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Stock markets on both sides of the Atlantic pulled back Friday as profit-taking trimmed some of the gains seen after the Federal Reserve’s interest rate cut this week.Investors kept away from any big bets on the future direction of US interest rates while the inflation and employment pictures remain cloudy, analysts said.European and Asian equity markets initially tracked Thursday’s record performance on Wall Street but then turned negative as the mood in New York shifted. This change was partly motivated by unease about potentially excessive stock valuations in the tech sector.Focus for global investors is switching to next week’s release of US jobs data, which could provide insights into the Fed’s plans for the coming year.Partial data released Thursday showed US jobless claims rose more than expected in the week ending December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labor market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — seen as less hawkish than feared — but the policy board’s statement suggested it could hold off from a fourth straight cut in January.There was some concern about sector valuations after disappointing earnings from sector giants Oracle and Broadcom.”Oracle and Broadcom reminded the market that while AI demand remains strong, leveraged investments and uncertain monetisation paths are preventing investors from adding exposure at current valuations,” said Ipek Ozkardeskaya, senior analyst at Swissquote.All three major US indexes slumped on Friday, with the Nasdaq Composite Index falling 1.7 percent.London stock prices underperformed their European peers after official data showed that the UK economy unexpectedly contracted in October.- Key figures at around 2145 GMT -New York – Dow: DOWN 0.5 percent at 48,458.05 points (close)New York – NASDAQ: DOWN 1.7 percent at 23,195.17 (close)New York: S&P 500: DOWN 1.1 percent at 6,827.41 (close)London – FTSE 100: DOWN 0.6 percent at 9,649.03 (close)Paris – CAC 40: DOWN 0.2 percent at 8,068.62 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,186.49 (close)Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)Euro/dollar: UP at $1.1742 from $1.1741 on ThursdayDollar/yen: UP at 155.83 yen from 155.58Pound/dollar: DOWN at $1.3368 from $1.3394Euro/pound: UP at 87.83 pence from 87.65Brent North Sea Crude: DOWN 0.3 percent at $61.12 per barrelWest Texas Intermediate: DOWN 0.3 percent at $57.44 per barrelburs-jh-bys/ksb

Stock markets on both sides of the Atlantic pulled back Friday as pre-weekend profit-taking pared some, but not all, of the gains seen after the Federal Reserve bank delivered a much-anticipated rate easing this week.Investors kept away from any big bets on the future direction of US interest rates while the inflation and employment pictures remain cloudy, analysts said.European and Asian equity markets initially tracked Thursday’s record performance on Wall Street, but then turned negative as the mood in New York shifted, a change partly motivated by unease about potentially excessive stock valuations in the tech sector.Focus for global investors is switching to next week’s release of US jobs data, which could provide insights into the Federal Reserve’s plans for next year.Partial data released Thursday showed US jobless claims rose more than expected in the week ended December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labour market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — seen as less hawkish than feared — but the policy board’s statement suggested it could hold off from a fourth straight cut in January.There was some concern about sector valuations after disappointing earnings from sector giants Oracle and Broadcom.”Oracle and Broadcom reminded the market that while AI demand remains strong, leveraged investments and uncertain monetisation paths are preventing investors from adding exposure at current valuations,” said Ipek Ozkardeskaya, Senior Analyst at Swissquote.The tech-heavy NASDAQ index consequently did worse than the Dow and S&P 500 indexes.London stock prices underperformed their European peers after official data showed that the UK economy unexpectedly contracted in October.- Key figures at around 1640 GMT -New York – Dow: DOWN 0.6 percent at 48,383.22 pointsNew York – NASDAQ: DOWN 2.0 percent at 23,120New York: S&P 500: DOWN 1.4 percent at 6,804.16London – FTSE 100: DOWN 0.6 percent at 9,649.03 (close)Paris – CAC 40: DOWN 0.2 percent at 8,068.62 (close)Frankfurt – DAX: DOWN 0.5 percent at 24,186.49 (close)Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)Euro/dollar: DOWN at $1.1728 from $1.1741 on ThursdayDollar/yen: UP at 155.75 yen from 155.58Pound/dollar: DOWN at $1.3347 from $1.3394Euro/pound: UP at 87.87 pence from 87.65Brent North Sea Crude: DOWN 0.4 percent at $61.06 per barrelWest Texas Intermediate: DOWN 0.4 percent at $57.39 per barrelburs-jh/gv

