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Asia Stocks Mixed on Trade Volleys; Kiwi Slumps: Markets Wrap

Asian stocks traded mixed as China hit back against the Trump administration’s latest tariffs and tensions ratcheted up between the U.S. and Russia. The yen edged higher, while oil held on to its losses. Shares fell in Japan and South Korea, fluctuated in Hong Kong, and pushed higher in China and Australia. Treasuries added to gains made as investors scooped up a record $26 billion 10-year auction. The kiwi tumbled to a two-year low after the New Zealand central bank pushed out its forecast for a rate increase by a…

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Saudi Arabia Suspends Ties With Canada Over Activist Row

Saudi Arabia halted new trade and investment dealings with Canada and suspended diplomatic ties in a dramatic escalation of a dispute over the kingdom’s arrest of a women’s rights activist. The kingdom recalled its ambassador to Ottawa and ordered the Canadian envoy to Riyadh to leave within 24 hours, according to a foreign ministry Saudi Arabia is shifting, slowly: read more here. Representatives from Canada’s global affairs department weren’t immediately able to comment. Saudi investments in Canada include G3 Global Holdings Ltd., a joint venture between Bunge Ltd. and Saudi…

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Shale Country Is Out of Workers and Dangling 100% Pay Hikes

Jerry Morales, the mayor of Midland, Texas, and a local restaurateur, is being whipsawed by the latest Permian Basin shale-oil boom. It’s fueling the region and starving it at the same time. Sales-tax revenue is hitting a record high, allowing the city to get around to fixing busted roads. But the crazy-low 2.1 percent unemployment rate is a bear. As the proprietor of Mulberry Cafe and Gerardo’s Casita, Morales is working hard to retain cooks. As a Republican first elected in 2014, he oversees a government payroll 200 employees short…

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Everything Is for Sale in Cyprus, and Chinas Buying

increasingly assertive global powerhouse of 1.4 billion people, the other an island nation of 1.2 million that boasts a strategic location and a reputation for a no-questions-asked approach to financial affairs. That makes for a compelling match as China seeks to expand its footprint inside the European Union. “We have investments right across all sectors of the economy,” Christodoulos Angastiniotis, president of the Cyprus Chamber of Commerce and Industry, said before joining the other guests to hear speeches extolling the excellent state of China-Cyprus relations. He said there were “some very…

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Hedge-Fund Investors Pour Into Oil as Firms Predict Surge to $80

Hedge funds investing in oil are luring capital at the fastest pace in more than a year. With crude climbing to levels not seen since 2014, commodity funds have recovered the client outflows they suffered last year. And if firms such as Saudi Arabia, the world’s biggest exporter, wants to push prices to $80 a barrel to help pay for the government’s policy agenda. Declining output in Venezuela and falling global inventories are also playing their part, as are the worsening tensions in Syria, which threaten to disrupt supply from…

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Stocks Tumble in Biggest Weekly Decline Since 2016: Markets Wrap

Dow Jones Industrials lost more than 1,400 points in the week Crude oil registers largest five-day increase since July data showed European growth sputtering. The tech heavy Nasdaq 100 dropped 7.3 percent this week, the most since 2015. Traders had already been bracing for the possibility of slowing expansion as the Federal Reserve reiterated its commitment to further interest-rate increases after Wednesday’s hike. “There is a tug of war between Fed tightening, fiscal stimulus, strong earning but slowing sales and now tariffs and potential trade wars,” said Jason Browne, chief…

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As CERAWeek Oil Gabfest Starts, Here’s What We’re Listening For

CERAWeek by IHS Markit, the largest gathering of energy executives and officials in the Americas, begins Monday. Here’s what we’ll be listening for over the five-day period:  What’s OPEC’s next move? Secretary General Mohammad Barkindo will dine with shale executives in Houston on Monday. Can the two rivals make peace as the price of oil recovers? Where will the Permian go from here? The world’s hottest oil field is still the subject of speculation about its maximum potential. Last year, Occidental Petroleum Corp.’s chief executive officer, Vicki Hollub, said output…

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California Could See the Return of $4 Gasoline by May

Motorists in California, the state with the most expensive gasoline, could see pump prices that begin with a 4 again as oil markets rally. Gasoline, which is currently averaging $3.30 a gallon in California, may reach $4 by Memorial Day, the traditional start of the demand-heavy summer driving season, according to Patrick DeHaan, head of petroleum analysis at Boston-based GasBuddy, which monitors fuel prices across the U.S. It would be the first time the state has seen $4 gasoline since July 2014. Pump prices, which include taxes, are already 47…

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OPEC, Russia Signal Global Oil Alliance May Endure Past 2018

OPEC and Russia reaffirmed that they’ll persevere with oil-production cuts until the end of the year to clear a global glut and signaled their readiness to cooperate beyond that. Russia is prepared to continue cooperating with OPEC and its de-facto leader Saudi Arabia even after the cuts expire, Energy Minister Alexander Novak said in a Bloomberg television interview held jointly with his Saudi counterpart. Producers should keep limits on output through 2018 as the market may re-balance at the end of the year or in 2019, Saudi Energy Minister Khalid…

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Stricken Iranian Oil Tanker Sinks in East China Sea After Blast

The Iranian oil tanker Sanchi sank into the East China Sea on Sunday afternoon after a blast, causing a "serious" oil spill that covered 10 square kilometers (3.9 square miles), state television reported, citing China’s State Oceanic Administration. The oil from the tanker was still burning, China Central Television reported Sunday. A State Oceanic Administration official reached by phone said the administration is collecting data from the spill area, and the administration said on its website that the spill will have an impact on the environment. All 32 crew members…

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Saudi Arabia Arrests 11 Princes Protesting Over Bills, Report Says

Saudi authorities made a fresh round of arrests of royal-family members as a group of princes staged a palace protest in the capital over the non-payment of their electricity and water bills. Security services on Thursday arrested the 11 princes after they refused to leave Qasr Al-Hokm in Riyadh, Saudi Arabia’s Attorney General, Sheikh Saud Al Mojeb, said in an emailed statement. The princes, who objected to a decree that ordered the state to stop paying their utility bills, will be held at al-Ha’er prison pending their trial, Al Mojeb said. “No…

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How China Will Shake Up the Oil Futures Market

China, the world’s biggest oil buyer, is on the verge of opening a domestic market to trade futures contracts. It’s been planning one for years, only to encounter delays. The Shanghai International Energy Exchange, a unit of Shanghai Futures Exchange, will be known by the acronym INE and will allow Chinese buyers to lock in oil prices and pay in local currency. Also, foreign traders will be allowed to invest — a first for China’s commodities markets — because the exchange is registered in Shanghai’s free trade zone. There are…

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Kim Jong Un Says Nuclear Button to Hit U.S. Always on My Desk

Kim Jong Un repeated claims that he could hit the U.S. with a nuclear weapon, saying that its deterrent is “irreversible” and would prevent President Donald Trump from starting a war. Kim also said he planned to send a delegation to the Winter Olympics in South Korea next month, Yonhap News reported, even as he called for mass production of nuclear warheads. South Korean television stations stopped broadcasting the speech before it ended. “It’s reality, not a threat, that the nuclear button is always on my desk,” Kim said in…

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Worlds Biggest Wealth Fund Wants Out of Oil and Gas

The $1 trillion fund that Norway has amassed pumping oil and gas over the past two decades wants out of petroleum stocks.   Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks. “Our perspective here is to spread the risks for the…

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Norway Idea to Exit Oil Stocks Is Shot Heard Around the World

Norway’s unloading its shares of Exxon Mobil Corp., Royal Dutch Shell Plc and other oil giants to diversify its holdings and guard against drops in crude prices. European oil stocks fell. Big Oil is under pressure, read more here Norway’s Finance Ministry, which oversees the fund, said it will study the proposal and will take at least a year to decide what to do. The fund has already sold off most of its coal stocks. “People are starting to recognize the risks of oil and gas,” said Jason Disterhoft of…

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