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incoming update…American Airlines forecasts strong profit for December quarterSymbolPriceChange%ChangeAAL$13.990.292.12

An American Airlines Airbus A321-200 plane takes off from Los Angeles International airport in Los Angeles, California

American Airlines Group Inc on Thursday forecast that fourth-quarter profit would exceed analyst estimates after posting better-than-expected earnings in the third quarter, as demand for travel remained resilient despite higher airfare and growing risks of an economic recession.

The Texas-based carrier expects adjusted profit between 50 and 70 cents per share for the fourth quarter through December, compared with analysts’ estimate for 22 cents per share, according to Refinitiv IBES data.

Total revenue in the fourth quarter is projected to be up 11% to 13% from the same period in 2019, while capacity is estimated to be down 5% to 7%.

“Demand remains strong, and it’s clear that customers continue to value air travel and the ability to reconnect post-pandemic,” Chief Executive Robert Isom said in statement. Posted by Reuters ShareBreaking News Stocks struggle for direction, 10-year Treasury yield tops 4.16%

U.S. stocks were little changed in early trading as investors eye rising bond yields and await a fresh round of data on housing and mortgage rates due mid-morning. In commodities, oil rose nearly 2% to the $86 per barrel level. Posted by FOX Business Team ShareJobless claimsLess Americans filed for unemployment in the latest weekly tally from the Labor Department.

ECONOMYJobless claims unexpectedly drop to 214,000Applications for unemployment insurance fell again last week, indicating that employers are still avoiding layoffs despite rapidly rising interest rates.

Posted by FOX Business Team ShareTesla’s mixed earningsTesla Inc.$222.04

Tesla shares are trading lower after the electric-vehicle reported a mixed quarter. Elon Musk had plenty to say about the future of his company and the U.S. economy.

MARKETSElon Musk makes eye-opening statements on Tesla’s earnings callTesla on Wednesday reported increases in revenue and profit for the 3rd quarter, Elon Musk attending and making statements during the company earnings call.

Posted by FOX Business Team ShareBreaking News U.K. Prime Minister Truss bailsU.K. Prime Minister Liz Truss is out in a surprising shakeup.

WORLDUK Prime Minister Liz Truss resigns after less than 2 months in officeMembers of the UK Conservative Party say Prime Minister Liz Truss needs to resign amid chaos following an about-face on planned tax cuts during a time of economic instability.

Posted by FOX Business Team ShareMusk, Bezos, Dimon among prominent CEOs warning of recessionA growing number of influential Wall Street executives and business titans have sounded the alarm over the state of the U.S. economy.

Relentless inflation combined with the most hawkish Federal Reserve in decades have raised the specter of a recession, according to some of the most prominent CEOs in the country.

ECONOMY These business titans are sounding the alarm over the US economyThere is a chorus of economic warnings coming from some of America’s most prominent business leaders, who are sounding the alarm about a possible recession.

Posted by FOX Business Team ShareIRS UpdateThe IRS has updated U.S. tax brackets as inflation soars. Here’s how it may impact you.

MONEYIRS sets higher tax brackets, standard deduction for 2023 as inflation rages The IRS adjusted the threshold levels for the federal income tax brackets and the standard deduction to account for inflation, which is hovering near a 40-year high.

Posted by FOX Business Team ShareBiden releases oil from US reserve just weeks ahead of crucial midtermsPresident Joe Biden is looking to ease the worries of voters concerned about the ongoing energy crisis ahead of November’s midterm elections by releasing oil from the US reserves.

The decision will temporarily boost oil supply in the country, a move that is expected to result in lower gas prices just weeks before the crucial congressional elections.

High gasoline prices are a problem that continue to elude the president but his push Wednesday to release 15 million barrels from the U.S. strategic reserve show the White House hasnt given up.

Theyre not falling fast enough, Biden said at the White House. Families are hurting. Youve heard me say it before, but I get it.

The president rejected that politics played a role in his latest action. However, gas prices and inflation continue to dominate top concerns of voters.

Its not politically motivated at all, Biden told a group of reporters Wednesday.

Biden has consistently blamed high prices on Russia and the country’s invasion of Ukraine which started in Feb.

Any declines in gas prices no matter their magnitude the president attributes to his policies. Conversely, when gas prices were high, the White House said the president was not responsible.

The Associated Press contributed to this report.Posted by FOX Business Team ShareEuropean Union kicks off summit on energy crisisEuropean Union leaders are kicking off a two-day summit to discuss the ongoing energy crisis and other energy alternatives as the ongoing Russia-Ukraine War continues to impede energy supplies. The war has sent energy costs around the world skyrocketing.

The leaders are also expected to discuss if and how their countries could impose a gas price cap to contain the energy crisis.

