OPEC announces big cut in oil production despite US pressure

London CNN Business  —  OPEC+ said Wednesday that it will slash oil production by 2 million barrels per day, the biggest cut since the start of the pandemic, in a move that threatens to push gasoline prices higher just weeks before US midterm elections. The group of major oil producers, which includes Saudi Arabia and … Read more

He nailed three big S&P 500 moves this year. Here’s where this strategist sees stocks headed next, with beaten down names to buy.

A Wall Street hat trick may not be on the cards, with stock futures in the red ahead of an OPEC meeting and more data. A two-day rally was never a guaranteed exit out of the bear woods anyway, as some say signs of a durable bottom are still missing. Enter our call of the … Read more

UK’s Liz Truss pledges tax-cutting future in speech plagued by protest

Prime Minister Liz Truss is seeking to rally MPs around her her tax-cutting policies following political infighting and market turmoil. Jacob King | Pa Images | Getty Images LONDON — British Prime Minister Liz Truss insisted Wednesday that cutting taxes was “the right thing to do morally and economically,” doubling down on a series of … Read more

German minister criticizes U.S. over ‘astronomical’ natural gas prices

A photo of a natural gas flare burning near an oil pump jack at the New Harmony Oil Field in the U.S. on June 19, 2022. Luke Sharrett | Bloomberg | Getty Images Germany’s economy minister accused the U.S. and other “friendly” gas supplier states of astronomical prices for their supplies, suggesting they were profiting … Read more

Lawyers: Arizona GOP chair pleaded Fifth to Jan. 6 panel

PHOENIX (AP) — Arizona Republican Party Chair Kelli Ward refused to answer questions during a deposition of the House committee investigating the Jan. 6 insurrection at the Capitol, an attorney for the panel revealed Tuesday during a court hearing in Phoenix. Attorney Eric Columbus told a federal judge that Ward asserted her Fifth Amendment right … Read more

US and South Korea test-fire missiles in continued response after North Korea launch

Seoul, South Korea CNN  —  The United States and South Korea launched four missiles off the east coast of the Korean Peninsula on Wednesday morning local time, according to South Korea’s Joint Chiefs of Staff. The test was the allies’ second exercise in under 24 hours, following a provocative test-launch Tuesday morning by neighboring North … Read more

America’s national debt has now surpassed $31 trillion

Minneapolis CNN Business  —  America’s national debt has climbed north of $31 trillion for the first time, a milestone that comes at a time of historically high inflation, rising interest rates and growing economic uncertainty. The nation’s total public debt outstanding closed at $31.1 trillion on Monday, according to Treasury Department data published Tuesday. The … Read more

White House launches last ditch effort to dissuade OPEC from cutting oil production to avoid a ‘total disaster’

Washington CNN  —  The Biden administration has launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter. The push comes ahead of Wednesday’s crucial meeting of OPEC+, the international cartel of oil producers that is widely expected to … Read more

North Korean missile launch raises alarm in Washington

WASHINGTON — The Biden administration responded on multiple levels Tuesday to North Korea’s latest long-range ballistic missile launch, reaching out to allies in the region on diplomatic and military fronts, and at the leader level by U.S. President Joe Biden. The missile was fired late Monday, flying over Japan early on Tuesday morning before landing … Read more

Trump goes to Supreme Court over Mar-a-Lago search and seizure of documents

CNN  —  Former President Donald Trump has asked the Supreme Court to intervene in the dispute over materials marked as classified the FBI seized from his Mar-a-Lago estate this summer. His emergency request with the Supreme Court is the latest example of the former President seeking to involve the justices in investigations that entangle him … Read more