Home Depot's CEO says the retailer cut its outlook partly due to "the potential impacts to the U.S. consumer arising from recently announced tariffs."Retailread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
A U.S.-China trade deal would be less likely if President Xi cracks down violently on the large-scale protests in Hong Kong, Secretary of State Mike Pompeo tells CNBC.Politicsread more
The launch follows a "preview" earlier this month that allowed only limited customers to apply.Technologyread more
Financial advisers are always "buying at the wrong time and selling at the wrong time because they're emotional," the billionaire founder of Baron Capital says.Marketsread more
Energy stocks may be fueling up for a comeback rally. One technical analyst says that after the sector's pummeling, these two stocks look particularly good.Trading Nationread more
Bruce Linton says he bought more stock in Canopy Growth — even though the cannabis company he co-founded fired him earlier this summer.Health and Scienceread more
A new probe could bring more pressure to some of the nation's largest tech firms, which are already facing scrutiny on the federal level.Technologyread more
Got extra stuff? Got extra space? A new company is ready to make a match. Neighbor is a barely two-year-old company that connects homeowners online with people who need...Real Estateread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Nobel-winning economist Robert Shiller takes issue with the Federal Reserve's rate cut in July, saying it caused psychological harm to the markets.Marketsread more
* China reports weaker than expected July economic data
Euro zone Q2 growth slows, Germany leading slowdown
* Oil partly reverses sharp gains in previous session
* U.S. crude oil stocks rise 3.7 mln bbls - API (Updates prices)
By Bozorgmehr Sharafedin
LONDON, Aug 14 (Reuters) - Oil prices fell on Wednesday on weak economic data from China and Europe and a rise in U.S. crude inventories, almost erasing the previous session's sharp gains after the United States said it would delay tariffs on some Chinese products.
Brent crude was down $2.08, or 3.4%, at $59.22 a barrel at 1214 GMT, after rising 4.7% on Tuesday, the biggest percentage gain in a day since December.
U.S. West Texas Intermediate (WTI) crude futures were down $2.13, or 3.7%, at $54.97 a barrel, having risen 4% the previous session, the most in just over a month.
China reported a raft of unexpectedly weak data for July, including a surprise drop in industrial output growth to a more than 17-year low, underlining widening economic cracks as the trade war with the United States intensifies.
"This morning's Chinese industrial production came in below expectations confirming our expectation that the late-cycle dent likely becomes deeper before year end," Norbert Ruecker of Swiss bank Julius Baer said, referring to the late-cycle phase in economies that is characterised by slowing growth.
"Oil demand should continue to soften," he added.
The global slowdown amplified by tariff conflicts and uncertainty over Brexit is also pressuring European economies. A slump in exports sent Germany's economy into reverse in the second quarter, data showed.
The euro zone's GDP barely grew in the second quarter of 2019.
Profit taking after Tuesday's sharp gains also weighed on crude prices on Wednesday, analysts said.
Benchmark crude prices surged on Tuesday after U.S. President Donald Trump backed off his Sept. 1 deadline for 10% tariffs on some products, affecting about half of the $300 billion target list of Chinese goods.
"While Brent crude has recovered back above $60 a barrel, the technical outlook for WTI looks somewhat better after once again managing to find support above $50 a barrel," said Ole Hansen, Head of Commodity Strategy at Saxo Bank.
"The range-bound behaviour, however, looks set to continue with focus on U.S.-China trade talks and continued production restraint from OPEC, led by Saudi Arabia."
Data from industry group the American Petroleum Institute (API) showed U.S. crude stocks unexpectedly rose last week.
Crude inventories increased by 3.7 million barrels to 443 million, compared with analyst expectations for a decrease of 2.8 million barrels, the API said.
(Additional reporting by Aaron Sheldrick in Tokyo and Roslan Khasawneh in Singapore; Editing by Alexandra Hudson, Mark Potter and Deepa Babington)