Business

• Trump heads back out on road for 'thank you' tour (AP)
• For Europe’s Unity, 2017 Will Be a Year of Reckoning (WSJ)
• Oil dips as OPEC, Russian output rises ahead of production cut (Reuters)
• The Pessimist's Guide to 2017 (BBG)
• Donald Trump’s Message Sparks Anger in China (WSJ)
• Brazil’s Reform Plan in Disarray After Senate Chief Removed (BBG)
• China urges U.S. to block transit by Taiwan president (Reuters)
• Wooed by Trump, Taiwan Trembles (WSJ)
• SoftBank’s Son Said to Plan Meeting With Trump in New York (BBG)

Shariah Gold Standard Approved for $2 Trillion Islamic Finance Market

by Jan Skoyles, Editor Mark O'Byrne

The Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and the World Gold Council have made an important decision which was announced yesterday at the World Islamic Banking Conference in Bahrain.

The oil company company responsible for constructing the Dakota Access Pipeline has openly stated that they will defy an order by the Army Corps of Engineers who refused to grant them permission to extend the pipeline beneath a Missouri River reservoir on Sunday. Energy Transfer Partners have said that the denial of an easement necessary to drill under the river is of no consequence for its plans to complete the project.

On Sunday night, when we commented on the results of the Italian referendum, we said that while the Italian political limbo may or may not be an issue in the near term, a bigger problem for Italy will be the fate of Monte Paschi, whose 3rd bailout was likely doomed to failure after the failed referendum, which could unleash contagion upon the Italian banking sector at a very precarious time for Italy and Europe.

European and Asian markets rose, while U.S. index futures were little changed, with the Dow Jones Industrial Average pushing for yet another record, as traders digested the Italian referendum news, await the ECB's Thursday announcement and reflect in a notably quieter overnight session.  Oil slipped from a 16-month high after 4 straight days of gains, as doubts emerged about how OPEC will implement the first supply curbs in eight years. European bonds gained with stocks.