundancies (spare capacity)," he said.
U.S. crude CLc1 rose 1.63% to $53.67 per barrel and Brent
LCOc1 was last at $59.11, up 1.27% on the day.
Remarks by Federal Reserve Chairman Jerome Powell and
minutes from the most recent Fed meeting will later this week
keep traders looking for signs on what the central bank is
considering in its upcoming meeting.
On Wall Street, major stock indexes were little changed as
the most recent catalyst, U.S.-China trade, is on hold ahead of
talks that resume on Thursday.
Stocks were hit last week on concerns that softening U.S.
manufacturing and services sector data was a harbinger for a
slide to recession in the world's largest economy. Strong jobs
data on Friday softened the blow.
"The market is going to be volatile until we get some news
out of Washington. Everything, literally, depends on the tone
around trade," said Art Hogan, chief market strategist at
National Securities in New York.
The Dow Jones Industrial Average .DJI fell 18.15 points,
or 0.07%, to 26,555.57, the S&P 500 .SPX lost 1.68 points, or
0.06%, to 2,950.33 and the Nasdaq Composite .IXIC added 2.25
points, or 0.03%, to 7,984.72.
The pan-European STOXX 600 index .STOXX rose 0.71% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.07%.
Emerging market stocks lost 0.25%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.04%
lower, while Japan's Nikkei .N225 lost 0.16%.
The dollar was little changed against a basket of its peers,
but Turkey's lira slid to its lowest level against the dollar in
more than a month after the White House said Ankara would soon
launch unilateral military operations in northeast Syria.
The Turkish lira lost 1.88% versus the U.S. dollar at 5.80,
its weakest since early September.
U.S. President Donald Trump later threatened to "totally
destroy and obliterate the Economy of Turkey" if Ankara does
anything "off limits."
The dollar index .DXY rose 0.07%, with the euro EUR=
unchanged at $1.0976.
The Japanese yen weakened 0.18% versus the greenback at
107.16 per dollar, while Sterling GBP= was last trading at
$1.2311, down 0.16% on the day. lost 1.99%
U.S. Treasury yields drifted higher, with benchmark 10-year
notes US10YT=RR last down 11/32 in price to yield 1.5494%,
from 1.514% late on Friday.
Spot gold XAU= dropped 0.4% to $1,498.04 an ounce. U.S.
gold futures GCc1 fell 0.59% to $1,497.30 an ounce.
Global assets in 2019 http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets in 2019 http://tmsnrt.rs/2ihRugV
MSCI All Country Wolrd Index Market Cap http://tmsnrt.rs/2EmTD6j
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