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Stocks stalled as oil fuels inflation nerves

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Asian stockmarkets were becalmed on Wednesday as surges in oil and Chinese factory prices added to worries that a hot U.S. inflation reading could renew pressure on policymakers to lift interest rates.

U.S. crude futures rose 1% to a two-week high of $84.97 a barrel in early trade and Brent futures made a one-week top of $85.35. [O/R]

Factory gate prices in China have soared 13.5% year-on-year to October, data showed, beating forecasts and warning of pressure heading down supply chains to global consumers.

MSCI’s broadest index of Asia-Pacific shares outside Japan and Japan’s Nikkei each dropped 0.2% in and Overnight on Wall Street a long rally paused, with the Nasdaq logging its first fall in a dozen sessions. [.N]

S&P 500 futures fell 0.2% in morning trade.

U.S. data due at 1330 GMT is expected to show consumer prices galloping higher at 5.8% year-on-year and even dovish Federal Reserve officials Neel Kashkari and Mary Daly have conceded it is running hotter for longer than they expected.

“Coming from them, I would imagine that now there is officially little doubt left within the (Fed) that risks around inflation are much more elevated than previously assumed,” NatWest Markets strategists said in a note.

Longer-dated bonds had rallied on Tuesday, flattening the Treasury yield curve, as investors seem to be wagering on hikes in the next year or so squashing growth and inflation in the years beyond. [US/]

“A firm (CPI) read can add a bit more fuel to the flattening,” the NatWest analysts said. “But I would argue that at this stage, a weak CPI number wouldn’t be enough to ease markets into thinking the Fed will hold back.”

Treasuries dipped a bit in Asia hours, lifting the benchmark 10-year yield about 2 basis points to 1.4626% after it had touched a six-week low of 1.4150% overnight.

Currency markets have been fairly quiet but traders favoured safe havens on Tuesday and lifted the yen to a one-month high.

The Japanese currency held there on Wednesday at 112.84 per dollar and risk-sensitive currencies such as the Australian dollar were under pressure, with the Aussie testing support at its 50-day moving average of $0.7374. [FRX/]

“The dollar will be sensitive to moves in the 2-5 year part of the U.S. Treasury curve,” said Chris Weston, head of research at broker Pepperstone in Melbourne.

“I think we’ll need to see a (monthly U.S. CPI) print of 0.8% to see the dollar index break out of the top of the range of 94.50,” he said. The index was last at 93.997.

CLOUDS

China’s economic slowdown is also nagging on investors’ minds, especially as a credit crunch seems to be quickly spreading through the giant property industry.

Bonds in the sector had suffered a fresh pounding on Tuesday, with the sell-off dragging in even investment-grade debts.

“(The) market is now driven more by fear rather than rationale,” said analysts at J.P. Morgan. “Valuations have factored in (the) worst case scenario.”

Other clouds are also brewing, with a survey in Japan showing manufacturers’ business confidence has fallen to a fresh seven-month low and Tesla stock, a bit of a gauge of retail investors’ sentiment, turning wobbly.

The carmaker, which has been the poster-stock of equities’ thumping rally from pandemic lows, suffered its sharpest share price fall in 14 months on Tuesday as traders brace for a possible sale from company chief Elon Musk.

Gold and bitcoin have been the primary beneficiaries of the market turbulence, with gold up 3.5% in a week to $1,829 an ounce and bitcoin hovering at $67,267 after hitting a record peak of $68,564 a day ago.

 

(Reporting by Tom Westbrook; Editing by Michael Perry)

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Canucks winger Joshua to miss training camp following cancer diagnosis

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Vancouver Canucks winger Dakota Joshua has announced he’ll miss the start of training camp following surgery for testicular cancer.

Joshua said in a statement posted to social media by the team Tuesday that he felt a lump on one of his testicles this summer and later had surgery to successfully remove the tumour.

The 28-year-old from Dearborn, Mich., said he plans on returning to play “as soon as possible” and is “working hard every day” to rejoin his teammates.

Joshua said the last several weeks have been “extremely challenging” and encouraged men to get checked regularly for testicular cancer.

