London/Sydney —
Output from the 10 members of Opec in June fell 100,000 barrels per day to 28.52-million bpd, off their pledged increase of about 275,000-bpd, a Reuters survey showed on Friday. Global equities hit 18-month lows last month on anxiety about rising inflation and interest rates, but have since made minor gains.
Chinese blue chips closed 0.7% higher, boosted by a 4.65% surge in Chinese healthcare stocks. Cities in eastern China tightened Covid-19 curbs on Sunday amid new coronavirus clusters.US S&P 500 futures and Nasdaq futures fell 0.7% and 0.8% respectively, however, as recent soft US data suggested downside risks for this week’s June payrolls report. US stock markets are shut on Monday.The Atlanta Federal Reserve’s much watched GDP Now forecast slid to an annualised -2.
The market is pricing in around an 85% chance of another hike of 75 basis points this month and rates at 3.25-3.5% by year end. In currencies, investor demand for the most liquid safe harbour has tended to benefit the US dollar, which was steady near two-decade highs against a basket of competitors at 105.09 .
Source: News Formal (newsformal.com)
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