Via Twitter:–Expectations I had seen centred on:Headline crude +0.2 mn barrelsDistillates -0.5 mn bblsGasoline +0.2 mn—This data point is from a privately-conducted survey by the American Petroleum Institute (API).It’s a survey of oil storage facilities and companiesThe official report is due Wednesday morning US time.The two reports are quite different.The official government data comes from the US Energy Information Administration (EIA)Its based on data from the Department of Energy and other government agenciesWhereas information on total crude oil storage levels and variations from the previous week’s levels are both provided by the API report, the EIA report also provides statistics on inputs and outputs from refineries, as well as other significant indicators of the status of the oil market, and storage levels for various grades of crude oil, such as light, medium, and heavy.the EIA report is held to be more accurate and comprehensive than the survey from the API This article was written by Eamonn Sheridan at investinglive.com. Source: investinglive.com (Read Full Article)

US stocks close lower. No record closes today.More from BoC Gov Macklem, expressing concern over Trump’s attack on Fed independenceBank of Canada Macklem: Powell is doing very good job under tryin circumstancesCrude oil settled at $63.41. Up $1.13 on the dayTrump:With the support of the EU, Ukraine is in position to fight &win all of Ukraine backBOC’s Macklem: For many investors, the value of the USD as a hedge has been dentedThe US dollar edges lower after Powell. Bonds bidS&P 500 gives back yesterday’s gains, now flat on the weekU.S. Treasury sells $69 billion of 2 year notes at a high yield of 3.571%The full text from Chair Powell’s speechEuropean indices close mostly higherEnergy stocks rally as major tech players retreatTrump: Europe needs to immediately cease all Russia energy purchasesFed’s Bostic: I could support a 1.75-2.25% inflation target down the roadUS September Richmond Fed composite index -17 vs -7 priorUS September flash S&P Global services PMI 53.9 vs 54.0 expectedFed’s Bowman: Worried the Fed is behind the curve on the jobs marketPhilly Fed non-manufacturing index -12.3 vs -17.5 priorCanada August new housing price index -0.3% vs -0.1% priorFed’s Goolsbee: We have a low-hiring, low-firing jobs marketUS Q2 current account deficit $251.3B vs 256.8B expectedinvestingLive European FX news wrap: Awaiting the US PMIs and more FedspeakThe major US stock indices ran out of steam today. The indices have been overbought given the recent run higher and it seemed it was simply time to move lower. Earlier today, the S&P flash PMI data come in about as expected, but was lower than the prior month:Manufacturing flash PMI 52.0 vs 53.0 last monthServices flash PMI 53.9 vs 54.5 last monthComposite 53.6 vs 54.6 last month.Although lower, the silver lining is the numbers remain above the 50 level indicating an expansionary trend. For the major indices, since August 20, (22 days or around a month of trading), the indices have done well with the Nasdaq leading the way:Nasdaq index is up 9.07% to the recent all-time highsS&P is up 5.60% to the recent all-time highsDow is up 4.79% to the recent all -time highs.The solid gains seen over the last month are reason enough to lead to a correction lower. Today, the Dow fell -0.19%, S&P fell -0.55% and the Nasdaq fell -0.95%. Fed’s Powell spoke today for the first time since the FOMC rate decision and although he is not a central banker on a mission, but instead is like one who is driving in heavy highway traffic,. i.e., he has both hands on the wheel and a foot ready to hit the brakes at the first sign of danger. Key comments on monetary policy from his speech were:“Near-term risks to inflation are tilted to the upside and risks to employment to the downside—a challenging situation.”“Two-sided risks mean that there is no risk-free path. If we ease too aggressively, we could leave the inflation job unfinished. If we maintain restrictive policy too long, the labor market could soften unnecessarily.”“The increased downside risks to employment have shifted the balance of risks to achieving our goals.”“We judged it appropriate at our last meeting to take another step toward a more neutral policy stance, lowering the target range for the federal funds rate by 25 basis points to 4 to 4-1/4 percent.”“This policy stance, which I see as still modestly restrictive, leaves us well positioned to respond to potential economic developments.”“Our policy is not on a preset course.”“We remain committed to supporting maximum employment and bringing inflation sustainably to our 2 percent goal.”Fed’s Bostic also spoke today and he was more concerned about inflation. He commented that the could support a future adjustment to the Fed’s inflation target, suggesting a range of 1.75% to 2.25% down the road. While not addressing the current outlook directly, he cautioned that inflation has remained above the 2% goal for more than four years, which is cause for concern. Bostic noted that businesses continue to face cost pressures and often have limited ability to absorb them without passing them on, meaning inflationary pressures are likely to persist. He emphasized that he remains worried about inflation even as discussions about the Fed’s policy framework continue.US yields moved lower after the comments and are ending the day near the lows for the day:2 year yield 3.588%, -1.3 basis points.5 year yield 3.668%, -2.8 basis points10 year yield 4.105%, -3.9 basis points30 year yield 4.720%, -4.1 basis pointsIn the forex market, the USD is closing mixed and little changed with the USDCHF the biggest mover of the major currency pairs. Versus the USD, the major currencies showed the following changes vs the USD:EUR +0.10%JPY +0.03%GBP +0.08%CHF +0.11%CAD -0.10%AUD -0.02%NZD -0.14%IN other markets:Crude oil is traing up $1.34 or2.15% at $63.62.Gold rose $17.46 and reached another record at $3791.08. It is trading at $3763Silver is trading near unchanged at $44.00 after reaching another high going back to 2011 at $44.62Bitcoin fell -$841 or 0.75% at $111.901. The digital currency traded as high as $117,968 on September 18. This article was written by Greg Michalowski at investinglive.com. Source: investinglive.com (Read Full Article)

