Tag: rises

Dollar rises slightly in early Monday trading against euro, yuan

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TOKYO – The dollar inched up in early Monday trade as riskier currencies slipped after negotiation on a U.S. stimulus package ran into resistance and as the yuan dropped after China’s central bank took a measure seen as aimed at curbing its strength.

The euro slipped 0.15% to $1.1818 EUR= while the Australian dollar shed 0.25% to $0.7223 AUD=D4.

The yen was little changed at 105.65 to the dollar JPY=.

WHY EVERY ONE OF YOUR DOLLARS DURING CORONAVIRUS NEEDS A NAME: DAVE RAMSEY

The U.S. dollar index edged up to 93.104 =USD, bouncing back from Friday’s near-three-week low of 92.997. The index saw its biggest loss in six weeks on Friday on hopes that a deal for new U.S. stimulus would be reached.

President Donald Trump on Friday offered a $1.8 trillion coronavirus relief package in talks with House Speaker Nancy Pelosi – moving closer to Pelosi’s $2.2 trillion proposal.

But Trump’s offer drew criticism from several Senate Republicans, many of whom are uneasy about the nation’s growing debt and concerned a deal would cost Republicans support in the upcoming presidential election, denting the risk-on mood.

The dollar inched up in early Monday trade as riskier currencies slipped after negotiation on a U.S. stimulus package ran into resistance and as the yuan dropped after China’s central bank took a measure seen as aimed at curbing its strength. (iStock


Still, with Nov. 3 election only weeks away, investors bet that Democrat Joe Biden is more likely to win the U.S. presidency and offer a larger economic package.

“On the whole, the big picture has not changed that much,” said Kyosuke Suzuki, director of forex at Societe Generale.

The offshore Chinese yuan dropped after the People’s Bank of

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US rig count rises for 4th straight week

Permian tally rises to 130

Photo of Mella McEwen
Mella McEwen, MRT.com/Midland Reporter-Telegram

The U.S. rig count continues to claw its way back from record lows brought about by the COVID-19 pandemic and oil market crash.

The U.S. rig count continues to claw its way back from record lows brought about by the COVID-19 pandemic and oil market crash.

James Durbin/Midland Reporter-Telegram

The U.S. rig count continues to claw its way back from record lows brought about by the COVID-19 pandemic and oil market crash.

Baker Hughes, which has tracked the rig count weekly since the 1940s, reported Friday that the rig count posted its fourth consecutive rise, rising three rigs to 269 at work nationally. There were 193 rigs drilling for oil, up four for the week, and 73 drilling for natural gas, down one for the week. The rig count is 587 rigs below the 856 at work this time a year earlier.

Texas added three rigs for 116 at work statewide, down 304 from the 420 Baker Hughes reported last year.


New Mexico joined Texas as the only producing state to gain rigs, rising one to 45. Pennsylvania was the only producing state to decline, dropping one rig.

The Permian Basin added one rig to 130 but is 291 rigs below the 421 a year ago.

Eddy County, New Mexico, remains the most active in the Permian with 25 rigs, up one. Lea County, New Mexico, followed with 20 rigs, unchanged for the week.

Martin County reported 18 rigs at work within county lines, the same as the previous week. Midland County had 16 rigs, down one for the week.

Cochran County saw renewed activity with one rig at work, while Borden, Hockley and Yoakum counties didn’t have any activity this week.

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GLOBAL MARKETS-Wall St advances, gold rises as stimulus talks progress

By Stephen Culp

NEW YORK, Oct 9 (Reuters) – U.S. stocks joined their global counterparts in the black, and were on track for weekly gains on Friday as ongoing fiscal aid talks and growing expectations for Democratic election victories revived hopes over economic stimulus.

Gold surged and the dollar dropped as investors bet on the increased probability of forthcoming coronavirus relief.

Wrangling in Washington over pandemic aid has dominated markets this week, which began with President Donald Trump halting negotiations on a comprehensive aid package.

U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue to hammer out a deal, even as Senate Majority Leader Mitch McConnell expressed doubt that consensus could be reached before the election.

