Crude Oil Futures Settle Sharply Higher
Crude oil prices moved higher as the decision of the Organization of the Petroleum Exporting Countries (OPEC) and its allies to gradually increase oil output helped offset concerns about energy demand.
West Texas Intermediate Crude oil futures for June ended higher by $1.03 or about 1.7% at $62.94 a barrel.
Brent crude futures moved up 1.17% to settle at $66.42 a barrel today.
The OPEC and ita allies led by Russia, together known as OPEC+ today decided to stick to their plan of gradually raising oil production from May. The cartel advanced their meeting, which had been originally scheduled to take place on Wednesday.
On Monday, the OPEC+ kept its forecast for global oil demand growth for this year unchanged, projecting it to rise by 6 million barrels per day (bpd) for 2021 after the biggest ever fall of 9.5 million bpd due to the pandemic.
Traders are looking ahead to weekly inventory reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while EIA will release its inventory data Wednesday morning.
Gold Futures Settle Modestly Lower
Gold futures ended modestly lower on Tuesday after moving in a very narrow band as traders looked ahead to the U.S. Federal Reserve’s monetary policy announcement on Wednesday.
A slightly stronger dollar weighed on gold prices. The dollar index, which retreated to 90.81 after advancing to 91.07, subsequently recovered to 90.90, posting a gain of about 0.1%.
Gold futures for June ended down $1.50 or about 0.1% at $1,778.80 an ounce.
Silver futures for May ended lower by $0.201 at $26.410 an ounce, while Copper futures for May settled at $4.4880 per pound, up $0.0470 from the previous close.
No major policy changes are expected from the Fed’s two-day policy meeting ending on Wednesday, with investors likely to pay close attention to Chair Jerome Powell’s comments after the meeting.
A report from the Conference Board today showed U.S. consumer confidence reached its highest level since February of 2020 in the month of April.
The Conference Board said its consumer confidence index jumped to 121.7 in April after spiking to a revised 109.0 in March. Economists had expected the consumer confidence index to rise to 112.0 from the 109.7 originally reported for the previous month.
Joe Biden Highlights Eased Mask Guidance, Urges Americans To “Go Get The Shot”
President Joe Biden urged more Americans to get Covid-19 shots, pointing to the relaxed Centers for Disease Control guidelines on mask wearing as a reason to be vaccinated.
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No 'designated survivor' for Biden's speech before a joint session of Congress on Wednesday
- There will be no ‘designated survivor’ for Biden’s speech before Congress on Wednesday, Press Secretary Jen Psaki confirmed on Tuesday.
- Treasury Secretary Janet Yellen would become the de facto designated survivor.
- See more stories on Insider’s business page.
There will be no “designated survivor” for President Joe Biden’s speech before a joint session of Congress on Wednesday, Press Secretary Jen Psaki confirmed on Tuesday.
The change is due to COVID-19 capacity limits in Congress; many members of the Cabinet and Congress will not be present. Treasury Secretary Janet Yellen would become the de facto designated survivor.
The “designated survivor” is a member of a presidential administration’s cabinet who stays home during a State of the Union, or other major presidential congressional addresses, and is prepared to assume the presidency should a disaster transpire.
This story is developing. Check back for updates.
US orders staff to leave Afghanistan's Kabul due to threats
WASHINGTON (AFP) – The United States on Tuesday (April 27) ordered non-essential staff to leave its Kabul embassy, citing increased threats as Washington prepares to end its 20-year war.
The State Department in a travel advisory said it had “ordered the departure from US embassy Kabul of US government employees whose functions can be performed elsewhere.”
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CoStar Group, Inc. Q1 adjusted earnings Beat Estimates
Below are the earnings highlights for CoStar Group, Inc. (CSGP):
-Earnings: $74.21 million in Q1 vs. $72.79 million in the same period last year.
-EPS: $1.88 in Q1 vs. $1.98 in the same period last year.
-Excluding items, CoStar Group, Inc. reported adjusted earnings of $108.14 million or $2.75 per share for the period.
-Analysts projected $2.40 per share
-Revenue: $457.70 million in Q1 vs. $391.85 million in the same period last year.
Next quarter EPS guidance: $2.22 – $2.32
Next quarter revenue guidance: $465 – $470 Mln
Full year EPS guidance: $11.20 – $11.40
Full year revenue guidance: $1.930 – $1.945 Bln
Humana to acquire remaining stake in Kindred at Home in $8.1 billion deal
(Reuters) – U.S. health insurer Humana Inc said on Tuesday it will acquire remaining 60% stake in hospice provider Kindred at Home from TPG Capital for an enterprise value of $8.1 billion.
European Economics Preview: UK Consumer Price Data Due
Consumer and producer prices from the UK are due on Wednesday, headlining a light day for the European economic news.
At 2.00 am ET, the Office for National Statistics publishes UK consumer and producer price data. Consumer price inflation is forecast to double to 0.8 percent in March from 0.4 percent in February.
UK output price inflation is seen at 1.7 percent in March versus 0.9 percent in the previous month. At the same time, input price inflation is expected to climb to 4.4 percent from 2.6 percent.
At 4.00 am ET, industrial production, producer prices and corporate wage figures are due from Poland. Industrial production is forecast to jump 13.1 percent on year, following a 2.7 percent rise in February. Producer price inflation is expected to advance to 3.5 percent from 2 percent.
At 4.30 am ET, the ONS is set to release UK house price data.
At 6.30 am ET, Bank of England Governor Andrew Bailey gives a keynote speech at a virtual event.