Thursday, October 23, 2014
- Crude oil prices sprint higher as Saudi Arabia is said to have cut supply last month, according to a source familiar with the country’s oil policy.
- The Saudis cut supply by 328K bbl/day to 9.36M bbl/day in September, from 9.69M in August, according to the source; total Saudi output in September was 9.7M bbl/day, up from 9.6M in August.
- WTI +1% to $81.30/bbl, Brent +1.2% to $85.77.
- ETFs: USO, XLE, OIL, UCO, ERX, VDE, OIH, SCO, ERY, DIG, BNO, DTO, DBO, DUG, IYE, CRUD, USL, UWTI, PXJ, FENY, DNO, DWTI, RYE, FXN, SZO, OLO, DDG, OLEM, TWTI
- Honda (NYSE:HMC) appoints Koichi Fukuo to the new position in charge of quality reform in the wake of five separate recalls for the Honda Fit model.
- The Japanese automaker will also review quality processes globally.
- Pay cuts for the top management responsible for the Honda Fit will also be enacted for three months.
- The 2nd U.S. Circuit Court of Appeals in NY has dismissed Argentina's appeal of an order directing BNY Mellon (NYSE:BK) to hold onto the $539M it deposited for its restructured bondholders.
- The $539M interest payment played a key role in the country's default, after U.S. District Judge Thomas Griesa directed the bank to retain the funds until Argentina completed negotiations over its $1.33B plus interest owed to holdout creditors.
- ETFs: ARGT
- The IMF is urging Japan to go ahead with its second tax hike next year in order to maintain credibility of its fiscal framework.
- Japan's national sales tax rose to 8% from 5% in April and the government is due to decide by year-end whether to proceed with a second tax increase to 10%.
- The IMF expects Japan's economy to grow by an annualized 3.4% in July-September, rebounding from its deepest slump since the 2009 global financial crisis last quarter following April's tax hike.
- ETFs: DXJ, EWJ, DFJ, NKY, DBJP, EZJ, EWV, DXJS, SCJ, JPNL, JSC, ITF, JPP, JPNS, HEWJ, FJP, QJPN, JPMV, DXJT, DXJH, DXJR, DXJF, DXJC