Prime News: Oil Prices Retain Gains as Producers Say Markets Poised for Rebalancing

Oil Prices Retain Gains as Producers Say Markets Poised for Rebalancing Oil prices were flat on Monday, maintaining the majority of the gains from the prior session to remain near their highest levels in months, as producers meeting in Vienna declare that the market was well underway towards rebalancing.
London Brent crude futures fell 0.3 percent to trade at $56.83 per barrel, close to the highest level since March. Meanwhile, U.S. crude futures fell 8 cents to trade at $50.58, after rising 0.2 percent on Friday.
OPEC and other major crude producers have agreed to limit production by around 1.8 million bpd since the start of the year, helping to prop-up prices by around 15 percent in the last three months.
The leader of the Joint Ministerial Monitoring Committee, Kuwaiti Oil Minister Essam al-Marzouq, said the supply reductions were helping to lower global crude inventories down to their five-year average, which is the cartel's target.
Russia's energy minister said that..

Oil Prices Retain Gains as Producers Say Markets Poised for Rebalancing

Oil Prices Retain Gains as Producers Say Markets Poised for Rebalancing

Oil prices were flat on Monday, maintaining the majority of the gains from the prior session to remain near their highest levels in months, as producers meeting in Vienna declare that the market was well underway towards rebalancing.

London Brent crude futures fell 0.3 percent to trade at $56.83 per barrel, close to the highest level since March. Meanwhile, U.S. crude futures fell 8 cents to trade at $50.58, after rising 0.2 percent on Friday.

OPEC and other major crude producers have agreed to limit production by around 1.8 million bpd since the start of the year, helping to prop-up prices by around 15 percent in the last three months.

The leader of the Joint Ministerial Monitoring Committee, Kuwaiti Oil Minister Essam al-Marzouq, said the supply reductions were helping to lower global crude inventories down to their five-year average, which is the cartel's target.

Russia's energy minister said that there was no finalized decision to prolong the production curbs past the end of March ahead of January, but other ministers indicated that such decision could be considered before the end of the year.

source

Prime News: Uber Seeks Dialogue with London Regulator to Renew License

Uber Seeks Dialogue with London Regulator to Renew License Uber is willing to make concessions in order to ensure the renewal of its London operating license, according to the ride-hailing service's chief in the capital.
An article published by a newspaper cited Tom Elvidge stating that Uber is open to dialogue regarding the steps it can take, but said such development would require talks with Transport for London.
TfL cited several factors, such as failure to report serious criminal offenses, perform proper background checks on drivers and implementation of other safety issues as the basis for not renewing the company's license.
The move came as Labour and the U.K.'s biggest union put pressure on Uber. TfL said the firm has not met the necessary requirements to hold a private hire operator license.
Since May 2016, Uber has been asking to hold a dialogue with the Mayor of London, but those requests have been denied, sources said.
Over 680, 000 signatures have been co..

Uber Seeks Dialogue with London Regulator to Renew License

Uber Seeks Dialogue with London Regulator to Renew License

Uber is willing to make concessions in order to ensure the renewal of its London operating license, according to the ride-hailing service's chief in the capital.

An article published by a newspaper cited Tom Elvidge stating that Uber is open to dialogue regarding the steps it can take, but said such development would require talks with Transport for London.

TfL cited several factors, such as failure to report serious criminal offenses, perform proper background checks on drivers and implementation of other safety issues as the basis for not renewing the company's license.

The move came as Labour and the U.K.'s biggest union put pressure on Uber. TfL said the firm has not met the necessary requirements to hold a private hire operator license.

Since May 2016, Uber has been asking to hold a dialogue with the Mayor of London, but those requests have been denied, sources said.

Over 680, 000 signatures have been collected for an online petition seeking to keep Uber operating in London after its license expires till the end of the month. The company has over 21 days to appeal TfL's ruling and continue to provide services in the area until the appeal process have been exhausted.

source

Prime News: Japan Flash Manufacturing PMI Notches 4-Month Peak

Japan Flash Manufacturing PMI Notches 4-Month Peak Japanese manufacturing activity grew in September at its quickest pace in four months as domestic and export orders increased, a preliminary private survey revealed.
The Nikkei-Markit “flash” Japan manufacturing purchasing managers' index increased to a four-month peak of 52.6 in September, higher from 52.2 in August.
The index continues to be above the 50 threshold which separates expansion from contraction from the 13th straight month and hit its highest level since May.
The flash manufacturing output index also hit its strongest growth in four months increasing to 53.5 from 52.2 in August.
The index for new export orders increased to a preliminary 53.1 from 51.3 in the month earlier. The flash index for new orders climbed to 52.5 from 51.9 in August.
New orders and new export orders both increased at a quicker pace than the month earlier as employment continues to grow, but at a moderate speed.
The PMI surveys comes a..

