Reuters - Before the Bell

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Wednesday, May 24, 2017

Oil prices steady as market awaits extended output cut

LONDON (Reuters) - Oil prices steadied on Wednesday as investors waited for news from Vienna where ministers from OPEC and other exporting countries were discussing whether to extend production cuts into the first quarter of next year.

Dollar pinned above 6-1/2 month lows, Fed minutes in focus

LONDON (Reuters) - The dollar stayed pinned near 6-1/2-month lows on Wednesday, investors' focus shifting from U.S. politics to monetary policy after comments from a Federal Reserve official rekindled expectations of an interest rate hike next month.

German prosecutor says is in touch with U.S. authorities on Daimler

FRANKFURT (Reuters) - German prosecutors, who searched Daimler's offices this week as part of an investigation into diesel pollution, are talking to U.S. authorities, the Stuttgart public prosecutor's office said on Wednesday.

World stocks slip on China downgrade, ahead of Fed minutes

LONDON (Reuters) - World stocks inched lower on Wednesday after China's sovereign credit rating was downgraded and as investors eyed a pause in Wall Street's four-day winning streak, the longest in over three months.

Tiffany's sales miss estimates; shares slump

(Reuters) - Tiffany & Co reported lower-than-expected quarterly sales and a surprise drop in comparable sales due to lower spending by tourists and domestic customers in the Americas, its largest market.

Moody's downgrades China, warns of fading financial strength as debt mounts

SHANGHAI/BEIJING (Reuters) - Moody's Investors Service downgraded China's credit ratings on Wednesday for the first time in nearly 30 years, saying it expects the financial strength of the economy will erode in coming years as growth slows and debt continues to rise.

Judge gives RBS week to end investor suit or face trial

LONDON (Reuters) - A British judge has given Royal Bank of Scotland a week to avoid a trial by reaching a deal with investors who allege the bank misled them over its 2008 fundraising.

Kuwait says OPEC, non-OPEC could deepen oil cuts

VIENNA (Reuters) - OPEC and non-member oil producers could deepen output cuts or extend them for a year when they meet in Vienna this week as they seek to clear a global stocks overhang and prop up the price of crude, Kuwait said on Wednesday.

Algeria says OPEC cut extension to ease oil glut by year-end

VIENNA (Reuters) - Algeria's energy minister said on Wednesday he expects OPEC to extend oil output cuts by nine months, helping to ease a global glut of crude by the end of 2017 and possibly raise oil prices to more than $55 a barrel.

Lowe's quarterly profit, comparable sales miss estimates

(Reuters) - Lowe's Cos Inc , the No. 2 U.S. home improvement retailer, reported lower-than-expected quarterly profit and comparable sales, sending its shares down 7 percent in premarket trading on Wednesday.