This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.theguardian.com/business/live/2015/dec/09/german-trade-imports-exports-commodities-oil-bank-of-england-live

The article has changed 21 times. There is an RSS feed of changes available.

Version 7 Version 8
Germany hit by weak trade data; Anglo's shares hit record low - business live Germany hit by weak trade data; Anglo's shares hit record low - business live
(35 minutes later)
12.42pm GMT12:42
RBS fined over Coutts tax evasion case
Royal Bank of Scotland has been fined by Swiss authorities over tax evasion allegations involving its wealth manager arm, Coutts.
RBS will pay €23m to Swiss authorities to settle claims that staff at Coutt’s international arm helped clients to dodge tax.
The case hit the headlines back in February 2015. As we wrote at the time:
German prosecutors are investigating current and former employees of the private bank’s Zurich and Geneva offices.
The bank looks after £20bn belonging to 32,000 international customers including sovereigns, celebrities and multimillionaire entrepreneurs. Each must show they have at least £1m in free cash to open an account – and even then they may not be allowed in.
Related: Coutts' Swiss operation faces tax evasion claims
Coutts is famously the Queen’s bank, although this case didn’t involve staff in London.
RBS sold the international arm of Coutts this spring, but retained liability for this case. It still owns the UK division.
12.02pm GMT12:0212.02pm GMT12:02
Back in the UK... policymakers at the Bank of England have warned that it is “difficult to predict” how global markets will react to a US interest rate hike.Back in the UK... policymakers at the Bank of England have warned that it is “difficult to predict” how global markets will react to a US interest rate hike.
And that is a worry, given that UK banks are rather exposed to emerging markets; they could suffer if capital surges back into American assets such as the dollar.And that is a worry, given that UK banks are rather exposed to emerging markets; they could suffer if capital surges back into American assets such as the dollar.
Here’s the story:Here’s the story:
Related: Market reaction to US rate rise troubles Bank of EnglandRelated: Market reaction to US rate rise troubles Bank of England
11.42am GMT11:4211.42am GMT11:42
You can see the moment that VW announced that its CO2 emissions problems only affected around 36,000 cars, not 800,000:You can see the moment that VW announced that its CO2 emissions problems only affected around 36,000 cars, not 800,000:
11.24am GMT11:2411.24am GMT11:24
VW: CO2 problem not as bad as thoughtVW: CO2 problem not as bad as thought
Newsflash: The Volkswagen emissions scandal may not be as bad as feared.Newsflash: The Volkswagen emissions scandal may not be as bad as feared.
The Wolfsburg-based carmaker has announced that far fewer vehicles than originally thought have been pumping out more CO2 than claimed, and breaching fuel efficiency figures.The Wolfsburg-based carmaker has announced that far fewer vehicles than originally thought have been pumping out more CO2 than claimed, and breaching fuel efficiency figures.
#BREAKING Volkswagen says carbon emission claims proven to be unfounded#BREAKING Volkswagen says carbon emission claims proven to be unfounded
According to VW, its investigation found that around 36,000 cars are affected, not the 800,000 vehicles initially estimated last month.According to VW, its investigation found that around 36,000 cars are affected, not the 800,000 vehicles initially estimated last month.
Reuters has the details:Reuters has the details:
“Only a small number of the model variants of new cars will have the catalogue (CO2) figure slightly adjusted,” VW said on Tuesday, adding the number of affected cars was equivalent to about 36,000 vehicles.“Only a small number of the model variants of new cars will have the catalogue (CO2) figure slightly adjusted,” VW said on Tuesday, adding the number of affected cars was equivalent to about 36,000 vehicles.
It’s some relief for the carmaker, which will update the media on the emissions scandal tomorrow.It’s some relief for the carmaker, which will update the media on the emissions scandal tomorrow.
Shares in Volkswagen have jumped by 4.5% today, as investors welcome the news. It had originally set aside €2bn to cover the problem; today’s announcement suggests the financial impact will be significantly smaller.Shares in Volkswagen have jumped by 4.5% today, as investors welcome the news. It had originally set aside €2bn to cover the problem; today’s announcement suggests the financial impact will be significantly smaller.
VW is not in the clear, though. The CO2 issue is separate from the original scandal, that millions of cars used secret software to disguise nitrogen oxide emissions.VW is not in the clear, though. The CO2 issue is separate from the original scandal, that millions of cars used secret software to disguise nitrogen oxide emissions.
