Oil price rally; Carlos Ghosn indicted again; Fed worries

1. Oil spike: US crude futures climbed 0.9% on Friday to above $53 per barrel, putting the ...

Posted: Jan 11, 2019 1:05 PM
Updated: Jan 11, 2019 1:05 PM

1. Oil spike: US crude futures climbed 0.9% on Friday to above $53 per barrel, putting the commodity on track for its tenth consecutive daily gain. Oil is already on its the longest win streak since January 2010.

Crude prices have increased 10% so far this week. That's despite new evidence of weakness in major economies including China and Germany, developments that would typically act as a drag on oil futures.

Apple Inc

Asia

Banking, finance and investments

Business, economy and trade

China

Companies

Company activities and management

Company earnings

Continents and regions

East Asia

Economic indicators

Economy and economic indicators

Financial markets and investing

Financial performance and reports

Financial results

International trade

North America

Securities trading

Stock indexes

Stock markets

The Americas

Trade and development

United States

Business and industry sectors

Commodity markets

Energy and utilities

Energy commodities

Oil and gas industry

Oil prices

Business figures

Carlos Ghosn

Government organizations - US

The Fed

US federal departments and agencies

US government independent agencies

Government and public administration

Government bodies and offices

Politics

US federal government

White House

Crime, law enforcement and corrections

Criminal law

Indictments

Law and legal system

Energy and resources

Energy economic indicators

Oil has trended higher since OPEC and allies including Russia agreed in December to slash production. The deal called for the removal of 1.2 million barrels a day from world markets starting this month.

Crude prices got another boost this week after the Wall Street Journal reported that Saudi Arabia is planning to slash its oil exports.

There's still a long way to go, however. Prices are still well below the $75 per barrel level reached during a recent high in October.

2. Ghosn indicted again: Former Nissan (NSANY) chairman Carlos Ghosn has been indicted for the second time since his arrest in Japan nearly two months ago.

Prosecutors indicted Ghosn on two new charges. They allege he committed a breach of trust by transferring personal investment losses to Nissan, and understated his personal income between 2015 and 2018.

His Japanese legal team said Friday that they planned to apply for bail immediately. Ghosn was first indicted last month on charges of under-reporting his income during an earlier time period.

The auto executive has strongly denied the allegations against him. In a court appearance on Tuesday, he said he had been unfairly detained on "meritless and unsubstantiated accusations."

Since his arrest, Ghosn has been removed as chairman by Nissan and Mitsubishi Motors (MMTOF). Renault (RNSDF) and the French government have stood by him, presuming him innocent until proven otherwise.

3. What the Fed worries about: The Federal Reserve could be deprived of vital economic data if the US government shutdown continues, central bank chairman Jerome Powell has warned.

The US government has been partially shut for 20 days because Congress and the White House failed to reach a spending deal.

The US Commerce Department, which publishes reports the Fed uses to gauge the health of the economy, is among the agencies affected by the shutdown.

"We would have a less clear picture of the economy, if it would go on for much longer," Powell said on Thursday.

4. Global market overview: US stock futures were pointing higher, suggesting a sixth consecutive day of gains could be on the cards.

European markets opened higher. Stocks in Asia closed with gains.

The British pound briefly jumped as much as 0.5% to above $1.28 after the Evening Standard newspaper said Brexit could be delayed. The London newspaper, which is edited by former UK treasury chief George Osborne, cited UK cabinet ministers as the source of the information. The pound quickly gave back most of its gains.

The Dow and the S&P 500 added 0.5% on Thursday. The Nasdaq advanced 0.4%.

Before the Bell newsletter: Key market news. In your inbox. Subscribe now!

5. Earnings and economics: Canadian cannabis company Aphria (APHA) will release earnings before the open.

The US Bureau of Labor Statistics will publish inflation reports for December at 8:30 am ET.

Macy's (M) stock plunged nearly 18% on Thursday — the worst day in its history — after the company reported sluggish sales for November and December and trimmed its guidance.

