Saudi Arabia sets high bar for Opec supply deal

Saudi Arabia has set a high bar for any oil supply deal ahead of Wednesday’s Opec meeting in Vienna, as it attempts to put pressure on regional rivals Iran and Iraq to accept a larger share of output cuts. The oil production cartel is trying to reach an agreement to curb supplies for the first time since the financial crisis…

Italian banks fall fast on referendum jitters

Italian banks led sharp declines across the wider European financial sector on Monday, on concern about the risks to the financial system that could follow next weekend’s reform referendum. Italians will vote on reforming the country’s constitution on Sunday, and centre-left prime minister Matteo Renzi has vowed to step down if the referendum is rejected, a result suggested by current…

Russia’s rehabilitation trade prompts delight and scepticism

There is no mistaking the delight with which investors in Russia regard Donald Trump’s ascension to US presidency. And after more than two years near the top of the list of countries to avoid, international equity and bond traders are placing bets Mr Trump’s victory will not just improve ties between the historic adversaries, but facilitate Russia’s rehabilitation on the…

US stocks poised to slip from record highs

US stock-index futures pointed to a lower open on Wall Street, with stocks receding from all-time peaks, as investors’ risk appetite waned ahead of a jam-packed week. The benchmark American stock-market indexes, the S&P 500, Dow Jones Industrial Average and Nasdaq Composite, all notched new highs last week amid optimism over the country’s economic prospects following the fractious presidential election….

Christmas pudding pricier after Brexit hits pound

Tuck into the turkey but hold the Christmas pudding. Britons are facing a jump in prices for traditional pudding ingredients as the Brexit vote has sharply weakened the pound. However, the cost of Christmas dinners is almost unchanged from a year ago despite a rise in pork and vegetables. The slumping pound has helped push up the cost of key…

Dollar rally cools as attention turns to Opec meeting

A cooler dollar, softer stock markets including more pressure for Italian financials and slipping oil prices are the main factors setting the pace at the early part of the European trading day. The dollar is taking a breath after run higher, with the index tracking the world’s reserve currency against six of its rivals down 0.5 per cent, although it…

Jitters strike Italian bank stocks ahead of referendum

Stop me if you think you’ve heard this one before. Italian bank stocks are being hit hard this morning, leading declines across European financials ahead of a key referendum on December 4 that could have major consequences for plans to revive Italy’s troubled financial system. UniCredit – Italy’s most systemically important bank – is the biggest loser, falling 4 per…

DRW set for court showdown with US derivatives regulator

Don Wilson is a boldfaced name in derivatives markets, a place where many big traders prize anonymity. The head of DRW, one of the world’s largest proprietary traders, speaks on expert panels and belonged to an advisory committee to the US regulator for futures, options and swaps. This week he is due to make another public appearance — in a…

China coal prices still high after output curbs loosened

Beijing may have recently eased coal mines’ working day curbs in a bid to depress rising prices, but domestic futures contracts are sending mixed signals about the impact on China’s domestic market. The cost of a tonne of coking coal on the Dalian Commodity Exchange rose as much as 3.9 per cent to Rmb1,618 in Monday morning trade, having closed…

Renminbi trading band strengthened to start week

The People’s Bank of China started the week by setting the renminbi’s trading band against the dollar stronger – the first such start since October. China’s central bank set he midpoint for the 4 per cent trading band at Rmb6.9042, 0.18 per cent weaker from Friday’s level. That is also the first Monday strengthening since October 31. The PBoC has…