Market Bizzz

New orders for U.S.-manufactured capital goods increased in July, but the pace slowed from the prior month, while solid gains in shipments were also recorded in another sign that the economy continues to grow at a slow pace and was not in recession.

Gold edged higher as the market weighs the outlook for monetary policy ahead of the annual gather of central bankers at Jackson Hole. The weakening economic activity induced some haven buying in the precious metals, snapping six days of declines, ANZ analysts wrote in a note to clients.

OPEC sources later told Reuters that any cuts by the producer group and its allies, known collectively as OPEC+, are likely to coincide with a return of Iranian oil to the market should Tehran secure a nuclear deal with world powers.

Business activity in the euro zone contracted for a second straight month in August as the cost of living crisis forced consumers to cut spending while supply constraints also hurt manufacturers, a survey showed.

Underlining tight supply, U.S. crude stockpiles fell by about 5.6 million barrels for the week ended Aug. 19., according to market sources citing American Petroleum Institute figures on Tuesday, against analysts’ estimate of a drop by 900,000 barrels in a Reuters poll.

A wholly owned subsidiary of Gautam Adani’s flagship firm, Adani Enterprises, said it will buy a majority stake in New Delhi Television, a news channels, as it looks to boost media investments as part of an ambitious expansion plan.

“Europe’s dire energy situation suggests the peak of inflation is not here yet and the risk remains that high inflation is sticky for longer without further aggressive central bank action,” said Tapas Strickland, a director of economics at NAB.