Japan Flash Manufacturing PMI Notches 4-Month Peak

Japan Flash Manufacturing PMI Notches 4-Month Peak

Japanese manufacturing activity grew in September at its quickest pace in four months as domestic and export orders increased, a preliminary private survey revealed.

The Nikkei-Markit “flash” Japan manufacturing purchasing managers' index increased to a four-month peak of 52.6 in September, higher from 52.2 in August.

The index continues to be above the 50 threshold which separates expansion from contraction from the 13th straight month and hit its highest level since May.

The flash manufacturing output index also hit its strongest growth in four months increasing to 53.5 from 52.2 in August.

The index for new export orders increased to a preliminary 53.1 from 51.3 in the month earlier. The flash index for new orders climbed to 52.5 from 51.9 in August.

New orders and new export orders both increased at a quicker pace than the month earlier as employment continues to grow, but at a moderate speed.

The PMI surveys comes after recent government data which showed that Japan's exports in August increased at its quickest in almost four years as a result of strengthening demand from overseas. It provides more evidence that the Japanese economy will continue to expand.

source

Prime News: Political Developments Weigh on New Zealand Dollar

Political Developments Weigh on New Zealand Dollar The initial gains the New Zealand dollar were pared after the inconclusive election results left investors uncertain of the formation of a governing coalition.
The New Zealand dollar fell 0.7 percent at $0.7288.
The kiwi retreated as New Zealand's ruling National Party won the biggest number of votes in the Saturday election but without a ruling majority. Now, it faces a round of coalition establishing that could last for days or weeks.
The formation of a government will depend on either the party brokering a coalition agreement with the New Zealand First Party, which may still take weeks. Prime Minister Bill English has claimed a mandate to create the next government after receiving the biggest share of the vote, as Labour leader Jacinda Ardern refuses to accept defeat.
Ahead of the elections, the kiwi fell whenever Labour, who promised to ban property sales to immigrants, consider a capital-gains tax and overhaul the organizat..

Political Developments Weigh on New Zealand Dollar

Political Developments Weigh on New Zealand Dollar

The initial gains the New Zealand dollar were pared after the inconclusive election results left investors uncertain of the formation of a governing coalition.

The New Zealand dollar fell 0.7 percent at $0.7288.

The kiwi retreated as New Zealand's ruling National Party won the biggest number of votes in the Saturday election but without a ruling majority. Now, it faces a round of coalition establishing that could last for days or weeks.

The formation of a government will depend on either the party brokering a coalition agreement with the New Zealand First Party, which may still take weeks. Prime Minister Bill English has claimed a mandate to create the next government after receiving the biggest share of the vote, as Labour leader Jacinda Ardern refuses to accept defeat.

Ahead of the elections, the kiwi fell whenever Labour, who promised to ban property sales to immigrants, consider a capital-gains tax and overhaul the organizational structure of the RBNZ, was gaining ground. Meanwhile, it rose a full U.S. cent after a survey showed the incumbent National Party, which promised tax relief and focus on solid economic management, was ahead.

source

Prime News: Gold Prices Drop on Stronger Dollar, Weaker Euro

Gold Prices Drop on Stronger Dollar, Weaker Euro Gold prices eased on Monday, after marking a second straight weekly decline the previous week, as the U.S. dollar strengthened while the euro slipped due to political uncertainty in Germany.
Spot gold fell 0.4 percent to $1,292.40 an ounce. It dropped around 1.7 percent the week earlier.
U.S. gold futures for December delivery slipped 0.2 percent to $1,295.30 an ounce.
The euro fell in early Asian trading following Germany's election which revealed growing support for a far-right party that caused Angela Merkel to form a governing coalition. Merkel won a fourth term in office but she will have to govern with a far less stable coalition.
Holdings at the SPDR Gold Trust GLD, the world's biggest gold-backed exchange-traded fund, increased 0.45 percent to 856.08 tonnes on Friday from 852.24 tonnes the previous day.
U.S. President Donald Trump warned North Korea's foreign minister that he and leader Kim Jong Un that “he ..

Gold Prices Drop on Stronger Dollar, Weaker Euro

Gold Prices Drop on Stronger Dollar, Weaker Euro

Gold prices eased on Monday, after marking a second straight weekly decline the previous week, as the U.S. dollar strengthened while the euro slipped due to political uncertainty in Germany.

