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Commerzbank Says Oil Prices Lower, Treasuries Move Sideways, Yen Weaker, Euro Stronger

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Brent oil prices slipped back below $104 a barrel, according to Commerzbank Research. Treasuries are moving sideways early Friday after a strong finish in the United States.

The yen is trading weaker after the Bank of Japan's rate hike was more dovish than expected, with two dissenting policymakers. The BoJ decision passed by a 7-2 vote.

European Central Bank policymaker Ante Zigman expects a "very intensive discussion" about a possible back-to-back rate hike, while the latest Bloomberg survey shows economists expect the ECB to wait until December for its final hike, said Commerzbank.

The euro is stronger, added the bank.

Elsewhere in Europe, European Economic Commissioner Valdis Dombrovskis reiterated his commitment to getting EU bonds included in sovereign bond indices, warning that keeping them out could reduce demand and make them less useful as a liquid and safe asset for investors.

The EU wants China to make credible progress on rebalancing trade by next month, or it could use all available "tools," according to Commerzbank.

German Prime Minister Friedrich Merz said the era of "unconditional transatlantic friendship" between the US and Europe is "probably over" for now.

The United States is seen postponing planned tariffs on excess capacity from China and other countries until after Chinese President Xi Jinping visits the US, according to Bloomberg sources.

Japan's consumer price index for August increased less than expected, said the bank.

What else is happening in Sectors?

Sectors

Sector Update: Financial Stocks Mixed Late Afternoon

Financial stocks were mixed in late Thursday afternoon trading, with the NYSE Financial Index rising 0.4% and the State Street Financial Select Sector SPDR ETF (XLF) fractionally lower.The Philadelphia Housing Index added 0.1%, and the State Street Real Estate Select Sector SPDR ETF (XLRE) rose 0.3%.Bitcoin (BTC-USD) was increasing 0.5% to $76,515, and the yield for 10-year US Treasuries fell 5.9 basis points to 4.947%.In economic news, in the week ended Sept. 12, 196,000 people filed for unemployment insurance, down 10,000 from the prior week. The consensus was 207,000, according to a Jefferies note. This is the lowest initial claims print since the week ended July 18. The four-week moving average fell to 203,250 from 206,000.In corporate news, Credit Acceptance (CACC) will provide $694 million in cash and debt relief under a settlement with New Jersey and 40 other state attorneys general over allegations of unaffordable auto loans, the New Jersey Attorney General's Office said Thursday. Credit Acceptance shares were down 1.3%.Blackstone (BX) is seeking to arrange a secondary sale for investors in its $57.7 billion Blackstone Property Partners strategy to provide liquidity amid redemption pressure, Bloomberg reported. Blackstone has held discussions with potential buyers and is taking a more formal role in arranging the deals, the report said. Blackstone shares were up 1.4%.Apollo Global Management (APO) is in talks with SoftBank to increase the size of a loan to $9 billion from $5.4 billion to support SoftBank's investment in OpenAI, Bloomberg reported. Separately, Apollo is exploring either a full or partial sale of Energos Infrastructure that could value the floating liquified natural gas infrastructure provider at over $3 billion, Reuters reported. Apollo shares rose 1.5%.UBS (UBS) faces a potential capital requirement of as much as $20 billion as Switzerland's upper house delayed a vote on proposed banking rules to Sept. 23, Bloomberg reported. The draft law would require UBS to back the full value of its foreign subsidiaries with high-quality CET1 capital in Switzerland, the report said. UBS shares were up 0.4%.

$APO$BX$CACC$UBS
Sectors

Sector Update: Energy Stocks Rise Late Afternoon

Energy stocks advanced late Thursday afternoon, with the NYSE Energy Sector Index up 0.6% and the State Street Energy Select Sector SPDR ETF (XLE) adding 0.5%.The Philadelphia Oil Service Sector Index was fractionally lower, and the Dow Jones US Utilities Index increased 0.8%.In geopolitical news, China has privately asked Tehran to help rein in Yemen's Houthis after an appeal to Beijing by Saudi Arabia following the Iran-backed group's military blitz in the past week, three Iranian sources familiar with the matter told Reuters. Riyadh turned to China for help after the Houthis made rapid advances along the Red Sea coast and around the Bab el-Mandeb Strait, moves that have left Saudi oil exports and shipping more exposed, the sources told the news agency.Front-month West Texas Intermediate crude oil shed 1% to $101.41 a barrel, and the global benchmark Brent crude contract fell 1.5% to $104.22 a barrel. Henry Hub natural gas futures decreased 0.2% to $2.89 per 1 million BTU.US natural gas stocks rose by 44 billion cubic feet in the week ended Sept. 11, a smaller gain than the 48 billion cubic foot increase expected in a survey compiled by Bloomberg and following an increase of 40 billion cubic feet in the previous week.In corporate news, HighPeak Energy (HPK) is considering a potential sale, working with investment bankers from Evercore (EVR) and Texas Capital Bancshares (TCBI) subsidiary Texas Capital Securities, Reuters reported. HighPeak shares jumped past 6%.Hallador Energy (HNRG) shares climbed past 5% after it said Thursday that it closed up to $675 million in debt financing to fund the majority of its Turtle Creek Gas project cost.National Fuel Gas (NFG) said its board plans to conclude an evaluation of a plan to separate the firm into two publicly traded companies by Oct. 15. Its shares were up 0.1%.California Resources (CRC) said Thursday it agreed to sell its Uinta Basin properties to an unnamed purchaser for about $90 million in cash, effective July 1, with closing expected by the end of the year. California Resources shares were steady.

$CRC$HNRG$HPK$NFG
Sectors

Sector Update: Healthcare Stocks Higher Late Afternoon

Healthcare stocks rose late Thursday afternoon, with the NYSE Healthcare Index adding 0.8% and the State Street Health Care Select Sector SPDR ETF (XLV) up 0.6%.The iShares Biotechnology ETF (IBB) climbed 2%.In corporate news, Pfizer's (PFE) Canadian operation Pfizer Canada ULC and BioNTech (BNTX) said Thursday that Health Canada has authorized XFG-adapted COMIRNATY COVID-19 vaccine for individuals aged 6 months and older. Pfizer shares added 0.5%, and BioNTech gained 2.8%.Medical Properties Trust (MPT) shares rose 8% in Thursday trading, a day after the company completed the sale of two Idaho hospital properties to affiliates of Intermountain Health for $413 million.Novo Nordisk (NVO) and Orbis Medicines struck an up to $1.4 billion licensing deal for the private company to develop oral drugs for cardiometabolic diseases. Novo will also make a "strategic investment" in Orbis. Separately, Novo said Thursday that the Committee for Medicinal Products for Human Use of the European Medicines Agency recommended marketing authorization for Frehemgo or denecimig in the EU to treat haemophilia A, a bleeding disorder. Novo shares rose 3.9%.Nuvation Bio (NUVB) shares gained 5.3% after the company said the US Food and Drug Administration has approved its supplemental new drug application for taletrectinib to treat non-small cell lung cancer.

$BNTX$MPT$NUVB$NVO$PFE