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  • U.S. Oil Inventories Drop as Refinery Activity Speeds Up

    U.S. inventories of crude oil fell much more than expected as refinery activity continued to accelerate, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices that were little changed before the mixed report came out turned higher afterward. The Nymex front-month crude contract for July delivery was recently up 0.5% at $72.46 a barrel.

  • Jobless Claims Seen Lower -- Data Week Ahead

    The following are forecasts for this week's remaining U.S. data from a survey compiled by The Wall Street Journal. The FOMC announcement is scheduled for Wednesday at 2:00 p.m. ET, followed by a press conference with Fed Chairman Jerome Powell at 2:30 p.m. ET. Forecasts were last updated Monday afternoon.

  • ICE Canada Morning Comment: Another Round of Being Down

    WINNIPEG--Intercontinental Exchange canola futures continued to pull back on Wednesday morning, generating so far the fourth consecutive day of losses in the old and new crop contracts. There were declines in Chicago soybeans and soyoil, while soymeal made modest increases. European rapeseed and Malaysian palm oil were lower as well.

  • U.S. Housing Starts Rebounded Less Than Expected in May

    Construction of new homes in the U.S. increased in May, partly reversing April's fall, amid scarcity of building materials and labor shortages that have weighed on construction activity, data from the Commerce Department showed Wednesday. Here are the main takeaways from the report:. --Housing starts, a measure of U.S. homebuilding, rose 3.6% in May compared with April, to a seasonally adjusted annual rate of 1.572 million.

  • Uganda Central Bank Cuts Key Lending Rate to 6.5% From 7% -- Update

    KAMPALA, Uganda--Uganda's central bank cut its benchmark lending rate by 50 basis points on Wednesday, the first cut in 12 months as the country seeks to spur growth amid renewed economic disruptions caused by a surge in coronavirus infections. The central bank cut the key lending rate to 6.5% from 7%, noting that despite subdued inflation, the resurgence of the coronavirus and more contagious variants pose fresh threats to growth. Uganda imposed a new lockdown earlier this...

  • Uganda Central Bank Cuts Key Lending Rate to 6.5% From 7%

    KAMPALA, Uganda--Uganda's central cut its benchmark lending rate by 50 basis points on Wednesday, the first cut in 12 months as the coffee-producing country seeks to spur growth amid renewed economic disruptions caused by a surge in coronavirus infections. The central bank noted that despite subdued inflation, the resurgence of the coronavirus and more contagious variants pose fresh threats to growth. "Contraction in private sector investments is persisting, partly...

  • EUROPEAN MIDDAY BRIEFING: Investors Pause With Stocks Steady Ahead of Fed

    European stocks inched up on Wednesday as investors waited for the outcome of a Federal Reserve policy meeting due later. Miners were lower as China took aim at soaring commodity prices. The Stoxx Europe 600 index rose 0.1%, the German DAX was down 0.3%, the French CAC 40 was up 0.1% and the FTSE 100 index was up 0.1%.

  • North American Morning Briefing: Stock Futures Pause Ahead of Fed Decision

    Walmart formal business& shareholders meeting; U.S. Housing Starts for May; EIA Weekly Petroleum Status Report; U.S. Federal Reserve economic projections and interest rate decision; Canada Consumer Price Index for May.

  • Ifo Institute Cuts Its 2021 German Economic Growth Forecast to 3.3%

    The Ifo Institute has lowered its forecast for economic growth for Germany in 2021 to 3.3% from 3.7% forecast in March, because of bottlenecks in the supply of intermediate products. "Reopening businesses triggered a strong recovery, but this is now getting pushed back a bit further than we thought in the spring," Timo Wollmershaeuser, head of forecasts at Ifo, said. In contrast, the Ifo Institute raised its forecast for 2022 to 4.3% gross domestic product growth from 3.2% previously...

  • Nigerian Inflation Dropped in May Despite Rising Food Prices

    IBADAN, Nigeria--Annual inflation in Nigeria dropped to 17.93% in May from 18.12% in April, the National Bureau of Statistics said in its latest report. The inflation rate has now dropped two months in a row, after standing at 18.72% in March. Inflation in Africa's largest crude oil exporter has been in double digits for months as the coronavirus pandemic, insecurity and the closure of land borders to curb smuggling have disrupted sectors such as farming, industrial production...

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