US markets fall while oil prices rise after attacks on Saudi supply September 16, 2019 Wall Street fell this afternoon after the weekend’s attack on Saudi crude oil facilities knocked out five per cent of the world’s supply. The attack on the world’s biggest oil exporter boosted oil prices by as much as 20 per cent before they eased off, as US President Donald Trump gave the green light for [...]
US charges JP Morgan precious metals traders with market manipulation and ‘racketeering’ September 16, 2019 JP Morgan’s global head of precious metals trading has been charged in the US with running an eight-year “racketeering conspiracy” to manipulate markets. Michael Nowak, 45, who ran the bank’s global precious metals trading desk, faces charges of a “massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants,” [...]
‘We had to respond’: ECB defends move to splash cash in Eurozone September 16, 2019 European Central Bank (ECB) chief economist Philip Lane has defended the institution’s decision to turn the stimulus taps back on, despite some public opposition from members of its governing council. The bank relaunched its massive bond-buying programme known as quantitive easing (QE) and cut its deposit rate by 0.1 percentage points to minus 0.5 per [...]
Moody’s downgrades Hong Kong’s outlook to negative September 16, 2019 Moody’s has downgraded Hong Kong’s rating outlook to negative, saying that ongoing political protests in the financial hub “reveal an erosion in the strength” of its institutions. Despite the changed outlook, Moody’s maintained Hong Kong’s overall Aa2 rating. Read more: Protesters throw petrol bombs as Hong Kong violence persists Rival ratings agency Fitch Ratings downgraded [...]
Saudi oil attack: How high could oil prices go after record-breaking rise? September 16, 2019 Analysts are this morning coming to terms with the implications of an attack on two Saudi processing plants after they pushed up oil prices as much as 20 per cent. The price of Brent crude rose as high as $71.95 per barrel this morning, however its have since given back most of those gains, trading [...]
Brexit: Sterling falls as Boris Johnson and Jean-Claude Juncker remain at loggerheads September 16, 2019 The pound has shed half a per cent against the dollar this morning as worries grow that Britain and the European Union are no closer to reaching a new Brexit deal. Read more: PM Johnson tips deal in ‘weeks’ ahead of Juncker meeting Prime Minister Boris Johnson is in Luxembourg this morning to meet European [...]
Royal Mint releases new coin after August gold rush September 16, 2019 August was the most popular month on record for sales of precious metals at the Royal Mint, which has released a new bullion coin following the spike in demand. Demand for bullion rose dramatically last month, rising 127 per cent compared to the same period in 2018, the Mint said. Read more: European stock markets [...]
European stock markets fall as oil worries shake investors September 16, 2019 European stock markets have fallen this morning as investors sell so-called risk assets following a severe spike in the price of oil due to a drone attack on a Saudi Arabian facility. Read more: Saudi Arabia oil facilities engulfed in flames after drone attacks The attack, believed to have been carried out by Yemen’s Houthi [...]
Energy giants’ stocks rise after oil prices soar on Saudi attack September 16, 2019 A major terrorist attack which wiped out half of Saudi oil production and sent oil prices soaring by record amounts has pushed up London’s energy companies this morning. BP and Shell led the FTSE 100 risers in early trading after an attack by Yemen’s Houthis knocked out half of Saudi Arabia’s supply, of 5 per [...]
Oil prices post record jump after attack on Saudi Arabia supplies September 16, 2019 Oil prices rocketed almost 20 per cent to more than $71 a barrel today after the US accused Iran of gutting half of Saudi Arabia’s oil production in a strike on two refineries over the weekend. Brent crude trimmed its record-breaking gains but its price still blew up 10.5 per cent to $66.56. World (WTI) [...]