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Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+

Oil’s playing a tug of war game between rising COVID-19 cases and promising vaccine developments. MarketWatch photo illustration/iStockphoto The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in… Continue reading Commodities Corner: COVID infections, vaccine prospects play ‘tug of war’ with oil as traders look to OPEC+

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Brexit crunch time? Traders say maybe later

For foreign exchange markets, the supposed crunch time in Brexit talks next week is looking decidedly soggy. Key figures in the talks between the UK and the EU have suggested that the two sides could find common ground on the last outstanding issues next week, raising hopes that a trade deal could be agreed before… Continue reading Brexit crunch time? Traders say maybe later

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Traders grow anxious over market access ahead of Brexit deadline

Traders are ramping up warnings of disruption in financial markets from January without clear decisions on how the UK and EU will co-operate after the Brexit transition period ends. Some derivatives trading may need to shift to the US unless the two sides can come to an agreement over so-called equivalence that would allow mutual… Continue reading Traders grow anxious over market access ahead of Brexit deadline

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SocGen swings back to profit as equity traders find feet

Société Générale returned to profit in the third quarter, helped by a better performance from an equity derivatives business that endured a bruising first half of the year as the pandemic upended financial markets. The French bank reported net income climbed 1 per cent to €862m in the third quarter, almost double analysts’ forecasts. Revenues… Continue reading SocGen swings back to profit as equity traders find feet

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Traders gird for storm of election-fuelled tumult in China’s currency

Investors are bracing themselves for sharp swings in China’s renminbi in the immediate wake of the US election, with a measure of hedging activity soaring to its highest level on record. Implied overnight volatility for the renminbi’s offshore exchange rate against the dollar jumped to a record level of more than 24 per cent on… Continue reading Traders gird for storm of election-fuelled tumult in China’s currency

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Oil traders tear up demand forecasts as Covid lockdowns return

Oil traders and analysts are scrambling to calculate the hit to demand from renewed coronavirus lockdowns in France and Germany, as fears over their impact drove oil prices to their worst week in six months. For an industry still heavily scarred by the events of March and April, when prices went into freefall as widespread… Continue reading Oil traders tear up demand forecasts as Covid lockdowns return

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Oil traders braced for balancing act in wake of US election

The US presidential election looks like a binary choice for the energy sector: an incumbent who has championed the fossil fuels industry or a challenger who has vowed to overhaul the world’s largest economy to meet the threat posed by climate change. Yet oil traders are increasingly cautious about casting US president Donald Trump as… Continue reading Oil traders braced for balancing act in wake of US election

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Two top Morgan Stanley commodities traders lose jobs over use of WhatsApp

Morgan Stanley’s two most senior commodities traders have lost their jobs for using WhatsApp and other unauthorised messaging platforms, reflecting Wall Street’s continued clampdown on communications channels that it cannot monitor. Nancy King, Morgan Stanley’s global head of commodities, and Jay Rubenstein, the bank’s head of commodities trading, are both leaving the bank after a… Continue reading Two top Morgan Stanley commodities traders lose jobs over use of WhatsApp

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Europe Markets: European stocks and U.S. equity futures rise as traders watch earnings and pandemic worries

A street sign advises members of the public to “Maintain Social Distance” in Liverpool, northwest England on October 12, 2020. paul ellis/Agence France-Presse/Getty Images European equities shook off early losses to inch higher on Wednesday, while U.S. stock futures also rose, as investors weighed up earnings news and concerns over the COVID-19 pandemic. The Stoxx… Continue reading Europe Markets: European stocks and U.S. equity futures rise as traders watch earnings and pandemic worries

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The Tell: Here’s how traders think the markets will react to the U.S. election, according to one broker’s survey

Supporters of U.S. President Donald Trump and Democratic presidential nominee and former Vice President Joe Biden wave flags before Biden’s arrival for an NBC town hall outside of the Perez Art Museum in Miami, Florida, on October 5, 2020. chandan khanna/Agence France-Presse/Getty Images The biggest fear for market participants from the election is no result… Continue reading The Tell: Here’s how traders think the markets will react to the U.S. election, according to one broker’s survey