Desperate journeys: Police clear migrant camp in France

The makeshift camp is being cleared and migrants being dispersed around the country.

Police in northern France are clearing about 1,000 migrants from a camp, called the Gym.

The closure of the camp follows the British border police intercepting 120 migrants crossing the English Channel in small boats the past week.

Al Jazeera’s Sonia Gallego reports from France’s northern coastal city of Dunkirk.

U.S. oil futures settle with a loss of nearly 6%

Oil futures declined Tuesday, with U.S. prices losing nearly 6%. The move follows news that Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said the kingdom has restored 50% of its production lost in the weekend attacks on its oil facilities and plans to see its output return to normal by the end of this month, according to The Wall Street Journal. With capacity of 11 million barrels a day to be restored by end-September, "there will be minimal disruption to global supply," wrote Caroline Bain, chief commodities economist at Capital Economics, in a note. "That said, there remain some important questions to be answered about the attacks, which may mean that we will have to consider a permanently higher risk premium in our price forecasts," she said. October West Texas Intermediate oil CLV19, -5.50% fell $3.56, or 5.7%, to settle at $59.34 a barrel on the New York Mercantile Exchange. It rose nearly 15% Monday to settle at $62.90, the highest finish for a front-month contract since May 21, according to FactSet data.

Tariffs will be a positive for these retailers, according to UBS analysts

Tariffs will have a positive impact on off-price retailers, according to UBS analysts, who upgraded TJX Cos. Inc. TJX, +0.41% and Burlington Stores Inc. BURL, +2.54% shares to neutral from sell. "Tariffs are likely causing significant order cancellations from many full-price retailers, potentially creating opportunities for TJX to buy inventory very inexpensively," UBS analysts led by Jay Sole wrote. UBS raised its price target on TJX to $58 from $41. "The off-price ‘flywheel’ is effective inventory buys lead to market share gains, which leads to competitor store closures, which then leads to further effective inventory buys," UBS wrote in the Burlington Stores note. UBS raised its price target on Burlington stock to $200 from $121. News that Stage Stores Inc. SSI, +15.28% will convert nearly all of its shops, many of them department stores, to off-price stores sent shares soaring 16.5% in Tuesday trading. Shares of TJX have gained 24.2% for the year to date. Shares of Burlington Stores are up 21.1% for the period. And Stage Stores stock is up nearly 34% for 2019 so far. The S&P 500 index SPX, +0.05% has gained 19.7% for 2019 to date.

FedEx stock slips ahead of fourth-quarter results due after the close

Shares of FedEx Corp. FDX, -0.05% slipped 0.2% in afternoon trading, ahead of the package delivery service’s fiscal first-quarter results due out after the close. J.P. Morgan analyst Brian Ossenbeck said in note to clients on Monday that the set up ahead of results "appears like ‘horseshoes and hand grenades,’ where close is good enough and we are positive into the event." The company is expected to report adjusted earnings per share of $3.15, down from $3.46 a year ago, and revenue is expected to slip 0.2% to $17.06 billion, according to FactSet. The FactSet consensus for FedEx Express sales is a 3.8% decline from last year to $8.87 billion, while FedEx Ground sales are expected to increase 6.8% to $5.13 billion. The stock had gained 2.5% the day after fourth-quarter results were reported in June, but had declined the day after the five previous quarterly reports by an average of 5.0%. The stock has gained 7.4% year to date, while rival United Parcel Service Inc. shares UPS, -0.41% have rallied 24.9%, the Dow Jones Transportation Average DJT, -0.29% has advanced 16.5% and the Dow Jones Industrial Average DJIA, -0.05% has gained 16.1%.

Saudi Arabia says oil production to return to normal by end of September

Should the US be concerned about lack of global oil supply?

Refinitiv Oil Market Analyst Carl Larry on whether the U.S. should be worried about the lack of global oil supply in wake of the Saudi Aramco oil field attacks.

Oil plunged Tuesday after Saudi Prince Abdulaziz bin Salman said at a press conference that the country's oil production will be fully back online in the next few weeks. 

Continue Reading Below

"The damage has been contained," Prince Abdulaziz bin Salman said, adding that 50 percent of the lost production has been restored.

The kingdom was producing 9.6 million barrels of oil per day, or about 10 percent of the world's daily production, before drone attacks cut production in half. It expects to ramp production up to 11 million bpd by the end of the month.

Brent crude oil, the international benchmark was lower by 6.39 percent, or $4.41, to $64.61. West Texas Intermediate crude oil, the U.S. benchmark, was down $3.61, or 5.72 percent, at $59.30 a barrel.

The weekend drone attacks caused both Brent and WTI to soar by more than 14 percent on Monday.

Advertisement

CLICK HERE TO READ MORE ON FOX BUSINESS

The U.S. has blamed Iran for the attacks, but the Saudis weren't yet ready to point the finger at its neighbor.