SYDNEY : Asian shares extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped as Saudi Arabia pledged big output cuts in July. Brent oil jumped $1.82, or 2.4 per cent, to $77.95 a barrel, while U.S. crude clim
SYDNEY : Asian shares extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed U.S. jobs report, while oil jumped as Saudi Arabia pledged big output cuts in July.
"With Saudi Arabia protecting oil prices from sliding too low ... we think oil markets are now more prone to a shortfall later this year," said Vivek Dhar, a mining and energy commodities strategist at Commonwealth Bank of Australia. S&P 500 futures dipped 0.1 per cent and Nasdaq futures dropped 0.3 per cent in Asian hours, after a strong rally on Friday, driven by a mixed U.S. jobs report, a resolution to the debt-ceiling issue and the prospect of a U.S. rate pause this month.
However, moderating wage growth and rising jobless rate in Friday's jobs report argued for a case of pause in June. That in turn helped the dollar gain 0.5 per cent on Friday and stay elevated at 104.16 against its peers early on Monday. The greenback jumped 0.8 per cent on Japanese yen to 139.94 while the euro eased 0.5 per cent to $1.0706.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Saudi Arabia's Al Ittihad to sign Benzema on two-year deal: Saudi state mediaSaudi Arabia's Al Ittihad have reached an agreement with French striker Karim Benzema to sign him on a two-year deal, Saudi state-run Al Ekhbariya television station reported on Sunday (Jun 4). Benzema is set to join Al Ittihad as a free agent after Real Madrid said earlier in the day that the 35-year-old
Read more »
Warner wants to play his last test in Sydney next JanuaryAustralia opener David Warner said he will call time on his test career after playing against Pakistan at the Sydney Cricket Ground (SCG) next January, if he is still in the team by then. When available, Warner has been a fixture at the top of the Australian order since his debut in 2011 but his place in
Read more »
Oil prices jump more than $2/bbl after Saudi pledges to cut more outputSINGAPORE : Oil prices jumped more than $2 a barrel in early Asian trade on Monday, hours after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July.Brent crude futures was at $78.42 a barrel, up $2.29, or 3 per cent, at 2219 GMT after earlier hitt
Read more »
Marketmind: Teed up for a bullish start to the weekA look at the day ahead in Asian markets from Jamie McGeever.Asian markets are set for a strong start on Monday, extending last week's upward momentum and rising risk appetite on growing hopes the U.S. economy is headed for a 'soft landing' after Congress's approval last week of a debt ceiling deal that a
Read more »
Iran says to form naval alliance with Gulf states to ensure regional stabilityThe alliance will include countries such as Saudi Arabia as well as India and Pakistan. Read more at straitstimes.com.
Read more »
Former NBCUniversal executive Joe Benarroch to join Twitter:Former NBCUniversal executive Joe Benarroch will join Twitter on Monday, focusing on business operations, he told Reuters.
Read more »