EIL: Verdacht auf falsche CO2-Angaben größtenteils entkräftet, sagt @Volkswagen, laut @AFP pic.twitter.com/ux85UJqTbNEIL: Verdacht auf falsche CO2-Angaben größtenteils entkräftet, sagt @Volkswagen, laut @AFP pic.twitter.com/ux85UJqTbN
Updated at 11.34am GMTUpdated at 11.34am GMT
10.31am GMT10:3110.31am GMT10:31
Anglo American’s share price has plunged by 90% since its peak in early 2008, before the financial crisis.Anglo American’s share price has plunged by 90% since its peak in early 2008, before the financial crisis.
It did rally in 2010 and 2011, helped by solid demand from China for its coal and iron ore, as well as platinum and diamonds (Anglo’s other main products)It did rally in 2010 and 2011, helped by solid demand from China for its coal and iron ore, as well as platinum and diamonds (Anglo’s other main products)
But, like other miners, the company has suffered from the emerging market slowdown, which has hurt demand for products like steel.But, like other miners, the company has suffered from the emerging market slowdown, which has hurt demand for products like steel.
#Commodities Watch: @AngloAmerican down 8% (after 12% yesterday) -- and down an eye-watering 91% from record high pic.twitter.com/jlEioywA9q#Commodities Watch: @AngloAmerican down 8% (after 12% yesterday) -- and down an eye-watering 91% from record high pic.twitter.com/jlEioywA9q
10.24am GMT10:2410.24am GMT10:24
Anyone who received mining shares from Father Christmas last year has our sympathies.Anyone who received mining shares from Father Christmas last year has our sympathies.
Anglo American has had it bad this year, down 75% but not the only one. YTD - Lonmin down 95%, Glencore down 73%, BHP Billiton down 47%Anglo American has had it bad this year, down 75% but not the only one. YTD - Lonmin down 95%, Glencore down 73%, BHP Billiton down 47%
10.23am GMT10:2310.23am GMT10:23
Mining angst drags FTSE 100 to three-week lowMining angst drags FTSE 100 to three-week low
The slump in Anglo American’s shares (-8.5% at pixel time) has dragged the FTSE 100 into the red.The slump in Anglo American’s shares (-8.5% at pixel time) has dragged the FTSE 100 into the red.
The blue chip index is down 9 points now, hitting its lowest point since 16 November.The blue chip index is down 9 points now, hitting its lowest point since 16 November.
Other mining companies are under pressure too. Fresnillo, the silver miner, is down 6%, while copper producer Antofagasta has dropped by 2%.Other mining companies are under pressure too. Fresnillo, the silver miner, is down 6%, while copper producer Antofagasta has dropped by 2%.
Investors are worried that Anglo may not be the last mining company to axe its dividend in an attempt to preserve capital and ride out the slump.Investors are worried that Anglo may not be the last mining company to axe its dividend in an attempt to preserve capital and ride out the slump.
Alastair McCaig of IG explains:Alastair McCaig of IG explains:
Once again the mining sector is dragging the FTSE lower, although not with the aggression seen yesterday.Once again the mining sector is dragging the FTSE lower, although not with the aggression seen yesterday.
Worries that Anglo American’s actions yesterday might become the template for others in that sector have seen investors running for the exits, as a second day of double-digit falls hit. Cost-cutting and asset stripping have already been exhausted and, as unattractive as it might be, trimming or suspending dividends might be the course of action that others have to follow.Worries that Anglo American’s actions yesterday might become the template for others in that sector have seen investors running for the exits, as a second day of double-digit falls hit. Cost-cutting and asset stripping have already been exhausted and, as unattractive as it might be, trimming or suspending dividends might be the course of action that others have to follow.
Anglo’s decline is eye-watering. My colleague Nick Fletcher flags up that more than £1bn has been wiped off its value since first thing yesterday, when it announced sweeping cutbacks.Anglo’s decline is eye-watering. My colleague Nick Fletcher flags up that more than £1bn has been wiped off its value since first thing yesterday, when it announced sweeping cutbacks.
Related: Anglo American slumps another 13%, losing £1.2bn since restructuring newsRelated: Anglo American slumps another 13%, losing £1.2bn since restructuring news
9.58am GMT09:589.58am GMT09:58
A quick shout-out for ICAP, the City brokerage which is holding its annual charity day today.A quick shout-out for ICAP, the City brokerage which is holding its annual charity day today.