Morgan Stanley is preparing to roll out crypto trading for retail customers via its E-Trade platform in the first half of 2026, according to an internal memo. The bank is partnering with startup Zerohash for liquidity, custody, and settlement, and has also taken an equity stake in the firm.Initially, trading will cover bitcoin, ether, and solana, moving beyond the bank’s earlier approach of offering bitcoin funds to wealthy clients. Wealth management head Jed Finn called the initiative “the tip of the iceberg,” saying Morgan Stanley plans to integrate digital assets with traditional wealth products. The bank is also developing a wallet to directly hold client digital assets and envisions tokenized versions of cash, stocks, bonds, and real estate as a future growth area.This marks one of the most aggressive pushes into crypto by a major U.S. bank since Washington’s stance shifted under President Trump, with tokenization expected to significantly disrupt wealth management. This article was written by Eamonn Sheridan at investinglive.com. Source: investinglive.com (Read Full Article)

The OECD has upgraded its global growth forecast for 2025 to 3.2%, up from 2.9% in June, citing stronger-than-expected resilience in emerging markets, AI-driven investment in the U.S., and fiscal support in China. U.S. growth is now projected at 1.8% this year, above June’s 1.6% forecast, but still well down from 2.8% in 2024. Growth in 2026 is expected to slow to 2.9% globally and 1.5% in the U.S.The organisation cautioned that the impact of sweeping U.S. tariffs—now averaging nearly 20%, the highest since 1933—has yet to be fully felt. While front-loaded trade and investment boosted early 2025 performance, the OECD warned that tariffs are already weighing on spending, labour markets, and consumer prices, with further inflationary effects expected.Headline inflation across the G20 is forecast at 3.4% in 2025, slightly lower than June’s 3.6% projection. U.S. inflation was revised down to 2.7% from 3.2%, but risks remain elevated due to tariffs, fiscal concerns, and financial market repricing. The OECD also flagged crypto volatility as a stability risk, though it noted AI adoption and easing trade restrictions could provide upside surprises. —Market-impacts to watch for:Emerging-market resilience a positive for EM FX, but inflation pressures from tariffs may tighten policy paths.AI investment and China stimulus support near-term optimism for equities , though fiscal and trade risks loom. This article was written by Eamonn Sheridan at investinglive.com. Source: investinglive.com (Read Full Article)