Morning Briefing: Oil stable ahead of OPEC

Oil stable ahead of OPEC... Global action needed on financial crime says HSBC lawyer...

Steve Randall
Oil stable ahead of OPEC
Oil producers are meeting in Algeria this week and there are some optimistic tones from the host nation regarding the potential of a deal among OPEC members.

The OPEC producers are meeting informally alongside a larger International Energy Agency Conference over the next few days and the Algerian energy minister said Sunday that “We will not come out of the meeting empty-handed.”

Oil prices have rebounded from recent losses so far Monday.

Equity markets are under pressure though with the OPEC meeting in focus and a keen eye on the US presidential election race with debates taking place Monday.

Asian indexes closed mostly lower with Sydney the outlier, boosted by gains for the materials sector.

European markets are lower too with energy firms yet to gain from oil prices as concern over the outcome of this week’s talks dominating. There is further decline in the financials sector with Deutsche still declining following news of a US regulator penalty.
Wall Street and Toronto are expected to open lower.
  Latest 1 month ago 1 year ago
North America (previous session)
US Dow Jones 18,261.45 (-0.71 per cent) -0.73 per cent +11.93 per cent
TSX Composite 10,717.99 (+0.70 per cent) +0.29 per cent +8.73 per cent
Europe (at 4.30am ET)
UK FTSE 6,821.85 (-1.27 per cent) -0.24 per cent +11.67 per cent
German DAX 10,466.10 (-1.51 per cent) -1.15 per cent +8.03 per cent
Asia (at close)
China CSI 300 3,220.28 (-1.69 per cent) -2.62 per cent -0.36 per cent
Japan Nikkei 16,544.56 (-1.25 per cent) +1.12 per cent -7.47 per cent
Other Data (at 2.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
(+0.13 per cent)
(+0.29 per cent)
(-0.28 per cent)
Aus. Dollar

Global action needed on financial crime says HSBC lawyer
The chief legal officer of HSBC is calling for global action to combat financial crime. Stuart Levey told a conference in Geneva that governments need to pass new laws which would enable sharing of information between banks and governments.

Speaking Monday, Levey said that the financial crime compliance mechanisms are outdated and jurisdictions worldwide need to implement legislation similar to that in the US and UK which allows sharing of information between government and private sector organizations.