The six-foot-three, 206-pound forward had a career-high 18 goals and 14 assists in 63 games for the Canucks last season and signed a new four-year, US$13-million deal with Vancouver at the end of June.

The Canucks are set to open their training camp in Penticton, B.C., on Thursday.

This report by The Canadian Press was first published Sept. 17, 2024.

The Canadian Press. All rights reserved.



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Toronto FC faces tough challenge as defending MLS champion Columbus comes to town

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TORONTO – Coach John Herdman isn’t putting too much stock in the fact that Toronto FC, since losing 4-0 in Columbus on July 6, has posted a better league record than the defending MLS champion.

Toronto, which beat visiting Austin 2-1 on Saturday, has won four of six league outings (4-2-0) since that setback at Lower.com Field while the Crew are 3-2-2.

“I don’t put any credence (in that),” said Herdman. “I just look at their squad and I salivate.”

Its easy to see why.

Columbus provided a league-high five players to the MLS all-star game on its home field in July in defenders Rudy Camacho and Steven Moreira, midfielder/captain Darlington Nagbe and forwards Cucho Hernandez and Diego Rossi.

Herdman sees layers of talent behind those all-stars.

“You see the way that they’re able to almost carbon-copy players. One comes in, another goes out … and they feel like they have a very similar profile. So to be able to take (Christian) Ramirez out and then bring (Canadian forward Jacen) Russell-Rowe in as a power forward, you look and go ‘Whoa, that’s good to have.'”

Federico Bernardeschi was Toronto’s lone all-star.

Columbus (14-5-8) comes to BMO Field on Wednesday in third place in the Eastern Conference, five places and 14 points ahead of Toronto (11-15-3). A playoff position already clinched, the Crew are hoping to leapfrog Cincinnati into second spot.

Coach Wilfried Nancy is looking forward to matching wits against Herdman.

“John is going to cook (up) something,” the Frenchman said with a belly laugh. “I know John. When we played a game in (the) pre-season, it wasn’t a pre-season game. It was a real game. But this is John. That’s why I like him, because he’s intense all the time.”

“They’re going to try to go all-in. They’re going to try to press us, they’re going to try to match us,” he added. “They know exactly the way we want to play so we’ll have to be clever and creative also.”

Herdman, meanwhile, says TFC will have to play error-free football.

While the Crew have failed to score in their last two outings (a 4-0 loss to visiting Seattle and 0-0 draw at rival FC Cincinnati), Toronto is hurting in its backline.

Nicksoen Gomis and Henry Wingo both left the Austin game early with hamstring injuries with Herdman estimating that Gomis will be out three to four weeks and Wingo 10-12 days. Veteran Kevin Long missed the Austin game after tweaking his hamstring in training and will undergo a fitness test ahead of the game.

Shane O’Neill, meanwhile, is suspended for yellow-card accumulation.

“A tricky situation,” said Herdman.

The Crew are a formidable opponent.

Columbus is tied with Real Salt Lake for fifth in the league in averaging 1.93 goals a game. Only Inter Miami (2.32), Portland Timbers (2.00), Los Angeles Galaxy (1.97) and Colorado Rapids (1.96) score more.

And Columbus boasts the league’s stingiest defence, conceding 1.04 goals a game. In contrast, the Toronto defence is tied for 22nd at 1.76 goals a game.

Toronto has conceded 51 goals, 23 more than Columbus, which has collected more points (7-3-4, 25 points) on the road in league play this season than Toronto has at home (7-7-0, 21 points).

Columbus’ roster also includes Canadian wingback Mo Farsi, who scored in the July win over Toronto.

The Columbus game is the first of four in an 11-day stretch that will see TFC club visit Colorado on Saturday, Vancouver on Sept. 25 in the Canadian Championship final and Chicago on Sept. 28. Toronto will then close out the regular season at home to the New York Red Bulls on Oct. 2 and Inter Miami on Oct. 5.

If the playoffs were to start tomorrow, Toronto would face ninth-place D.C. United in a wild-card matchup with the winner advancing to take on the East’s top seed — currently Miami — in the best-of-three first round.

Herdman would like a different scenario, with his eyes set on overtaking seventh-place Charlotte, which has two points and a game in hand over Toronto. The seventh-place side takes on No. 2 — currently Cincinnati — in the first round.

