Author: News Room

By Arathy Somasekhar (Reuters) – Oil prices were little changed in early trading on Wednesday after industry data showed an unexpected build in and gasoline inventories, offsetting concerns about tightening supply ahead of output cuts by OPEC producers. In a sign of market tightness, U.S. crude futures have flipped into backwardation, with the front month contract trading 6 cents higher than the second month. fell 5 cents at $85.57 a barrel by 0029 GMT, while U.S. West Texas Intermediate fell 6 cents to $81.48 a barrel. Data from the American Petroleum Institute (API) showed crude inventories rose by about 380,000…

2/2 © Reuters. FILE PHOTO: Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. REUTERS/Florence Lo 2/2 SHANGHAI (Reuters) – Chinese search engine giant Baidu (NASDAQ:) has filed lawsuits against “relevant” app developers and Apple Inc (NASDAQ:) over fake copies of its Ernie bot app available on Apple’s app store. The company’s artificial intelligence powered Ernie bot, launched last month, has been touted as China’s closest answer to the U.S.-developed chatbot ChatGPT. Baidu said it had lodged lawsuits in Beijing Haidian People’s Court against the developers behind the counterfeit…

The new president of the Chicago Federal Reserve said the central bank needs “to be cautious” about further increases in interest rates in light of the failure of Silicon Valley Bank and the resulting stress on the U.S. financial system. Austan Goolsbee, who took over the Chicago Fed in January, said the U.S. central bank should proceed with “prudence and patience” until it can determine the extent of the damage to the financial system. Since… Read the full article here

Gold prices settled Monday at their lowest in a week, but held above $2,000 an ounce amid a bout of what some precious-metals analysts have described as “profit-taking.” A stronger U.S. dollar also weighed on the yellow metal. Price action Market drivers Gold prices rose last week for the sixth week in a row. But prices declined Monday, down a third straight session, as global markets were caught in a post-Easter lull, with much of Europe still out. Monday’s… Read the full article here

Raw materials like lithium, cobalt, and manganese are critical to the world’s transition towards cleaner energy and lower emissions. But rising export restrictions on these increasingly precious commodities could threaten to slow the progress, according to a Tuesday report from the Organization for Economic Cooperation and Development. Export restrictions on critical raw materials have increased more than fivefold from 2009 to 2020 to reach more than 18,000 in total from various countries, according to the OECD. The new report estimates that about 10% of the global value of critical raw material exports are facing at least one export restriction measure…

A recent shooting at a Louisville, Kentucky, bank was especially personal for the city’s mayor, Craig Greenberg. Greenberg, a survivor of workplace gun violence himself, revealed that he had lost a close friend in the Monday morning attack. “Last year, I survived a workplace shooting. And now yesterday, I’ve lost a very close friend in another workplace shooting,” he said of Tommy Elliot, a senior vice president at the Old National Bank – where a gunman opened fire killing five. Last year, as a Democratic mayoral candidate, Greenberg had been the target of a shooting at his campaign headquarters. While…

Tens of thousands of Hongkongers who moved to the UK are being blocked from accessing as much as £2.2bn of pension assets, as activists accuse the city’s government of retaliating against those deemed “unpatriotic” following a political crackdown.The figures, released by UK advocacy group Hong Kong Watch on the eve of the first visit to the UK by a ministerial-level Hong Kong official since 2019, demonstrate how more than 90,000 people are being “punished” for emigrating under the British National (Overseas) programme, the group said.“It’s a blanket ban on BN(O) holders accessing the property that is theirs,” said Sam Goodman,…

SP500 Net Non-Commercial Futures established a new weekly record for the length of time it has averaged (negative) -200 with last week’s number of -321.5, more than 9 months of intense pessimism by this market psychology indicator. At the same time, the Household Survey and Establishment Survey Employment reports posted new post-COVID highs. Never has such a juxtaposition occurred. The SP500 has always strongly correlated with rising employment, SP500 vs Household Survey, but not this time. The past 9mos have been a duel of those investors who rely on economic signals vs those who rely on market prices. A rising…

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