As Gasoline Nears $3 a Gallon, U.S. Economy Likely to Motor On
By Vince Golle and Sho Chandra
Consumer spending in the U.S. is probably well-equipped to ride out near-$3 gasoline that’s made for the costliest driving in four years, though an extended and more pronounced increase could prove more challenging for the economy.
The price of regular-grade fuel has climbed 47 cents a gallon, or 19 percent, since the start of 2018, according to motoring group AAA. Pricier seasonal fuel blends and increased summer demand as families go on vacation have pushed the cost of gasoline to its highest since 2014. Nonetheless, the movement in prices from January through May is about in line with the average over past five years.
Netflix briefly tops Disney as the biggest pure media company in the world by market value
By Tae Kim | @firstadopter
- Netflix briefly surpassed Disney in market value Thursday.
- The streaming giant revealed its current membership level was 125 million subscribers at the end of its first quarter.
- Netflix is the best-performing stock in the S&P 500 so far this year. Its shares are up nearly 82 percent through Thursday, while Disney’s stock is down about 5 percent.
Saudi Arabia: OPEC and Russia to pump more oil ‘in the near future’
By Mark Thompson @MarkThompsonCNN
Saudi Arabia says OPEC and Russia could supply more oil to world markets “in the near future” to make up for a collapse in Venezuelan output and the impact of US sanctions on Iran.
OPEC oil producers and Russia are due to meet in Vienna on June 22 to discuss easing supply curbs that have helped drive world oil prices to $80 a barrel, raising gas prices and hurting big energy importers such as India.
Oil prices fell by about 2% early Friday. US crude futures were trading at around r$69 per barrel, while Brent crude was worth about $77 per barrel.
EUR/USD Forecast: Two steps down, one step up seems to be the pattern
By Yohay Elam | FXStreet
US President Donald Trump canceled the Summit with North Korean Leader Kim Jong-un, sending stock markets lower. The worries about peace in the Korean peninsula join trade frictions. Trump is dissatisfied with the understanding with China regarding a “trade truce.” The US also considers imposing tariffs on imported cars and the EU is frustrated with the secondary sanctions on Iran which hit European companies.
EURUSD Weakness Continues as Italian Yields Spell Danger
By Nick Cawley | Analyst
• Rising Italian bond yields highlight mounting government risk.
• USD rally getting back on track after a period of consolidation.
EURUSD UNDER INCREASING DOWNSIDE PRESSURE