Oil production cuts, prices rise | Ukraine attacks Russian port |
Russia said on Friday it needed actions, not promises, from the U.S. to meet the conditions it has set for a return to the Black Sea grain deal. More in Russia & Ukraine section, including updates on Ukraine's attack on a Russian port. U.S. equities yesterday: All three major indices ended in negative territory despite spending time in positive territory. The Dow ended down 66.63 points, 0.19%, at 35,215.89. The Nasdaq declined 13.73 points, 0.10%, at 13,959.28. The S&P 500 lost 11.50 points, 0.25%, at 4,501.89.
• Saudi Arabia signaled it could deepen cuts to oil production, extending its voluntary supply restrictions with Russia for another month. This decision could escalate tensions with the U.S., which prefers lower prices to bolster the economy and constrain Russian revenues, especially with elections on the horizon.
Energy traders have been playing their part by purchasing futures contracts. They speculate that the upcoming hurricane season might disrupt refinery operations, triggering a scramble for supplies, which could further raise prices. Therefore, a combination of geopolitical issues, weather conditions, and market speculation is pushing gas prices higher this summer.
CHINA UPDATE — Chinese investment through mergers and acquisitions in the U.S. has reached a 17-year low, standing at merely $221 million since the start of 2023. This drop in dealmaking activity is mainly due to increasing tensions between the U.S. and China, including a trade war focused on semiconductors. The dwindling investment has resulted in a substantial decrease in Chinese outbound mergers and acquisitions, with totals falling from $212 billion in 2016 to just $54 billion in 2019.
— China announced plans to eliminate import tariffs on Australian barley starting on Aug. 5, a sign of improving trading relations between the two countries, attributed to changes in China's local barley market. Previously, China applied tariffs of over 80% on Australian barley in May 2020, alleging price manipulation in the Chinese market by Australian exporters.
Food companies favor gene-edited cattle and fish since they can grow larger and more quickly and are more adaptable to environmental changes and disease. These companies want USDA oversight due to its speed and cost-effectiveness compared to the FDA. FDA and its supporters insist that the agency already has the necessary legal authority and expertise to mitigate possible dangers. They argue for careful supervision, citing the instance of genetically engineered cows which unexpectedly carried antibiotic-resistant genes. Those advocating for the FDA claim the agency is trying to be more efficient and has drafted guidelines awaiting White House approval.
United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »