THE DAILY REPORT
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EUR 5:15pm – German Manufacturing PMI
CAD 10:30pm – Core CPI
10:30pm – Core retail sales
USD 11:45pm – Manufacturing PMI (sep)
Major Bloomberg & Reuters News
‘Trump Presses OPEC to Reduce Oil Prices as Brent Nears $80’
Oil retreated after U.S. President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel “must get prices down now!” as the global benchmark crude flirted with $80-a-barrel earlier this week.
Futures dropped 0.9 percent in London and 0.5 percent in New York on Thursday. Trump’s intervention in the oil market follows indications from Saudi Arabia that $80 is an acceptable price level as Iran grows increasingly isolated because of U.S. sanctions. OPEC and allied producers will meet in Algeria this weekend to discuss production targets.
“Will he get what he wants? Probably not,” said Rob Haworth, who helps oversee $151 billion at U.S. Bank Wealth Management in Seattle. “You’ve got room for OPEC to grow and probably offset declining Iranian production. On the downside, you are still losing Iranian and Venezuelan production.”
‘NAFTA deal not yet in sight, Canada stands firm on auto tariffs'
WASHINGTON Canada and the United States showed scant sign on Thursday of closing a deal to revamp NAFTA, and Canadian officials made clear Washington needed to withdraw a threat of possible autos tariffs, sources said
(Times In AEST)
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