It's about time to write off high-growth tech stocks, Goldman warned, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Sotheby's announces it has signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
In a 7-2 ruling, over dissents from Justices Ruth Bader Ginsburg and Neil Gorsuch, the justices affirmed the so-called "dual sovereignty" exception to the Constitution's...Politicsread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The top court scrapped a ruling from the Oregon Court of Appeals in favor of the same-sex couple. The owners of the bakery, which refused the make the cake due to religious...Politicsread more
Boeing reached a deal with British Airways to provide parts for some of its plane's made by rival manufacturer Airbus, part of Boeing's push to grow its services business.Airlinesread more
— This is the script of CNBC's news report for China's CCTV on October 11, 2018, Thursday.
We know that hurricane landing on Mexico Gulf boosts international oil prices in short-term every time as nearly 50% refining capacity and 20% crude oil production of the U.S. are located on gulf coast, so some oil companies will shut down production platform and close refining plants when the hurricane is approaching. That is a direct influence to petroleum market brought by the hurricane.
But the ruinous natural disasters, such as hurricane Michael, harming oil-producing, oil refining and natural gas is obvious. Not long ago, a report published by the U.S. Security and Environmental Enforcement Administration shows 39.5% oil-producing and 28.4% natural gas related business have closed before hurricane Michael landing on gulf coast.
Therefore, we can see from the trades in last several days that the upcoming hurricane is one of the motivating factors to oil prices as it affects supply, while the oil prices lost overnight after the hurricane landing.
Among that, WTI jumped 2.39% and Brent was off 2.25%.
Analyst said this is a "buy news, sell facts" reaction in the market. That is to say, before hurricane Michael coming, traders had priced its influence, fueling oil prices, but when the hurricane landed, the market thought its influence to local energy infrastructure is less than the estimation. Meanwhile, stateside stock dived; causing risk sentiment ramps up and that drove oil prices down, hitting the lowest closing price in 2 weeks. Additionally, the market puts a close eye on global economic activities and inventory data.
IMF declared it will cut its global economic growth forecast to 3.7% recently, and that is the 1st IMF downgrade the growth forecast in 2 years, meaning less petroleum demand. At the same time, crude oil inventory till Oct 5 soars, high above the expectation, according to data released by API.
After this news announced, the price of WTI crude oil future declined further. We will keep an eye on the following trend of oil price.