Business

Among the reasons for today's rebound in oil prices, as noted earlier, is renewed hope that OPEC will reach a deal during the cartel's upcoming meeting in Vienna on November 30. The catalysts include Iraq and Iran, both of whom signaled optimism surrounding the proposed OPEC supply-cut deal, while Russian President Vladimir Putin said his nation is ready to freeze crude output at current levels, and sees no obstacles to an agreement.

To emphasize this, moments ago Putin was quoted by newswires as reiterating a position he laid out over the weekend:

With the Trumpflation euphoria easing back slightly overnight, leading to a modest paring in the USD index and US Treasury yields, Asian and European stocks rose, while US equity futures rebounded to just shy of new all time highs, as crude jumped on renewed optimism that OPEC will agree to cut output; Italian equities underperformed ahead of the Italian referendum; metals rebounded from last week’s losses as yields dropped and the dollar halted its longest winning streak versus the euro.

President-elect Donald Trump has announced plans to create “complete American energy independence” and ban Saudi Arabian oil from the U.S. market – and the Saudis have begun to panic. Imagine making the world’s largest oil exporter sweat it out. That’s exactly what Donald Trump is doing. The president-elect has said repeatedly that the U.S. needs to ban all oil imports from Saudi Arabia. During his campaign Trump vowed to secure U.S.

SpaceX Founder Elon Musk has requested permission from the U.S. government to launch thousands of satellites into space in order to beam high-speed Internet down to earth.  The tech billionaire is competing against the likes of Facebook, Google, and Microsoft to become the first person to bring cheap Internet connectivity to unconnected parts of the world via wireless devices, drones, high-altitude beams, and laser beams. Thehackernews.com reports: Private rocket launch service SpaceX has asked the U.S.

For the 12th consecutive day, China has weakened the official fix of the Yuan against the USD, slashing its currency by over 2.2% in that time - a move only beaten by the "one-off" devaluation in August 2015 that crashed global stock markets. With a 189pip 'devaluation' tonight, Yuan is now trading at its weakest since June 2008...

In December 2015, China weakened Yuan 10 days straight  leading into The Fed's rate-hike decision. The current 12-day weakening streak is an all-time record for the Yuan fix.