Stocks fall as Turkey’s currency crisis spotlights global risks

U.S. stocks fell early Friday, with Wall Street tracking a global equity retreat fueled by the mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

The U.S. dollar viewed as a haven relative to other currencies, muscled to its firmest level in nearly a year against major rivals.

The Dow Jones Industrial Average fell 194 points, or 0.8%, to 25,313. Friday was poised to be the Dow’s third straight daily decline, as well as its biggest one-day percentage drop since July 11.

The S&P 500 lost 14 points to 2,839, a decline of 0.5% that was also on track to be its third straight decline. The Nasdaq Composite Index was off 39 points to 7,853, a decline of 0.5% that put it on track to snap an eight-day winning streak.

Source: marketwatch

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Stock futures fall as Turkey’s currency crisis underlines global risks

U.S. stock-index futures pointed to a lower open on Friday, tracking a global equity retreat fueled by the mounting currency crisis in Turkey, which raised the alarm for possible contagion into other markets.

The U.S. dollar viewed as a haven relative to other currencies, muscled to its firmest level in nearly a year against major rivals.

Futures on the Dow Jones Industrial Average fell 93 points or 0.4%, while futures on the S&P 500 shed over 11 points, or 0.4%, and futures on the Nasdaq-100 gave up 34 points, or 0.5%.

U.S. stocks closed mostly lower Thursday as weak energy and industrial shares weighed on the market, but the Nasdaq bucked the trend to end slightly higher. That marked its eighth straight session, its longest winning streak since October.

On Thursday, the Dow industrials fell 74.52 points, 0.3%, to 25,509.23, while the S&P 500 shed 4.12 points, or 0.1%, to 2,853.58. The Nasdaq Composite Index edged up 3.46 points to 7,891.78.

For the week, the Dow and S&P 500 have narrow weekly gains under threat, while the Nasdaq is on track for a weekly return nearing 1%.

Source : Marketwatch

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Sumber : bpfnews.com

Oil Extends Gains as Supply Risks Counter Bearish U.S. Rig Data

Oil extended gains above $ 74 a barrel as risks of a supply shortage countered signs that U.S. explorers are ramping up drilling activity.

Futures in New York climbed as much as 0.7 percent after a 1.2 percent advance on Friday. The oil industry risks a supply crunch as big companies focus on U.S. shale and short-term efforts, Amin Nasser, the head of Saudi Arabia’s state producer, told the Financial Times. Meanwhile, American drillers added working oil rigs for the first time in three weeks, according to data from Baker Hughes.

Oil rallied to a fresh three-year high last week as concerns over supply disruptions in Canada, Libya and Venezuela overshadowed a deal by the Organization of Petroleum Exporting Countries and its allies to boost output. Though Saudi Arabia increased production under mounting pressure from U.S. President Donald Trump over high prices, Iran warned oil could reach $ 100 if its supply is cut with the U.S. pressing allies to end imports from the Persian Gulf nation.

West Texas Intermediate crude for August delivery rose as much as 48 cents to $ 74.28 a barrel on the New York Mercantile Exchange and traded at $ 74.09 at 3:43 p.m. in Tokyo. The contract climbed 86 cents to $ 73.80 on Friday. Total volume traded was about 21 percent below the 100-day average.

Brent for September settlement climbed 47 cents to $ 77.58 a barrel on the London-based ICE Futures Europe exchange. The contract fell 28 cents on Friday. The global benchmark traded at a $ 5.78 premium to WTI for the same month.

Source: Bloomberg

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Sumber : bpfnews.com

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