Spot gold fell 0.4 percent to $1,292.40 an ounce. It dropped around 1.7 percent the week earlier.

U.S. gold futures for December delivery slipped 0.2 percent to $1,295.30 an ounce.

The euro fell in early Asian trading following Germany's election which revealed growing support for a far-right party that caused Angela Merkel to form a governing coalition. Merkel won a fourth term in office but she will have to govern with a far less stable coalition.

Holdings at the SPDR Gold Trust GLD, the world's biggest gold-backed exchange-traded fund, increased 0.45 percent to 856.08 tonnes on Friday from 852.24 tonnes the previous day.

U.S. President Donald Trump warned North Korea's foreign minister that he and leader Kim Jong Un that “he won't be around for much longer”, as Pyongyang staged a major anti-U.S. rally.

A proposal by U.S. Republicans to repeal and replace the Obamacare health insurance program dealt with critical new setbacks within the party, when Senator Ted Cruz voiced his opposition while Senator Susan Collins expressed strong criticism of the legislation.

source

Prime News: Australian Banks Scrap ATM Fees

Australian Banks Scrap ATM Fees The four biggest banks in Australia are removing cash withdrawal fees for all local users as they attempt to recover their reputations' status amid increasing political pressure for stricter laws following a series of scandals.
Australia's biggest bank, the Commonwealth Bank of Australia, announced on Sunday that it would scrap the A$2 or $1.60 fee for all users of its 3.4000 automated teller machines located across the nation. A few hours later, Westpac Banking Corp. and National Australia Bank Ltd. followed suit a few hours later. Meanwhile, Australia and New Zealand Banking Group Ltd.
Consumers have long criticized why they need to pay in order to access their own money, so the decision to remove the fees gives the industry, which has been hit by a string of scandals, some positive publicity.
Commonwealth Bank has been tackling allegations that it repeatedly broke anti-money laundering laws and is now faced with a civil court case and tw..

Australian Banks Scrap ATM Fees

Australian Banks Scrap ATM Fees

The four biggest banks in Australia are removing cash withdrawal fees for all local users as they attempt to recover their reputations' status amid increasing political pressure for stricter laws following a series of scandals.

Australia's biggest bank, the Commonwealth Bank of Australia, announced on Sunday that it would scrap the A$2 or $1.60 fee for all users of its 3.4000 automated teller machines located across the nation. A few hours later, Westpac Banking Corp. and National Australia Bank Ltd. followed suit a few hours later. Meanwhile, Australia and New Zealand Banking Group Ltd.

Consumers have long criticized why they need to pay in order to access their own money, so the decision to remove the fees gives the industry, which has been hit by a string of scandals, some positive publicity.

Commonwealth Bank has been tackling allegations that it repeatedly broke anti-money laundering laws and is now faced with a civil court case and two regulatory investigations.

Treasurer Scott Morrison told the media on Sunday that the Commonwealth Bank has tackled the issue, referring to the removal of cash-withdrawal charges. But he added that it is important to continue to take action across a variety of issues that are required to ensure that our banking is unbiased, more stable, more accountable, and more competitive.

source

Prime News: Euro Slides on Political Uncertainty

Euro Slides on Political Uncertainty The euro fell as Angela Merkel's win as German Chancellor was tainted by a worse-than-anticipated result that leaves her with challenging coalition talks.
Despite Merkel winning her fourth term in office, the euro ended a two-day rally as her current coalition party, the Social Democratic Party, excluded itself from an agreement with Merkel's Christian Democratic Union, making the establishment of a united government more difficult. Merkel will need to reach a consensus with pro-business Free Democratic Party and Green Party in order to form a coalition, a development that may need months.
The common currency fell 0.2 percent at $1.1934, increasing the gap between a two-and-a-half year high of $1.2092 hit on September 8, when the ECB policy meeting lifted hopes of currency bulls that the central bank would start unwinding its massive stimulus program.

While majority of currency analysts see the euro closing the year above the $1.20 mar..

Euro Slides on Political Uncertainty

Euro Slides on Political Uncertainty

The euro fell as Angela Merkel's win as German Chancellor was tainted by a worse-than-anticipated result that leaves her with challenging coalition talks.

Despite Merkel winning her fourth term in office, the euro ended a two-day rally as her current coalition party, the Social Democratic Party, excluded itself from an agreement with Merkel's Christian Democratic Union, making the establishment of a united government more difficult. Merkel will need to reach a consensus with pro-business Free Democratic Party and Green Party in order to form a coalition, a development that may need months.

