UBS announced a net profit of $1.4 billion for the second quarter of 2019.Earningsread more
Japan and South Korea are part of a complex and tightly linked supply chain that produces electronic goods such as smartphones and laptops.Technologyread more
Michael Kugelman from the U.S.-based Wilson Center says other issues take precedence in the bilateral dialogue between the United States and Pakistan — namely, Afghanistan and...Asia Politicsread more
Beijing says it can still meet its 2019 growth target of between 6% and 6.5% and continues to roll out stimulus measures to prop up activity. China set a 2019 industrial...China Economyread more
A different oil pricing dynamic has been evolving with new supply calculations based on the U.S. as the world's largest producer.Market Insiderread more
The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Stocks in Asia Pacific edged up on Tuesday, as investors await closely-watched central bank meetings in the coming days.Asia Marketsread more
More than half of Venezuela's 23 states lost power on Monday, according to Reuters witnesses and reports on social media, a blackout the government blamed on an...World Politicsread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
The deal between the White House and Democrats was earlier expected to raise the debt ceiling for two years and permanently end the sequester.Politicsread more
Britain's Antstream is jumping into the cloud gaming battle with a streaming platform for retro titles. And Tencent just backed the company.Technologyread more
U.S. government debt yields inched higher Friday after crude oil prices jumped nearly 5 percent, easing fears of falling inflation that have contributed to flattening of the so-called yield curve.
As of the latest reading, the yield on the benchmark 10-year Treasury note rose 3 basis points to 2.903 percent while the 30-year bond yield climbed to 3.182 percent.
A recent fall in oil prices has contributed to market anxieties that the Federal Reserve's inflation expectations may have been too high and that continued increases to the federal funds rate would be too much for debt-laden corporations to digest.
However, recent developments at an OPEC meeting in Vienna, Austria appear to have boost prices as the alliance plans to cut production by at least 800,000 barrel per day. The price of Brent crude, the international benchmark for oil prices, rose $2.92, or 4.86 percent to $62.90 a barrel by 9:04 a.m. ET. U.S. West Texas Intermediate crude futures were up $2.20, or 4.2 percent at $53.66 a barrel.
"This crude glut will ease up," said Nathan Sheets, chief economist at PGIM Fixed Income. "President Trump massive wrong-footed the oil market. People were expecting the limits on Iran exports of oil to be very binding, but he provided a lot of exemptions while the Saudis significantly increased supply to the market."
"The market was way oversupplied," he added. "My expectation remains that those exemptions will tighten up some and I think over the next year Saudi oil is likely to tighten some."
In economic news, nonfarm payrolls increased by 155,000 last month, missing economist expectations of 198,000; the closely-followed unemployment rate was unchanged at 3.7 percent, its lowest level since 1969. The Labor Department also said that average hourly earnings rose less than expected to $27.35, a month-over-month increase of 0.22 percent.
The average work week edged lower by 0.1 hours to 34.4 hours.
"Basically we got a ho-hum labor market report, lukewarm. It doesn't bolster the argument that the economy is strong; it's just right down the middle," Sheets added. "It gives those that are hoping the Fed is shifting to a more dovish stance a little bit more evidence to point to in that discussion."
Jitters in stock markets in the past few weeks have also weighed on traders, leading to increased buying in typically safe haven assets like government bonds and gold. However, recently, the bond market has been under particular scrutiny as the spread between the 2-year and 10-year yields has narrowed recently. This phenomenon, described as flattening of the yield curve, is often interpreted as a warning signal of an upcoming financial crisis.
Elsewhere, a report on the Wall Street Journal suggested on Thursday that the Federal Reserve is considering whether to signal a wait-and-see approach at its upcoming meeting. Investors are anticipating the Federal Reserve's meeting on Dec. 18.-19.