Ulster Bank Parent RBS Fails Bank of England Stress Test
"Royal Bank of Scotland (RBS)(RBS.L) will cut costs and sell assets to boost capital levels, it said on Wednesday after failing this year's Bank of England stress test, which warned of a "challenging" outlook for Britain's financial system.
By EconMatters
OPEC did such a good job of putting many oil traders on the wrong side of the market for the last month, this short squeeze could go for a while. There is a lot of money positioned in the oil market for the deal not getting done!
https://www.youtube.com/watch?v=ZceUwCfQpvY
Oil continued to rise higher, now over 7% sending Brent above $50 for the first time since October, after Saudi Energy Minister Khalid al-Falih said on Wednesday OPEC was close to clinching a deal to limit oil output, adding Riyadh was prepared to accept "a big hit" on its own production and agree to arch-rival Iran freezing output at pre-sanctions levels. The comments was interpreted as a compromise by the Saudis who in recent weeks insisted that Iran fully participate in any cut.
European, Asian stocks rise as do S&P futures as OPEC ministers gathering in Vienna appeared to be set to announce a deal to cut oil production and prop up global prices. Oil has surged over 7% as a result, also pushing US TSY yields and the dollar higher.
With all eyes on Vienna, where optimism OPEC ministers will salvage a deal to cut production, oil has soared by over 6% reverberating through the financial markets, spurring oil’s biggest gain in two weeks and sending stocks of energy producers and currencies of commodity-exporting nations higher.