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STOCK NEWS: Futures weak, British pound plunges, petrol on the rise




Stock futures are trading lower to start the week

US stock futures traded lower on Monday. after another brutal week for stocks.

The major futures indexes suggest a 0.1% decline as trading begins on Wall Street.

The Dow Jones Industrial Average on Friday briefly hit a bear market before bouncing back a bit from a 700-point drop. The average is now at its lowest level since November 2020. This was when the S&P 500 and Nasdaq Composite ended the second week in a row with losses, and retreated to the bottom level in June.

Oil prices fell for a second day on Monday on fears of lower demand for the fuel from an expected global recession triggered by rising worldwide interest rates, and as a rising U.S. dollar limits the ability of non-dollar consumers to buy crude.

US West Texas Intermediate (WTI) crude oil futures were trading around $77.00 a barrel.

Brent oil futures were trading around $85.00 a barrel.

Asian shares fell and the British pound fell further on Monday, reflecting pessimism over efforts by central banks around the world to curb inflation.

Japan̵[ads1]7;s benchmark Nikkei 225 fell 2.6%, Hong Kong’s Hang Seng gave up 0.4% and China’s Shanghai Composite lost 1.2%.

Wall Street ended last week with widespread selling, leaving major indexes with their fifth loss in six weeks.

The S&P 500 fell 1.7% on Friday to 3,693.23, its fourth straight decline. The Dow, which was down more than 800 points at one point, lost 486.27 points, or 1.6%, to close at 29,590.41. The Nasdaq fell 1.8% to 10,867.93.

The British pound falls to a four-decade low

Sterling fell to a four-decade low on Monday amid speculation that the new government’s economic plan will stretch its finances to the limit.

The pound fell as low as $1.0349 per US dollar early Monday, but then rebounded to $1.0671, down 2.3%.

The euro also hit a new 20-year low against the dollar on simmering recession fears as the energy crisis stretches into winter amid an escalation in the Ukraine war.

Sterling fell 3.61 percent on Friday.

Gasoline is rising for the sixth day in a row

The average price of a gallon of regular gasoline in the United States is gaining ground.

Monday’s price rose to $3.725, up from Sunday’s $3.417 per gallon, according to AAA.

The price started to rise again in the last week, after falling for almost 100 days in a row during the summer driving season.

That makes it six straight days of gains that began Wednesday morning, when the price rose to $3.681 a gallon from $3.674 the previous day.

The average price once a week was $3,678. A year ago it was $3,188.

Amazon is holding a sales event in mid-October

Amazon will hold another Prime Day-like shopping event in October.

The company is the latest major retailer to offer holiday deals earlier this year to lure cautious consumers on tighter budgets.

The event will reportedly be held on October 11 and 12, according to the Associated Press.

The event will mark the first time Amazon holds a major sales event twice a year and follows the annual Prime Day in July.

It signals an acknowledgment by Amazon that it needs to offer more deals to cash-strapped consumers in what is expected to be a challenging holiday shopping season for retailers.

Oil prices fall due to fears of a recession

Oil prices fell for a second day on Monday on fears of lower demand for the fuel from an expected global recession triggered by rising worldwide interest rates, and as a rising U.S. dollar limits the ability of non-dollar consumers to buy crude.

US West Texas Intermediate (WTI) crude oil futures were trading around $77.00 a barrel.

Brent oil futures were trading around $85.00 a barrel.

Both contracts fell about 5% on Friday to their lowest since January.

The dollar index, which measures the greenback against a basket of major currencies, climbed to a 20-year high on Monday. A stronger dollar tends to reduce demand for dollar-denominated oil since buyers using other currencies must spend more to buy crude oil.

Reuters contributed to this post.

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were mostly trading higher on Monday morning

Bitcoin was trading around $18,000, after a week that saw it lose 3%.

For the month, the cryptocurrency was down more than 6% and down more than 59% year to date.

Ethereum was trading around $1,200, after a week in which it lost 3%.

Dogecoin was trading at 6 cents after a week where it rose more than 6%.





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