Oil Futures Settle Sharply Higher
Crude oil prices climbed higher on Friday as amid easing concerns about the outlook for energy demand on reports China is likely to ease Covid-19 curbs imposed in several parts of the country.
A weak dollar, and fears of a likely ban by the European Union on Russian oil contributed as well to the surge in crude oil prices.
Although non-farm payroll employment saw a bigger than expected addition of jobs in the month of October, the unemployment rate ticked up to 3.7% in the month, raising hopes the Fed will likely slow the pace of interest rate hikes.
West Texas Intermediate Crude oil futures for December ended higher by $4.44 or about 5% at $92.61 a barrel. WTI crude futures gained more than 5% in the week.
Brent crude futures were up 4.03 or 4.26% at $98.70 a barrel a little while ago.
According to a report released by Baker Hughes, the total active rig count in the U.S., including those drilling for natural gas, increased by two to 770 this week.
Employers added 261,000 jobs in October, a sign that the economy is resilient.
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By Sydney Ember
Monthly change in jobs
Gold Futures Settle Sharply Higher As Dollar Tumbles
Gold prices rose sharply on Friday as the dollar tumbled after data showing an uptick in U.S. unemployment rate in October will encourage the Federal Reserve to slow the pace of interest rate hikes.
The dollar index dropped to 110.96 around mid morning, and despite recovering to 111.15, was down as much as 1.6% from the previous close.
Gold futures for December ended higher by $45.60 or about 2.8% at $1,676.50 an ounce. Gold futures gained about 2% in the week.
Silver futures for December ended up $1.354 at $20.784 an ounce, while Copper futures for December settled at $3.6865 per pound, gaining $0.2595.
Data from U.S. Labor Department showed non-farm payroll employment in the world’s largest economy jumped by 261,000 jobs in October after surging by an upwardly revised 315,000 jobs in September. Economists had expected employment to climb by about 200,000 jobs compared to the addition of 263,000 jobs originally reported for the previous month.
The data also showed the unemployment rate in the U.S. rose to 3.7% in October from 3.5% in September. The unemployment rate was expected to inch up to 3.6%.
Myx Recalls 162,000 Exercise Bicycles
Myx has recalled about 162,000 exercise bicycles due to injury hazard.
According to Consumer Product Safety Commission, the company has recalled MYX I, MYX II and MYX II Plus connected exercise bicycles, because the pedals can loosen and/or detach when not properly tightened at installation, posing an injury hazard.
Myx said it has received 864 reports of the pedals loosening or detaching, including 75 reports of injuries resulting in bruises and cuts.
The company has asked its customers to immediately stop using the recalled exercise bikes until the pedals are properly tightened per the instructions that Myx is providing consumers via email. Consumers should contact Myx to schedule a free, in-home repair if their bike’s pedals have previously detached and have not already been repaired by Myx.
The recall involves all MYX I, MYX II and MYX II Plus connected exercise bicycles. The black or white stationary bikes measure 55 inches long, 21 inches wide and 47 inches high. They have a 21.5-inch swiveling touchscreen, pedals with clips and straps, and adjustable handlebars and seat.
Bicycles were sold online at www.MyxFitness.com and www.amazon.com from November 2019 through July 2022 for about $1,400 for the MYX I and MYX II bikes, and for about $1,600 for the MYX II Plus bike package.
European Economics Preview: Eurozone Flash GDP, Inflation Data Due
Flash quarterly national accounts and inflation reports from the euro area and mortgage approvals from the UK are due on Monday.
At 3.00 am ET, Destatis is slated to issue Germany’s retail sales data for September. Sales are forecast to fall 0.3 percent on month, following a 1.3 percent decrease in August.
At 3.30 am ET, retail sales data is due from Switzerland. Economists expect retail sales growth to ease to 3.5 percent in September from 3.0 percent in August.
Half an hour later, Spain’s INE publishes retail sales for September. Sales had decreased 0.5 percent in August.
At 5.00 am ET, Italy’s Istat is slated to issue quarterly GDP data for the third quarter. Economists expect the economy to grow at a slower pace of 0.3 percent quarterly after rising 1.1 percent in the second quarter.
At 5.30 am ET, the Bank of England publishes mortgage approvals data. The number of mortgages approved in September is seen at 67,000 versus 74,340 in the previous month.
At 6.00 am ET, Eurostat is set to release euro area flash GDP data for the third quarter. The currency bloc is forecast to grow 1.0 percent on quarter, faster than the 0.8 percent rise in the second quarter. Flash inflation is seen at 10.2 percent versus 9.9 percent in September.
Clarks Americas Recalls 113K Women’s Navy Blue Canvas Shoes
Clarks Americas has recalled about 113,000 women’s navy blue canvas shoes due to chemical hazard.
According to Consumer Product Safety Commission, the company has recalled Breeze Ave, Breeze Shore and Breeze Step women’s shoes in navy colors. The shoes, which were manufactured in China, were recalled because prolonged and direct contact with the shoes’ upper material can expose the wearer to the chemicals benzidine and/or dimethoxybenzidine, which are toxic and can cause adverse health effects.
The company has asked the customers to immediately stop wearing the shoes and visit clarkusa.com for instructions on how to receive a full refund. Consumers will need to upload a photo of their shoes in order to determine if they are included in this recall.
Clarks will send consumers free shipping materials and a pre-paid shipping label to send back the shoes. Consumers can also return their shoes to the place where purchased.
The shoes were sold at Clarks outlet stores and other stores, including Macy’s, JC Penney, Kohl’s, QVC, Shoe Carnival, DSW and Zappos and online at Clarksusa.com and Amazon.com from February 2022 to October 2022 for about $65.