EU finance ministers agreed Friday to impose a three-euro duty on low-value imports into the bloc from July 2026 to help tackle a flood of small parcels ordered via the likes of Shein and Temu.Last year, 4.6 billion small retail packages entered the European Union — more than 145 per second — with 91 percent originating in China and their numbers expected to keep rising.Starting at three euros, the new fee will apply once per item in cases where packages contain different products, but only once if they contain multiples of the same item, a spokesperson for the European Council told AFP.The move comes a month after the EU agreed to scrap a duty exemption for parcels worth less than 150 euros ($174) imported directly to consumers in the 27-nation bloc, in many cases via Chinese-founded platforms.The levy will be introduced on a temporary basis starting July 1, staying in place until the bloc can settle on a permanent solution for taxing such imports.”This temporary measure responds to the fact that such parcels currently enter the EU duty free, leading to unfair competition for EU sellers, health and safety risks for consumers, high levels of fraud and environmental concerns,” the Council, which represents EU member states, said in a statement.- ‘Major victory’ -European retailers argue they face unfair competition from overseas platforms, such as AliExpress, Shein and Temu, which they claim do not always comply with the EU’s stringent rules on products.Key EU power France has made the matter a priority, given the around 800 million such packages shipped to the country last year and strong domestic pressure to take action.French Finance Minister Roland Lescure welcomed the flat tax as “a major victory for the European Union”.”Europe is taking concrete steps to protect its single market, its consumers and its sovereignty,” he said.The move comes as the EU strives to bolster the continent’s competitiveness by making the lives of European businesses easier through slashing red tape.Alongside ending the duty exemption, the EU executive in May proposed a small package handling fee worth two euros. EU member states have yet to agree on the level of that fee, but hope it will apply from late 2026.Fed up with waiting, some states have already moved forward with their own plans, including Romania, which has imposed a five-euro fee on small parcels.

Global stocks on Friday held on to gains seen after the Federal Reserve bank delivered a much-anticipated rate easing this week, but investors shied away from big bets on the future direction of US interest rates.European and Asian equity markets tracked Thursday’s record performance on Wall Street, where the equities seemed poised to end the week on a high note.”Global stock markets are still pushing higher,” observed Kathleen Brooks, research director at XTB, noting that European stocks had pulled ahead of US markets since the start of the month.Focus for global investors switches to next week’s release of US jobs data, which could provide insights into the Federal Reserve’s plans for next year.Partial data released Thursday showed US jobless claims rose more than expected in the week ended December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labour market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — seen as less hawkish than feared — but the policy board’s statement suggested it could hold off from a fourth straight cut in January.While there was some concern about sector valuations after disappointing earnings from sector giants Oracle and Broadcom caused a tech dip Thursday, this did not translate into sustained selling pressure.London stock prices underperformed their European peers after official data showed that the UK economy unexpectedly contracted in October.- Key figures at around 1435 GMT -New York – Dow: UP 0.3 percent at 48,831.12New York – Nasdaq: DOWN 0.4 percent at 23,508.69New York: S&P 500: DOWN 0.1 percent at 6,893.29London – FTSE 100: FLAT at 9,700.60 pointsParis – CAC 40: UP 0.7 percent at 8,138.75Frankfurt – DAX: UP 0.4 percent at 24,379.84Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)Euro/dollar: DOWN at $1.1731 from $1.1741 on ThursdayDollar/yen: UP at 156.01 yen from 155.58Pound/dollar: DOWN at $1.3372 from $1.3394Euro/pound: UP at 87.75 pence from 87.65 penceBrent North Sea Crude: DOWN 0.3 percent at $61.12 per barrelWest Texas Intermediate: DOWN 0.2 percent at $57.49 per barrelburs-jh/sbk

