Reuters - Daily Investor Update

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Tuesday, May 23, 2017

Wall Street rises on investor relief after Trump budget

(Reuters) - Wall Street ended higher on Tuesday after the release of President Donald Trump's budget plan but gains were tempered by declines in consumer discretionary stocks amid weakness in auto-parts companies.

Dollar off 6-1/2-month lows; Fed minutes in focus

NEW YORK (Reuters) - The dollar rose on Tuesday from recent lows as traders bet on a U.S. interest rate hike in June and awaited Wednesday's release of the minutes of the U.S. Federal Reserve's meeting in early May.

Patent plaintiffs see way around U.S. Supreme Court ruling

(Reuters) - Corporations are cheering a U.S. Supreme Court decision limiting where they can be sued for patent infringement, but some intellectual property lawyers say loopholes in the ruling likely mean lawsuits will continue to be filed in plaintiff-friendly jurisdictions.

OPEC set to prolong oil output cuts by nine months

VIENNA (Reuters) - OPEC is likely to extend production cuts for another nine months, ministers and delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.

UAE says OPEC still debating duration of cuts extension

VIENNA (Reuters) - OPEC is still debating whether to extend oil output cuts by six or nine months, UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday.

Trump seeks to slash $3.6 trillion of spending in austere budget

WASHINGTON (Reuters) - U.S. President Donald Trump wants lawmakers to cut $3.6 trillion in government spending over the next decade, taking aim in an austere budget unveiled on Tuesday at healthcare and food assistance programs for the poor while boosting the military.

U.S. farm groups oppose Trump's cuts to agriculture spending

CHICAGO (Reuters) - U.S. farm groups on Tuesday pushed back against President Donald Trump's proposal to slash agriculture spending, viewing it as a fresh threat to a struggling farm economy.

Oil settles up slightly on view OPEC will extend output cuts

NEW YORK (Reuters) - Oil prices settled a bit higher on Tuesday as expectations of an extension to OPEC-led supply cuts overshadowed a White House proposal to sell half of U.S. petroleum reserves.

U.S. plan to sell oil reserve shows declining import needs

SINGAPORE/VIENNA (Reuters) - President Donald Trump's proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user's reliance on imports - and a weaning off OPEC crude - as its domestic production soars.

Oil edges up, Wall Street rises as investors parse Trump budget

NEW YORK (Reuters) - Oil prices inched up on Tuesday on expectations of a supply cut, and Wall Street ticked higher as a U.S. federal budget proposal called for slashing healthcare programs and boosting military spending.