News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

U.S. Stocks Climb as Arms Deals Buoy Defense Contractors

Continue Reading Below

Gains in technology and industrial shares lifted U.S. stocks, with news of more than $100 billion in arms deals with Saudi Arabia boosting defense contractors. The S&P 500 gained 0.5%.

One-Month Libor Hits 8-Year High

The cost of one-month U.S. dollar loans between banks has risen to its highest level in more than eight years, reflecting an increasing conviction among traders that the Federal Reserve will raise short-term interest rates at its policy meeting next month.

Fed's Kaplan Continues to See Two More Rate Rises This Year

Dallas Fed President Robert Kaplan said in an essay he is still on board with the U.S. central bank raising short-term interest rates around two more times this year.

Continue Reading Below

Iraq, Saudi Arabia in Last-Minute Summit to Salvage OPEC Cuts Extension

Iraq has become a potential obstacle to OPEC's efforts to continue cutting output into next year, representatives of the cartel said, prompting Saudi Arabia's energy minister to fly to Baghdad for meetings.

Oil Hits Highest Level in More Than a Month Ahead of OPEC Meeting

Oil prices rose to a fresh one-month high Monday with traders expecting this week's OPEC meeting to end with an extension or even deepening of the group's recent production cuts.

OPEC's Foil: It Can't Drain Enough Stored Oil

OPEC is likely to extend and perhaps even deepen its production cuts on Thursday for one main reason: It has failed to drain superhigh levels of oil in storage enough to raise prices significantly.

Federal Reserve Senior Staffer Timothy Clark to Retire

Timothy Clark, a senior Federal Reserve staffer in charge of banking supervision, is retiring in the latest personnel change at the bank regulator.

Why Bitcoin Is Surging, Again, Up 130% This Year

The price of bitcoin surged over the weekend and into Monday morning as a new wave of speculative investment drove up prices.

China Nearly Doubles Tax on Some Sugar Imports to 95%

Beijing is raising the tax on sugar imports beyond the first 1.95 million tons a year to 95% from the current 50%, further weighing on one of the worst-performing commodities of 2017.

Fed's Kashkari Stresses Monetary Policy Can't Fix Economic Disparities

Minneapolis Fed President Neel Kashkari said it is wrong to think central-bank interest-rate policy can solve all the economy's problems.

(END) Dow Jones Newswires

May 22, 2017 15:15 ET (19:15 GMT)