News Highlights: Top Global Markets News of the Day

Features Dow Jones Newswires

OPEC Extends Oil Output Cuts but Glut Fears Persist

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OPEC has renewed an agreement with a dozen other crude-oil producers to withhold supplies into March 2018, betting it can raise prices despite soaring output from American shale producers.

U.S. Stocks Rise, Buoyed by Consumer Discretionary Sector

Consumer-discretionary shares lifted U.S. stock indexes while oil prices slid. The S&P 500 added 0.3%, on track for a fresh closing record.

Oil Prices Fall After OPEC Extends Cuts

Oil prices declined, as enthusiasm over a deal by major oil producers to limit output dwindled.

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Trump Officials Offer Differing Views on Tax Plan

The Trump administration intends to offer a tax plan that will pay for itself without factoring in potential economic growth that could stem from the plan, the White House budget director told senators, apparently marking a sudden and significant shift in the administration's priorities.

Fed's Brainard Sees Global Economy Improving, but Has Warnings for U.S.

Federal Reserve governor Lael Brainard painted an upbeat picture of the global economy, but sounded more guarded on the domestic front, during a panel discussion Thursday in Washington.

China Hitches Yuan to the Dollar, Buying Rare Calm

China's central bank appears to have effectively pegged the Chinese yuan to the dollar in recent weeks, a policy twist that has helped stabilize the currency in a year of political transition.

China Takes Aim at Moody's After Rating Downgrade

Moody's is facing a backlash in China against its decision to cut the country's credit rating, a move that has come just as foreign ratings firms are set to receive greater access than ever to the world's No.2 economy.

BIS Releases New Set of Standards for Currency Trading

A group of global standards-setters on Thursday completed a new set of principles for trading in the foreign-exchange market, capping a two-year effort to improve transparency after a series of collusion scandals at major banks.

U.S. Mortgage Rates Drop to Lowest Level This Year

Mortgage-finance company Freddie Mac said average fixed mortgage rates in the U.S. fell in the latest week, reaching a low for the year.

U.S. Jobless Claims Rose Slightly Last Week

he number of Americans applying for first-time unemployment benefits ticked up last week, though overall numbers remain consistent with steady job gains.

(END) Dow Jones Newswires

May 25, 2017 15:15 ET (19:15 GMT)