Ukrainian President Volodymyr Zelenskyy is set to address the 27 international leaders via video conference from Kyiv.

He will likely repeat his calls for the international community to help Ukraine survive through the winter. German Chancellor Olaf Scholz said Thursday Zelenskyy should not have to worry about losing energy.

The Associated Press contributed to this report.Posted by FOX Business Team ShareEthereum, Bitcoin and Dogecoin were all trading higher early Thursday morning. (Getty Images)

Cryptocurrency prices for Bitcoin, Ethereum and Dogecoin were all higher early Thursday.

At approximately 5:15 a.m. ET, Bitcoin was trading at nearly $19,134 (+0.12%), or higher by $22.

For the week, Bitcoin was trading lower by nearly 0.17%. For the month, the cryptocurrency was lower by nearly 2.25%.

Ethereum was trading at approximately $1,291.7 (+0.85%), or lower by more than $10.90.

For the week, Ethereum was trading lower by almost 1%. For the month, however, it was trading lower by approximately 7.2%.

Dogecoin was trading at $0.059768 (+2.02%), or higher by approximately $0.001185. 

For the week, Dogecoin was lower by nearly 2.1%. For the month, the crypto was lower by more than 0.25%.Posted by FOX Business Team ShareDiesel prices rise nearly a penny overnight, gas lower by nearly 2 centsDiesel prices rose for the fourth-straight day Thursday, while gasoline prices were down yet again. (gasprices.aaa.com)

The average price of a gallon of gasoline nationwide fell to $3.836 early Thursday morning, AAA reported. 

The nationwide price for a gallon of regular gasoline on Wednesday was $3.854. 

A week ago, gasoline sold for $3.913 per gallon. A month ago, that same gallon of gasoline nationwide was $3.674. A year ago, gasoline sold for $3.357 nationwide. 

Gas hit an all-time high of $5.016 on June 14, approximately 18 weeks ago. 

Meanwhile, diesel’s price rose for the fourth straight day to $5.336. Early Wednesday morning, the price was $5.324. On Tuesday, a gallon of diesel cost $5.304.

A week ago, diesel sold for $5.189 per gallon. A month ago, that same gallon of diesel nationwide sold for $4.936. A year ago, diesel was selling for $3.569 per gallon nationwide.Posted by FOX Business Team Share US stocks lower as investors reevaluate quarterly earnings reportsUS stocks edged lower Thursday morning as investors reevaluated earnings reports. (Associated Press)

SymbolPriceChange%ChangeI:DJI$30,423.81-99.99-0.33SP500$3,695.16-24.82-0.67I:COMP$10,680.51-91.89-0.85

U.S. stocks were trading lower early Thursday afte investors pulled back and reviewed quarterly earnings reports.

In addition, Treasury yields climbed to multiyear highs, tempting traders with higher returns on relatively low-risk investments. 

Early gains faded fast Wednesday. The S&P 500 fell 0.7% to close at 3,695.16, while the Dow Jones Industrial Average slipped 0.3% to 30,423.81. The Nasdaq composite ended 0.9% lower, at 10,680.51. Small companies fell more than the rest of the market, sending the Russell 2000 index 1.7% lower to 1,725.76. 

Stocks were coming off of two days of gains, but trading has been unsteady throughout. Netflix soared 13% and United Airlines rose 5% after releasing their quarterly results, while others, including Abbott Laboratories and M&T Bank, sank. 

The yield on the 10-year Treasury, which influences mortgage rates, climbed to 4.13%, its highest level since June 2008. It was at 4.02% late Tuesday.

The yield on the two-year Treasury, which tends to track expectations for future Federal Reserve action, rose to 4.54% from 4.43%. 

A sharp move in the three-month Treasury may have helped put traders in a selling mood. The yield briefly hit 4.01% before inching back to 3.98%. Should the three-month Treasury yield rise above that of the 10-year Treasury, whats known as an inversion, that would be a strong warning that the economy could be headed for a recession. 

The Federal Reserve has been raising interest rates to temper high prices. Those increases are meant to make borrowing more difficult and slow economic growth in an effort to tame inflation, but the strategy risks stalling the already slowing U.S. economy. 

Homebuilder Lennar fell 6% and home-improvement retailer Lowes slid 4.8% following a report showing that construction on new homes declined more than expected in September.

Meanwhile, Asian shares were mostly lower on Thursday after Japan reported a 14th straight month of monthly trade deficits due to high prices for oil and other commodities and a weakening yen. 

Japan’s trade deficit was a record high for the first half of the year, though it fell slightly from the month before and was smaller than analysts had forecast. 

