Welcome to Markets Desk, your midday read on what's moving markets.
Crude oil surged Wednesday as two supply shocks hit simultaneously. Russia extended its diesel export ban, tightening global fuel supplies just as attacks on vessels in the Strait of Hormuz rattled shipping confidence. November WTI settled up over one percent, while RBOB gasoline futures jumped more than four percent on the session.
The dollar found its footing after an early stumble, lifted by a pair of upward economic surprises. Second quarter GDP came in revised higher, and the ADP employment reading for September beat expectations, pushing Treasury yields up and giving the greenback enough momentum to close modestly positive on the day.
Meanwhile, in media, Paramount Skydance is taking shape under a new leadership structure. David Ellison has brought in Ynon Kreiz, the longtime Mattel chief executive, as co-CEO ahead of the company's one hundred ten billion dollar merger with Warner Bros. Discovery. Kreiz joins Monday as the combined entity prepares to finalize one of the largest media deals in recent memory.
That's the tape. Markets Desk, signing off the floor.
