Connect with us

Business

Gold, silver hit records as oil falls – SUCH TV

Published

on

Gold, silver hit records as oil falls – SUCH TV



Wall Street stock indices pulled back from records on Wednesday ahead of key US labor data, while oil prices fell further after US President Donald Trump said Venezuela would turn over millions of barrels to the United States.

Both the Dow and S&P 500 retreated from Tuesday’s all-time records as markets digested reports showing a fall in US job openings in November and a lower-than-expected rise in private-sector hiring in December.

More upbeat was a services sector survey by the Institute for Supply Management that showed healthier growth in December compared with November.

The jobs data was not great, but did not “trigger changes to perceptions about future Fed rate cuts,” said Steve Sosnick of Interactive Brokers.

“We attempted to follow through from the rallies of the last couple of days, and so far we haven’t been able to,” Sosnick said.

The Dow finished down 0.9 percent, while the S&P 500 dropped 0.3 percent after both indices surged to new peaks amid bullish investor sentiment to start the 2026 trading year. The tech-focused Nasdaq edged up 0.2 percent.

Futures markets expect the Fed to hold interest rates steady later this month, but concerns of a sharp slowdown in hiring could prompt a rethink.

Analysts say Friday’s Labor Department report for December will be a critical input to the US central bank.

In Europe, Frankfurt hit a record high above 25,000 points.

Paris traded flat and London slid from a record high set on Tuesday as lower oil prices dragged on British heavyweights BP and Shell, which both fell more than three percent.

Both main oil contracts dropped on Wednesday, having already lost ground a day earlier, after Trump’s latest statement on Venezuela.

US Energy Secretary Chris Wright said Wednesday that Washington will control sales of Venezuelan oil “indefinitely”.

Venezuela’s state petroleum firm said only that it was negotiating the sale of crude oil to the United States.

Analysts said the shipments lowered the risk that Caracas would have to cut output owing to its limited storage capacity, easing supply concerns.

But they added that the outlook for the commodity pointed to lower prices, as the market remains well stocked after OPEC+ agreed to boost output.

Elsewhere, US defense stocks tumbled after Trump threatened to cap executive pay at major US defense contractors and ban shareholder dividends and stock buybacks.

Lockheed Martin, General Dynamics and RTX all lost 2.5 percent or more.

Shares in Warner Bros. Discovery edged higher after its board urged shareholders to reject an improved hostile takeover bid by rival Paramount, saying it was still inferior to Netflix’s offer.

Shares in Netflix rose a scant 0.1 percent while Paramount fell 0.9 percent.

Key figures at around 2130 GMT

West Texas Intermediate: DOWN 2.0 percent at $55.99 per barrel

Brent North Sea Crude: DOWN 1.2 percent at $59.96 per barrel

New York – Dow: DOWN 0.9 percent at 48,996.08 (close)

New York – S&P 500: DOWN 0.3 percent at 6,920.93 (close)

New York – Nasdaq Composite: UP 0.2 percent at 23,584.28 (close)

London – FTSE 100: DOWN 0.7 percent at 10,048.21 (close)

Paris – CAC 40: FLAT at 8,233.92 (close)

Frankfurt – DAX: UP 0.9 percent at 25,122.26 (close)

Tokyo – Nikkei 225: DOWN 1.1 percent at 51,961.98 (close)

Hong Kong – Hang Seng Index: DOWN 0.9 percent at 26,458.95 (close)

Shanghai – Composite: UP 0.1 percent at 4,085.77 (close)

Euro/dollar: DOWN at $1.1682 from $1.1689 on Tuesday

Pound/dollar: DOWN at $1.3463 from $1.3501

Dollar/yen: UP at 156.77 yen from 156.65 yen

Euro/pound: UP at 86.76 pence from 86.57 pence



Source link

Business

The NBA doesn’t just want to build a European basketball league — it wants to revolutionize the international pro game

Published

on

The NBA doesn’t just want to build a European basketball league — it wants to revolutionize the international pro game




Source link

Continue Reading

Business

Major UK supermarket to stop selling mackerel in coming weeks

Published

on

Major UK supermarket to stop selling mackerel in coming weeks


Waitrose is set to remove mackerel from its shelves amid escalating concerns over unsustainable fishing practices.

