The average rate on a 30-year mortgage in the U.S. was flat this week ahead of an expected interest rate cut from the Federal Reserve later this month. The rate remained at 6.35% from last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.52%, Freddie Mac said.
"The balance of risks has shifted and I am today giving basically equal attention to the maximum employment objective."
The data comes as investors watch for signs of how quickly the Federal Reserve could bring down interest rates.
(Bloomberg) -- New legislation in Brazil is set to support farmers by pushing additional demand toward biofuels — and away from the fossil fuels produced by state-controlled oil giant Petroleo Brasileiro SA. Most Read from BloombergHow Air Conditioning Took Over the American OfficeThe Outsized Cost of Expanding US RoadsHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatAt its final stages in Congress, the “Fuel of The Future” bill from President Luiz Inacio Lula da Silva’s government creat
World share and oil prices stabilised on Thursday after savage starts to September, while the yen climbed to a one-month high and government bond markets rallied, as investors stuck with rate cut trades. The storms, which have wiped off more than $2 trillion from global stock markets and battered commodities, eased just enough to mean Europe's main bourses were able to hold their ground early on after losing nearly 2% in recent days. The Japanese yen, which has surged nearly 2% this week, remained the biggest beneficiary.
(Bloomberg) -- OPEC+ is close to agreement on delaying a planned increase in oil production after prices plunged amid fragile demand. Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsKey coalition members likely won’t go ahead with the scheduled hike of 180,000 barrels a day in October, according to delegates who asked not to be identified because the discussions are private.
(Bloomberg) -- Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week.Most Read from BloombergHow Air Conditioning Took Over the American OfficeHong Kong’s Arts Hub Turns to Selling Land to Stay AfloatThe Outsized Cost of Expanding US RoadsBrent traded near $73 a barrel after losing almost 8% since the start of the week. West Texas Intermediate was above $69. The
(Reuters) -Oil prices edged up after plunging to multi-month lows previously as major producers may delay an output increase planned for next month and U.S. inventories fell, though the gains were limited by persistent demand concerns. Brent crude futures for November rose 35 cents, or 0.48%, to $73.05 a barrel at 0607 GMT after dropping 1.4% in the previous session to their lowest close since June 27, 2023. "Pessimistic sentiments in oil markets seem to ease after robust API data and news of OPEC+ reconsidering output jump surfaced and boosted hopes," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
SINGAPORE (Reuters) -The dollar stayed on the back foot on Thursday as renewed concerns over the U.S. economy's growth outlook bolstered expectations of a supersized rate cut from the Federal Reserve this month. The yen was a notable outperformer, in part due to safe-haven demand, but also on the view that imminent rate hikes from the Bank of Japan against the tide of a global easing cycle would lift the Japanese currency due to narrowing interest rate differentials. Global markets have been on edge and stocks, in particular, have been badly bruised after softer-than-expected U.S. data this week reignited concerns that the growth outlook of the world's largest economy was less rosy than earlier thought and the labour market could be slowing more sharply than expected.
The U.S. dollar's decline is gaining speed as anticipated interest rate cuts by the Federal Reserve threaten to end the greenback's years-long period of strength. The reason is an imminent drop in U.S. interest rates. That yield advantage is set to diminish now that inflation has cooled and Fed Chairman Jerome Powell said last month the "time has come" to start cutting rates, a process expected to kick off at the central bank's Sept. 17-18 monetary policy meeting.