The Finance Ministry said Thursday that imports rose nearly 46% from the same month a year ago on the back of rising oil and gas costs. Imports have grown for 20 months straight on-year. 

The dollar has gained strength versus currencies worldwide as inflation and recession concerns prompt investors to look for relatively stable investments.

The yen is now trading at 32-year lows against the dollar, changing hands at 149.93 Japanese yen early Thursday, up from 149.81 yen a day earlier. The euro slipped to 97.59 cents from 97.73 cents. 

In share trading, Tokyos Nikkei fell 0.9% to 27,006.96, recovering some lost ground, while the Kospi in Seoul declined 0.9% to 2,216.49. In Hong Kong, the Hang Seng shed 1.6% to 16,254.32. The Shanghai Composite index was flat at 3,044.77 and Australias S&P/ASX 200 gave up 1% to 6,730.70.Posted by Associated Press ShareOil prices rise on possible easing of Chinas COVID quarantinesOil prices rose $1 overnight as China announced it will consider changing COVID restrictions. (Getty Images)

SymbolPriceChange%ChangeUSO$70.041.341.95CVX$168.005.283.24XOM$103.792.992.97

Oil prices gained around $1 on Thursday as investor sentiment rose on news that China is considering a cut in the duration of quarantine for inbound visitors. 

Brent crude futures for December settlement rose 80 cents, or 0.9%, to $93.21 a barrel at 0610 GMT. 

U.S. West Texas Intermediate crude for November delivery (WTI) , which expires on Thursday, rose $1.29, or 1.5%, to $86.84 per barrel.

The WTI contract for December delivery was last up 1.4%, or $1.16 cents, at $85.68 a barrel. 

“The market is bouncing on that quarantine news and by extension a flickering light at the end of the zero-Covid policy tunnel,” said Stephen Innes, managing partner at SPI Asset Management, adding that this is “the first positive sign we have seen out of China on the COVID front.” 

China, the world’s largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity which lowers demand for fuel. 

Bloomberg News reported Thursday China is considering cutting the quarantine period for inbound visitors to seven days from 10 days, citing people familiar with the matter. The report said officials are targeting a cut in the quarantine period to two days in a hotel and then five days at home, but there is no clarity yet on how the new restrictions would apply to foreigners and other visitors without a residence in China. 

Oil prices have seen support from a looming European Union ban on Russian crude and oil products, as well as the output cut from the Organization of the Petroleum Exporting Countries and other producers including Russia, known as OPEC+. 

The OPEC+ agreed on a production cut of 2 million barrels per day in early October – but analysts expect a smaller decline in actual output of about 1 million barrels per day due to under-production in countries such as Iran, Venezuela and Nigeria. 

Separately, U.S. President Joe Biden announced a plan on Wednesday to sell off the rest of his release from the nation’s emergency oil reserve by year’s end, or 15 million barrels of oil, and begin refilling the stockpile as he tries to dampen high gasoline prices ahead of midterm elections on Nov. 8.

However, the release is “too small to impact the market,” said Commonwealth Bank commodities analyst Vivek Dhar in a Thursday note, estimating it would increase global oil supplies by just 0.04 million barrels per day. 

“EU sanctions on Russian oil imports will likely become the focus of the oil market in coming weeks… We expect Brent oil futures to average $100 per barrel in Q4 2022 on the back of supply disruption from the EU sanctions,” Dhar added. 

Meanwhile, global demand for fuel remains uncertain. U.S. economic activity expanded modestly in recent weeks, although it was flat in some regions and declined in a couple of others, the Federal Reserve said on Wednesday in a report that showed firms growing more pessimistic about the outlook.Posted by Reuters ShareFive Russians charged in global scheme to smuggle equipment from US for Russia’s militaryFive Russian nationals and two oil traders for Venezuela were charged this week in a wide-ranging scheme to obtain military equipment from the United States and smuggle Venezuelan oil to Russia and China, according to an indictment unsealed Wednesday in federal court. 

The defendants allegedly used Nord-Deutsche Industrieanlagenbau GmbH (NDA GmbH) as a front company to purchase advanced semiconductors and microprocessors that have been used in various Russian weapons, including fighter jets, missile systems and ammunition. 

“As alleged, the defendants were criminal enablers for oligarchs, orchestrating a complex scheme to unlawfully obtain U.S. military technology and Venezuelan sanctioned oil through a myriad of transactions involving shell companies and cryptocurrency,” Breon Peace, U.S. Attorney for the Eastern District of New York, said in a statement on Wednesday. 

“Their efforts undermined security, economic stability and rule of law around the world.” 

Click here to read more on the story: Five Russians charged in global scheme to smuggle equipment from US for Russia’s militaryPosted by FOX Business Team Share

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