Big Oil’s Shrinking Act Has More to Go in China


Source: Bloomberg MarketsChina’s oil output slump shows no signs of abating as the country’s state-run energy giants hold back spending to cope with the crash in prices.China’s Big Three producers, led by PetroChina Co., have spent about half of their 2016 capital-expenditure targets in the first nine months of the year, according to operational data released last week by the co … [Read more...]

Iceland Shows What Beats Populist Parties: Growth and Jobs


Source: Bloomberg MarketsThe man who probably will be Iceland’s next prime minister says he knows how to deal with the global wave of populism that’s threatening the established order: Deliver plenty of economic growth and jobs. Bjarni Benediktsson, the 46-year-old leader of the conservative Independence Party, on Sunday emerged as the big winner in the nation’s snap election. T … [Read more...]

U.K. Banks May Gain $14.6 Billion Yearly Leaving EU, Says Lobby


Source: Bloomberg MarketsThe U.K.’s biggest banks and financial firms could gain an additional 12 billion pounds ($14.6 billion) a year in revenue from Britain leaving the European Union, according to a report from a pro-Brexit lobby group.Leaving the 28-nation trading bloc and ending membership in the EU single market for trade and services would help Britain cut “stifling Bru … [Read more...]

Egypt Moves Closer to IMF Loan With China Currency Swap Deal


Source: Bloomberg MarketsEgypt has reached a $2.7 billion currency swap agreement with China, moving closer to mustering the outside financing needed to win final approval of a $12 billion International Monetary Fund loan.The agreement is being processed by the Chinese authorities, an Egyptian central bank official said Sunday, speaking on condition of anonymity. The official … [Read more...]

RBA Seen Calling Time on Five-Year Easing Cycle


Source: Bloomberg MarketsIs Philip Lowe about to walk the talk?Having spent the six weeks since he took the helm at the Reserve Bank of Australia laying the groundwork for tolerating weak inflation, money markets now expect the Governor to see it through and leave the cash rate unchanged Tuesday. Traders are even signaling the current record-low 1.5 percent may be the bottom of … [Read more...]

Iraq Reveals Oilfields Output to Win Over OPEC Ahead of Meeting


Source: Bloomberg MarketsIraq published data showing a rare level of detail for its oil production and exports, a week after inviting energy reporters to Baghdad to make a case that the country is pumping more crude than analysts and OPEC acknowledge.The country’s state oil marketing agency released a statement on Sunday showing September production figures for each of the 26 f … [Read more...]

Powerful Quake Shakes Italy, Topples Benedictine Cathedral


Source: Bloomberg MarketsNorcia, Italy (AP) -- Another powerful earthquake shook Italy on Sunday, sending panicked people running into piazzas, raining boulders onto highways and toppling a Benedictine cathedral and other historic edifices that had withstood several recent quakes. There were no immediate reports of deaths.With a preliminary magnitude of 6.6, it was the … [Read more...]

Credit Suisse Discussing Cost-Sharing Bank Deal, Thiam Tells FT


Source: Bloomberg MarketsCredit Suisse Group AG, Switzerland’s second-largest lender, is in talks with another bank about ways to work together and cut costs, Chief Executive Officer Tidjane Thiam told the Financial Times.The discussions, which include potentially sharing databases and servers, are at an early stage, Thiam told the newspaper, without naming the potential pa … [Read more...]

Saudi Banks’ Lending Rate Drops Most Since 2009 as Crunch Eases


Source: Bloomberg MarketsThe worst cash squeeze at Saudi Arabian banks since the financial crisis is easing.A key interest rate used to price loans in the kingdom dropped on Sunday by the most in more than seven years, a sign that government measures to alleviate a liquidity shortage are working. The three-month Saudi Interbank Offered Rate declined 2.2 basis points after … [Read more...]

Hollande Remains Boss Even as Leadership Doubts Grow, Ally Says


Source: Bloomberg MarketsPresident Francois Hollande remains in charge even as his popularity remains stuck at record lows and doubts about his ability to seek a second mandate grow, one of his closest allies said.“The boss until he says otherwise is the president -- he was elected,” Stephane Le Foll, agriculture minister and government spokesman, said on Europe 1 radio. “I won’ … [Read more...]