RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Categorized | Currencies

Oil climbs as Iraq poised to cut production

Posted on November 23, 2016

Oil prices rose on Wednesday after Iraq’s prime minister said the Opec producer was willing cut some of its own production, smoothing the way to a supply deal when the 14-member cartel meets in Vienna next week.

Haider Al-Abadi said Iraq would “shoulder responsibility” for some of the planned reductions of the group’s output to bolster the oil price, according to comments carried by Reuters.

The price of Brent crude, the international benchmark, increased 20 cents to $49.28 a barrel – off an earlier low of $48.56 a barrel. West Texas Intermediate, the US marker, rose 25 cents to $48.27 a barrel, from a low of $47.40.

A preliminary agreement was reached in September in Algiers to reduce output in an effort to speed the end of a two-year old supply glut and bolster prices, but some crucial details, including individual country allocations, are still to be ironed out ahead of the meeting on Wednesday.

Over the past several weeks Iraq has proved to be an obstacle to any final deal. It has questioned the figures from which any production cut will be calculated and believes it should also be exempt – like Libya and Nigeria – after years of war.

While Mr Abadi’s comments were light on detail, they have raised the chance of Iraq consenting to cuts and supporting an agreement to reduce output next week.

Iran, which will not cut but freeze production as it recovers after years under western sanctions, has also disputed numbers used to calculate its own production. Opec kingpin Saudi Arabia has indicated it may be willing to give Iran some flexibility but still wants it to agree to at least some restrictions.

Separately the US department of energy said crude stockpiles unexpectedly fell last week by 1.3m barrels, compared with analysts’ expectations for an increase of 671,000 barrels. Stocks at the Cushing, Oklahoma, delivery hub dropped by 87,000 barrels, the Energy Information Administration said.

Strength in the dollar weighed on dollar-priced commodites, however, with the US currency hitting a new 13-year high against a basket of currencies.