Headlines 

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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China to Overtake U.S. Economy by 2032 as Asian Might Builds

The growing leapfrogging the U.K. and France next year to become the world’s fifth-biggest economy in dollar terms. It will advance to third place by 2027, moving ahead of Germany. In 2032, three of the four largest economies will be Asian — China, India and Japan — and, by that time, China will also have overtaken the U.S. to hold the No. 1 spot. India’s advance won’t stop there, according to the CEBR, which sees it taking the top place in the second half of the century. Also by 2032,…

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Trump Says Investors Should Sue ABC for Market-Moving Report

President Donald Trump called on investors to sue ABC News after a false report about him caused the stock market to briefly plunge Friday. ABC News investigative reporter Brian Ross told viewers Friday morning that former national security adviser Michael Flynn was prepared to testify that Trump, then still a candidate, had told him to contact Russian officials. The implication that the president himself was connected to his campaign’s dealings with Russia sent the Dow Jones Industrial Average down more than 350 points before it recovered. “People who lost money…

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Germany Tightens the Screws on International Funds to Turkey

The German government is wielding its influence with international development institutions to restrict financing to Turkey over an escalating political dispute, people familiar with the matter said. Germany is actively working to cut funding to Turkey from the country’s state-owned European Investment Bank and the European Bank for European Union’s pre-accession funding for Turkey. That’s part of a broader break between Turkey and its traditional Western allies, including the U.S., which on Oct. 8 suspended visa services in the country. Germany is Turkey’s largest economic partner by far, accounting for…

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No U.S. Bailout for Puerto Rican Debt, Trumps Budget Chief Says

President Donald Trump’s budget chief said not to take literally the president’s suggestion that Puerto Rico’s debt would be “wiped out,” even as the territory’s bonds plunged to a record low on Wednesday: 32 cents on the dollar. "I think what you heard the president say is that Puerto Rico is going to have to figure out a way to solve its debt problem,” Mick Mulvaney, director of the White House budget office, said in an interview Wednesday. Puerto Rico, ravaged by Hurricane Maria on Sept. 20, is dealing with…

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