European and Asian stock markets rose Friday as investors tracked a record session on Wall Street in the wake of the Federal Reserve’s latest interest rate cut.The gains came despite renewed concerns about tech valuations after disappointing earnings from sector giants Oracle and Broadcom.”The US tech sell-off was short-lived as Wall Street narrowed losses towards the end of yesterday’s session, helping to lift the broader market mood,” said Dan Coatsworth, head of markets at AJ Bell.London added 0.3 percent in late morning deals, despite official data showing that the UK economy unexpectedly contracted in October in the run-up to Britain’s tax-raising budget.Focus for global investors switches to next week’s release of US jobs data, which could provide an insight into the Federal Reserve’s plans for next year.Partial data released Thursday showed US jobless claims rose more than expected in the week ended December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labour market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — seen as less hawkish than feared — but the policy board’s statement suggested it could hold off a fourth straight cut in January, supporting the dollar.- AI concerns -Stock markets in Tokyo, Hong Kong, Sydney, Singapore and Seoul climbed more than one percent on Friday, while Shanghai, Wellington, Taipei, Mumbai and Manila also ended higher.Jakarta slipped, while Bangkok was barely moved as investors brushed off news that Thailand’s prime minister had dissolved parliament, paving the way for general elections early next year.The gains came despite worries about an AI-led tech rally that has seen many firms chalk up eye-watering gains, with chip giant Nvidia becoming the first to break a $5 trillion valuation in October.With warnings that the hundreds of billions of dollars pumped into AI may have been overdone — and investors might have to wait some time before seeing any returns — analysts say valuations could be overstretched and a bubble forming.Those worries were compounded Thursday as earnings from chip titan Broadcom failed to meet investors’ lofty expectations and its outlook for AI sales disappointed. Its shares fell more than four percent in after-hours trade.The news came a day after software firm Oracle reported quarterly revenue had fallen short of forecasts and revealed a surge in spending on data centres to boost AI capacity.Shares in Oracle ended down 10.8 percent in New York.In corporate news Friday, tech investment giant SoftBank jumped 3.9 percent, as Bloomberg reported that the firm is looking at more acquisitions including data centre operator Switch as it looks to build its influence in the AI sector.- Key figures at around 1100 GMT -London – FTSE 100: UP 0.3 percent at 9,730.52 pointsParis – CAC 40: UP 0.6 percent at 8,137.78Frankfurt – DAX: UP 0.4 percent at 24,382.37Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)New York – Dow: UP 1.3 percent at 48,704.01 (close)Dollar/yen: UP at 155.92 yen from 155.58 yen on ThursdayEuro/dollar: DOWN at $1.1728 from $1.1741Pound/dollar: DOWN at $1.3376 from $1.3394Euro/pound: UP at 87.67 pence from 87.65 penceBrent North Sea Crude: DOWN 0.1 percent at $61.20 per barrelWest Texas Intermediate: DOWN 0.1 percent at $57.55 per barrel

Asian equities rose Friday as investors tracked a record day on Wall Street in the wake of the Federal Reserve’s latest interest rate cut.The gains came despite renewed concerns about tech valuations after disappointing earnings from sector giants Oracle and Broadcom.Markets ended a mixed week on a strong note, with eyes now on the release of delayed US jobs data next week, which could provide an insight into the central bank’s plans for next year.Figures released Thursday showed initial jobless claims rose more than expected in the week ended December 6, marking their biggest increase for five and a half years and reinforcing the view of a softening labour market.Traders welcomed Fed boss Jerome Powell’s post-meeting comments Wednesday — which were seen as less hawkish than feared — but the policy board’s statement suggested it could hold off a fourth straight cut in January.And analysts said the fact that three decision-makers unusually dissented complicated the policy outlook.Still, investors in New York continued to look at the positives, pencilling in more cuts next year and pushing the S&P 500 and Dow to fresh records.Asia followed suit, with Tokyo, Hong Kong, Sydney, Singapore and Seoul up more than one percent, while Shanghai, Wellington, Taipei, Mumbai and Manila also rose.London edged up at the open even as data showed the UK economy unexpectedly shrunk in October. Paris and Frankfurt also rose.Jakarta slipped, while Bangkok was barely moved as investors brushed off news that Thailand’s prime minister had dissolved parliament, paving the way for general elections early next year.”So, (the Fed being) not as hawkish as it could have been and despite only one cut next