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European road haulage is slightly picking up after a serious downturn.

Crude oil extended its fall in the early trading session today as broader market concerns have weighed on the complex, while a stronger dollar has also added further pressure.

The Federal Reserve lowered rates by 25bp as expected but trimmed its rate cut expectations for 2025, and this has weighed on the commodities complex.

The Fed delivered a hawkish cut yesterday, signalling only 50bp of easing in 2025 and shifting to a more patient tone on easing. That has led to another dollar rally, which we see extending into the new year.

We got another 25bp policy rate cut from the Fed, but updated projections and Chair Powell’s press conference confirms that the Fed is going to be much…

The oil market has steadied after falling for two consecutive sessions as the latest inventory numbers from the American Petroleum Institute (API) remain largely supportive. Natural gas rallied after the EU reaffirmed stoppages of Russian flows via Ukraine as scheduled.

Services inflation is stuck at 5% and will stay around there for the next few months.

We expect the Federal Reserve to deliver a consensus 25bp cut today, but also to scale back on guidance for rate cuts next year.

European gas prices came under further pressure as ongoing discussions on Russian gas flows via Ukraine, stronger LNG imports and milder weather forecasts eased any immediate supply concerns.