World Shares Mixed after Oil Climbs Back above $100

File Photo: A currency trader watches computer monitors near the screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), left bottom, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 7, 2021. (AP Photo/Lee Jin-man)
File Photo: A currency trader watches computer monitors near the screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), left bottom, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 7, 2021. (AP Photo/Lee Jin-man)
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World Shares Mixed after Oil Climbs Back above $100

File Photo: A currency trader watches computer monitors near the screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), left bottom, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 7, 2021. (AP Photo/Lee Jin-man)
File Photo: A currency trader watches computer monitors near the screens showing the Korean Securities Dealers Automated Quotations (KOSDAQ), left bottom, and the foreign exchange rates at a foreign exchange dealing room in Seoul, South Korea, Thursday, Oct. 7, 2021. (AP Photo/Lee Jin-man)

Shares have opened lower in Europe after gains for most Asian benchmarks as oil prices hovered above $100 per barrel.

Stocks rose in Tokyo and Shanghai but fell in Paris, Frankfurt and London. US futures were lower.

Ukrainian President Volodymyr Zelenskyy called for more help for his country after days of bombardment of civilian sites in multiple cities over the past few days, The Associated Press said.

The war, and plans for President Joe Biden to speak with Chinese President Xi Jinping later Friday were among the uncertainties overhanging markets.

The White House said the conversation will center on “managing the competition between our two countries as well as Russia’s war against Ukraine and other issues of mutual concern.”

Germany's DAX slipped 0.3% to 14,357.48 and the CAC 40 in Paris lost 0.5% to 6,583.42. Britain's FTSE 100 lost 0.2% to 7,368.02. The futures for the S&P 500 and Dow industrials were 0.4% lower.

Wrapping up a two-day meeting, the Bank of Japan opted to keep its monetary policy unchanged, with its benchmark interest rate at minus 0.1%. Japan's central bank has been keeping interest rates ultra low and pumping tens of billions of dollars into the world's third largest economy for years, trying to spur faster growth.

Tokyo's Nikkei 225 index rose 0.7% to 26,827.43 and the S&P/ASX 200 in Sydney gained 0.6%, to 7,294.40.

Hong Kong's Hang Seng slipped 0.4% to 21,412,40 after barreling higher for two days after Chinese leaders promised to provide more support for the economy and markets, suggesting Beijing might temper its crackdowns on technology and real estate companies.

The Shanghai Composite index added 1.1% to 3,251.07.

On Wall Street, the S&P 500 climbed 1.2% on Thursday. The Dow Jones Industrial Average added 1.2% and the tech-heavy Nasdaq rose 1.3%. It is on pace for its biggest weekly gain in more than a year.

Smaller company stocks outpaced the broader market. The Russell 2000 index surged 1.7%.

Big swings in markets have become the norm as investors struggle to handicap what will happen to the economy and the world’s already high inflation because of Russia’s invasion of Ukraine, higher interest rates from central banks around the world and renewed COVID-19 worries in various hotspots.

Wall Street's latest gains came after the Federal Reserve raised its key interest rate Wednesday for the first time since 2018, something Wall Street had been expecting for months.

A barrel of US crude oil gained $1.71 to $104.69 per barrel in electronic trading on the New York Mercantile Exchange. It jumped 8.4% on Thursday to settle at $102.98.
Brent crude, the international pricing standard, added $1.46 to $108.10 per barrel in London. It leaped 8.8% to settle at $106.64 per barrel the day before.

Prices have been careening on doubts over both supplies of and demand for oil. After briefly topping $130 early last week, a barrel of US crude fell to nearly $94 a barrel on Wednesday.

But reports of a sale of Russian crude oil to India and apparent setbacks in peace talks between Ukraine and Russia have renewed concern over possible shortfalls in supplies.

Asked about the reports India was buying oil from Russia at a discounted price, India’s External Affairs Ministry spokesman Arindam Bagchi did not directly confirm or deny them.

“India imports most of its oil requirements," Bagchi said. “We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India.”

He also noted that European countries are importing oil from Russia.

Dribbles of news about the state of negotiations between Russia and Ukraine have caused many of the sharp reversals. So too recently have worries about economic shutdowns in China because of surges in COVID-19 infections, which could hit demand for energy.

On Thursday, the Chinese government said companies in Shenzhen, a major business center, will be allowed to reopen while efforts to contain coronavirus outbreaks progress. Their earlier closures had rattled financial markets.

A wave of better-than-expected reports on the US economy Thursday may also have helped markets. Fewer workers applied for unemployment claims last week, and builders broke ground on more homes last month than economists expected.

In other trading, the yield on the 10-year Treasury note fell to 2.17% from 2.20% late Thursday.