The great, the good ( and the not-so good?) will all be manning the phones at ICAP’s offices around the globe today. They’ll be closing deals, swapping bon mots with traders and trying to raise as much as possible for a range of good causes.The great, the good ( and the not-so good?) will all be manning the phones at ICAP’s offices around the globe today. They’ll be closing deals, swapping bon mots with traders and trying to raise as much as possible for a range of good causes.
This year, the Duke and Duchess of Cambridge will both be taking part. Wills is a regular at ICAPs’ fundraiser, but it’s Kate’s first year (good luck, ma’am)This year, the Duke and Duchess of Cambridge will both be taking part. Wills is a regular at ICAPs’ fundraiser, but it’s Kate’s first year (good luck, ma’am)
Samantha Cameron, the PM’s wife, is also lending a hand. And the president of Singapore has being doing his bit.Samantha Cameron, the PM’s wife, is also lending a hand. And the president of Singapore has being doing his bit.
Delighted to welcome Samantha Cameron to #ICAPCharityDay in support of @MulberryBushOrgDelighted to welcome Samantha Cameron to #ICAPCharityDay in support of @MulberryBushOrg
#ICAPCharityDay2015 Singapore is delighted to welcome @ Mr President Tony Tan on behalf of President's Challenge! pic.twitter.com/84giflDxge#ICAPCharityDay2015 Singapore is delighted to welcome @ Mr President Tony Tan on behalf of President's Challenge! pic.twitter.com/84giflDxge
Heavyweight champion boxer Tyson Fury, who has been widely criticised for a range of unsavoury, outdated and unwelcome comments, has tweeted that he might be taking part too:Heavyweight champion boxer Tyson Fury, who has been widely criticised for a range of unsavoury, outdated and unwelcome comments, has tweeted that he might be taking part too:
Thanks @stefanpoleon for the invite to the @ICAPCharityDay... Gloves down for the day mate.Thanks @stefanpoleon for the invite to the @ICAPCharityDay... Gloves down for the day mate.
ICAP founder Michael Spencer was just interviewed on Bloomberg.ICAP founder Michael Spencer was just interviewed on Bloomberg.
He argued that the Federal Reserve should “get it done now” and raise interest rates at next week’s meeting.He argued that the Federal Reserve should “get it done now” and raise interest rates at next week’s meeting.
Spencer, a former Conservative Party treasurer, is managing to sit on the Brexit fence.Spencer, a former Conservative Party treasurer, is managing to sit on the Brexit fence.
And asked about Britain’s upcoming EU referendum, he said that:And asked about Britain’s upcoming EU referendum, he said that:
On balance, I think the business would be better if we stay in Europe.On balance, I think the business would be better if we stay in Europe.
Spencer hasn’t decided how he’ll vote, though. And he earlier told Radio 4’s Today programme that Britain could thrive outside the EU.Spencer hasn’t decided how he’ll vote, though. And he earlier told Radio 4’s Today programme that Britain could thrive outside the EU.
Updated at 10.02am GMTUpdated at 10.02am GMT
9.27am GMT09:279.27am GMT09:27
Anglo American’s slump is deepening. The mining firm’s shares have now tumbled by 11% today, meaning it has lost 76% of its value this year.Anglo American’s slump is deepening. The mining firm’s shares have now tumbled by 11% today, meaning it has lost 76% of its value this year.
Anglo-American, once a #mining titan, now worth just $5.6bn -- or about the same as the company that makes Candy Crush.Anglo-American, once a #mining titan, now worth just $5.6bn -- or about the same as the company that makes Candy Crush.
Updated at 9.27am GMTUpdated at 9.27am GMT
9.17am GMT09:179.17am GMT09:17
Two interesting developments from China to flag up:Two interesting developments from China to flag up:
1) The People’s Bank of Chine has fixed the yuan at its lowest level against the US dollar in four years. That indicates that the economic slowdown, and capital outflows, are hurting the yuan.1) The People’s Bank of Chine has fixed the yuan at its lowest level against the US dollar in four years. That indicates that the economic slowdown, and capital outflows, are hurting the yuan.
The PBoC may be relaxing its efforts to defend the yuan, now that the IMF has agreed to add it to its currency basket.The PBoC may be relaxing its efforts to defend the yuan, now that the IMF has agreed to add it to its currency basket.
2) China’s inflation rate came in higher than expected last month, rising to 1.5% from 1.3% in October.2) China’s inflation rate came in higher than expected last month, rising to 1.5% from 1.3% in October.