6. Coming this week:
Friday — CPI reports

Huntsville
Few Clouds
63° wxIcon
Hi: 76° Lo: 62°
Feels Like: 63°
Florence
Overcast
67° wxIcon
Hi: 76° Lo: 63°
Feels Like: 67°
Fayetteville
Clear
61° wxIcon
Hi: 79° Lo: 61°
Feels Like: 61°
Decatur
Clear
62° wxIcon
Hi: 76° Lo: 61°
Feels Like: 62°
Scottsboro
Overcast
63° wxIcon
Hi: 77° Lo: 61°
Feels Like: 63°
WAAY Radar
WAAY WAAY-TV Cam
WAAY Temperatures

Alabama Coronavirus Cases

Confirmed Cases: 134231

Reported Deaths: 2357
CountyConfirmedDeaths
Jefferson19572348
Mobile13320292
Montgomery8811183
Tuscaloosa8586117
Madison782078
Shelby592349
Lee588759
Baldwin545650
Marshall393343
Calhoun349942
Etowah343945
Morgan327328
Houston280221
Elmore265947
DeKalb240620
St. Clair230835
Walker230683
Talladega214628
Limestone208820
Cullman189020
Dallas178326
Franklin176729
Autauga175725
Russell17573
Lauderdale169833
Colbert164126
Blount160815
Escambia160324
Chilton156431
Jackson156011
Covington138527
Dale135844
Coffee13206
Pike119410
Chambers116142
Tallapoosa115685
Clarke108916
Marion95729
Butler91639
Barbour8737
Winston73812
Marengo71620
Pickens65614
Lowndes65327
Bibb65210
Randolph64213
Hale63428
Lawrence61623
Geneva6074
Cherokee60313
Bullock59914
Monroe5848
Clay5797
Washington55613
Perry5416
Crenshaw53632
Conecuh53511
Wilcox53111
Henry4935
Macon48119
Fayette4508
Sumter43519
Lamar3662
Cleburne3646
Choctaw34912
Greene30315
Coosa1683
Out of AL00
Unassigned00

Tennessee Coronavirus Cases

Confirmed Cases: 189454

Reported Deaths: 2352
CountyConfirmedDeaths
Shelby30613455
Davidson26381303
Hamilton937494
Knox929875
Rutherford924089
Williamson519836
Sumner479497
Wilson345344
Putnam327740
Montgomery304544
Unassigned29474
Bradley291417
Out of TN284426
Madison283264
Sevier259615
Blount250424
Maury232923
Washington227635
Robertson220335
Sullivan214833
Hamblen189926
Tipton180519
Trousdale16537
Gibson163622
Hardeman155826
Wayne14955
Dyer135014
Bedford132817
Dickson125015
Coffee121013
Cumberland119218
Fayette118319
Weakley117619
Henderson116924
Anderson116513
Carter115828
Obion115610
Loudon11546
Greene114244
McMinn111325
Jefferson111014
Warren10477
Macon104620
Monroe103018
Lawrence102312
Hardin102216
Lauderdale97916
Haywood96819
Franklin9639
Lake9182
Roane8854
McNairy87618
Carroll87420
Bledsoe8544
White8309
Rhea82112
Cheatham80510
Hawkins79618
Marshall7495
Cocke7439
Overton7355
Smith71311
Johnson6962
Chester62310
Henry6189
Lincoln6111
Giles59117
Hickman5738
DeKalb56114
Crockett53619
Marion5258
Decatur5127
Fentress4933
Claiborne4415
Campbell4394
Polk38810
Grainger3723
Union3531
Benton3369
Jackson3245
Morgan3153
Unicoi2851
Cannon2830
Grundy2835
Humphreys2463
Sequatchie2312
Meigs2263
Clay2245
Houston2143
Scott2132
Stewart1982
Lewis1961
Moore1691
Van Buren1640
Perry1500
Pickett1142
Hancock1063

Community Events