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President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
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Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
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"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
Investors are awaiting a signal from the Federal Reserve on whether the central bank will raise interest rates, but "Dr. Doom" Marc Faber thinks the Fed will keep them waiting.
"In my view, the Fed will not increase interest rates this year," the editor of the Gloom, Boom & Doom Report editor said Wednesday on CNBC's "Squawk Box," pointing to dollar strength and recent disappointing economic data. "The economy simply [is] not taking off, so I don't see there will be an interest rate increase."
Faber made his comments ahead of a scheduled Wednesday afternoon statement from the Federal Open Market Committee and a news conference by Chair Janet Yellen. Some investors expect the central bank will indicate it will begin hiking short-term interest rates from near zero.
Any move in the federal funds rate would be meaningless until it hits 3 percent, Faber said, referring to the interest charged when one bank lends to another. It's currently near zero percent. The Fed is widely expected to raise rates in increments of a quarter of a percent.
Faber reiterated his opinion that the zero interest rate policies of central banks around the world have "grossly distorted financial markets and misallocated capital."
European stocks will likely outperform U.S. equities this year, Faber said, noting that the spread between yields on European stocks and sovereign bonds is far larger than it is between U.S. securities.
He also likes Chinese stocks better than U.S. equities, in part because he believes China's government has more tools available to ease monetary policy.
While he believes the economy is weaker than Chinese leaders suggest, he said Chinese stocks can move higher because they have underperformed foreign markets for roughly the last seven years.
The property market in China is also weakening, he said, and he expects capital previously allocated to real estate to flow into equities.