Russia and Saudi Arabia signed an agreement aimed at stabilizing oil prices. It was announced on the sidelines of the G20 summit in China by the Russian Energy Minister Aleksandr Novak and the Saudi Minister of Energy, Industry and Mineral Resources, Khalid Al-Falih. Minister Novak showed that Moscow and Riyadh are sharing a strategic partnership in the energy sector, stressing that the deep mutual trust between the two countries permit to offer a joint solution to global challenges. "We are ushering in a new phase of our cooperation today. Our energy cooperation is moving towards a deeper and closer interaction", said Novak, adding that this was possible" thanks to relationships with our Arab friends. " The Russian Energy Minister also highlighted how this is a moment "historic", which states the rapprochement between OPEC countries and oil-producing countries that are not part of OPEC.
The insurance giant Axa, Belgian division, announced to the staff that by 2018 will remove 650 jobs as part of a strategic plan that aims to "focus its activities" and to "accelerate the digital transformation." Concurrently, the company has planned investment of 200 million Euro over 5 years for the strengthening of mobile services offered, while expenditures related to logistics, IT and geographical presence will be reduced. Axa Belgique will transfer the activities of Charleroi, Leuven, Ghent and Eupen in the Antwerp offices (north), Liege (south-east) and Brussels.
The British economy rises again: after the collapse of the economic data in July, the month of August marks a turnaround. Today, Markit issued the UK services data, which recorded a strong rise from 47.4 to 52.9 points. And so, though in July there had been the lowest level in last seven years, August recorded the largest month-on-month gain in its 20-year history. Chris Williamson, economist at Markit, said the figures, claiming that, "the risk of an imminent recession would be avoided", although he called for caution, arguing that as well as July data would have overestimated the effects of Brexit , those of August would show excessive optimism, the average of the two months, then push to show cautious. However Williamson added: "Many companies are seeing business return to normal either simply by rising customer confidence or a stoic determination to 'Buck Brexit' and carry on regardless."
The common European currency is between two strong clusters against the US Dollar on Monday, as the currency exchange rate previously on Friday retreated from the 1.12 level by the end of day's trading session. However, the resistance from the upside is stronger, as the support cluster, and the daily aggregate technical indicators forecast a fall for the currency exchange rate during today's trading session. Due to that, it is most likely that the Euro will depreciate against the Greenback by the end of Monday's trading.
The eurozone economy continued to expand at a generally stable pace in August. However, the rate of increase fell to a minimum of 19 months, especially because of a slower rate of expansion in Germany. The final reading of the PMI services sector, prepared by Markit, fell to 52.8 points from 52.9 points in July and below the earlier flash estimate of 53.1.
apanese companies could leave the UK. The threat came directly on the table of the Chinese G20. "Japanese companies have headquarters in the United Kingdom may decide to shift their headquarters in continental Europe where EU laws will cease to be applicable in the United Kingdom". In a document published on the Foreign Ministry website Tokyo calls on the newly British Prime Minister Theresa May to act "responsibly to minimize negative impacts on the Japanese firms."
The US Department of Labor reported that in August, 151.000 new jobs were created. The unemployment rate was unchanged at 4.9%. The labor force participation rate also remained steady at 62.8%. The number of new jobs created disappoint the expectations of analysts, who had forecast more than 180,000 new jobs. Furthermore the strong decrease compared to July, when they were created 275.000 new jobs (revised upward from 255,000 initially announced).
Surrounded by distrust on its actual ability to adopt the economic reforms needed to revive the country, Michel Temer started on 1 September his tenure as president of Brazil. The new head of state has the obligation to take measures to love to avoid the collapse of the public finances, necessary care, already announced in his first speech after the inauguration, broadcast to unified networks and which caused riots in the streets. As for the economic aspect, the impeachment of former President Dilma Rousseff, voted by the Federal Senate in Brasilia with a result of 61 in favor and 20 against, will lead to a change of gear in Temer government which could shoulder the burden of the high expectations of the market. In recent months, the stock market was soaring, with the central banks to inject liquidity into the global economy and investors hunting for higher returns.
Fundraising is doing well for Hillary Clinton: the Democratic candidate for the White House has raised $ 143 million in August, more than 50% compared to July, and to what, four years ago, Barack Obama had collected. The average size of donations were $ 50 each (less than 56 supporters of his rival, Donald Trump). Robby Mook said he was very pleased with the amount raised in August. The exponent of the campaign manager of the Donkey Party said about it: "thanks to the 2.3 million people who have donated, we are approaching the race for the White House to the last two months with sufficient resources to organize and mobilize millions of voters across the nation. "
September will mean mergers in banking sector? It seems the trend that appears in the market, also listening to the words of the number one Deutsche Bank, John Cryan, who, denying that Deutsche Bank is considering a merger with compatriot Commerzbank, said that "In Europe, serving more mergers in the banking sector », during a conference in Frankfurt. The difficult situation of the European banks is plain for all to see. "Today in Europe the banks are less risky than before the financial crisis," said Cryan, "but also much less profitable."
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