year pencilled in, a new Fed chair and cooling jobs market means markets think there is more to come,” said Neil Wilson at Saxo Markets. The gains came despite worries about an AI-led tech rally that has seen many firms chalk up eye-watering gains, with chip giant Nvidia becoming the first to break a $5 trillion valuation in October.With warnings that the hundreds of billions of dollars pumped into AI may have been overdone — and investors might have to wait some time before seeing any returns — analysts say valuations could be overstretched and a bubble forming.Those worries were compounded Thursday as earnings from chip titan Broadcom failed to meet investors’ lofty expectations and its outlook for AI sales disappointed. Its shares fell more than four percent in after-hours trade.The news came a day after software firm Oracle reported quarterly revenue had fallen short of forecasts and revealed a surge in spending on data centers to boost AI capacity.Shares in Oracle ended down 10.8 percent in New York.In corporate news, tech investment giant SoftBank jumped 3.9 percent as Bloomberg reported that the firm is looking a more acquisitions including data centre operator Switch as it looks to build its influence in the AI sector.- Key figures at around 0815 GMT -Tokyo – Nikkei 225: UP 1.4 percent at 50,836.55 (close)Hong Kong – Hang Seng Index: UP 1.8 percent at 25,976.79 (close)Shanghai – Composite: UP 0.4 percent at 3,889.35 (close)London – FTSE 100: UP 0.2 percent at 9,726.26Dollar/yen: UP at 155.69 yen from 155.58 yen on ThursdayEuro/dollar: DOWN at $1.1737 from $1.1741Pound/dollar: DOWN at $1.3383 from $1.3394Euro/pound: UP at 87.70 pence from 87.65 penceWest Texas Intermediate: UP 0.6 percent at $57.95 per barrelBrent North Sea Crude: UP 0.5 percent at $61.61 per barrelNew York – Dow: UP 1.3 percent at 48,704.01 (close)

A US court sentenced cryptocurrency tycoon Do Kwon to 15 years in prison Thursday over fraud linked to his company’s failure, which wiped out $40 billion of investors’ money and shook global crypto markets.Kwon, who nurtured two digital currencies central to the bankruptcy, was sentenced at the New York court where he pleaded guilty in August after an international manhunt spanning Asia and Europe.He still faces fraud charges in his native South Korea.The 34-year-old’s Terraform Labs created a cryptocurrency called TerraUSD that was marketed as a “stablecoin,” a token that is pegged to stable assets such as the US dollar to prevent drastic fluctuations.Kwon successfully marketed them as the next big thing in crypto, attracting billions in investments and global hype.He was flooded with praise in South Korean media, which described him as a “genius” as thousands of private investors lined up to pour cash into his company.And in 2019, Kwon featured in Forbes magazine’s 30 under 30 Asia list.But despite billions in investments, TerraUSD and its sister token Luna went into a death spiral in May 2022.Experts said Kwon had set up a glorified pyramid scheme, in which many investors lost their life savings.He left South Korea before the crash and spent months on the run.The crypto tycoon was arrested in March 2023 at the airport in Podgorica, the Montenegrin capital, while preparing to board a flight to Dubai, in possession of a fake Costa Rican passport.He was extradited last year from Montenegro to the United States. – ‘Elaborate schemes’ -After Kwon’s sentencing Thursday, US prosecutors detailed how he made fraudulent claims about his business to lure in buyers, including American investment firms. At its peak in the spring of 2022, the total market value of TerraUSD and Luna exceeded $50 billion. “Do Kwon devised elaborate schemes to mislead investors and inflate the value of Terraform’s cryptocurrencies for his own benefit,” US Attorney Jay Clayton said in a statement.When it all came crashing down, Clayton’s office said in a press release, Kwon sought to obtain “political protection” from several countries.It cited a recorded conversation in which he told an associate that his strategy of dealing with authorities investigating the collapse was to “tell them to fuck off.” Alongside his prison term, Kwon was ordered to forfeit over $19 million in proceeds from his illegal schemes.The US Justice Department said in a court filing that he could be allowed to complete his sentence in South Korea, provided at least half of it is served in the United States.Cryptocurrencies have come under increasing scrutiny from regulators after a string of controversies in recent years, including the high-profile collapses of exchanges.Kwon’s impressive rise and precipitous fall has been compared to convicted American fraudster Elizabeth Holmes, the disgraced founder of the medical technology startup Theranos.

