Everything you need to know about Opec’s output cut agreement September 29, 2016 Markets swung wildly this morning after Opec provisionally agreed to cut oil output for the first time since 2008, as it tries to accelerate the stricken market's recovery. What the agreement entails The Organisation of the Petroleum Exporting Countries (Opec) said yesterday that it would cut output to a range of 32.5-33m barrels per day. But how much each country [...]
Oil prices surge as Opec reaches historic deal to curb production September 28, 2016 The Organisation of Petroleum Exporting Countries (Opec) has tonight reached an agreement to limit oil production in a bid to bolster prices, and it's had an immediate effect. Brent crude, the global benchmark for oil prices, has soared to $48.74 per barrel, a rise of $2.77 or six per cent. Meanwhile, West Texas Intermediate, its US [...]
Before the bell: What you need to know before the US market open September 28, 2016 Germany has been forced to deny reports of a possible Deutsche Bank bailout after investors abandoned the troubled bank and megabrew is on after investors voted to approve the deal. Here's what you need to know before the US market open at 2:30pm London time. US futures are pointing up ahead of the open, though not by [...]
Cambridge biotech firm sees shares jump over 100 per cent on US pharma deal September 27, 2016 Shares in Cambridge-based pharma firm Sareum have shot up by 130 per cent after it announced its up-coming cancer drug has been licensed to North American firm ProNai Therapeutics. Sareum will collect $1.9m (£1.45m) as an up-front payment and is in line for up to $88.4m over the next eight to 10 years provided the [...]
Randgold Resources boss warns gold industry faces a supply crunch September 27, 2016 The boss of FTSE-listed miner Randgold Resources has warned that the gold industry is facing a supply crunch. Speaking in Johannesburg, South Africa yesterday, Mark Bristow told local mediathat global gold output was likely to peak in 2019 before coming down sharply. He attributed this to a dearth of new discoveries alongside cost cutting measures which mean miners are not replacing their [...]
Oil price sinks after Iran and Saudi Arabia play down prospects of an output freeze September 27, 2016 Oil prices have sunk today as investors scale back their expectations of a deal to curb output between some of the world's biggest suppliers. Rival producers Iran and Saudi Arabia have both poured water on the possibility of a deal being reached to limit oil exports, which have remained at record highs all year. Both [...]
Before the bell: What you need to know before the US market open September 27, 2016 A rise in US stock futures suggests investors are feeling more confident about a Clinton victory in the US election following the first candidate debate last night. Here's what you need to know before the US open at 2:30pm London time. The S&P is set to rise by 0.27 per cent at the open, while [...]
As a beleaguered Deutsche Bank faces a $14bn fine, Angela Merkel has ruled out state aid, but could a bailout be on the cards? September 27, 2016 Recent discussion of possible European bank bailouts has focused on Italy. Saddled with €360bn of souring loans and enfeebled by a stagnant, over-regulated economy, a number of Italian lenders face a very real risk of insolvency. In July, the country’s third largest, Monte dei Paschi di Siena, failed a stress test set by the European Central [...]
Investors turn bearish on global business cycle amid uncertainty September 27, 2016 Rising uncertainty has led to investors feeling less confident about the global business cycle. Those expecting global equities to rise has dropped to under half (47 per cent), down from 70 per cent just under two years ago, according to the latest Absolute Strategy Research (ASR) survey. Respondents think there is a 41 per cent [...]
Fears over hard Brexit send sterling to a five-week low against the euro September 26, 2016 Rising fears that the UK is heading for a so-called hard Brexit has driven the pound to five-week lows against the euro. Sterling dropped to its lowest level since 16 August against the euro, and also slid against the dollar. The government's stance on Brexit has appeared to be hardening recent, sparking fears in the [...]
