Oil Prices Edge Lower On Demand Concerns
Oil prices fell slightly on Wednesday amid concerns that demand will continue to falter as a result of wide-ranging new Covid-19 restrictions being implemented around Europe.
U.S. coronavirus cases are also rising again, raising fears that the anticipated cold-weather uptick in infections has arrived.
Benchmark Brent crude fell 19 cents, or half a percent, to $42.26 a barrel, while U.S. West Texas Intermediate futures were down 25 cents, or 0.6 percent, at $39.95 a barrel.
Governments across Europe are tightening local restrictions to regain control of resurgent coronavirus infections.
The regional government of Catalonia, Spain’s most-populous region, is weighing a complete shutdown of bars and restaurants to stem the spread of the virus.
In France, Paris, Marseille and seven other large cities have been placed under maximum alert.
The new three-tier system of Covid-19 restrictions has begun in England, raising concerns that the tighter measures will impact economic growth and damage oil demand.
The Midwest and West are driving a virus surge in the United States, the world’s biggest oil consumer.
World oil demand will rebound more slowly in 2021 than previously thought as coronavirus cases rise, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly report on Tuesday.
Inventory reports from American Petroleum Institute and the Energy Information Administration are delayed by a day because of the Columbus Day holiday on Monday in the United States.
Bank of America Corporation Earnings Fall In Q3
Bank of America Corporation (BAC) revealed a profit for third quarter that decreased from last year.
The company’s earnings came in at $4.44 billion, or $0.51 per share. This compares with $5.27 billion, or $0.56 per share, in last year’s third quarter.
Analysts had expected the company to earn $0.49 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 10.8% to $20.34 billion from $22.81 billion last year.
Bank of America Corporation earnings at a glance:
-Earnings (Q3): $4.44 Bln. vs. $5.27 Bln. last year.
-EPS (Q3): $0.51 vs. $0.56 last year.
-Analysts Estimate: $0.49
-Revenue (Q3): $20.34 Bln vs. $22.81 Bln last year.
PNC Financial Services Group Inc. Q3 Profit Climbs
PNC Financial Services Group Inc. (PNC) released earnings for its third quarter that climbed from last year.
The company’s bottom line totaled $1.46 billion, or $3.39 per share. This compares with $1.32 billion, or $2.94 per share, in last year’s third quarter.
Analysts had expected the company to earn $2.12 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 0.9% to $4.28 billion from $4.24 billion last year.
PNC Financial Services Group Inc. earnings at a glance:
-Earnings (Q3): $1.46 Bln. vs. $1.32 Bln. last year.
-EPS (Q3): $3.39 vs. $2.94 last year.
-Analysts Estimate: $2.12
-Revenue (Q3): $4.28 Bln vs. $4.24 Bln last year.
Gold tanks ₹ 631, silver tumbles ₹ 1,681
Gold prices declined for the second consecutive day in the national capital on Wednesday, falling ₹ 631 to ₹ 51,367 per 10 gram amid rupee appreciation, according to HDFC Securities.
In the previous trade, the precious metal had closed at ₹ 51,998 per 10 gram.
Silver prices also tanked ₹ 1,681 to ₹ 62,158 per kilogram from ₹ 63,839 per kilogram in the previous trade.
Meanwhile, the rupee edged 4 paise higher to close at 73.31 against the US dollar on Wednesday, tracking weak American currency.
In the international market, gold traded with marginal gains at USD 1,896 per ounce, while silver was flat at USD 24.16 per ounce.
“Gold prices were trading with minor gains but continued to trade below USD 1,900 from start of the week with rise in dollar index which lowered investors’ appetite for precious metals,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Wells Fargo profit falls as pandemic hits growth
Oct 14 (Reuters) – Wells Fargo & Co reported a 57% drop in third-quarter profit on Wednesday as the bank’s loan book shrank and near-zero interest rates and higher costs hurt its bottom line.
The bank reported net income applicable to common stock of $1.72 billion, or 42 cents per share, for the quarter ended Sept. 30, compared with $4.04 billion, or 92 cents per share a year earlier.
Analysts had expected a profit of 45 cents per share, according to Refinitiv data, but it was not immediately clear if the numbers were comparable.
RAF emergency: Royal Air Force jet issues alert at 15,000ft over North Sea
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The Royal Air Force F-35 aircraft made the emergency Squawk7700 over the North Sea.
The jet was at an altitude of 15,000ft when it made the alert.
This is a breaking story…more to follow
Sensex ends 169 points higher after fag-end rally
Rallying for the 10th straight session, equity benchmark Sensex ended 169 points higher on Wednesday, led by gains in financial stocks amid largely positive cues from global markets.
The 30-share BSE index opened on a weak note and gyrated over 600 points during the day. However, it gained ground in the last hour of the session to finish at 40,794.74, up 169.23 points or 0.42%.
Similarly, the broader NSE Nifty rose 36.55 points or 0.31% to 11,971.05.
Bajaj Finserv was the top gainer in the Sensex pack, rising around 4%, followed by Bajaj Finance, ICICI Bank, IndusInd Bank, Tata Steel, Axis Bank, HDFC and SBI.
On the other hand, NTPC, ONGC, Tech Mahindra, PowerGrid, Infosys and HCL Tech were among the major laggards.
On the global front, bourses in Hong Kong and Seoul ended higher, while Shanghai and Tokyo were in the red.
Stock exchanges in Europe were trading on a positive note in early deals.
Meanwhile, international oil benchmark Brent crude was trading 0.09% lower at USD 42.41 per barrel.
In the forex market, the rupee edged 4 paise higher to close at 73.31 against the US dollar.