CNN Money – U.S. oil is about to get squeezed even more. The Saudi-led cartel’s master plan to pump record amounts of oil in order to squeeze other producers out of the market appears to be working. «The strategy…appears to be having the intended effect of driving out costly, ‘inefficient’ production,» the International Energy Agency....
Bloomberg News – China equities fall. The Shanghai Composite Index dropped for a second day, closing 3.5 percent lower after a session that saw volumes 36 percent below their 30-day average. Trading in Chinese equity futures, down 99 percent from the June high due to a government clampdown, remained thin as brokers try to tempt....
Bloomberg News – Fed fallout. Yesterday’s decision by the Federal Reserve not to raise interest rates continues to reverberate through markets this morning. European government bonds jumped as the Fed delay fuels speculation that the European Central Bank could step up its stimulus program. Expectations for further easing from Bank of Japan policy makers, who....
Bloomberg Business –Miners blasted: Mining stocks in Europe got hammered this morning. Glencore Plc, which raised capital at 125 pence a share on Wednesday last, traded as low as 107 pence, down 10 percent on the session. Anglo American Plc, Antofagasta Plc and ArcelorMittal all dropped more than 6 percent. Industrial metal prices fell, with....
Bloomberg Business –Yellen sees rate rise in 2015:The dollar strengthened, with a gauge of the currency heading for its biggest weekly gain in two months, following a speech by Federal Reserve Chair Janet Yellen yesterday evening where she said the central bank is on track to raise rates later this year. Stocks in Europe rebounded....
Bloomberg Business -Euro-area inflation: Inflation in the Euro-area unexpectedly turned negative in September, falling to minus 0.1 percent, according to a flash estimate from Eurostat, the European statistics agency. The drop was driven by falling energy prices, with a breakdown of the headline number showing that component dropping 8.9 percent from a year earlier. -Awful....
Bloomberg Business –European Stocks Decline as U.S. Payroll Data Miss Forecasts: European stocks declined as disappointing U.S. jobs data cast doubt on the Federal Reserve’s stance that the recovery of the world’s largest economy is strong enough to withstand an increase in interest rates. The Stoxx Europe 600 Index retreated 0.6 percent to 344 at....
Bloomberg Business –German factory data: Factory orders in Germany unexpectedly dropped 1.8 percent in August versus estimates for a 0.5 percent increase. The surprise decline highlights Germany’s exposure to China’s growth slowdown. Stocks in Europe were slightly higher at 10:30 a.m. London time, with the Stoxx 600 rising 0.4 percent. -Yuan overtakes yen: China’s yuan....
Bloomberg Business -German exports slump: In the steepest drop since January 2009, German exports fell 5.2 percent in August, much more than the 0.9 percent estimated by economists. Imports slid 3.1 percent leaving Germany’s trade surplus at €15.3 billion ($17.2 billion) for the month. This adds to what has already been a bad week for....
Bloomberg Business -Asian stock rally continues: China’s Shanghai Composite Index closed 3.3 percent higher amid speculation of further government stimulus to boost the economy. Markets across Asia managed to hold on to last week’s gains with the MSCI Asia Pacific Excluding Japan Index up 0.8 percent at 4:13 p.m. in Hong Kong. Tokyo markets were....
Bloomberg Business -Fed division: Federal Reserve Governor Daniel Tarullo has added to division at the central bank, saying that he doesn’t currently favor raising rates in 2015, echoing comments from fellow-Governor Lael Brainard on Monday. Though the comments from the two governors put them at odds with Fed Chair Janet Yellen, the market agrees with....
Bloomberg Business -China rally: The Shanghai Composite Index finished the session 1.6 percent higher and 6.5 percent higher for the week, its best performance in four months. China is due to release GDP data on Monday (10 p.m. Sunday ET) with the median estimate of economists surveyed by Bloomberg now looking for 6.8 percent growth,....
Bloomberg Business -Liberals take Canada: Justin Trudeau’s Liberal Party secured a surprise majority in Canada’s election, winning 184 of 338 seats in parliament with 99 percent of polls reporting. Trudeau, the son of former prime minister Pierre Trudeau, has overseen the biggest political rebound in Canadian history, with his liberal party gaining 150 seats from....
Bloomberg Business -ECB decision: With all 53 economists surveyed by Bloomberg expecting no change to interest rates at today’s European Central Bank meeting, all eyes will be on the press conference starting at 8:30 a.m. ET where analysts will be watching for any hints about further easing. The euro dropped 0.3 percent to $1.1310 as....
Bloomberg Business -Japan Post IPO: The privatization of Japan’s postal service and its banking and insurance units has raised the maximum 1.44 trillion yen ($11.9 billion) sought by the government in the country’s biggest initial public offering since 1998. The Nikkei 225 Stock Average climbed 0.7 percent to 18,947.12 at the close in Tokyo with....