News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

Some OPEC Members Seek to Broaden Efforts to Cut Oil Output

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Six months after restricting their oil output in an effort to raise global crude prices, some members of OPEC are pushing to a broader effort to reduce petroleum production, say people familiar with the matter.

Harker Flags Possibility Fed May Have to Raise Rates More Quickly

Philadelphia Fed President Patrick Harker said the U.S. central bank could raise rates more quickly than now expected under certain conditions, and that action to reduce the size of the Fed's balance sheet may be closer than some think.

U.S. Stocks Fall as Economic Data Disappoints

U.S. stocks, Treasury yields and the dollar edged lower, as the latest batch of economic data fell short of expectations. The S&P 500 dropped 0.2%.

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U.S. Consumer Prices Rose Modestly in April

Consumer prices rose only modestly in April, a sign inflationary pressures are stabilizing this spring after a monthslong acceleration.

U.S. Retail Sales Rose 0.4% in April

Retail sales improved in April, suggesting stronger U.S. consumer spending this spring that should bolster broader economic growth as unemployment stays low.

China Opens Market Access to U.S. Credit-Card Networks

Markets reacted coolly to what could be great news for credit-card networks Visa and Mastercard given a U.S.-China access agreement.

China Regulators Warn Against Large Stock Sales Ahead of Summit

Two days before the start of an important Chinese summit, brokerages and funds in Shanghai started getting cautionary messages from securities regulators, telling them not to process large orders to sell stock.

Oil Prices Ease, Trimming Gains for Week

Crude-oil prices eased, though they are poised to end the week more than 3% higher, with traders expecting the global oil cartel to extend a production-cut deal when the group meets later this month.

Germany's Schäuble: Greece Could Secure Bailout Deal in Late May

German Finance Minister Wolfgang Schäuble said Greece could secure a new bailout deal at the next Eurogroup meeting, amid ongoing negotiations between Athens' financiers and an apparent softening of the International Monetary Fund's stance on debt relief.

Consumers' Expectations for Income Gains at Highest Level in a Dozen Years

Consumers had the most favorable real income expectations in a dozen years, according to an early gauge of May consumer sentiment.

(END) Dow Jones Newswires

May 12, 2017 15:15 ET (19:15 GMT)