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Oil slides towards $30 per barrel - business live

Discussion in 'Market News' started by Lily, Jan 12, 2016.

  1. Lily

    Lily Forum Member

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    All the day’s economic and financial news, as Nigeria suggests OPEC may call an emergency meeting to discuss weak crude prices


    9.00am GMT

    This chart shows how Beijing drove up the interest rate on offshore yuan deposits overnight, in a bid to strengthen the currency.

    CHART: The overnight bank rate for China's offshore currency just exploded (via @BIAUS) https://t.co/V8ZkzeRFnB pic.twitter.com/oy50xbINaz

    8.50am GMT

    The latest slump in the oil price isn’t causing alarm in the European stock markets.

    Instead, shares are rallying as traders applaud China’s aggressive moves to prop up the yuan overnight.

    8.37am GMT

    Debenham’s has also beaten festive expectations, posting a 1.9% jump in like-for-like sales over Christmas.

    That’s rather better than its main rival, Marks & Spencer, who posted a 5.8% decline in general merchandise sales. It blamed unusually warm weather, but clearly some retailers coped better than others....

    Starting to look a lot like the weather wasn't a Christmas problem, it was an M&S Christmas problem... Debenhams & Morrisons sales up.

    8.22am GMT

    2015 was a rough year for UK supermarket chain Morrisons, as it struggled to cope with falling sales and profits.

    Morrisons achieved a surprise increase in sales over Christmas as customers returned to the supermarket chain.

    Sales at stores open a year or more, excluding fuel, rose 0.2% in the nine weeks to 3 January, Morrisons said in a trading statement. City analysts had expected like-for-like sales, which exclude new stores, to fall 2%.

    Morrisons shares surge 12% to 171p after better than expected Christmas: Tesco dragged higher too - up 6% to 154p and Sainsbury +3% to 251p

    8.08am GMT

    There is relief in Shanghai as the China’s stock market closes up today.

    #China stocks end higher in state efforts to stabilize the Yuan. pic.twitter.com/NhJGYXa06E

    7.57am GMT

    OPEC members who don’t like the look of $30 per barrel oil should take a deep breath -- analysts at Standard Chartered think prices could hit $10(!) a barrel.

    The bank argue that the strength of the US dollar, and pessimism in the stock market, could send oil down to levels not seen since 1999.

    “Given that no fundamental relationship is currently driving the oil market towards any equilibrium, prices are being moved almost entirely by financial flows caused by fluctuations in other asset prices, including the US dollar and equity markets.

    “We think prices could fall as low as $10/bbl before most of the money managers in the market conceded that matters had gone too far.”

    7.52am GMT

    The slump in the oil price could prompt the OPEC cartel into an emergency meeting, according to Nigeria’s energy minister.

    Emmanuel Ibe Kachikwu, Nigeria’s minister of state for petroleum resources, told reporters at a conference in Abu Dhabi that a couple of OPEC members have already suggested a meeting.

    #OPEC may hold emergency meeting in Q1 if #crudeoil prices remain low, says Nigerian oil minister Emmanuel Ibe Kachikwu

    #Crude | RTRS - NIGERIA OIL MIN SAYS OPEC MEMBERS MAY LOOK INTO HOLDING EMERGENCY MEETING IF PRICES DROPPED <$30 pic.twitter.com/2wLo5s2xGG

    7.42am GMT

    Oil is coming under renewed pressure today, as traders speculate about just how low the crude price will fall.

    Crude prices tumbled by another 3% today, hitting fresh 12 year lows. It is being driven down by concerns over the world economy’s weakness which is fuelling the oversupply glut.

    7.36am GMT

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    It looks like another day dominated by two familiar themes - China, and oil.

    “The market suspects that the People’s Bank of China is possibly using major state banks to directly drain yuan liquidity in offshore markets,” said a dealer at an European bank in Shanghai.

    The dealer described the strength of the central bank’s actions as being of “nuclear-weapon” level strength. “Its actions are comparable to steps taken by other central banks when they previously fought against international speculators, such as George Soros,” he said.

    Related: China resorts to 'nuclear strength' weapons to defend the yuan

    Our European opening calls: $FTSE 5874 up 2 $DAX 9818 down 7 $CAC 4313 up 1 $IBEX 8848 down 38 $MIB 19752 down 4

    UK companies posting numbers - GREGGS, WM MORRISON, AO WORLD, DEBENHAMS, SAGA, BIG YELLOW - US - CSX

    Continue reading...
     

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