However, the prices that Chinese firms are receiving for their goods (the producer prices index) fell again. That indicates weak demand - a key cause of the commodity crash.However, the prices that Chinese firms are receiving for their goods (the producer prices index) fell again. That indicates weak demand - a key cause of the commodity crash.
#China's inflation stabilizes BUT producer prices extending declines to a record 45 months. https://t.co/5wq6ShBV7n pic.twitter.com/2ixXrTBhAE#China's inflation stabilizes BUT producer prices extending declines to a record 45 months. https://t.co/5wq6ShBV7n pic.twitter.com/2ixXrTBhAE
Updated at 10.52am GMTUpdated at 10.52am GMT
9.01am GMT09:019.01am GMT09:01
Societe Generale’s Kit Juckes captures the mood this morning:Societe Generale’s Kit Juckes captures the mood this morning:
Oil prices have stopped falling, at least for now. Commodity markets are quiet even as the press is dominated by their weakness. And there’s a dearth of news to drive direction.Oil prices have stopped falling, at least for now. Commodity markets are quiet even as the press is dominated by their weakness. And there’s a dearth of news to drive direction.
8.57am GMT08:578.57am GMT08:57
There’s not relief for Anglo American this morning, as the long-established mining group’s shares hit fresh lows.There’s not relief for Anglo American this morning, as the long-established mining group’s shares hit fresh lows.
Shares in Anglo have slumped by almost 6%, having tumbled by 12% on Tuesday to its lowest ever level.Shares in Anglo have slumped by almost 6%, having tumbled by 12% on Tuesday to its lowest ever level.
Investors clearly don’t think the worst is over for Anglo, after it announced 85,000 job cuts and froze its dividend yesterday.Investors clearly don’t think the worst is over for Anglo, after it announced 85,000 job cuts and froze its dividend yesterday.
Wednesday's FT front page: Commodities rout spurs Anglo to axe payouts and 85,000 jobs #tomorrowspaperstoday pic.twitter.com/oIV76UM4A7Wednesday's FT front page: Commodities rout spurs Anglo to axe payouts and 85,000 jobs #tomorrowspaperstoday pic.twitter.com/oIV76UM4A7
Other mining stocks are recovering a little, though.Other mining stocks are recovering a little, though.
Rio Tinto is up 0.8%, having hit the lowest since 2009 on Tuesday. BHP Billiton has gained 0.9%, staggering back from a 10-year low.Rio Tinto is up 0.8%, having hit the lowest since 2009 on Tuesday. BHP Billiton has gained 0.9%, staggering back from a 10-year low.
8.40am GMT08:408.40am GMT08:40
Oil rout takes a breatherOil rout takes a breather
After two days of turmoil, there is a sense of calm in the commodities sector today.After two days of turmoil, there is a sense of calm in the commodities sector today.
Brent crude oil has gained 1.2% to $40.78 per barrel in early trading. That follows a truly dramatic day yesterday when it plunged below $40 before rebounding:Brent crude oil has gained 1.2% to $40.78 per barrel in early trading. That follows a truly dramatic day yesterday when it plunged below $40 before rebounding:
Oil. Boing. pic.twitter.com/74et3KOOx4Oil. Boing. pic.twitter.com/74et3KOOx4
US crude is gaining ground too - up 1.6% at $38.12 per barrel.US crude is gaining ground too - up 1.6% at $38.12 per barrel.
But there’s still plenty of nervousness in the markets.But there’s still plenty of nervousness in the markets.
FXTM Research Analyst Lukman Otunuga says prices could easily subside again:FXTM Research Analyst Lukman Otunuga says prices could easily subside again:
The decision from OPEC late last week to leave production levels unchanged has left a damaging mark and with investor sentiment continuously weak, the gates have been left wide open for WTI Oil to trade to extremely low levels, the likes of which have not been seen since the beginning of 2009 when prices reached $35.The decision from OPEC late last week to leave production levels unchanged has left a damaging mark and with investor sentiment continuously weak, the gates have been left wide open for WTI Oil to trade to extremely low levels, the likes of which have not been seen since the beginning of 2009 when prices reached $35.
Updated at 10.53am GMTUpdated at 10.53am GMT
8.26am GMT08:268.26am GMT08:26
German trade surplus near record highGerman trade surplus near record high
Germany’s trade surplus actually rose in October to over €20bn, because imports (-3.4%) fell faster than exports (-1.2%).Germany’s trade surplus actually rose in October to over €20bn, because imports (-3.4%) fell faster than exports (-1.2%).
