The Organization of the Petroleum Exporting Countries' decision to extend its oil output cuts through 2024 and Saudi Arabia's extension of its voluntary cuts through August have led to a reduction in expected near-term oil supplies, the EIA said. It sees global oil inventories declining over the next five quarters.
S&P 500 is most likely going to correct back to 4,100, Mizuho warns market bulls
It isn't a bullish sign for the stock market that the Federal Reserve is still chasing "an elusive soft landing" for the economy more than a year into its battle against high inflation, according to economists to Mizuho Securities.
The Fed already lifted its benchmark interest rate to a 5%-5.25% range in roughly the past year, bringing its benchmark rate to the highest level since 2007.
London's Canary Wharf Takes Brunt of Real-Estate Pain
LONDON-Three decades ago, London remade a derelict shipping yard at Canary Wharf into a forest of glass-and-concrete skyscrapers in a bid to mimic U.S. financial hubs.
Now the 128-acre banking district east of central London is suffering a problem also plaguing U.S. cities: emptying office buildings.
Masked Gunmen and a Stolen Toilet: How Russia Seized a Ukrainian City's Businesses
In occupied Ukraine, corporate mergers and acquisitions begin with a visit from masked gunmen.
Not long after Russia's military took control of the Ukrainian city of Melitopol, balaclava-clad men arrived at the head office of one of its largest companies, beat its security guards and announced that the business was under new ownership.
Turkey's Economic Troubles Force Erdogan to Tilt Away From Putin
ISTANBUL-Turkey's President Recep Tayyip Erdogan is directing his foreign policy toward the West in a shift that could have far-reaching implications for the balance of power in Europe and the war in Ukraine.
For more than a year, the Turkish leader has carefully straddled the widening divide between Russia and the West over the Kremlin's invasion of Ukraine. Now, as he searches for ways to support an economy that has deteriorated under his watch, he is seeking to improve relations with the U.S. and its Western allies.
KPMG Plans $2 Billion Investment in AI and Cloud Services
KPMG plans to invest $2 billion in artificial intelligence and cloud services across its business lines globally over the next five years through an expanded partnership with Microsoft, the latest move by a Big Four accounting firm to double down on the technologies.
The professional-services company on Tuesday said it expects the partnership to bring in more than $12 billion in revenue over five years. Annually, that would represent about 7% of KPMG's global revenue, which totaled $34.64 billion in the year ended Sept. 30, 2022. The company, the smallest of the Big Four by revenue, declined to provide a projected revenue figure for the year ending this September.
A Glass House for Elon Musk Sparks Internal Tesla Probe
AUSTIN, Texas-Inside Tesla, it was known as "Project 42," and the plans called for a dramatic glass-walled building to rise near the automaker's headquarters outside this capital city.
Internally, the secret project was described as a house for Chief Executive Elon Musk.
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Expected Major Events for Wednesday
04:30/NED: May International trade
07:00/CZE: Jun Unemployment data
07:00/SVK: May Construction production
07:00/SPN: Jun CPI
07:00/TUR: May Industrial Production Index
08:00/EU: Jun Long term interest rates statistics
10:00/POR: Jun CPI
23:01/UK: Jun RICS Residential Market Survey
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(END) Dow Jones Newswires
07-12-23 0015ET
