Analysts at BNP Paribas Exane have downgraded their ratings on three major oil companies, citing an expected further decline in crude prices. Notably, Exxon Mobil Corp. received its first sell-equivalent rating in over a year.
Peter Kazimir, a member of the European Central Bank's Governing Council, has emerged as the sole voice against a potential third interest rate cut this year, which is increasingly looking likely to happen next week.
European stocks rose on Wednesday as investors weighed the potential for an interest-rate cut by the European Central Bank next week, along with expectations of increased stimulus from China.
Rio Tinto Group has announced its agreement to purchase Arcadium Lithium Plc in an all-cash deal worth $6.7 billion. This acquisition not only strengthens Rio Tinto's position in the lithium market but also marks the company's largest merger and acquisition move in 17 years.
Iron ore prices have rebounded following China's announcement of another briefing on policy support. This comes after investors were left disappointed by an address on Tuesday, sparking renewed speculation that significant fiscal measures may be introduced soon.
Chinese stocks listed onshore saw their biggest drop in over four years today. Traders are becoming increasingly impatient with the slow pace of Beijing's stimulus measures. Adding to the negative sentiment, weak holiday spending data has raised further concerns about the economic outlook.
Goldman Sachs has upgraded Chinese stocks to "overweight," citing a potential 15%-20% upside. Timothy Moe, co-head of macro research in Asia, discussed this outlook amid the government's efforts to support the economy. However, the recent rally lost momentum after the National Development and Reform Commission refrained from announcing major stimulus at a press briefing. Moe shared these insights on "Bloomberg: The Asia Trade."
Oil prices increased slightly after experiencing their largest drop in over a year. This rise comes as China plans a briefing on fiscal policy this Saturday. Meanwhile, the market keeps an eye on ongoing developments in the Middle East.
Chinese stocks lagged behind other Asian markets on Wednesday as investors reacted to disappointing economic data and Beijing's hesitance to announce more stimulus measures.
Generac Holdings Inc. is facing a shortage of portable backup generators after Hurricane Helene and several recent storms left millions of Americans without power. The demand for generators has surged as people scramble to secure reliable electricity sources amid ongoing outages. Generac is working to increase production, but customers may experience delays in receiving their orders.
