Weekly news summary for Dec 28 to Jan 3

Friday, Dec 28: US Stocks Extend Rally, Set for Worst Month of Dec.

US futures indicated a continuation of the rally after Wall Street’s major reversal, with the Dow futures climbing 104 points, the S&P 500 futures gaining 13 points, and Nasdaq 100 futures adding 27 points.

Still, stocks were set for their worst month of December since 1931 and both the Dow and S&P 500 have declined more than 6% for all of 2018, while the disruption since a September peak has wiped out over $7 trillion in stock value.

Monday, Dec 31: Crude Oil Prices Likely to Trade Below $70 in 2019

Oil prices appeared to be on track to trade below $70 per barrel in 2019 as oversupply concerns and slowing economic growth weigh on OPEC-led efforts to bolster the market.

Survey conducted by a UK news agency showed the North Sea Brent crude oil benchmark, which has averaged $71.76 in 2018, will drop around $69.13 per barrel next year, over $5 lower than November’s forecast.

Tuesday, Jan 1: China Dec. Factory Activity Hits First Contraction

China pointed to a shaky start in 2019 as factory activity and export orders in the world’s second-largest economy faltered, reinforcing signs of a slowing economy.

A private survey showed China’s factory activity in December contracted for the first time in 19 months, while new export orders fell for the ninth month in a row.

Wednesday, Jan 2: Oil Prices Register 1% Drop on Demand Concerns

Oil prices fell more than 1% for the first trading day of the new year as disappointing Chinese economic data raised concerns over staggering demand.

US West Texas Intermediate crude oil futures were down 1.19% to $44.87 per barrel, while Brent oil futures slipped 1.34% to $53.08 per barrel.

Thursday, Jan 3: Apple Cuts Revenue Outlook as China Sales Decline

Apple made a rare decision to lower its quarterly sales forecast, citing declining demand in China, and prompting a slump in US and Asian stock markets on Thursday.

Apple CEO Tim Cook stated that sales will be about $84 billion in the quarter ended December 29, below earlier forecast of $89 billion to $93 billion, suggesting a holiday quarter slowdown for the first time since Cook became CEO in 2011.