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Rise in oil prices 'largely ignored' by the market: Analyst

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Stocks are lower following the start of the United Auto Workers strike against the Big Three automakers, Ford (F), General Motors (GM), and Stellantis (STLA), and the upcoming Federal Reserve meeting. IG North America CEO JJ Kinahan joins Yahoo Finance Live to discuss some the factors impacting the economy. Crude oil (CL=F) hit over $90 per barrel this week. Kinahan says the rise in oil prices has “been largely ignored… by the market for the last couple of weeks.” “There’s nothing that quickly gets into people’s pocketbooks faster than the price of crude oil through gasoline, et cetera,” Kinahan adds. “Something people have to keep on the radar,” Kinahan notes, “is the fact that the dollar has been incredibly strong overall.” Kinahan explains that something you’re going to start to hear in the upcoming earnings season is that “the cost for companies overseas to buy U.S. products is going to go up pretty significantly” so the U.S. dollar’s (DX-Y.NYB) strength may start “to weigh in to sales overall,” Kinahan says, particularly on the tech side.

Celebrate summer with the best swimsuits from films throughout the years...MONTREAL — Shares of Laurentian Bank were down more than 10 per cent in morning trading after it announced it had completed its review of strategic options without a deal to sell the bank. The Montreal-based bank said Thursday it has decided that its best path forward to drive shareholder value is an accelerated evolution of its current plan with an increased focus on efficiency and simplification.

Thursday's angry words came in response to an announcement the day before by Commission President Ursula Von Der Leyen:"Global markets are now flooded with cheaper Chinese electric cars. And their prices kept artificially low by huge state subsidies. This is distorting our market and as we do not accept this distortion from the inside in our market, we do not accept this from the outside."Von Der Leyen said Brussels would investigate, and might impose punitive tariffs.

 

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