The FT has unveiled what its believes is the key trigger behind the shocking overnight collapse in diplomatic relations between Qatar and its Gulf neighbors.
Today's stunning expulsion of Qatar from the Saudi "circle of friends" prompted some analysts to ask if in Qatar's immediate futures is a departure from OPEC.
Shortly after Saudi Arabia announced it had cut ties with Qatar over Doha's alleged support for Islamists and Iran, on Monday the kingdom said it had also shut the local office of Al Jazeera, Qatar's influential satellite channel, and had revokved its license. Riyadh views Al Jazeera as critical of its government, but the outlet says it is an independent news service giving a voice to everyone in the region. The move was announced by state television.
From Saudi press agency SPA, google translated:
Virtually nobody saw it coming.
S&P futures point to a slightly lower open ahead of today's US non-mfg ISM and Service PMI data. European shares fall, while Asian shares are little changed. Several European countries, including Germany, are closed for Whit Monday leading to subdued trading. Crude futures have reversed overnight gains following the latest unexpected Gulf Crisis overnight, in which Gulf nations cut all diplomatic relations with Qatar amid striking allegations of funding terrorism, as reported overnight.