The Dow and S&P 500 finished at fresh records Thursday while a big drop in Oracle shares dragged the Nasdaq lower and revived worries over pricey artificial intelligence valuations.The records followed a positive day on European bourses and mixed one in Asia and reflected optimism after the Federal Reserve cut interest rates on Wednesday and offered less hawkish commentary than feared.Banks and industrial stocks were among the best performing on the blue-chip Dow index, which ended 1.3 percent higher, while the Nasdaq lost 0.3 percent.”Even as investors were reassured by the Fed’s latest rate cut, familiar concerns about AI are still very much top of mind right now,” said Deutsche Bank managing director Jim Reid.Those concerns were reignited after Oracle reported after markets closed on Wednesday that quarterly revenue had fallen short of lofty expectations and revealed a surge in spending on data centers to boost AI capacity.Shares in the Texas-based company finished down 10.8 percent after dropping even more during the session.Dave Grecsek of Aspiriant Wealth Management said the market’s reaction to Oracle’s results underscored its discomfort with aggressive AI investments.”There’s still a lot of apprehension about how sustainable some of these capital spending plans are, what the return on those investments are, and especially now that they’re financed with debt,” he said.Markets globally suffered a wobble last month with investors worried over the vast sums poured into AI, with some observers warning of an AI bubble that could burst and cause a market rout.The Fed, as expected, cut interest rates on Wednesday. But an unusually heavy number of dissents (three) complicates the outlook for monetary policy.”Investors have shrugged off the Fed’s latest reduction in US borrowing costs as it is becoming harder to guess where rates might go next,” said AJ Bell investment director Russ Mould.Fed policymakers were highly divided about whether to cut rates again in 2026 and if so, how often.But eToro US analyst Bret Kenwell pointed out that Fed Chair Jerome Powell had highlighted the fact that none of the Fed policymakers sees rate hikes in 2026 in their base scenario.”The lack of an outright hawkish tone from the Fed combined with its third consecutive rate cut could pave the way for a potential year-end rally in equities, provided that next week’s macroeconomic data doesn’t derail the recent bullish momentum,” Kenwell said.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.The dollar weakened while oil prices retreated. Among individual companies, Disney jumped 2.4 percent after announcing a three-year licensing deal with OpenAI that will allow users to create short videos featuring beloved Disney characters through artificial intelligence. – Key figures at around 2130 GMT -New York – Dow: UP 1.3 percent at 48,704.01 (close)New York – S&P 500: UP 0.2 percent at 6,901.00 (close)New York – Nasdaq Composite: DOWN 0.3 percent at 23,593.86 (close)London – FTSE 100: UP 0.5 percent at 9,703.16 (close)Paris – CAC 40: UP 0.8 percent at 8,085.76 (close)Frankfurt – DAX: UP 0.7 percent at 24,294.61 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)Dollar/yen: DOWN at 155.58 yen from 156.02 yen on WednesdayEuro/dollar: UP at $1.1741 from $1.1695Pound/dollar: UP at $1.3394 from $1.3383Euro/pound: UP at 87.65 pence from 87.39 penceBrent North Sea Crude: DOWN 1.5 percent at $61.28 per barrelWest Texas Intermediate: DOWN 1.5 percent at $57.60 per barrelburs-jmb/bgs

