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OPEC’s supply-cutting deal agreed last week is vague even by the standards of the oil producer group as no individual output targets are likely to be published, although precise plans from top exporter Saudi Arabia boost the agreement’s credibility.
The Organization of the Petroleum Exporting Countries, seeking to prevent a surplus that could weaken oil prices, agreed to cut production by 2.5 percent or 800,000 barrels per day (bpd) as part of a deal with Russia and other non-members.
OPEC has published less detail on how the cut will work than it did in 2016, when it first announced a supply-limiting deal with its allies. (RTRS – Continue Reading)
As expected, the central bank left rates unchanged today and still believes the franc is “highly valued”. Given that a strong appreciation of the franc is its worst nightmare, we believe it will wait for the ECB and won't hike before December 2019.
The target range for the three-month Libor was maintained between -1.25% and -0.25% and the interest rate on sight deposits with the Swiss National bank remains at -0.75%. Moreover, the central bank reiterated its willingness to intervene as required in foreign exchange markets to prevent an appreciation of the Swiss franc.
The Bank still believes the franc is “highly valued,” noting its volatility over the past three months and saying it is still considered a safe-haven asset. Indeed, according to the SNB, political factors in the euro area are the main culprits for the recent appreciation of the franc. (ING – Continue Reading)
She may have retained her job and the confidence of her party — for now — but Theresa May faces the same challenge today that she did yesterday: how to secure any kind of Brexit deal with the EU that can gain the support of most MPs.
It will all begin again today when the prime minister travels to Brussels for a summit at which she will appeal for further compromise. Here’s how the scenarios could pan out. (Times – Continue Reading)
Federal Reserve Chairman Jerome Powell has come under increasing pressure from President Donald Trump over the central bank’s gradual increase of interest rates. Trump has said the hikes will stifle the economy’s growth. Powell hasn’t publicly responded. (BBG-Continue Reading)
Here’s another reason Donald Trump is “not at all happy with the Fed” and will continue to be frustrated by the world’s No. 2 economy. He is the first president to suffer the new normal of China becoming more creditworthy than the U.S. That’s right: America now pays more to borrow money than China does.
Since 2015, when the Federal Reserve began raising interest rates, the gap between the countries’ Treasury bills has narrowed and then reversed, so that now the U.S. must offer higher yields than China when it sells one-year paper. That happened for the first time in November, when the spread between Chinese and American 10-year notes also collapsed, according to data compiled by Bloomberg. (BBG-Continue Reading)
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