The common currency fell 0.2 percent at $1.1934, increasing the gap between a two-and-a-half year high of $1.2092 hit on September 8, when the ECB policy meeting lifted hopes of currency bulls that the central bank would start unwinding its massive stimulus program.

While majority of currency analysts see the euro closing the year above the $1.20 mark after its 13 percent rally so far this year, lengthy negotiations to establish government could affect market sentiment. The FDP opposes further EU integration, while the far-right anti-immigrant Alternative for Germany party entering the parliament could put nationalist pressure on Merkel.

source

Prime News: Mixed Canada Economic Data Opens Doors for more Rate Hikes

Mixed Canada Economic Data Opens Doors for more Rate Hikes Canadian retail sales volumes dropped in July, indicating a softer pace of expansion at the beginning of the third quarter, although the acceleration in inflation in August still provides the central bank with room to hike interest rates once again.
A moderation in growth heading into the third quarter is anticipated following a solid first half of 2017 which made Canada a Group of Seven leader.
The strong performance caused the Bank of Canada to hike interest rates twice so far this year. Economists are trying to assess whether the central bank will hike rates once more by the end of the year or wait until 2018 to tighten.
Latest data revealed that total retail sales increased 0.4 percent. Although it surpassed expectations, economists expected a 0.2 percent drop in volumes, which implies that economic expansion was probably unchanged in July.
The annual inflation rate increased to 1.4 percent in August from 1.2 percent ..

Mixed Canada Economic Data Opens Doors for more Rate Hikes

Mixed Canada Economic Data Opens Doors for more Rate Hikes

Canadian retail sales volumes dropped in July, indicating a softer pace of expansion at the beginning of the third quarter, although the acceleration in inflation in August still provides the central bank with room to hike interest rates once again.

A moderation in growth heading into the third quarter is anticipated following a solid first half of 2017 which made Canada a Group of Seven leader.

The strong performance caused the Bank of Canada to hike interest rates twice so far this year. Economists are trying to assess whether the central bank will hike rates once more by the end of the year or wait until 2018 to tighten.

Latest data revealed that total retail sales increased 0.4 percent. Although it surpassed expectations, economists expected a 0.2 percent drop in volumes, which implies that economic expansion was probably unchanged in July.

The annual inflation rate increased to 1.4 percent in August from 1.2 percent in July.

Two out of three of the Bank of Canada's core gauges also increased, implying that inflation is stabilizing after recent weakness, according to economists.

Market chances of a hike in October fell to 37.7 percent from 41.6 percent ahead of the data release, although traders still imply an 83 percent likelihood of a rise in December.

The Bank of Canada's CPI common measure increased to 1.5 percent, and the CPI trim rose to 1.4 percent. CPI median was steady at 1.7 percent.

source

Prime News: Oil Prices Rise Ahead of OPEC Meeting

Oil Prices Rise Ahead of OPEC Meeting Oil prices climbed as the market awaits whether major oil producers will extend supply reductions beyond March at a meeting in Vienna later in the day.
International benchmark Brent crude futures stood at $56.51 per barrel, higher by 0.14 percent, from their previous close.
U.S. West Texas Intermediate crude futures rose 0.24 percent at $50.67 per barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers are set to meet in Vienna today to discuss a possible extension of the oil supply reduction deal to increase prices.
Focus will also be on the fact whether Nigeria and Libya, who have been exempted from the reductions, will join any future cuts. The two OPEC members were invited to the meeting.
Despite the OPEC's efforts, prices have remained lower amid rising U.S. oil production.
The Energy Information Administration (EIA) recently reported that U.S. crude production hit 9.51 million bpd in the week ended..

Oil Prices Rise Ahead of OPEC Meeting

Oil Prices Rise Ahead of OPEC Meeting

Oil prices climbed as the market awaits whether major oil producers will extend supply reductions beyond March at a meeting in Vienna later in the day.

International benchmark Brent crude futures stood at $56.51 per barrel, higher by 0.14 percent, from their previous close.

U.S. West Texas Intermediate crude futures rose 0.24 percent at $50.67 per barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers are set to meet in Vienna today to discuss a possible extension of the oil supply reduction deal to increase prices.

Focus will also be on the fact whether Nigeria and Libya, who have been exempted from the reductions, will join any future cuts. The two OPEC members were invited to the meeting.

Despite the OPEC's efforts, prices have remained lower amid rising U.S. oil production.

The Energy Information Administration (EIA) recently reported that U.S. crude production hit 9.51 million bpd in the week ended Sept.15, higher from 8.78 million bpd the previous week.

source