Supply glut will keep oil prices down into next year, says IEA February 22, 2016 The global oil market will start rebalancing in 2017, but the supply glut will hold down prices, according to the International Energy Agency. "Only in 2017 will we finally see oil supply and demand aligned but the enormous stocks being accumulated will act as a dampener on the pace of recovery in oil prices when [...]
EU referendum uncertainty (and Boris Johnson) sends pound to seven-year low against the dollar February 22, 2016 Who knew Bojo had such influence over markets? The pound has gone into free fall today, showing its biggest one-day fall against the dollar in more than a year, as uncertainty over the EU referendum began to take hold. The pound fell more than 1.5 per cent against the dollar this morining, dropping as low as [...]
Deutsche Bank cuts fixed-income jobs in London and New York February 22, 2016 Deutsche Bank is cutting 75 jobs from its fixed income division, split between London and New York. Staff are being notified today, according to reports. "We are restructuring our FIC business to make it more suited to future market demand," said a spokesperson for Deutsche Bank. The cuts will affect less than two per cent [...]
WTI and Brent crude oil price floating on calm seas after a rough week February 22, 2016 The oil price has remained stable this morning, coming off the back of a week of wild swings. International benchmark Brent crude this morning is up by around two per cent at $33.08, however US West Texas Intermediate jumped by over over four per cent to $32.84, up from under $30 at the close of [...]
Negative interest rates: A “dangerous experiment” with “insidious” effects, economists say – but they’re creeping in to economies around the world. Cash could be abolished while asset bubbles grow February 22, 2016 Negative interest rates creeping into economies around the world have “insidious” effects which is the world is yet to see – and are part of a "dangerous experiment", experts are warning. The impact includes currency weakness, raising bank costs and could even lead to the abolition of cash. The hubbub over interest rate rises in the [...]
Visa’s new app will mean you can pay for petrol without leaving your car February 22, 2016 The Western world's quick decline into obesity was accelerated today by news that Visa has created new services whereby drivers can pay for fuel and parking without even leaving their car. The financial services firm has teamed up with Honda to create one of the apps, which can be accessed from the car's dashboard. It unveiled the new [...]
Manufacturers’ disappointing start to 2016 continues in February February 22, 2016 Manufacturers' disappointing start to the year continued this month, according to survey figures released this morning. The Confederation of British Industry's (CBI) headline total orders balance drooped to a score of minus 17 in February from minus 15 in January. The long run average of the total orders balance is minus 15. However, the survey of 497 [...]
China to close more than 1,000 coal mines this year to tackle supply glut February 22, 2016 China is planning on shutting down more than 1,000 coal mines this year to counter a mammoth supply glut, the country's energy regulator said today. The Asian superpower is the world's largest consumer of commodities, including coal, but demand has decreased in recent years due to the country's well-documented slowdown in economic growth. Read more: Slowdown [...]
Eurozone economy growing at its slowest pace for over a year, according to business survey February 22, 2016 A gauge of economic growth in the Eurozone fell to a 13-month low this month. Markit's flash purchasing managers' index (PMI) – compiled from a survey of businesses – dropped to a score of 52.7 in February from 53.6 in January, according to figures released this morning. Scores above 50 indicated growth, with February's lower score implying slower growth. The [...]
The Gulf can cope with low oil prices, says IMF’s Christine Lagarde February 22, 2016 The International Monetary Fund is confident that the Gulf economies can adjust to cope with a sustained period of low oil prices, Christine Lagarde said today. The IMF managing director – who was awarded a second term in the role on Friday – said oil producers would have to tighten their purse strings as prices are [...]