The Dow hit a record high on Thursday despite disappointing earnings from software giant Oracle reviving concerns over sky-high AI valuations.”Traders are in the mood to recover their bullish stance after yesterday’s Oracle numbers,” said market analyst Chris Beauchamp at trading platform IG.While the blue-chip Dow rose, the S&P 500 and Nasdaq Composite both slid lower.Major European indices ended the day with gains, after Asian markets finished mixed.The Fed delivered its third straight cut to borrowing costs on Wednesday, as widely expected.And while it signalled that it could hold off further reductions in the coming months, the comments weren’t as hawkish as some expected.”Even as investors were reassured by the Fed’s latest rate cut, familiar concerns about AI are still very much top of mind right now,” said Deutsche Bank managing director Jim Reid.Those concerns were reignited after Oracle reported after markets closed on Wednesday that quarterly revenue had fallen short of lofty expectations and revealed a surge in spending on data centres to boost AI capacity.Shares in the Texas-based company fell around 16 percent as trading got underway Thursday, and only recovered slightly in morning trading.Markets globally suffered a wobble last month with investors increasingly worried over the vast sums poured into AI, with some observers warning of an AI bubble that could burst and cause a market rout.Russ Mould, AJ Bell investment director, noted that the fanfare around rate cuts had been short-lived.”Investors have shrugged off the Fed’s latest reduction in US borrowing costs as it is becoming harder to guess where rates might go next,” he added.Even Fed policymakers were highly divided about whether to cut rates again in 2026 and if so, how often.But eToro US analyst Bret Kenwell pointed out that Fed Chair Jerome Powell had highlighted the fact that none of the Fed policymakers sees rate hikes in 2026 in their base scenario.”Keeping rate hikes off the table helps the Fed lean dovish and has investors looking at the next rate cut as a ‘when not if’ scenario, even if it takes several more meetings before the next one is announced,” said Kenwell.”The lack of an outright hawkish tone from the Fed combined with its third consecutive rate cut could pave the way for a potential year-end rally in equities, provided that next week’s macroeconomic data doesn’t derail the recent bullish momentum,” he added.Kenwell also noted that stocks were near all-time highs, which he said tends to be bullish for long-term investors.The latest cut in borrowing costs — to their lowest level in three years — comes as monetary policymakers try to support the US jobs market, which has been showing signs of weakness for much of the year.The dollar weakened while oil prices fell more than two percent on oversupply concerns.Silver and copper prices hit record highs.- Key figures at around 1630 GMT -New York – Dow: UP 1.0 percent at 48,538.45 pointsNew York – S&P 500: DOWN 0.4 percent at 6,861.84New York – Nasdaq Composite: DOWN 1.1 percent at 23,396.61 London – FTSE 100: UP 0.5 percent at 9,703.16 (close)Paris – CAC 40: UP 0.8 percent at 8,085.76 (close)Frankfurt – DAX: UP 0.7 percent at 24,294.61 (close)Tokyo – Nikkei 225: DOWN 0.9 percent at 50,148.82 (close)Hong Kong – Hang Seng Index: FLAT at 25,530.51 (close)Shanghai – Composite: DOWN 0.7 percent at 3,873.32 (close)Dollar/yen: DOWN at 155.25 yen from 155.92 yen on WednesdayEuro/dollar: UP at $1.1750 from $1.1693Pound/dollar: UP at $1.3419 from $1.3384Euro/pound: UP at 87.55 pence from 87.36 penceBrent North Sea Crude: DOWN 2.1 percent at $60.90 per barrelWest Texas Intermediate: DOWN 2.2 percent at $57.18 per barrelburs-rl/gv