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Business confidence in Europe’s largest economy is expected to increase marginally after falling for five consecutive months to hit the lowest level in six-and-a-half years in August.
Economists said Ifo’s September survey of German business leaders is likely to follow the lead of Sentix and ZEW investor polls results earlier this month, which showed increased optimism in the future but further pessimism about the present.
Societe Generale said it expects Ifo poll results “to improve and show signs of activity close to bottoming.”
Oxford Economics said the “ZEW numbers are an early signal that sentiment will not improve, in line with our forecast of the German economy stagnating in Q3.” (LiveSquawk – Continue Reading)
Boris Johnson has warned not to expect a "New York breakthrough" on Brexit as he landed in the United States ahead of two days of discussions with world leaders.
The prime minister will meet France's Emmanuel Macron and Germany's Angela Merkel for a three-way discussion about subjects including Brexit and Iran, as he searches for a way of securing a deal before the end of next month.
He will also meet Leo Varadkar, the Irish prime minister, in the margins of the UN General Assembly, though much of the work will focus on climate change and Iran. (Sky News – Continue Reading)
Manufacturing sentiment in the eurozone fell in September to the worst level in nearly seven years, new figures released Monday show.
The flash eurozone manufacturing purchasing managers index fell to an 83-month low of 45.6 in September, down from 47 in August. Economists polled by FactSet expected a 47.3 reading, and any reading below 50 indicates worsening conditions.
German manufacturing PMI fell to 41.4 in September from 43.5, the worst reading in more than a decade.
The flash eurozone services PMI fell to an 8-month low of 52 from 53.5 in August, which was below the 53.2 reading expected by economists. (MarketWatch – Continue Reading)
Saudi Arabia has restored around 75% of crude output lost after attacks on its facilities and return to full volumes by early next week, a source briefed on the latest developments told Reuters on Monday.
Saudi's oil production from Khurais is now at more than 1.3 million bpd, while current production from Abqaiq is at about 3 million bpd, the source said.
The attacks on both Khurais and Abqaiq plants, some of the kingdom's biggest facilities, knocked down 5.7 million bpd, or more than half of the kingdom's oil production. Saudi officials have said the output will be fully back online by the end of September. (Reuters – Continue Reading)
The Saudi Arabian Oil Co. is in emergency talks with equipment makers and service providers, offering to pay premium rates for parts and repair work as it attempts a speedy recovery from missile attacks on its largest oil-processing facilities, Saudi officials and oil contractors said.
It may take many months—rather than the maximum 10 weeks company executives have promised—to restore operations to full working order, they said.
Following a devastating attack on its largest oil-processing facility more than a week ago, the company also known as Aramco is asking contractors to name their price for patch-ups and restorations. In recent days, company executives have bombarded contractors, including Baker Hughes , with phone calls, faxes and emails seeking emergency assistance, according to Saudi officials and oil-services suppliers in the kingdom. (WSJ - Continue Reading)
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