{"id":124417,"date":"2021-05-10T09:14:16","date_gmt":"2021-05-10T09:14:16","guid":{"rendered":"https:\/\/precoinnews.com\/?p=124417"},"modified":"2021-05-10T09:14:16","modified_gmt":"2021-05-10T09:14:16","slug":"stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage\/","title":{"rendered":"Stocks cheer prospects for low rates, oil jumps on pipeline outage"},"content":{"rendered":"

MILAN (Reuters) – World stocks ticked up to new peaks on Monday on bets interest rates will remain low and the economy continue its recovery, while oil prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets.<\/p>

FILE PHOTO: A man wearing a face mask is seen inside the Shanghai Stock Exchange building, as the country is hit by a novel coronavirus outbreak, at the Pudong financial district in Shanghai, China February 28, 2020. REUTERS\/Aly Song<\/figcaption>

MSCI\u2019s gauge of stocks across the globe hit a fresh record high and was up 0.1% by 0740 GMT, driven by gains across Asian markets overnight and a steady open in Europe.<\/p>\n

Europe\u2019s STOXX 600 regional benchmark was up 0.1% in early deals, while MSCI\u2019s broadest index of Asia-Pacific shares outside Japan rose 0.4%. S&P 500 futures were flat while Nasdaq futures fell 0.5%.<\/p>\n

U.S. nonfarm payrolls data on Friday showed jobs growth slowed much more than expected in April in a shock release that gave equities a lift but put downward pressure on the dollar and U.S. Treasury yields.<\/p>\n

\u201cA statistical fluke and\/or a temporary pause in labor market demand is the likeliest culprit for this report. However, the Federal Reserve cannot afford to adjust policy without concrete proof of a stronger labor market recovery,\u201d said Natixis economist Troy Ludtka.<\/p>\n

On Friday the Dow Jones Industrial Average and the S&P 500 rose to record closing highs as the disappointing data on the U.S. jobs market eased concerns about a spike in consumer prices.<\/p>\n

In recent weeks, some investors had been placing bets that a robust U.S. economic recovery from the coronavirus pandemic would force the Federal Reserve to tighten policy earlier than the central bank has outlined.<\/p>\n

However, the weak nonfarm payrolls report caused a rapid reversal in some of these trades, which rippled through stocks, bonds, and major currencies.<\/p>\n

U.S. President Joe Biden said after the report that the figures showed the economy was not at risk of overheating and underscored how vital his administration\u2019s economic actions are.<\/p>\n

\u201cIn the end, it is the best of all possible worlds for equities: robust economy, strong earnings, but no monetary policy tightening and more fiscal spending coming,\u201d said Giuseppe Sersale, fund manager at Anthilia in Milan.<\/p>\n

The focus now shifts to U.S. consumer price data due on Wednesday, which will help investors determine whether they need to scale back their inflation expectations even further.<\/p>\n

The dollar index against a basket of six major currencies edged up 0.17% to 90.301 but was just above its lowest since Feb. 25 hit earlier in the session.<\/p>\n

The British pound jumped to the highest in more than two months against the greenback, but traders said worries about Scottish independence could curb sterling\u2019s gains. It was last up 0.5% at $1.406.<\/p>\n

In the cryptocurrency market, ether rose 5% to a fresh record above $4,000. Bigger rival bitcoin rose 1% to $58,862.<\/p>\n

The yield on benchmark 10-year Treasury notes added around 1 basis point to 1.597% after having plunged to a two-month low of 1.469% on Friday.<\/p>\n

Oil prices rose after a cyber attack shut down a U.S. pipeline operator that provides nearly half of the U.S. east coast\u2019s fuel supply. [O\/R]<\/p>\n

Brent crude rose 0.5% to $68.64 per barrel as the disruption to U.S. supplies rattled energy markets, while U.S. crude ticked up 0.5% to $65.23 a barrel.<\/p>\n

The White House was working closely with top U.S. fuel pipeline operator Colonial Pipeline on Sunday to help it recover from a ransomware attack that forced the company to shut its main fuel lines.<\/p>\n

Copper prices touched record highs on hopes for improved demand amid tightening supply. Three-month copper on the London Metal Exchange rose to $10,747.50 a tonne earlier in the session before easing back slightly.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

MILAN (Reuters) – World stocks ticked up<\/p>\n","protected":false},"author":3,"featured_media":124416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nStocks cheer prospects for low rates, oil jumps on pipeline outage - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stocks cheer prospects for low rates, oil jumps on pipeline outage - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"MILAN (Reuters) – World stocks ticked up\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-10T09:14:16+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/05\/Stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage\/\",\"url\":\"https:\/\/precoinnews.com\/business\/stocks-cheer-prospects-for-low-rates-oil-jumps-on-pipeline-outage\/\",\"name\":\"Stocks cheer prospects for low rates, oil jumps on pipeline outage - 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