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Bank of America Global Research: Raises its price target for Alphabet (GOOG.O) from $370 to $430.Bank of America Global Research: Raises its price target for Amazon (AMZN.O) from $298 to $310.1. Commerzbank: Expects the Bank of England to hold rates steady. Market expectations for a rate hike before the end of the year appear excessive, posing a risk to the pound. 2. BNP Paribas: Expects the Bank of England to hold rates steady. Inflationary pressures from high energy prices may prompt the Bank of England to raise rates twice in 2026. 3. MUFG: Expects the Bank of England to hold rates steady, but will hint at future rate hikes due to strengthening UK economic growth momentum and underlying inflationary pressures. 4. UBS: Expects the Bank of England to hold rates steady. The meeting will focus on evidence of second-round effects, such as changes in wage and pricing behavior, and how monetary policy should respond. 5. Berenberg: Expects the Bank of England to keep rates unchanged throughout 2026, followed by a resumption of rate cuts, as a weak UK economy and a slowing labor market will curb soaring inflation. 6. Morgan Stanley: Expects the Bank of England to hold rates steady by an 8-1 vote and will provide policy guidance on the possible direction of future rate decisions. 7. ING: Expects the Bank of England to maintain its interest rate unchanged at an 8-to-1 vote and keep the options open, neither increasing bets on rate hikes nor actively suppressing expectations. 8. PIMCO: Expects the Bank of England to keep interest rates unchanged until 2026, but may raise rates to prevent inflation from surging if energy prices rise further.April 30th - According to US financial media Semafor, two White House officials revealed that US President Trump will sign an executive order on Thursday aimed at expanding access for employees whose employers do not offer retirement savings plans. The US government will combine this measure with the so-called "Savers Match" program. This program stems from legislation in 2022, which stipulates that starting next year, the federal government will provide up to $1,000 in matching funds for retirement savings plan contributions from employees earning less than $35,000 annually. One official stated that Thursdays executive order aims to address this issue, instructing the Treasury Department to launch a new website, TrumpIRA.gov, before the "Savers Match" program takes effect in January. Under the executive order, employees can use the website to filter private sector retirement savings plans based on factors such as cost, minimum contribution amount, and minimum balance to register for an eligible account and receive matching funds when eligible.On April 30th, Diego Iscaro, Head of European Economics at S&P Global Markets Intelligence, stated that the European Central Banks (ECB) interest rate hike is increasingly becoming a "when" rather than a "whether" question. Eurozone overall inflation rose to 3.0% in April from 2.6% in March, exceeding market expectations. He pointed out that the latest data poses a real challenge to the ECB. Even in an optimistic scenario, inflation will continue to rise in the coming months. Iscaro stated that rising prices are rapidly pushing up inflation expectations. "The market consensus is that the ECB will keep interest rates unchanged at its meeting later today, but the discussion is increasingly shifting from whether the policy rate will rise to when it will rise."

Oil costs increase as supply restrictions trump economic worries

Charlie Brooks

Jul 05, 2022 11:12


Oil prices climbed on Monday as supply worries spurred by a decrease in OPEC production, unrest in Libya, and sanctions against Russia trumped fears of a worldwide recession that would diminish demand.


In June, Euro zone inflation hit an all-time high, boosting the case for rapid rate rises by the European Central Bank, while consumer sentiment in the United States reached an all-time low.


Brent oil rose $2.26, or 2%, to $113.89 a barrel as of 12:47 p.m. ET (1648 GMT), after shedding more than $1 in early trading. The price of U.S. West Texas Intermediate (WTI) crude rose $2.20, or 2%, to $110.63 despite the lack of trading activity over the Fourth of July holiday.


According to a Reuters survey, the Organization of the Petroleum Exporting Countries (OPEC) failed to meet its June goal of increasing production.


Thursday, authorities in OPEC member Libya declared force majeure at the Es Sidr and Ras Lanuf ports and the El Feel oilfield, claiming a reduction of 865,000 barrels per day in oil output (bpd).


Meanwhile, more than two weeks of unrest have caused Ecuador to lose almost 2 million barrels of production, according to Petroecuador, the country's state-owned oil company.


This week, a strike in Norway may restrict supply from the biggest oil producer in Western Europe and reduce overall petroleum production by 8 percent.


"This background of rising supply interruptions clashes with a probable shortage of spare production capacity among Middle Eastern oil producers," said Stephen Brennock of oil trader PVM, referring to the producers' limited ability to pump more oil.


And prices will climb if new oil production does not reach the market shortly.


On Monday, British Prime Minister Boris Johnson asked OPEC+ to raise oil output to tackle the growing cost of living.


As a consequence of Russia's invasion of Ukraine, supply concerns have sent Brent oil prices close to 2008's record high of $147 a barrel.


As a consequence of restrictions on Russian oil and limited gas supplies, surging energy prices have driven inflation in certain countries to multi-decade highs and stoked fears of a recession.


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