Oil Records Biggest Weekly Drop Since July on Demand Pessimism - Bloomberg:
Oil registered its biggest weekly decline since July as a streak of disappointing economic data compounded fears about a global recession.
The 0.7% rise in New York-traded futures on Friday wasn’t enough to correct a 5.5% drop for the week. Rising U.S. payrolls and the lowest unemployment rate in five decades undercut prospects of interest-rate cuts by the Federal Reserve.
“The relative strength of the jobs report throws cold water on concept that the Fed will cut rates,” said Bob Yawger, director of the futures division at Mizuho Securities USA.
Friday 4 October 2019
#Iran’s Rial Rebounds Despite Tightening Trump Sanctions - Bloomberg
Iran’s Rial Rebounds Despite Tightening Trump Sanctions - Bloomberg:
Iran’s currency has appreciated 40% in the past year, the country’s central bank governor said, recovering from historic lows reached after the U.S. abandoned the 2015 nuclear deal and reimposed sanctions.
Abdolnaser Hemmati said inflation had stabilized as the currency recovered, while the economy had recorded growth over the last 12 months despite the impact of sanctions and the threat of war, the state-run Islamic Republic News Agency quoted him as saying Friday.
Iran’s rial tumbled on the unregulated market after Donald Trump said he would pull his country out of the multilateral agreement aimed at preventing the Islamic Republic from building a nuclear bomb.
Iran’s currency has appreciated 40% in the past year, the country’s central bank governor said, recovering from historic lows reached after the U.S. abandoned the 2015 nuclear deal and reimposed sanctions.
Abdolnaser Hemmati said inflation had stabilized as the currency recovered, while the economy had recorded growth over the last 12 months despite the impact of sanctions and the threat of war, the state-run Islamic Republic News Agency quoted him as saying Friday.
Iran’s rial tumbled on the unregulated market after Donald Trump said he would pull his country out of the multilateral agreement aimed at preventing the Islamic Republic from building a nuclear bomb.
EU to keep U.S. islands on tax blacklist, drop #UAE, Switzerland - Reuters
EU to keep U.S. islands on tax blacklist, drop UAE, Switzerland - Reuters:
European Union finance ministers are set to remove the United Arab Emirates (UAE) and Switzerland next week from the bloc’s lists of countries deemed to be acting as tax havens, an EU document said.
They will however continue to blacklist three U.S. territories.
The 28-nation EU set up a blacklist and a grey list of tax havens in December 2017 after revelations of widespread avoidance schemes used by corporations and wealthy individuals to lower their tax bills.
European Union finance ministers are set to remove the United Arab Emirates (UAE) and Switzerland next week from the bloc’s lists of countries deemed to be acting as tax havens, an EU document said.
They will however continue to blacklist three U.S. territories.
The 28-nation EU set up a blacklist and a grey list of tax havens in December 2017 after revelations of widespread avoidance schemes used by corporations and wealthy individuals to lower their tax bills.
Who will buy #Lebanon's Eurobond? Not us, say foreign fund managers - Reuters
Who will buy Lebanon's Eurobond? Not us, say foreign fund managers - Reuters:
Lebanon may need support from loyal local banks or even friendly Gulf states to buy a new Eurobond as foreign investors look set to shun the sale, citing the country’s long list of troubles.
A Eurobond of around $2 billion is being prepared for sale this month, with cash raised earmarked for refinancing maturing debts and shoring up Lebanon’s shaky public finances.
But international appetite appears muted, with fund managers wary of putting money into one of the world’s most indebted countries as it grapples with a multitude of national and geopolitical concerns.
“I wouldn’t touch it with a very large stick,” said Aberdeen Standard portfolio manager Viktor Szabo. “It looks like they are getting closer and closer to an implosion.”
Lebanon may need support from loyal local banks or even friendly Gulf states to buy a new Eurobond as foreign investors look set to shun the sale, citing the country’s long list of troubles.
A Eurobond of around $2 billion is being prepared for sale this month, with cash raised earmarked for refinancing maturing debts and shoring up Lebanon’s shaky public finances.
But international appetite appears muted, with fund managers wary of putting money into one of the world’s most indebted countries as it grapples with a multitude of national and geopolitical concerns.
“I wouldn’t touch it with a very large stick,” said Aberdeen Standard portfolio manager Viktor Szabo. “It looks like they are getting closer and closer to an implosion.”
Oil settles up as U.S. unemployment rate drops, but crude ends week down 5% - Reuters
Oil settles up as U.S. unemployment rate drops, but crude ends week down 5% - Reuters:
Oil prices rose about 1% on Friday as an increase in U.S. jobs eased some financial market concerns that a slowing global economy could dent oil demand, but crude fell more than 5% on the week, its second consecutive weekly decline.
Brent crude LCOc1 futures gained 66 cents, or 1.14%, to settle at $58.37 a barrel. West Texas Intermediate (WTI) crude CLc1 futures rose 36 cents, or 0.7%, to settle at $52.81 a barrel.
Brent futures fell 5.7% for the week, its biggest weekly drop since July. WTI lost 5.5% for the week, also its steepest fall since July.
“The oil market is fixated on macro-economic issues and not necessarily current supply or demand,” said Phil Flynn, an analyst with Price Futures Group.
Oil prices rose about 1% on Friday as an increase in U.S. jobs eased some financial market concerns that a slowing global economy could dent oil demand, but crude fell more than 5% on the week, its second consecutive weekly decline.
Brent crude LCOc1 futures gained 66 cents, or 1.14%, to settle at $58.37 a barrel. West Texas Intermediate (WTI) crude CLc1 futures rose 36 cents, or 0.7%, to settle at $52.81 a barrel.
Brent futures fell 5.7% for the week, its biggest weekly drop since July. WTI lost 5.5% for the week, also its steepest fall since July.
“The oil market is fixated on macro-economic issues and not necessarily current supply or demand,” said Phil Flynn, an analyst with Price Futures Group.
Oil climbs but set for big weekly loss over demand worries - Reuters
Oil climbs but set for big weekly loss over demand worries - Reuters:
Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks.
Brent crude oil futures LCOc1 rose 12 cents, or 0.2%, to $57.83 a barrel by 0703 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 9 cents, or 0.2%, to $52.54.
“Today in Asia I believe we are seeing some pre-weekend buying, mostly as a risk hedge against anything happening in the Middle East over the weekend,” said Jeffrey Halley, a senior market analyst at OANDA in Singapore.
Oil futures were higher ahead of the weekend but remained on track for large weekly losses on fears that slower global economic growth will hurt fuel demand, even as Saudi Arabia said it has fully restored oil output after recent attacks.
Brent crude oil futures LCOc1 rose 12 cents, or 0.2%, to $57.83 a barrel by 0703 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 9 cents, or 0.2%, to $52.54.
“Today in Asia I believe we are seeing some pre-weekend buying, mostly as a risk hedge against anything happening in the Middle East over the weekend,” said Jeffrey Halley, a senior market analyst at OANDA in Singapore.
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