Market Updates


On Monday a lunch was scheduled between Prime Minister Theresa May and European Commission President Jean-Claude Juncker. A deal on what will happen to the Irish border after Brexit remains difficult.

“OPEC Meeting…..”

Concentrated efforts by producers to clear the surplus of oil are starting to pay off. It has taken OPEC and Russia almost 11 months of production cuts to clear up some of the oversupply. According to OPEC data, excess inventories in developed nations this year have been drained by 183 million barrel ….

“Budget Day in UK…..”

Theresa May’s government acknowledged that the UK economic outlook is deteriorating and unexpectedly set aside an extra GBP 3 billion to prepare for all Brexit outcomes. In his opening Budget speech in Parliament on Wednesday, Philip Hammond who is the Chancellor of the Exchequer …

“Venezuela Bond Defaults…..”

Venezuela is suffering from defaults on more than $60 bn of international bonds after missing several interest payments. S&P Global Ratings declared Venezuela to be in default after it missed two interest payments on its debt.

“Trump’s Visit to Asia…..”

Trump is on an eleven day trip in Asia where this week he visited Japan, South Korea and China. On his first stop he warned the nations against challenging the US and said he will push for freedom in the region and for fair trade in his meetings with other leaders.

“The Attack in New York…..”

At least eight people were killed and several more were seriously injured when a suspected terrorist ploughed a truck down a bicycle path in lower Manhattan blocks from the site of the World Trade Center before an officer shot and arrested him.

“ECB Meeting – A Soft Landing…..”

On Thursday in an ECB meeting policy makers decided to scale back bond buying to EUR 30 billion a month starting from January to September 2018. This is a step towards ending a program that has spent more than EUR 2 trillion trying to revive the euro-area inflation. This will take the ECB holding to a total of at least EUR 2.55 trillion.

“The EU Summit in Brussels…..”

European leaders have met this week in Brussels. Brexit is not the biggest talking point to be discussed as focus will be turned to other topics and challenges such as the situation in Spain, the relations with Turkey and the Iran Nuclear deal, French Trade Brake, North Korea and Migration Money, Russian Gas Pipeline and the future of the EU.

“Catalonia’s Independence…..”

The Catalonia secessionist leader Carles Puigdemont on Monday faced increased pressure to abandon plans to declare the region’s independence from Spain. France and Germany have expressed their support for the country’s unity.

“Shooting in Las Vegas….”

At least 59 victims were dead and 527 were injured in the deadliest mass shooting in modern US history. All this happened in an outdoor music festival in Las Vegas Nevada. The gunman identified as Stephen Craig Paddock, a 64 year old retired accountant from Mesquite Nevada killed himself before officers went in.

“Angela Merkel’s Election…..”

German Chancellor Angela Merkel won her fourth term in a vote that saw her party taking its lowest share of votes since 1949. She spoke about building a coalition government a day after her win.

“Central Mexico – Earthquake…”

The earthquake struck on 19 September 2017 with a magnitude estimated to be 7.1 and strong shaking for about 20 seconds, approximately 55 km south of the city of Puebla. It caused damage in the Mexican states of Puebla, Morelos and the Greater Mexico City area, including the collapse of more than forty buildings.

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