
#Stock #futures #fall #Wall #Street #closed #August #losses
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#Stock #futures #fall #Wall #Street #closed #August #losses
https://www.globalcourant.com/stock-futures-fall-after-wall-street-closed-out-august-with-losses/?feed_id=18597&_unique_id=6310418ecb8c5
On the earnings front, traders are expecting Palo Alto Networks and Zoom Video to report results Monday after the bell.
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Oil prices have extended losses after weak US and Chinese data spurred fresh concerns about a potential global recession that could hit energy demand.
Brent crude futures fell 90 cents, or 1 percent, to $94.20 a barrel by 00:03 GMT. WTI crude futures fell 81 cents, or 0.9 percent, to $88.60 a barrel.
Oil futures fell about 3 percent during the previous session as demand expectations are lowered in light of a string of soft economic indicators in major economies.
Signs that Iran is moving towards a nuclear deal added to the downward pressure on prices, with an agreement seen allowing the country to restart sales into the world market.
Analysts said Tehran could provide 2.5 million barrels a day, giving a much-needed shot in the arm to supplies, which have been hammered by sanctions on Russia in response to its attacks on Ukraine.
Libya has also boosted production, helping prices drop to six-month lows and wiping out the gains seen after the Ukraine conflict started.
But analysts warned that there might still be some way to go on an Iran agreement owing to upcoming US elections.
"A deal with Iran would likely not be popular with US voters and so is hard to envisage before the November mid-terms," said National Australia Bank's Ray Attrill.
"Markets are currently prone to optimism, though, and hopes for a deal... have added to downward pressure on oil prices."
Iran responded to the European Union's "final" draft text to save a 2015 nuclear deal on Monday, an EU official said, but provided no details on Iran's response to the text. The Iranian foreign minister called on the United States to show flexibility to resolve three remaining issues.
READ MORE: Libya 'confirms' its oil production is back to pre-blockade levels
[embed]https://www.youtube.com/watch?v=fJaU9xmPpsc[/embed]
Disappointing China data
China's central bank cut lending rates to revive demand as data showed the economy slowing unexpectedly in July, with factory and retail activity squeezed by Beijing's zero-Covid policy and a property crisis.
China's fuel product exports will rebound in August to near the highest for the year so far after Beijing issued more quotas in June and July, although broader curbs are set to cap shipments at seven-year lows for 2022, analysts and traders said.
In the United States, total output in the major US shale oil basins will rise to 9.049 million bpd in September, the highest since March 2020, the U.S. Energy Information Administration (EIA) said in its productivity report on Monday.
Market participants awaited industry data on US crude stockpiles due later on Tuesday. Oil and gasoline stockpiles likely fell last week, while distillate inventories rose, a preliminary Reuters poll showed on Monday.
[embed]https://www.youtube.com/watch?v=y6ZOrzJ-j8E[/embed]
Hopes of cooling inflation
With surging oil prices a key driver of inflation to multi-decade highs around the world, the drop has fanned hopes that the headline figure could begin to come down.
That has led to speculation that central bank chiefs could lift rates at a slower pace, and then think about pivoting monetary policy to cuts as early as next year.
The prospect of a less painful hiking campaign has sparked a rally in equities from their June lows.
And on Tuesday, Asia built on Wall Street's upbeat performance.
Hong Kong and Shanghai rose after Beijing cut rates on Monday as the world's number two economy struggles to recover from a plunge in activity caused by extended Covid lockdowns.
Sydney, Seoul, Taipei, Manila, Jakarta and Wellington were also up, though Tokyo was flat and Singapore dipped.
Still, analysts warned that while equities are enjoying a bounce, the economic outlook could keep them subdued or even fall back again.
"The risk of the markets going below the June lows is quite high," Shane Oliver, at AMP Services, told Bloomberg Television. The weak data presage "weaker earnings growth ahead in the US", he added.
READ MORE: UN chief blasts oil firms profiting from energy crisis
Source: Reuters
KARACHI: The US dollar continued its declining trend in the interbank and open market on Thursday after the greenback saw a historic decline of over Rs9 on Wednesday, ARY NEWS reported.
According to forex dealers, the US dollar slipped by Rs4.02 at the start of the day to trade at Rs224.78 as the banks sold it at Rs226.28.
In the open market, the greenback traded between Rs223 and Rs224.
The rupee on Wednesday made a massive comeback against the US dollar in the interbank and open market, a day after the IMF said that the country has fulfilled its last condition of raising the levy on fuel prices.
According to forex dealers, the US dollar lost Rs9.58 today in the interbank against the rupee and traded at Rs228.80 while the banks are selling the greenback at Rs229.
In the open market, the US dollar traded at Rs225.50 after witnessing a reduction in value by Rs13.
Interbank closing #ExchangeRate for todayhttps://t.co/KyRSLkDLEy pic.twitter.com/5NrcLUqkT2
— SBP (@StateBank_Pak) August 3, 2022
The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.
