Oil Futures Settle Notably Higher

Genius Group Climbs 16%

Genius Group Ltd (GNS) shares are gaining more than 28 percent on Monday morning trade.

The company announced today the appointment of Toxic Debt Specialist Mark Basile as special counsel to its legal team. On March 1, the company announced that it has filed a complaint against Alto Opportunities Master Fund in the U.S. District Court Southern District of New York. Shares have been on an uptrend since March 2.

Currently, shares are at $4.21, up 16.80 percent from its previous close of $3.63 on a volume of 14,107,761.

Atlantic Union Bankshares Continues Bullish

Atlantic Union Bankshares Corp. (AUB) shares are continuing a bullish trend on Monday. The shares have been trending since March 2. There were no corporate announcements today to influence the stock movement.

Currently, shares are at 440.69, up 9.34 percent from the previous close of $37.21 on a volume of 731,363.

Ciena Gains On Growth In Q1 Profit

Shares of Ciena Corp. (CIEN) are trading more than 4 percent on Monday morning after the company reported an increase in first-quarter earnings on 25 percent revenue growth.

The quarterly earnings grew to $76.2 million or $0.51 per share from $45.8 million or $0.29 per share last year.

Revenue for the quarter increased to $1.056 billion from $844.4 million a year ago.

Currently, shares are at $51.23, up 4.36 percent from the previous close of 449.09 on a volume of 3,033,484.

European Economic News Preview: France Flash Inflation, Revised GDP Data Due

Revised quarterly national accounts and flash consumer prices from France are due on Tuesday, headlining a busy day for the European economic news.

At 2.00 am ET, Destatis is scheduled to issue Germany’s import prices for January. Import prices are forecast to fall 1.5 percent on month, following a 1.6 percent decrease in December.

In the meantime, final GDP, foreign trade and producer price figures are due from Sweden.

At 2.45 am ET, France’s statistical office INSEE releases revised quarterly national accounts, flash inflation, consumer spending and producer prices data. The statistical office is expected to confirm 0.1 percent sequential economic growth for the fourth quarter. Flash consumer price inflation is seen rising to 6.1 percent in February from 6.0 percent in January.

At 3.00 am ET, Swiss GDP data is due. Economists expect the economy to grow 0.1 percent sequentially, slower than the 0.2 percent increase a quarter ago.

In the meantime, Spain INE is slated to issue flash consumer and harmonized consumer prices for February. Consumer price inflation is seen easing to 5.7 percent from 5.9 percent in January.

Also, final GDP data from Austria and producer prices from the Czech Republic are due.

At 4.00 am ET, Italy’s Istat publishes industrial turnover and non-EU foreign trade data.

U.S. Factory Orders Pull Back Sharply In January

New orders for U.S. manufactured goods pulled back sharply in the month of January, according to a report released by the Commerce Department on Monday.

The Commerce Department said factory orders slumped by 1.6 percent in January after surging by a downwardly revised 1.7 percent in December.

Economists had expected factory orders to tumble by 1.8 percent compared to the 1.8 percent jump originally reported for the previous month.

The steep drop by factory orders largely reflected a substantial pullback by durable goods orders, which plunged by 4.5 percent in January after soaring by 5.1 percent in December.

Meanwhile, the report said orders for non-durable goods shot up by 1.5 percent in January after slumping by 1.7 percent in December.

The Commerce Department also shipments of manufactured goods increased by 0.7 percent in January after falling by 0.6 percent in December.

Inventories of manufactured goods were virtually unchanged in January after climbing by 0.4 percent in the previous month.

Subsequently, the report said the inventories-to-shipments ratio edged down to 1.48 in January from 1.49 in December.

Colorado DMV experiencing department-wide outage, cancels appointments

Colorado’s Division of Motor Vehicles is canceling driver’s license appointments Monday due to an outage and issued a notice asking Coloradans to reschedule.

This outage due to “a technical issue” affects all state driver’s license offices and online services, agency officials announced Monday morning.

No time was set for when services will be restored. Department officials said they will provide updates via the agency’s social media pages and online at DMV.Colorado.gov/locations.

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Oil Futures Settle Notably Higher

Crude oil futures settled notably higher on Monday as prices climbed, recovering well after early weakness.

Oil prices fell earlier in the day after China set a modest annual growth target of around 0.5% for 2023, citing global slowdown. This was down from last year’s target of 5.5%, and came in at the lower end of expectations.

The Chinese economy grew only 3% in 2022, marking the weakest expansion in decades.

Oil prices were also weighed down by reports reports suggesting that Poland’s PKN Orlen will demand compensation after Russia halted oil deliveries to Poland via the Druzhba pipeline in late February.

West Texas International Crude oil futures for April settled with a gain of $0.78 or about 1% at $80.46 a barrel, coming off an early low of $78.32 a barrel.

Brent crude futures were up $0.45 or 0.52% at $86.28 a barrel a little while ago.

Oil futures rose as Saudi Arabia signalled it sees oil demand picking up in Asia and Europe by raising most prices for crude shipments to the regions.

State-controlled Saudi Aramco increased most official selling prices for Asia in April. The company’s main Arab Light grade was lifted to $2.50 a barrel above the regional benchmark, 50 cents more than the level for March.