A new attempt has begun to try to salvage an oil tanker burning in the Red Sea after attacks by Yemen’s Houthi rebels, a European Union naval mission said Saturday. The EU’s Operation Aspides published images dated Saturday of its vessels escorting ships heading to the Greek-flagged oil tanker Sounion. The mission has “been actively involved in this complex endeavor, by creating a secure environment, which is necessary for the tugboats to conduct the towing operation,” the EU said.
The Federal Reserve is in focus next week, as uncertainty swirls over how much the U.S. central bank will cut interest rates at its monetary policy meeting and the pace at which it will reduce borrowing costs in coming months. The S&P 500 index is just 1% shy of its July record high despite weeks of market swings sparked by worries over the economy and seesawing bets on the size of the cut at the Fed's Sept. 17-18 meeting. After fluctuating sharply throughout the week, Fed funds futures on Friday showed traders pricing an almost equal chance of a 25 basis point cut and a 50 basis point reduction, according to CME Fedwatch.
