Oil Futures Settle Sharply Higher As Inventories Drop Again

Fed Powell’s press conference, Q&A: LIVE Updates

Fed Chair Jerome Powell holds a briefing

Fed Chair Jerome Powell holds a briefing

The Federal Reserve left rates unchanged at the conclusion of the September meeting but did give a fresh set of clues on tapering, inflation and when rate hikes will begin. 

Stock investors celebrated the outlook which detailed rate hikes could begin in 2022 with at least one hike. As for tapering the timing remains murky and their view on inflation more clear. Policymakers lifted projections for prices to 4.2% but they expect that to abate by 2020 to 2.2%.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES34391.48+471.64+1.39%
SP500S&P 5004410.7+56.51+1.30%
I:COMPNASDAQ COMPOSITE INDEX14929.883872+183.49+1.24%

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H.B. Fuller Q3 Profit Down

H.B. Fuller Company (FUL) Wednesday reported third-quarter net income of $31.6 million or $0.58 per share, down from $41.6 million or $0.79 per share last year.

Adjusted earnings for the quarter rose to $0.79 per share from $0.76 per share last year.

Revenues for the quarter rose 20% to $826.8 million from $691.5 million last year. Organic revenue increased 16%, with 10% from volume growth and 6% from pricing.

Analysts polled by Thomson Reuters expected earnings of $0.79 per share on revenues of $797.48 million for the quarter.

Moving ahead, the company said that strategic supply chain management enabled it to secure raw materials to meet increasing demand, and pricing actions have been implemented that are expected to restore margins in the fourth quarter and into 2022.

The company expects full-year revenue growth to be 17% to 18% and fourth quarter revenue growth of 15% to 17%. Analysts currently estimate revenue growth of 14.40% and 8.10%, respectively.

Rupee falls 34 paise to 73.82 against U.S. dollar in early trade

Forex traders said a muted trend in domestic equities also dragged the local unit down

The Indian rupee depreciated 34 paise to 73.82 against the U.S. dollar in opening trade on September 20, tracking a strong greenback in the overseas market.

Forex traders said a muted trend in domestic equities also dragged the local unit down.

At the interbank foreign exchange, the rupee opened at 73.82 against the dollar, registering a decline of 34 paise from the last close.

In the previous session on September 17, the rupee had settled at 73.48 against the U.S. dollar.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.16% to 93.34.

Foreign institutional investors were net buyers in the capital market on September 17 as they purchased shares worth ₹1,552.59 crore, as per exchange data.

On the domestic equity market front, the 30-share index was trading 49.39 points or 0.08% lower at 58,966.50. Similarly, the broader NSE Nifty was trading 27.35 points or 0.16% down at 17,557.80.

Global oil benchmark Brent crude futures declined 0.88% to $74.68 per barrel.

I-70 in Jefferson County was closed Thursday morning

Eastbound Interstate 70 is closed in at Denver West as road crews repair an overpass damaged by a crash.

The Jefferson County Sheriff’s Office also reported the Denver West overpass is also closed. The overpass is near the Colorado Mills shopping mall.

The interstate’s eastbound lanes in that area are expected to be closed all day as inspections and repairs are made, the Lakewood Police Department tweeted. Eastbound traffic was to be diverted at Colfax Avenue.

Major traffic delays are expected and the Colorado Department of Transportation suggested motorists find alternate routes.

Americold Realty Shares Down 5% On Lowered FY21 Guidance

Shares of Americold Realty Trust (COLD) are down 5 percent on Tuesday’s trading as the company lowered its full year 2021 AFFO guidance, impacted by the pressures on present market conditions, mainly due to unprecedented labor disruptions.

For full year 2021, the company now expects its AFFO per share between $1.15 to $1.20, compared to its earlier range of $1.34 to $1.40.

Americold said that the labor disruptions are impacting food production, which are driving inflation in its cost structure, mainly in its labor expense.

Currently at $32.34, the stock has traded between $32.28 and $40.85 during the past 52 weeks.

Evergrande's EV unit has stopped paying staff, factory suppliers – Bloomberg News

FILE PHOTO: Evergrande Group’s Hengchi electric vehicles (EV) are seen displayed at the Hengchi booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song

(Reuters) – China Evergrande Group’s electric vehicle unit has stopped paying its staff and factory suppliers, according to a Bloomberg News report on Thursday.

Oil Futures Settle Sharply Higher As Inventories Drop Again

Crude oil prices climbed on Wednesday after data showed a larger than expected drop in U.S. crude stockpiles in the week ended September 17.

Data from Energy Information Administration (EIA) showed U.S. crude inventories dropped for a seventh straight week.

West Texas Intermediate crude oil futures for November ended up by $1.74 or about 2.5% at $72.23 a barrel.

Brent crude futures were up $1.58 or 2.08% at $75.94 a barrel a little while ago.

The EIA data showed crude stockpiles dropped by 3.481 million barrels to 414 million barrels last week, the lowest level since October 2018.

Gasoline stockpiles rose by 3.47 million barrels, more than 2.5 times the expected increase, while distillate stockpiles dropped by 2.55 million barrels, more than twice the expected drop.

The EIA also said that oil facilities in the Gulf of Mexico continue to return to production, and weekly output rose by 500,000 barrels per day in the most recent week.

Data released by the American Petroleum Institute late on Tuesday showed crude stockpiles in the U.S. dropped by about 6.1 million barrels in the week ended September 17.