“We’re looking up, not down at the moment,” said Herdman. “It’s a good motivation for the lads to see that next level on the table. And it has been raised. If we’re able to get to that point, it means you’re not headed down to Miami in the heat, which is a tough place to go.”

“We’ll take whatever comes,” he added. “But the critical part is to get into these playoffs. That’s the key mission at the moment.”

Toronto has not made the post-season since 2020 when, after finishing second overall in the Supporters’ Shield standings, it was upset by Nashville after extra time at the first hurdle.

Follow @NeilMDavidson on X platform, formerly known as Twitter

This report by The Canadian Press was first published Sept. 17, 2024

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Dolphins place Tua Tagovailoa on injured reserve after latest concussion

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MIAMI GARDENS, Fla. (AP) — The Miami Dolphins placed Tua Tagovailoa on injured reserve Tuesday after the quarterback was diagnosed with his third concussion in two years.

Tagovailoa will be sidelined for at least four games. He will be eligible to return in Week 8 when the Dolphins host Arizona, but has to complete a series of tests and assessments required by the NFL’s concussion protocol before he can return to the field.

Tagovailoa was hurt last Thursday night when he collided with Buffalo defensive back Damar Hamlin. He ran for a first down and then initiated the contact by lowering his shoulder into Hamlin instead of sliding.

Players from both teams immediately motioned that Tagovailoa was hurt, and as he lay on the turf the quarterback exhibited some signs typically associated with a traumatic brain injury. He remained down on the field for a couple of minutes, got to his feet and walked to the sideline. The Dolphins diagnosed him with a concussion a few minutes later.

Coach Mike McDaniel has since cautioned against speculation on the quarterback’s future, stressing that he’s more focused on Tagovailoa getting healthy than what this latest concussion means for the team or for his career. Tagovailoa this week began the process of consulting neurologists about his health amid reports that he has no plans to retire.

Others around the NFL have offered their opinions on Tagovailoa’s future, including Raiders coach Antonio Pierce, who suggested he should retire.

“As far as Tua’s career is concerned, I think it’s an utmost priority of mine for Tua to speak on Tua’s career,” McDaniel said Monday. “Reports are reports. As far as I’m concerned, I’m just worried about the human being and where that’s at day to day. I’ll let Tua be the champion of his own career.”

McDaniel said Tagovailoa was at the team’s practice facility on Monday, greeting teammates and working with trainers.

“He’s doing good, man. Talked to him, he’s in good spirits,” receiver Jaylen Waddle said Monday. “(He’s) got the team in good spirits and everybody praying for him and hoping (for his) health.”

Head injuries have become a familiar, scary occurrence throughout Tagovailoa’s career.

In a September 2022 game against the Bills, he took a hit from linebacker Matt Milano, which caused him to slam to the ground. He appeared disoriented afterward and stumbled as he tried to get to his feet. He was cleared to return to that game and later said it was a back injury that caused the stumble. He was not diagnosed with a concussion.

Four days later, he got hit again during a Thursday night game at Cincinnati in which he was briefly knocked unconscious and was taken off the field on a stretcher. As he lay on the turf, his fingers appeared to display the “fencing response,” an involuntary motion typically associated with a brain injury. That time, he was placed in the concussion protocol.

The NFL and the players’ union made changes to the concussion protocol after those two incidents with Tagovailoa. Players who have problems with balance or stability are now prohibited from returning to a game.

Tagovailoa briefly considered retirement, but instead returned and studied ways to better protect himself on the field, including taking jiu-jitsu classes ahead of the 2023 season.

Tagovailoa has said he spoke to numerous neurologists who told him they did not believe he would be more susceptible to head injuries than any other player moving forward, nor would he be at a higher risk for chronic traumatic encephalopathy (CTE), the brain disease associated with repeated blows to the head. He was also diagnosed with a concussion while in college at Alabama.

With Tagovailoa sidelined, the Dolphins will go with backup Skylar Thompson when play at Seattle on Sunday. Miami also signed Tyler Huntley off the Ravens’ practice squad.

___

AP NFL:

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