The retailer said that it is the first major UK supermarket to suspend sourcing of the popular fish.

It said that fresh, chilled, and frozen mackerel, primarily sourced from Scottish waters, will be unavailable to shoppers by 29 April. Tinned varieties will follow once the current stock is depleted.

Conservationists are welcoming the move and urging other supermarkets to follow suit.

The measure comes as governments have repeatedly failed to implement catch limits recommended by scientists, jeopardising the long-term viability of mackerel stocks.

The International Council for Exploration of the Sea (ICES) has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels.

With the stock consistently fished above sustainable thresholds, this translates to a 77 per cent cut on the 755,143 tonnes scientists estimated would be caught in 2025.

Mackerel’s sustainability rating has worsened in the face of overfishing (Alamy/PA)

Overfishing has resulted in depleting mackerel stocks in the north-east Atlantic, with Ices saying the species, and the wider fishing industry, could face long-term risks unless countries stick to recommended catch limits.

Waitrose said the decision in December by four of the coastal states which fish mackerel to cut catches by 48 per cent was a step forward, but did not meet Ices advice.

North-east Atlantic mackerel will no longer meet the supermarket’s responsible sourcing requirements in line with the Sustainable Seafood Coalition codes of conduct, the retailer said.

Jake Pickering, head of agriculture, aquaculture and fisheries at Waitrose, said: “By suspending sourcing of mackerel at Waitrose we are reinforcing our ethical and sustainable business commitments, acting to tackle overfishing and protect the long-term health of our oceans and this crucial fish.

“Our customers trust us to source responsibly, and we are closely monitoring the fishery.

“We look forward to bringing mackerel back to our shelves once it meets our high sourcing standards.”

As alternatives, Waitrose is launching a new range of fish products including hot smoked herring, hot smoked peppered herring and hot smoked sweetcure seabass, all of which are Marine Stewardship Council (MSC) certified.

The retailer said it would also introduce MSC-certified frozen sardines from May as a sustainable replacement for frozen mackerel, and plans to become the first retailer to sell 100 per cent MSC tinned sardines.

Waitrose said it would maintain its relationship with its mackerel suppliers and its new supply of herring, seabass, sardines and trout will be sourced through current supplier partnerships.

But there is currently no predetermined time-frame as to when Waitrose will start sourcing mackerel again.

The International Council for Exploration of the Sea has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels

The International Council for Exploration of the Sea has issued stark warnings, advising a 70 per cent reduction in catches for 2026 across all regional mackerel stocks compared to 2025’s recommended levels (Alamy/PA)

Marija Rompani, director of ethics and sustainability at the John Lewis Partnership, said: “We believe sustainable food production must balance climate action, nature protection and responsible fish sourcing is fundamental to protecting our oceans.

“We will continue to work closely with suppliers and industry partners to support the recovery and responsible management of fish stocks.”

Charles Clover, co-founder of conservation charity Blue Marine Foundation, said mackerel – one of the largest remaining commercial fish stocks in the north-east Atlantic – had declined 75 per cent in the last 10 years because fishing nations, including the UK, had overfished it.

“They have put too little effort into the task of reaching agreement on a sharing arrangement – and some countries have been awarding themselves more quota than is justified by science,” he said.

“This crisis has been ignored for too long.

“We hope that this action by Waitrose sends it to the top of the political agenda. We call on other retailers to follow Waitrose’s example.”



Source link

Continue Reading

Business

If Your Salary Never Lasts Till Month-End, These 5 Mistakes Might Be Why

Published

on

If Your Salary Never Lasts Till Month-End, These 5 Mistakes Might Be Why




Source link

Continue Reading

Trending