August 8, 2022
US Futures Rise as Traders Look Beyond Fed Worries: Markets Wrap
US equity futures and European stocks climbed as bond yields pared their recent surge and investors looked beyond prospects for aggressive Federal Reserve rate hikes.
S&P 500 and Nasdaq 100 contracts both rose by at least 0.6% as the 10-year Treasury yield slipped below 2.8%. Signify Health Inc. jumped in premarket trading after a report that CVS Health Corp. plans a bid for the company. Technology led the advance as Europe’s Stoxx 600 rose the most in more than a week.
UK North Sea Oil Needs Investment to Stem Decline, Shell Says
Britain needs to keep developing new oil and gas fields in the North Sea even as it rolls out major offshore wind and carbon capture and storage projects across the country, according Shell’s UK head of upstream.
“The UK will still need its home-produced oil and gas, which would otherwise only be replaced by likely higher-emissions imports,” Simon Roddy said in an interview. “There was only one major development consent for the whole of the North Sea last year. I don’t fundamentally think that’s a sustainable position.”
China Exports to Russia Boom in Return to Near Pre-War Highs
Chinese exports to Russia are back near levels seen before the Kremlin’s invasion of Ukraine, propelling a rebound in trade that’s helped cool off a historic rally in the ruble.
Russia bought $6.7 billion of goods in July from China, an increase of more than a third from the previous month and up by more than an annual 20%. By contrast, its imports from Russia — which surged in March-May — rose only slightly last month after a drop in June, according to data from China’s customs authority.
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