Oil Prices Rally Ahead Of OPEC Meet

Watch UK Finance Minister Rishi Sunak announcing the country's 2021 budget

[The stream is slated to start at 07:30 ET. Please refresh the page if you do not see a player above at that time.]

British Finance Minister Rishi Sunak is announcing the government's public spending plans for the year.

Prime Minister Boris Johnson's government embarked upon unprecedented fiscal stimulus last year as the economy was hammered by the coronavirus pandemic, suffering its sharpest contraction in more than 300 years.

The U.K.'s 2021 budget comes as nationwide Covid-19 restrictions are set to be gradually unwound over the coming months. Analysts are expecting possible tax hikes and a nod to future tightening to make an appearance in the latest budget announcement Wednesday.

Subscribe to CNBC on YouTube. 

Gold Edges Lower Amid US Vaccine Progress

Gold prices were moving lower on Wednesday even as benchmark U.S. government bond yields continued to stabilize after last month’s sell-off.

Spot gold dropped 0.7 percent to $1,725.50 per ounce, after having declined to its lowest since June 15 at $1,706.70 on Tuesday. U.S. gold futures were down 0.6 percent at $1,723.95.

The dollar fell against a basket of currencies as easing U.S. Treasury yields fueled demand for riskier assets.

Stocks rose across Asia and Europe after Federal Reserve Governor Lael Brainard said it will take “some time” to meet the conditions for economic progress laid out by the U.S. central bank for reducing the pace of its massive asset purchases.

Recent bond market volatility could cause further delay in tapering, she said Tuesday in response to a question after giving a speech.

An acceleration in the pace of the vaccinations also weighed on gold.

U.S. President Joe Biden said Tuesday that the U.S. expects to take delivery of enough coronavirus vaccines for all adults by the end of May, two months earlier than anticipated, after Merck & Co agreed to produce rival Johnson & Johnson’s newly approved shot.

Biden also announced he would be using the powers of the federal government to direct all states to prioritize vaccinating teachers, and said the federal government would provide the doses directly through its pharmacy program.

Dollar Tree Inc. Q4 adjusted earnings Beat Estimates

Dollar Tree Inc. (DLTR) announced earnings for its fourth quarter that rose from the same period last year.

The company’s earnings came in at $502.8 million, or $2.13 per share. This compares with $123.0 million, or $0.52 per share, in last year’s fourth quarter.

Excluding items, Dollar Tree Inc. reported adjusted earnings of $502.8 million or $2.13 per share for the period.

Analysts had expected the company to earn $2.11 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.1% to $6.77 billion from $6.32 billion last year.

Dollar Tree Inc. earnings at a glance:

-Earnings (Q4): $502.8 Mln. vs. $425.3 Mln. last year.
-EPS (Q4): $2.13 vs. $1.79 last year.
-Analysts Estimate: $2.11
-Revenue (Q4): $6.77 Bln vs. $6.32 Bln last year.

The first Polish nuclear power plant will be built in Gdansk

This is an automated machine translation of an article published by Business Insider in a different language. Machine translations can generate errors or inaccuracies; we will continue the work to improve these translations. You can find the original version here.

The first Polish nuclear power plant will be built in Gdansk Pomerania, minister and government plenipotentiary for strategic energy infrastructure Piotr Naimski told RMF FM. He admitted that coal power plants will be closed down. – “This is a plan for the next 30 years or more,” he stressed.

Naimski conveyed that in the context of the first Polish nuclear power plant, two locations are taken into consideration: Lubiatowo and Żarnowiec. “We are working on evaluating these sites. Perhaps 2033 will be the year when the first reactor will be launched,” he told RMF.

He added that a second nuclear power plant would most likely be built in Bełchatów.

Poland’s energy policy until 2040.

At the beginning of February, the Polish government adopted a resolution on the Energy Policy of Poland until 2040. According to this policy, the first nuclear power plant unit with a capacity of approx. 1-1.6 GW is to be launched in 2033. Subsequent units are to be implemented every two to three years, and the entire nuclear program envisages the construction of six units.

Oil Prices Rally Ahead Of OPEC Meet

Oil prices rallied on Wednesday as signs of progress in the coronavirus vaccine rollout in the United States boosted hopes of a quicker global economic recovery from the coronavirus pandemic.

Meanwhile, speculation is rife that OPEC+ producers might decide against increasing output at a meeting this week.

Benchmark Brent crude jumped 1.7 percent to $63.75 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 1.6 percent at $60.69 a barrel.

U.S. President Joe Biden said Tuesday that the U.S. expects to take delivery of enough coronavirus vaccines for all adults by the end of May, two months earlier than anticipated, after Merck & Co agreed to produce rival Johnson & Johnson’s newly approved shot.

Biden also announced he would be using the powers of the federal government to direct all states to prioritize vaccinating teachers, and said the federal government would provide the doses directly through its pharmacy program.

OPEC+ meets on Thursday, with the latest reports suggesting that some key members are considering rolling over production cuts from March into April rather than raising output.

It was not immediately clear whether Saudi Arabia would end voluntary cuts in March or extend them further, Reuters said, citing sources.

Meanwhile, the American Petroleum Institute (API) reported late Tuesday that U.S. crude stocks rose by 7.4 million barrels for the week ended Feb. 26, in stark contrast to analysts’ estimates for a draw of 928,000 barrels.