US crude rises 2.1%, settling at $70.13, boosted by signs of tight oil supply
By Tom DiChristopher
- U.S. crude prices rise back above $70 a barrel for the first time in a week.
- The oil market is getting support from rising tensions in the Middle East, an ongoing heavy crude outage in Canada and easing U.S.-EU trade tensions.
- OPEC is forecast to have raised output by 70,000 barrels a day in July, a smaller increase than the cartel managed in June.
Canadian dollar climbs to seven-week high on NAFTA optimism, oil rally
By Fergal Smith
The Canadian dollar strengthened to a nearly seven-week high against its U.S. counterpart on Monday, boosted by higher oil prices and optimism that progress could be made in talks to revamp the NAFTA trade pact.
Negotiations to update the North American Free Trade Agreement had stalled since June when the United States imposed tariffs on Mexican and Canadian steel and aluminium. But Mexico and the United States have agreed to step up talks in hopes of reaching an agreement on major issues by August.
The price of oil, one of Canada’s major exports, rose as traders kept the focus on supply disruptions and the possible hit to crude output from U.S. sanctions on Iran. U.S. crude oil futures CLc1 settled 2.1 percent higher at $70.13 a barrel.
Canada’s trade data for June is due on Friday.
Goldman Stock Seen Rising 15% on Raised Estimates
By Michael Kramer
Goldman Sachs Group Inc. (GS) has had a terrible 2018, with the stock nearly 13% off its March highs. Even worse, the stock has underperformed the S&P 500 by a wide margin, falling by almost 7%, versus the S&P 500’s gain of almost 5.5%. Signs are emerging that the investment bank may be set to rebound as analysts raise their estimates and price targets. Analysts see Goldman rising by an average of 15% from its current price around $237.
The company delivered strong quarterly results beating on both the top and bottom lines.
After posting the better-than-expected results, analysts have been upping their upcoming third-quarter estimates. Analysts are now looking for the company to grow third-quarter profits by over 9% to $5.51 per share.
Since the start of July, the average analysts’ price target has increased by nearly 2% to $274, more than 15% higher than the stock’s current price.
BERENBERG BANK ANALYSTS SET HUGO BOSS AG COMMON STOCKS (BOSS) A €82.00
By Jordan Dyson
Hugo Boss is expected to report earnings on August 2.
Hugo Boss AG Common Stock (ETR:BOSS) has been given a €82.00 ($96.47) price objective by investment analysts at Berenberg Bank in a report released on Monday. The brokerage currently has a “buy” rating on the stock. Berenberg Bank’s target price suggests a potential upside of 6.33% from the company’s current price.
Turkish Lira Extends Decline as Threat of U.S. Sanctions Weighs
By Constantine Courcoulas
The lira weakened against the dollar as the threat of U.S. sanctions on Turkey compounded investor concerns before key inflation data due later this week.
While the timing and nature of potential sanctions remain uncertain, investors are bracing for any developments that would slow the flow of funds into Turkey and pressure the currency which is already flirting with a record low against the dollar.
AUD May Head Lower on Fed, BoE and EU CPI. Can Consolidation End?
By Daniel Dubrovsky
- The Australian Dollar now focuses on external factors: USD direction and sentiment.
- Fed, BoE and EU CPI data could lift the greenback at the expense of Aussie Dollar
- Auto worries on tariffs also bode ill for it. Can AUD/USD break out of consolidation?
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