Global markets under pressure as oil price continues to drop
Asian markets have been more subdued Tuesday as the oil price continues to hammer energy stocks ahead of OPEC’s summit this Thursday. There are forecasts that oil could drop to $60 a barrel if OPEC members vote against a cut in production. Asia’s main indexes ended mixed with Shanghai, Singapore and Tokyo gaining while Hong Kong and Bombay were lower. In Europe sentiment in Germany and France is higher according to new reports although economic concerns regionally and globally are still weighing heavily on the markets. US stock futures are trending higher along with gold. Oil is slightly higher overall but Brent is down.
ICSC-Goldman Store Sales at 7.45am ET
GDP Figures at 8.30am ET
Corporate Profits at 8.30am ET
FHFA House Price Index at 9am ET
S&P Case-Shiller HPI at 9am ET
Consumer Confidence at 10am ET
Richmond Fed Manufacturing Index at 10am ET
Campbell Soup, Tiffany & Co and Tivo are among those reporting today.
Regulators head to London as currency trade investigation intensifies
Reuters is reporting that US regulators will travel to London to interview traders from HSBC and other banks as they continue the investigation into foreign exchange rigging. While some banks have already been fined, experts are speculating that criminal charges could follow; some have already disclosed that they are under criminal investigation although HSBC has not commented on its position. Read the full story.
FAA likely to impose strict regulations for drones
The use of drones has huge potential for businesses from farmers to delivery services and from security firms to photographers but they are likely to face some tough regulations. Sources say that the FAA is planning strict rules for unmanned aircraft for commercial use; it is due to publish its proposals by the end of the year. With rules almost certain to restrict use to daytimes, low level and short distance from the pilot, it may not offer the burgeoning industry quite what it is hoping for. There is even speculation that operators will require a pilot’s licence adding to the cost and burden.
US now has more payday loan firms than McDonald’s
There are now more payday loan firms in the US than McDonald’s. According to figures from the St Louis Fed there are 20,000 payday loan firms, while McDonald’s has 14,267 locations across the country. The use of payday lenders is a concern for debt charities as APR rates are as high as 300 per cent.
Twitter CFO in social media malfunction
The chief financial officer of Twitter has embarrassed himself after posting apparently sensitive information on the social network. Anthony Noto’s tweet, which perhaps should have been a DM (direct message) read: “I think we should still buy them. He is on your schedule for Dec 15 or 16 – we will need to sell him. I have a plan.” Speculation quickly began as to what Mr Noto was referring to.