Making News This Morning Brent crude fell to a new five year low as a number of banks, including Morgan Stanley cut forecasts, saying oversupply would peak next year after OPEC decided not to cut output. Brent for January settlement declined as much as $1.72 to $67.35 a barrel on the ICE Futures Europe exchange, its lowest intraday price since October 2009. WTI for January delivery also slumped, dropping as much as $1.25 to $64.59 a barrel on the New York Mercantile Exchange. Japans economy shrank more than initially reported in the third quarter, contracting 1.9% as capital spending declined and private consumption remained weak. Last month, the government estimated that GDP contracted 1.6% during the July-September period. The revised data confirms Japan slipping into recession less than a week prior to general elections that Prime Minister Shinzo Abe has framed as a referendum on his economic policies. Chinas Shanghai Composite Index surged above 3,000 for the first time since April 2011 as the country reported a record trade surplus. Though today’s data is seen as a sign of weakness for China’s economy, falling imports left the country with a trade surplus of $54.5B. Over the past month, the Shanghai Composite has soared 21% on cheap valuations and expectations of more policy easing, and closed up 2.8% at 3,020.26 today after falling as much as 2% in early trading.
Posted on: Mon, 08 Dec 2014 12:17:51 +0000
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