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Reuters

Oil eases as new lockdowns raise concern about fuel demand
Markets

Oil eases as new lockdowns raise concern about fuel demand

  • US petroleum products supplied increase last week – EIA.
  • US distillate inventories post biggest drop since 2003 – EIA.
  • Europe revives lockdowns amid soaring coronavirus cases.
  • OPEC+ made little progress in compensating for overproduction.
  • Top global oil traders see slow oil demand recovery.
Published 16 Oct, 2020 01:51am
Pompeo criticizes Turkey's involvement in Nagorno-Karabakh conflict
World

Pompeo criticizes Turkey's involvement in Nagorno-Karabakh conflict

  • Several hundred people have been killed in the deadliest flare-up of the decades-old conflict since a 1990s war over Nagorno-Karabakh killed about 30,000 people.
  • Nagorno-Karabakh belongs to Azerbaijan under international law, but is populated and governed by ethnic Armenians.
Published 16 Oct, 2020 01:48am
Yields edge up as safe-haven buying sputters
Markets

Yields edge up as safe-haven buying sputters

  • Guy LeBas, chief fixed income strategist at Janney Capital Management in Philadelphia, said the session's earlier risk-on tone switched to risk off as Wall Street pared losses.
  • "You see it in the pretty substantial reversal after a big morning rally in Treasuries," he said.
Published 16 Oct, 2020 01:38am
Johnson to set out UK's Brexit approach on Friday, Frost says
World

Johnson to set out UK's Brexit approach on Friday, Frost says

  • Britain left the EU in January and the estranged allies have since been locked in complex negotiations to try to agree a free trade deal for when a status-quo transition period ends on Dec. 31.
  • The European Union on Thursday said Britain needed to compromise to secure an agreement.
Published 16 Oct, 2020 01:34am
Biden to raise $2.4 trillion from taxes over a decade
World

Biden to raise $2.4 trillion from taxes over a decade

  • Analysts at the Urban-Brookings Tax Policy Center revised a March estimate that suggested Biden would raise around $4 trillion in taxes,
  • The $4 trillion figure became a regular attack leveled by President Donald Trump against Biden ahead of their Nov. 3 election contest.
Published 16 Oct, 2020 01:32am
EU wheat extends rally after Chicago jumps to near 5-year high
Markets

EU wheat extends rally after Chicago jumps to near 5-year high

  • Benchmark December milling wheat on Paris-based Euronext unofficially closed 1.7% higher at 207.00 euros ($242.1) a tonne after touching a new contract high of 207.25 euros.
  • "The market is factoring signs that dry weather could hamper wheat crops in many large growing regions," a trader said.
Published 16 Oct, 2020 01:27am
UAE, Israel working on double tax treaty to encourage investment
World

UAE, Israel working on double tax treaty to encourage investment

  • Several commercial agreements have been signed between the two countries since mid-August, when they agreed to normalise relations.
  • There is a preliminary agreement between both countries to start negotiations with Israel on Double Taxation Avoidance Agreement soon.
Published 16 Oct, 2020 01:25am
Fiat Chrysler to invest up to $1.5bn to build EVs at Canadian plant
Business

Fiat Chrysler to invest up to $1.5bn to build EVs at Canadian plant

  • The auto union said FCA would invest in a state-of-the-art vehicle platform that will enable the assembly of plug-in hybrid and battery electric vehicles.
  • The announcement comes less than a month after Unifor said Ford Motor Co would invest C$1.95 billion ($1.46 billion) in its Oakville and Windsor plants.
Published 16 Oct, 2020 01:20am
France's Renault draws down part of state-backed loan
Business

France's Renault draws down part of state-backed loan

  • Jean-Dominique Senard did not detail how much of the loan Renault had tapped, but added that the group had ample liquidity.
  • There will not be a single euro of public money used for Renault, I'm stating this clearly, unless the world collapses.
Published 16 Oct, 2020 01:16am
Twitter unblocks Trump campaign account that shared NY Post story on Biden
World

Twitter unblocks Trump campaign account that shared NY Post story on Biden

  • The Trump campaign, with 2.2 million followers, said in a new tweet it was "re-posting the video Twitter doesn't want you to watch.
  • It's going to all end up in a big lawsuit and there are things that can happen that are very severe that I'd rather not see happen, but it's probably going to have to,
Published 16 Oct, 2020 01:10am