Oil Futures Settle Higher On Renewed Optimism Over Demand Outlook

Feeling Tired? Feeling Frugal? Make This Spicy Alfredo.

This easy, creamy version of the classic fettuccine from Genevieve Ko costs much less than takeout and tastes even better.

Send any friend a story

As a subscriber, you have 10 gift articles to give each month. Anyone can read what you share.


By Genevieve Ko

European Economics Preview: UK Public Sector Finance, Retail Sales Data Due

Public sector finances and retail sales from the UK are due on Friday, headlining a light day for the European economic news.

At 2.00 am ET, the Office for National Statistics releases UK public sector borrowing and retail sales data. The budget deficit is seen widening to GBP 17.5 billion from GBP 11.8 billion in August. Retail sales are forecast to fall 0.5 percent on month in September, slower than the 1.6 percent decrease a month ago.

At 4.00 am ET, retail sales from Poland and current account from Greece are due. Economists forecast Poland retail sales to grow 21.5 percent annually in September following a 21.5 percent rise in August.

At 6.00 am ET, foreign trade and wholesale prices are due from Ireland.

At 10.00 am ET, the European Commission is set to issue flash consumer confidence survey data for October. Economists forecast the euro area sentiment index to fall to -30.0 from -28.8 in September.

Seven-Year Note Auction Attracts Modestly Below Average Demand

The Treasury Department announced the results of this month’s auction of $35 billion worth of seven-year notes on Thursday, revealing the sale attracted modestly below average demand.

The seven-year note auction drew a high yield of 4.027 percent and a bid-to-cover ratio of 2.43.

Last month, the Treasury sold $36 billion worth of seven-year notes, drawing a high yield of 3.898 percent and a bid-to-cover ratio of 2.57.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous seven-year note auctions had an average bid-to-cover ratio of 2.48.

Earlier this week, the Treasury revealed this month’s auction of $42 billion worth of two-year notes attracted average demand, while this month’s auction of $43 billion worth of five-year notes attracted above average demand.

Goalsetter Systems Recalls 18,000 Wall-Mounted Basketball Goals After 14-Year Old Dies

Goalsetter Systems Inc. has recalled about 18,000 wall-mounted basketball goals after a 14-year-old boy was killed when the recalled wall-mounted basketball goal fell on him.

According to the U.S. Consumer Product Safety Commission, the recalled wall-mounted basketball goals can unexpectedly detach from the wall and fall to the ground. This poses a serious impact injury hazard and risk of death to consumers.

A 14-year-old boy was killed when the recalled Goalsetter wall-mounted basketball goal fell on him in Granger, Indiana in June 2018. Goalsetter has received four reports of incidents of the wall-mounted basketball goal detaching from a wall, including the boy’s death. In one of the other incidents a consumer sustained severe facial injuries, and in another incident a consumer sustained a fractured leg.

The recall involves all Goalsetter Adjustable and Fixed Wall Mount Series and GS Baseline Series 72-inch, 60-inch, 54-inch, and 48-inch wall-mounted goal systems. The basketball goals have a white Goalsetter logo.

Goalsetter has asked customers to stop using the recalled basketball goals immediately and contact Goalsetter for free removal of the basketball goal with a full refund or a free inspection of the installed wall-mounted basketball goal and free installation of an additional safety bracket.

The recalled basketball goals were sold at SCHEELS stores and basketball equipment stores nationwide and online from November 1999 through June 2022 for between $919 and $2,250.

Saint-Gobain 9-Month Sales Up 16.6%

French building materials firm Saint-Gobain (CODGF.PK), Thursday reported sales for the nine-month period of 38.40 billion euros, up 16.6% from 32.93 billion euros last year.

On a like-for-like basis, sales were up 14.5% over nine months.

High Performance Solutions (HPS) sales rose 29% over the nine-month period, while Northern Europe jumped 11.8%. Southern Europe – Middle East & Africa increased 6.7% over the nine-month period and the Americas gained 34%, while Asia Pacific increased 21.1%

Third-quarter sales rose 19.6% to 12.92 billion euros from 10.80 billion euros last year. Sales for the third quarter were up 13.4% like-for-like, with all segments reporting increases.

Oil Futures Settle Higher On Renewed Optimism Over Demand Outlook

Crude oil prices climbed higher on Thursday, extending gains from the previous session, amid optimism about demand growth after data from the U.S. Commerce Department showing bigger than expected rebound in U.S. economic activity helped ease fears about a recession.

The report from the Commerce Department showed real gross domestic product shot up by 2.6% in the third quarter following a 0.6% drop in the second quarter and a 1.6% slump in the first quarter. Economists had expected GDP to jump by 2.4%.

West Texas Intermediate Crude oil futures for December ended higher by $1.17 or about 1.3% at $89.08 a barrel.

Brent crude futures were up $1.27 or 1.35% at 95.06 a barrel a little while ago.

US crude stocks rose 2.6 million barrels last week, according to the data from the Energy Information Administration on Wednesday. The data also showed that crude exports rose to 5.1 million barrels a day, the most ever.