Oil up 0.3% to $75.40 levels currently As much as there is a delay to the OPEC+ decision, oil bulls aren’t overly worried as the main sticking point there is the UAE wanting to increase its baseline output. Sure, they are blocking a deal/proposal for a 400k bpd increase in output per month starting from
Latest data released by Markit/CIPS – 5 July 2021 Composite PMI 62.2 vs 61.7 prelim The preliminary report can be found here. Although a little lower compared to May, UK economic conditions are still reaffirming a strong recovery with business activity near the 24-year high in May. The downside is that cost inflation hit a
China’s regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment company IBC Group reportedly plans to end Bitcoin (BTC) and Ether (ETH) mining operations in China following ban announcements from the different provinces across the country. The group has major mining operations in China and plans to distribute its operations to the United
OPEC+ ministers resume talks on Monday after failing to reach a deal on oil output policy in two days of talks last week amid a rare public standoff between Gulf allies Saudi Arabia and the United Arab Emirates. The spat erupted at a sensitive time for the oil market and could delay plans to pump
Important decisions will be made at this week’s RBA meeting. All monetary policy measures would remain unchanged. Yet, as indicated in June, policymakers would discuss on the format of QE purchases after completion of the current tranche in September, and the maturity of bonds in yield curve control. While the overall tone of the meeting
U.S. President Joe Biden delivers remarks highlighting the benefits of Bipartisan Infrastructure Framework, at La Crosse Municipal Transit Utility, in La Crosse, Wisconsin, U.S., June 29, 2021. Kevin Lamarque | Reuters Halfway through 2021, and about six months into the Biden administration, the U.S. economy has by many metrics made a full recovery from the
DIDI under regulatory spotlight, the company only launched in New York IPO last week. China’s Cyberspace Administration begins investigation into DIDI and others. Investors and backers of DIDI include Softbank (SFTBF), UBER, and Tencent (TCEHY). DIDI launched to much fanfare on the New York stock exchange last week, raising nearly $5 billion in the process
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Seventh record day in a row for the S&P index The S&P index and Dow industrial average are trading their high levels and are looking to both closed at record levels. For the S&P index, it would be the seventh consecutive record high close for the index. For the NASDAQ, a new high be the second consecutive record close. A snapshot
A Vitol executive speaking over the weekend, said that the 400K barrel per month (through to the end of this year) increase in supply being proposed by OPEC+ is insufficient to hold prices from rising. “There is very little doubt, that whatever OPEC agrees by way of lessening of the cutbacks it will surely ….
Petrol neared Rs 100 mark in the national capital as prices were hiked by 35 paise on Sunday. Oil Marketing Companies hiked prices on Sunday after keeping them unchanged for a day. Petrol is selling at Rs 99.51 per litre in Delhi while diesel is priced at Rs 89.36. In the other key cities too
Initial filings for unemployment insurance fell sharply last week, indicating continued improvement in the U.S. jobs market, the Labor Department reported Thursday. First-time jobless claims totaled 364,000 for the week ended June 26, compared with the 390,000 Dow Jones estimate. That marked a new pandemic-era low and a decline of 51,000 from the previous week.
WTI starts off the day on the offer as traders await news from OPEC. The price of oil is a touch lower, -0.12% and trades between 75.00/0.7520 for the open. OPEC’s alliance has been put to the test in recent days. The latest updates with regards to the talks that are dragging on and after the United
The CAD is the strongest The USD is now the weakest of the major currencies. The CAD remains the strongest. The greenback is trading to new session lows verse the GBP, CHF, CAD, AUD and NZD. The pair is just off it’s session low vs the JPY. The EUR and USD are battling it out for the weakest of
The oil talks on Thursday (1 July) were delayed until Friday and after no agreement was finalised they’ll continue on Monday. The United Arab Emirates blocked a final deal, long story short is the country wants a greater share of output. Negotiations were centring on 400,000K barrels of increased production in August, and then the