Reuters Before the Bell: Wall St. eyes return to record highs as stocks cheer trade reprieve

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Monday, July 1, 2019

Wall St. eyes return to record highs as stocks cheer trade reprieve

Stocks rallied and bonds retreated on Monday as the United States and China agreed to restart trade talks, leading investors to cut back wagers on aggressive policy easing by the major central banks.

OPEC set to extend oil supply cut as Iran endorses pact

OPEC and its allies look set to extend oil supply cuts this week at least until the end of 2019 as Iran joined top producers Saudi Arabia, Iraq and Russia in endorsing a policy aimed at propping up the price of crude amid a weakening global economy.

Russia's Novak says all producers favor nine-month oil output deal extension

Russian Energy Minister Alexander Novak said on Monday that all OPEC and non-OPEC countries favored extending their global oil output deal by nine months under the same terms agreed in December.

Russian oil output up at 11.15 million bpd in June, still within deal quota

Russian oil production rose to 11.15 million barrels per day (bpd) in June from 11.11 million bpd in May, two industry sources told Reuters on Monday, although it was still within output levels agreed in a global supply deal with OPEC.

Iraq oil minister says OPEC members seek inventories control, market balance

Iraq's oil minister said on Monday that his government and the rest of OPEC seek to control global oil inventories and restore balance to the oil market which faces "huge challenges", according to a ministry statement.

Most OPEC+ ministers back nine-month deal extension: Kazakh minister

Kazakh Energy Minister Kanat Bozumbaev said on Monday that most ministers representing OPEC and non-OPEC countries at talks in Vienna favor extending their global oil output deal by nine months.

Walmart to invest $1.2 billion in China over the next 10 years to upgrade logistics

Walmart plans to invest 8 billion yuan ($1.2 billion) in China over the next 10 years to upgrade logistics, the U.S. retail giant said in a statement on its verified social media account Monday.

Brookfield, GIC to buy Genesee & Wyoming for about $6.4 billion

Canada's Brookfield Asset Management Inc and Singaporean sovereign wealth fund GIC on Monday agreed to buy U.S. freight railroad owner Genesee & Wyoming Inc for about $6.4 billion in cash.

Trump talk of easing Huawei ban lifts suppliers' shares despite doubts

U.S. President Donald Trump's decision to allow U.S. firms to sell "high tech" products to Huawei led Asian investors to snap up shares in suppliers to the Chinese smartphone maker on Monday, even as some experts wondered what had changed.

Oil firms as OPEC+ poised to extend supply cut

Oil prices were up on Monday as OPEC and its allies looked on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week.

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