German #export growth continues to slow down. Monthly trade surplus still around EUR 20 bn. #Germany #trade pic.twitter.com/fSOqxQTXayGerman #export growth continues to slow down. Monthly trade surplus still around EUR 20 bn. #Germany #trade pic.twitter.com/fSOqxQTXay
That’s close to the record surpluses posted this summer.That’s close to the record surpluses posted this summer.
Some may see this as a sign of Germany’s industrial might - producing products the rest of the world is keen to buy.Some may see this as a sign of Germany’s industrial might - producing products the rest of the world is keen to buy.
But it will also concern critics who argue that the German trade surplus is causing serious problems; sucking demand from elsewhere, and making it harder for its neighbours to grow.But it will also concern critics who argue that the German trade surplus is causing serious problems; sucking demand from elsewhere, and making it harder for its neighbours to grow.
As America’s former top central banker, Ben Bernanke, put it recently:As America’s former top central banker, Ben Bernanke, put it recently:
In a slow-growing world that is short aggregate demand, Germany’s trade surplus is a problem.In a slow-growing world that is short aggregate demand, Germany’s trade surplus is a problem.
Several other members of the euro zone are in deep recession, with high unemployment and with no “fiscal space” (meaning that their fiscal situations don’t allow them to raise spending or cut taxes as a way of stimulating domestic demand). Despite signs of recovery in the United States, growth is also generally slow outside the euro zone. The fact that Germany is selling so much more than it is buying redirects demand from its neighbors (as well as from other countries around the world), reducing output and employment outside Germany at a time at which monetary policy in many countries is reaching its limits.Several other members of the euro zone are in deep recession, with high unemployment and with no “fiscal space” (meaning that their fiscal situations don’t allow them to raise spending or cut taxes as a way of stimulating domestic demand). Despite signs of recovery in the United States, growth is also generally slow outside the euro zone. The fact that Germany is selling so much more than it is buying redirects demand from its neighbors (as well as from other countries around the world), reducing output and employment outside Germany at a time at which monetary policy in many countries is reaching its limits.
8.14am GMT08:148.14am GMT08:14
ING: Germany suffering from Chinese and Russian slowdownING: Germany suffering from Chinese and Russian slowdown
Today’s trade data show that Germany’s economy is “weakening, but not faltering”, argues Carsten Brzeski, ING economist.Today’s trade data show that Germany’s economy is “weakening, but not faltering”, argues Carsten Brzeski, ING economist.
He points out that demand from certain large emerging nations has contracted this year.He points out that demand from certain large emerging nations has contracted this year.
During the first nine months of the year, exports to China were down by 2.5% compared with last year’s period, showing the negative impact from the ongoing slowdown of the Chinese economy.During the first nine months of the year, exports to China were down by 2.5% compared with last year’s period, showing the negative impact from the ongoing slowdown of the Chinese economy.
At the same time, exports to Russia were slashed further, dropping another 28% on the back of sanctions. On the positive side, exports to the US surged by more than 20%, reflecting the direct impact of the euro weakening.At the same time, exports to Russia were slashed further, dropping another 28% on the back of sanctions. On the positive side, exports to the US surged by more than 20%, reflecting the direct impact of the euro weakening.
Germany has benefitted strongly from the ultra-loose monetary policy in the eurozone this year (ironic, given it needed the stimulus rather less than, say, France or Italy)Germany has benefitted strongly from the ultra-loose monetary policy in the eurozone this year (ironic, given it needed the stimulus rather less than, say, France or Italy)
And Carsten predicts that this trend will continue in 2016, with the weak euro making German exports competitive.And Carsten predicts that this trend will continue in 2016, with the weak euro making German exports competitive.
German exports have become an extremely mixed bag, always up for surprises and full of diverging trends. Due to too many economic slowdowns and geopolitical conflicts around the world, exports will continue having troubles gaining more momentum in the period ahead.German exports have become an extremely mixed bag, always up for surprises and full of diverging trends. Due to too many economic slowdowns and geopolitical conflicts around the world, exports will continue having troubles gaining more momentum in the period ahead.
However, as long as the monetary policy divergence on both sides of the Atlantic continues and the ECB continues with QE, exports should remain supportive to growth.However, as long as the monetary policy divergence on both sides of the Atlantic continues and the ECB continues with QE, exports should remain supportive to growth.