Exclusively talking to ARY News, International Monetary Fund’s (IMF) resident representative in Islamabad, Esther Perez Ruiz said Pakistan has achieved all the financial targets set by the fund and the last action was accomplished on July 31 by extending the levy on petrol.
Read More: US dollar declines to Rs237 in interbank market
Ruiz said the 7th and 8th reviews have been completed and the IMF Executive Board will meet in the third week of August.
Esther Perez hoped that Pakistan will take steps to narrow the funding gap till the board’s meeting.
PROMISED LAND, Pa. -- It's not exactly flowing with milk and honey — just ask the area's struggling black bears — but Promised Land offered respite Sunday for city folks in the Northeast trying to escape a nearly weeklong hot spell that only threatened to intensify.
Those with the resources fled to pools, beaches and higher elevations like Promised Land State Park, at 1,800 feet (550 meters) in Pennsylvania's Pocono Mountains and a drive of about 2 1/2 hours from New York City and Philadelphia.
From the Pacific Northwest to the southern Great Plains to the heavily populated Interstate 95 corridor, more than 85 million Americans were under excessive heat warnings or heat advisories issued by the National Weather Service. The agency warned of “extremely oppressive” conditions from Washington to Boston.
Even in Promised Land, temperatures were forecast to soar above 90 (32 Celsius), but with shade from the forests, cool lake water and mountain breezes, it was more than tolerable, visitors said.
Rosa Chavez, 47, a high school teacher in Manhattan, applied sunscreen at a beach on Promised Land Lake. She and friend Arlene Rodriguez, who accompanied her, had just experienced Europe's own heat wave while vacationing last week in Florence, Italy.
“The heat is following us,” said Rodriguez, 47, a real estate agent and property manager.
Numerous record highs were expected to be tied or broken in the Northeast, the weather service said.
Philadelphia was forecast to hit 100 degrees (38 Celsius) Sunday before even factoring in humidity. Newark, New Jersey, saw its fifth consecutive day of 100 degrees or higher, the longest such streak since records began in 1931. Boston also hit 100 degrees, surpassing the previous daily record high of 98 degrees set in 1933.
At least one heat-related death, in New York, has been reported. Around the region, athletic events were shortened or postponed.
Philadelphia officials extended a heat emergency through Sunday, sending workers to check on homeless people and knock on the doors of other vulnerable residents. The city also opened cooling centers and stationed air-conditioned buses at four intersections for people to cool off.
Forecasters urged people to wear light clothing, drink lots of water, limit time outside, and check on elderly people and pets.
Boston Mayor Michelle Wu declared a heat emergency through Monday and kept a dozen cooling centers open.
Organizers of the New York City Triathlon shortened the distances that athletes had to run and bike. This weekend's Boston Triathlon was put off until Aug. 20-21.
On the West Coast, forecasters warned of extreme heat arriving early this week and lingering until the weekend. Temperatures could break daily records in Seattle, Portland and Northern California by Tuesday and be the highest since a heat wave last year that killed hundreds of people across the Pacific Northwest.
Many homes in the often-rainy region lack air conditioning, and authorities cautioned that indoor heat is likely to build through the week, increasing the risk of heat-related illnesses, something emergency medical officials in Boston also warned of.
Chavez, in Promised Land, said she has asthma and needs to keep her inhaler around, especially “when the heat is so thick I can't breathe.” The breezes and clearer air in the mountains help, she said.
It was already over 80 degrees at midmorning as Mhamed Moussa Boudjelthia, a 31-year-old Uber driver from Queens, fired up a grill at the beach to make kebabs. He and another friend from Queens had fled the hot chaos of the city for the day.
“There, it's really hot,” Boudjelthia said. “There's too much humidity, too.”
His friend, Kamel Mahiout, 35, agreed as he stood in a cooling breeze: “It's crazy in New York City.”
The heat was withering even less than an hour away, at lower elevations. In Scranton, Pennsylvania, Sunday's high was expected to be 97, and not punching below 70 at night.
“That also leads to the danger. People aren’t getting that relief overnight,” said weather service forecaster Lily Chapman. “That stress on the body is kind of cumulative over time.”
The area also has been drier than usual, she said.
Regular campers and cabin residents in Promised Land attribute unusually numerous bear sightings to the dry conditions. The animals roam neighborhoods and campsites for scraps as streams and berries dry up.
“Today's hot,” said Alex Paez, 34, of Scranton, sitting under a shade canopy at the beach in Promised Land. “If you don't need to be outside doing something productive, then stay in.”
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Contributing to this report were Associated Press writers Jennifer Peltz in New York City; Matthew Brown in Billings, Montana; Michael Hill in Albany, N.Y.: Jennifer McDermott in Providence, Rhode Island; and Curt Anderson in St. Petersburg, Fla.