U.S. gasoline futures rose to a two-year high on Monday as Tropical Storm Harvey pummelled the heart of America’s energy sector, while the euro hit a 2-1/2-year peak after the European Central Bank president refrained from talking down the currency.
Following a subdued session in Asia as investors awaited damage estimates from the storm, financial spreadbetter LCG expected Germany’s DAX (GDAXI) to open down 0.2 percent and France’s CAC 40 (FCHI) to start the day 0.3 percent lower. The UK is closed for a holiday.
U.S. stock futures (ESc1) were down 0.2 percent, suggesting softer opening on Wall Street later in the day.
Gasoline futures (RBc1) soared as much as 6.8 percent at one point as the storm, which came ashore on Friday as the most powerful hurricane to hit Texas in more than 50 years, continued to batter the state.
By Nichola Saminather
Uber Technologies Inc [UBER.UL] chose Dara Khosrowshahi, the chief executive of travel company Expedia Inc (NASDAQ:EXPE), as its chief executive on Sunday, according to two sources with knowledge of the matter, handing him the challenge of leading the ride-services company out of a nearly year-long crisis.
Khosrowshahi, 48, would take on the daunting task of mending Uber’s image, repairing frayed relations among investors, rebuilding employee morale and creating a profitable business after seven years of losses.
In Khosrowshahi, Uber’s board has picked an executive with a track record of driving growth while also delivering profits – precisely what the unprofitable Uber needs to satisfy investors. He has also proven capable of making Expedia the leader in another industry full of change and competition — online travel.
By Heather Somerville
Growth in the amount of money circulating in the euro zone, an indicator which often predicts future economic activity, slowed sharply in July, even as bank lending remained increased, European Central Bank data showed on Monday.
The annual growth rate of the M3 measure of money supply in the 19-country euro zone, fell to 4.5 percent from 5 percent a month ago, the slowest pace since last October and well short of market expectations for 4.9 percent.
Growth in corporate lending meanwhile jumped to 2.4 percent from 2.0 percent, reversing most of its slowdown in June, when one off factors dragged down growth.
Lending growth to households held steady at 2.6 percent for the third straight month, matching its best rate since March 2009.
The dollar was hovering at 15-month lows against the other major currencies on Monday, as comments by Federal Reserve Chair Janet Yellen at Jackson Hole disappointed investors and as the euro remained broadly supported.
The greenback weakened broadly after a speech by Fed Chair Yellen at the Jackson Hole economic symposium made no reference to monetary policy, disappointing some investors who had hoped she would adopt a hawkish tone.
The dollar has been under strong selling pressure this year amid ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year.