But a report from the Wall Street Journal said Mnuchin was drafting a proposal worth $1.8 trillion, closer to the $2.2 trillion package Pelosi has floated.

“It’s ‘will they or won’t they?’, but the market is maybe becoming less concerned about the timing of a stimulus package,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana.

“I think there’s going to be a stimulus package within the next two months and probably sooner,” Carlson added.

Trump expressed a desire to return to the campaign trail a week after he announced that he had contracted COVID-19, but aides said Trump was unlikely to hold any in-person events until Monday at the earliest.

Reuters/Ipsos polls show Trump’s approval rating plummeting, with Americans steadily losing confidence in his handling of the pandemic, while Democratic challenger Joe Biden makes gains in several key swing states.

“The market is saying there’s a good chance (fiscal relief) might not happen until after the election,” said Carlson, adding “if there’s a ‘blue wave’ the package will be more significant.”

Next week, investors’ attention will

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HCA Healthcare Rises on Third-Quarter Revenue Outlook

HCA Healthcare  (HCA) – Get Report was rising Friday after the hospital operator provided third-quarter revenue guidance that exceeded Wall Street’s expectations.

Shares of the Nashville-based company were up 2.5% to $135.10.

HCA said it expects revenue to roughly total $13.3 billion, up from $12.69 billion a year ago, and ahead of FactSet’s call for revenue to be flat with a year earlier.

The company said it expects income before income taxes to come to $950 million, down from $979 million a year ago. 

This reflects a reversal of $822 million in government stimulus income recorded in the second quarter of 2020 related to general distribution funds under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

HCA said it will return, or repay early, about $6 billion of government assistance funds received as part of the CARES Act.

The company said had taken a conservative approach during the early days of the pandemic,  which “included a number of actions to meet the operational and financial challenges this global health crisis was expected to present.”

“As the initial immediacy of the emergency has passed, and with more information, and more experience managing our operations during the pandemic, we believe returning these taxpayer dollars is appropriate and the socially responsible thing to do,”  Sam Hazen, CEO, said in a statement.

HCA Healthcare is able to return, or repay early, all of its share of Provider Relief Fund distributions of about $1.6 billion and roughly $4.4 billion in Medicare accelerated payments.

Hazen added that “we greatly appreciate the CARES Act funding and the policymakers who fought hard to ensure hospitals would have the essential resources during the pandemic.”

HCA Healthcare said it expects to report full results Oct. 26.

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S&P 500 rises again, on pace for its best week since July

NEW YORK (AP) — Stocks are rising on Wall Street Friday as talks appear to be continuing in the start-and-stop drive on Capitol Hill to deliver more aid to the ailing economy.

The S&P 500 was 0.4% higher in morning trading, on track for its third straight gain. It’s also on pace to close out its best week since July, following a weekslong run of mostly shaky trading amid worries about the inability of Congress to support the economy and concerns that stock prices simply got too high during the summer.

The Dow Jones Industrial Average was up 41 points, or 0.1%, at 28,467, as of 10:15 a.m. Eastern time, and the Nasdaq composite was 0.8% higher.


Despite the market’s early gains, trading underneath the surface continued to be unsettled. Airline stocks climbed at the start of trading, only to drop quickly, for example. Energy stocks went from helping to lead the market to slumping to the sharpest loss among the 11 sectors that make up the S&P 500. Treasury yields were also moving up and down.

Much of this week’s focus has been on Washington, where President Donald Trump sent markets on a sudden skid Tuesday after he halted negotiations on a support package for the economy until after the election. Investors have been clamoring for such aid since the expiration of extra benefits for laid-off workers and other stimulus for the economy that Congress approved earlier this year. Economists say the outlook is grim without such support, and the chair of the Federal Reserve has said repeatedly it will likely be necessary.

Trump said that House Speaker Nancy Pelosi was negotiating in bad faith when he called off the talks. But within a couple hours, he appeared to backtrack. He said that he would back more limited programs

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