US gasoline up nearly 7% as storm bring refinery closings Dollar extends falls amid clouded economic outlook European stocks open lower, hurt by strong euro Asian markets subdued LONDON — US gasoline futures jumped to two-year highs while an already weak dollar hit 16-month lows against a basket of currencies on Monday as Tropical Storm Harvey pummeled the heart of the US energy sector and raised concerns about the economy. The dollar index, on the defensive since US Federal Reserve Chair Janet Yellen failed to mention monetary policy in a closely watched speech at Jackson Hole on Friday, extended its falls as the most powerful storm to hit Texas in more than 50 years was seen as negative for economic growth. Weakness in the US currency helped the euro to its highest in 2 1/2 years at close to $1.20, building on gains made Friday after European Central Bank chief Mario Draghi refrained from talking down the strong currency. Renewed euro strength pushed down European stock markets, with Germany's blue-chip index 0.5% lower and France's CAC 40 slipping by 0.4%. Trade in general was subdued, with the London market closed for a public holiday. "The strong euro is weighing on European stock markets," said London Capital Group analyst Ipek Ozkardeskaya. "Tapering talks could further demoralize stock traders in the run-up to the ECB verdict (next month).
Hurricane Harvey Is Wreaking Havoc With Oil Markets
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Mon, 08/28/2017 - 3:43am
Topics: tropical storm harvey us federal reserve chair janet yellen weakness european central bank mario draghi renewed germany france's cac trade london capital group ipek ozkardeskaya tapering wall street gasoline reuters/rick wilking oil harvey gulf mexico fxpro hurricane katrina louisiana august brent japan's nikkei japanese china markets north korea alex wong/getty images esther reichelt reporting dhara ranasinghe nichola saminather singapore danilo masoni jemima kelly david goodman dollar european asian london harvey us fed yellen jackson hole draghi draghi london it stock impact friday currency futures strong index economic quarter years prices chief subdued refinery analyst early gains growth highs production monday expected speech investors falls declines extended energy stocks major yen
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