Oil prices rise on tight heating oil and jet fuel stocks
Oil prices rose as the US is expecting what it is National Weather Service described as “dangerous cold” over the next few days.
Brent crude futures rose 0.52% to $82.63 a barrel, while US marker West Texas Intermediate futures traded up 0.64% at $78.79 a barrel.
On a wider scale, year-end holiday trips is also expected to drive up jet fuel consumption.
– Lee Ying Shan
IMF calls latest Bank of Japan move ‘sensitive’
The International Monetary Fund voiced support for the Bank of Japan’s latest decision to widen its band of yield curve control tolerance.
“With uncertainty around the inflation outlook, the Bank of Japan’s adjustment of yield curve control settings is a sensitive step including given concerns about bond market functioning,” Ranil Salgado, the mission chief to Japan at the IMF, said.
Salgado added clearer communications around modifications of the central bank’s monetary policy could improve the BOJ’s credibility and “help anchor market expectations,” he said.
– Jihye Lee
CNBC Pro: Investing pro recommends 6 big-cap stocks for another rocky year ahead
Destination Wealth CEO Michael Yoshikami said he expects “tremendous” market volatility in 2023, but investors need not stay on the sidelines.
“Boring. That’s the key,” he said. “The alternative is you pull the money out of the market, you put it in cash till the market comes back. So, this is a way for you to safely still be in the market in more defensive names while still being able to participate in the market if it rises.”
He named six big-cap stocks that investors can take shelter in.
Pro subscribers can read more here.
— Zavier Ong
European markets: Here are the opening calls
European markets are heading for a higher open Thursday, building on gains seen in the previous session.
The UK’s FTSE 100 index is expected to open 26 points higher at 5,517, Germany’s DAX 33 points higher at 14,126, France’s CAC up 21 points at 6,599 and Italy’s FTSE MIB up 80 points at 24,163, according to data from IG.
There are no major earnings or data releases.
— Holly Ellyatt
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