The dollar rose to 118.82 Japanese yen from 118.60 yen. The euro fell to $1.1067 from $1.1092.



Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)
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Iraq Oil Output Exceeds 5 million bpd

Majnoon oil field near the Iraqi city of Basra (Reuters)
Majnoon oil field near the Iraqi city of Basra (Reuters)

Iraq produces more than 5 million barrels of oil per day (bpd), Oil Minister Basim Mohammed told state news agency INA on Saturday.

According to Reuters, Iraq is pushing for a higher OPEC production quota as the economic fallout from the Iran war and new investment by oil majors increase pressure on Baghdad to boost output, potentially putting it at odds with the producer group.

The conflict has hit Iraq particularly hard, forcing major export cuts and depriving the state of oil revenue, which accounted for 88% of government income last year.


IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
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IMF: Any Slowdown in AI-driven Growth Would be Factor for Central Banks

IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)
IMF Managing Director Kristalina Georgieva speaks during the Annual Meetings Plenary at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) at the Queen Sirikit National Convention Center (QSNCC) in Bangkok on October 16, 2026. (Photo by Lillian SUWANRUMPHA / AFP)

Central bankers around the world would need to consider any slowdown in AI-driven growth as they assess steps in their fight against inflation, International Monetary Fund Managing Director Kristalina Georgieva said on Friday.

Georgieva said concerns about dependence on the AI investment boom and high valuations were impacting markets around the world.

"Things are going up and down, and this is likely to continue," she told an audience at IMF headquarters in Washington, adding that the volatility would complicate the job of central banks at a time when risks to price stability had been growing.

A steep rout in technology stocks on Thursday rippled through markets on fears that ⁠the Democrats' victory ⁠in the US midterm elections would increase regulatory scrutiny of AI and slow the data center build-out, sending investors to the safety of bonds.

The political jitters are hitting an AI trade already on shaky footing due to worry about return on massive spending on AI-related infrastructure, with the meltdown spurring margin calls and spooking retail investors and hedge ⁠funds alike.

Georgieva said the AI investment boom was lifting growth in some countries, helping to offset a negative oil-supply shock triggered by the war in the Middle East, but it was also adding to inflationary pressures and financial stability concerns.

The IMF last month flagged significant growth and financial stability risks from a potential ending of the AI investment boom, among other factors, including a prolonged Middle East war. At the time, it warned that a steep drop in AI investment could lead to a sharp fall in asset prices, ultimately cutting global GDP ⁠by 1.1% ⁠by 2028, including a 1.8% drop in US output.

Georgieva did not repeat the downside forecast on Friday, but acknowledged the recent market volatility.

"Should there be a slowdown in the AI-driven growth impulse, it would need to be factored in as central banks assess the necessary steps in the fight against stubborn inflation," she said.

Democrats are planning to unleash a flood of new legislation targeting artificial intelligence systems and data-center development when they take control of the US Congress in January, Reuters reported on Friday, citing congressional aides and advocates.

That would mark a sharp shift from the Republican-led Congress, where lawmakers largely focused on promoting AI development and declined to pass legislation restricting the technology.


World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
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World Food Prices Dip in October, but Remain Higher Than a Year Ago

A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)
A worker carries loaves of bread for sale at a bakery in the capital city of Cairo, Egypt November 4, 2026. (Reuters)

World food prices edged lower in October as weaker import demand contributed to monthly declines in cereal, dairy and meat prices, but were still nearly 6% higher than a year earlier, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in international prices for a basket of food commodities, ‌averaged 133.9 points ‌in October, down from a revised ‌135.6 ⁠in September.

The index ⁠was 5.9% higher than a year earlier, but remained 16.4% below its March 2022 peak.

FAO's cereal price index fell 4.5% from September and was 12.6% lower than a year ago, as wheat and maize quotations declined. Wheat prices eased on weak import demand ⁠and improved production prospects, especially in Argentina.

"Expectations of ‌easing constraints on Black ‌Sea export flows added to the downward pressure on prices, ‌although continued disruptions to Black Sea logistics limited the decline," ‌FAO said in a statement.

Maize prices also eased after reaching a three-year high in September, pressured by the US harvest, expectations of ample supplies in South America and renewed ‌prospects of easing tensions in the Black Sea region.

Vegetable oil prices edged up 0.3%, ⁠as ⁠higher soybean and sunflower oil prices more than offset a fall in rapeseed oil prices.

Sugar prices rose 6.6%, their fourth straight monthly increase, to the highest level since December 2024, after rainfall disrupted harvesting in Brazil. They were now 28.8% above a year ago.

The dairy index fell 1.1%, as lower butter and cheese prices linked to ample supplies and subdued demand outweighed gains in milk powder.

The meat index declined 1.2%, while still slightly above its year-earlier level, as ovine and bovine meat prices fell.