Archive | 5:09 pm

Saudi Arabia cuts oil production as demand eases

13 Jan

Saudi Arabia oil productionReuters reported that Saudi Arabia has cut oil production substantially, moving to fend off a growing overhang in world oil supply and defend prices well above USD 100 a barrel.

Familiar with Saudi policy said that in the last two months of 2012, OPEC’s lead producer responded to slower demand by lowering supply by around 700,000 barrels per day, with output in December falling to around 9 million barrels per day. Continue reading


This week could make or break financials’ rally

13 Jan

financialsU.S. banks will roll out their quarterly results in full force next week, and while Wall Street’s outlook has largely fizzled, investors may be in the mood to push shares higher if the sector tops beaten-down forecasts.

The first full week of the fourth-quarter earnings season will see results from Goldman Sachs Group and J.P. Morgan Chase & Co. on Wednesday. American Express Co., Bank of America Corp., Citigroup Inc. and Capital One Financial Corp. are set to report on Thursday and Morgan Stanley’s results are due Friday.

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Focus on Yen and Asian Pairs

13 Jan

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