Weakening but not faltering. Quick take on German trade data. https://t.co/2Xr6ayvEkSWeakening but not faltering. Quick take on German trade data. https://t.co/2Xr6ayvEkS
Updated at 8.18am GMTUpdated at 8.18am GMT
7.56am GMT07:567.56am GMT07:56
German imports and exports slideGerman imports and exports slide
Germany has kicked the day off with disappointing trade data which suggests Europe’s largest economy is suffering from weakening demand at home, and abroad.Germany has kicked the day off with disappointing trade data which suggests Europe’s largest economy is suffering from weakening demand at home, and abroad.
German exports fell by 1.2 % month-on-month to €99bn in October (on a seasonally adjusted basis), according to the Federal Statistics Office.German exports fell by 1.2 % month-on-month to €99bn in October (on a seasonally adjusted basis), according to the Federal Statistics Office.
And imports took a sharper hit - contracting by 3.4% during the month to €78.3bn.And imports took a sharper hit - contracting by 3.4% during the month to €78.3bn.
It’s a weaker performance than expected:It’s a weaker performance than expected:
#German trade balance data disappointed - miss on Export and import figure#German trade balance data disappointed - miss on Export and import figure
The data also shows that the slowdown in emerging markets has been hurting Germany this year.The data also shows that the slowdown in emerging markets has been hurting Germany this year.
Over the year, German exports outside the EU have shrunk by 0.9% while sales to other EU countries are up by 6.4%.Over the year, German exports outside the EU have shrunk by 0.9% while sales to other EU countries are up by 6.4%.
Not a great sign for German growth this quarter....Not a great sign for German growth this quarter....
Bad #Germany trade data indicate a slowdown in Q4.Bad #Germany trade data indicate a slowdown in Q4.
I’ll pull together some reaction now...I’ll pull together some reaction now...
Updated at 8.20am GMTUpdated at 8.20am GMT
7.32am GMT07:327.32am GMT07:32
The Agenda: Can commodity crunch bottom out?The Agenda: Can commodity crunch bottom out?
Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
Today we’ll be watching the commodity markets closely, after yesterday’s rout.Today we’ll be watching the commodity markets closely, after yesterday’s rout.
Some investors are feeling pretty bruised after seeing iron ore prices hit their lowest in a decade, oil plunge below $40/barrel, and mining company shares hit their lowest in years (or ever, in Anglo American’s case).Some investors are feeling pretty bruised after seeing iron ore prices hit their lowest in a decade, oil plunge below $40/barrel, and mining company shares hit their lowest in years (or ever, in Anglo American’s case).
And worse could be ahead, if oil prices don’t bottom out soon.And worse could be ahead, if oil prices don’t bottom out soon.
As Alexei Moiseev, Russia’s deputy finance minister, put it to Reuters:As Alexei Moiseev, Russia’s deputy finance minister, put it to Reuters:
“If oil goes to $20, we will need to do additional [spending] cuts. Clearly we have shown that we are very willing to cut fiscal spending in line with an oil price at $60, for example.“If oil goes to $20, we will need to do additional [spending] cuts. Clearly we have shown that we are very willing to cut fiscal spending in line with an oil price at $60, for example.
In order for us to be long-term sustainable [with the] oil price at $40, we need to do additional cuts, but if the oil price goes to $20 we need to do even more cuts.”In order for us to be long-term sustainable [with the] oil price at $40, we need to do additional cuts, but if the oil price goes to $20 we need to do even more cuts.”
Related: Oil producers prepare for prices to halve to $20 a barrelRelated: Oil producers prepare for prices to halve to $20 a barrel
We get a new snapshot of America’s oil industry at 3.3pm GMT today, when the latest US crude oil inventories are released.We get a new snapshot of America’s oil industry at 3.3pm GMT today, when the latest US crude oil inventories are released.
The commodity rout is raising new concerns over the resilience of the global economy, as America’s central bank prepares to raise interest rates.The commodity rout is raising new concerns over the resilience of the global economy, as America’s central bank prepares to raise interest rates.
We find out how worried the Bank of England, when the minutes of its latest Financial Policy Committee meeting are released at 9.30am.We find out how worried the Bank of England, when the minutes of its latest Financial Policy Committee meeting are released at 9.30am.
And transport group Stagecoach is releasing its results.And transport group Stagecoach is releasing its results.
We’ll be tracking all the main events through the day....We’ll be tracking all the main events through the day....
Updated at 7.37am GMTUpdated at 7.37am GMT