Crude Oil Prices Rebound From Early Selling

Crude oil prices shook off early weakness and moved sharply higher on Tuesday after U.S. Trade Representative Robert Lighthizer announced a delay in imposing new tariffs on certain Chinese products.

The announcement comes less than two weeks after U.S. President Donald Trump announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports, sparking a global desire for safe havens.

West Texas Intermediate crude oil futures for September soared $2.17 or 4 percent to $57.10 a barrel after the trade announcement after moving as low as $54.21 a barrel earlier in the day.

The early downward pressure was the result of fears that the deepening U.S.-China trade war would overshadow fresh efforts by OPEC and its non-OPEC partners to curb supply.

Saudi Arabia, the de-facto leader of OPEC, said late last week it is taking steps to keep its crude oil exports below 7 million barrels per day in August and September.

Stocks end sharply higher after Trump delays some China tariffs

Stocks ended sharply higher Tuesday, bouncing back from early losses after the Trump administration said it would delay until mid-December tariffs that had been set to take effect Sept. 1 on a number of imports from China, including smartphones and laptops. The Dow Jones Industrial Average DJIA, +1.44% ended around 382 points higher, up 1.5%, near 26,280, according to preliminary figures, while the S&P 500 SPX, +1.48% finished with a gain of around 43 points, or 1.5%, near 2,926. The Nasdaq Composite COMP, +1.95% advanced around 153 points to close near 8,016, a rise of 1.9%. Shares of iPhone maker Apple Inc. AAPL, +4.23% led the Dow higher with a 4.2% rise.

Trump says he is convinced Senate leader wants background checks bill

MORRISTOWN, N.J. (Reuters) – President Donald Trump said on Tuesday he was convinced that Senate Republican leader Mitch McConnell wants to move legislation to toughen background checks for gun purchases, expressing optimism that Congress will act on the issue.

“I am convinced that Mitch wants to do something,” Trump told reporters as he prepared to depart New Jersey for an event in Pittsburgh. “He wants to do background checks.”

Nine-year-old boy goes missing from Asda supermarket

A nine-year-old boy has gone missing from an Asda supermarket and his disappearance is being treated as “high risk”, police say.

Mohib Ullah was last seen walking out of an Asda in Charlton, southeast London, at about 7.15pm on Tuesday evening.

He was wearing a yellow T-shirt with black stripes and green trousers.

Police have urged anyone who has seen the young child to get in touch.

Dow logs best day 2 months while Nasdaq books 2% gain amid softening U.S.-China trade rhetoric

U.S. stocks on Tuesday recovered most of the previous session’s losses after the Trump administration abruptly offered China-and U.S. consumers-a reprieve from sweeping tariffs. The Dow Jones Industrial Average DJIA, +1.44% closed up 382.20, or 1.5%, to 26,279, the S&P 500 index SPX, +1.48% finished with a 1.5% gain at 2,926, while the Nasdaq Composite Index COMP, +1.95% advanced nearly 2% to 8,016. Stocks took a jolt higher soon after Tuesday’s open after a report form the U.S. Trade Representative indicated that some consumer products, including cell phones, wouldn’t be subject to tariffs, read as softening of tough talk between the U.S. and China on trade. The Trump administration had threatened on Aug. 1 to extend tariffs of 10% to $300 billion in Chinese imports not currently taxed starting Sept. 1. The USTR said it would delay new tariffs until Dec. 15. Some strategists say that those tariffs would have harmed U.S. consumers, raising prices on computers and laptops as well as toys, heading into the runup to holiday season.

European Economics Preview: Germany’s Industrial Output Data Due

Industrial production from Germany and house prices from the UK are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Destatis is slated to issue Germany’s industrial output for June. Economists forecast production to fall 0.5 percent on month, reversing a 0.3 percent rise in May.

At 2.45 am ET, France’s foreign trade data is due for June.

At 3.00 am ET, retail sales from the Czech Republic and industrial production from Hungary are due. The Czech retail sales are expected to rise 1.3 percent annually in June, slower than the 2.3 percent rise in May.

In the meantime, wholesale price figures are due from Austria.

At 3.30 am ET, UK Halifax house price data is due. House prices are expected to rise 4.4 percent in three months to July compared to an increase of 5.7 percent in three months to June.

Grocery Outlet stock rallies after first post-IPO quarterly results

Shares of Grocery Outlet Holding Corp. GO, +0.16% rose more than 14% in the extended session Tuesday after the company beat quarterly adjusted earnings and sales expectations. Grocery Outlet said it lost $10.6 million, or 15 cents a share, in the quarter, versus earnings of $7.3 million, or 11 cents a share, in the second quarter of fiscal 2018. Adjusted for one-time items, the company earned $14.5 million, or 20 cents a share, compared with $12.9 million, or 19 cents a share, a year ago. Sales rose by 12% to $645.3 million from $575.1 million in the second quarter of fiscal 2018. Analysts polled by FactSet had expected adjusted earnings of 13 cents a share on sales of $627 million. Comparable-store sales rose by 6%, the company said. Grocery Outlet had its initial public offering in June at $22 a share. The company said it expects sales between $2.50 billion and $2.53 billion in the full-year 2019, and adjusted EPS for the year between 68 cents and 71 cents.