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Brent oil surges more than 10% while WTI oil is up almost 9% this morning following a strike on Saudi Arabia’s largest oil facility over the weekend; it has caused a temporary loss of over 5% of global crude supply (more than half of the kingdom’s current output); the Iranian-backed Houthis group in Yemen claimed responsibility for these attacks
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Oil-dependent currencies like NOK and CAD are also on the rise this morning - the former gains 0,5% while the latter is up 0.4% against the US dollar
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US President Donald Trump said the US is ready to release the strategic petroleum reserve if needed
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US equities finished Friday’s trading pretty flat and the same performance has been shared among Asian investors this morning except Hang Seng being down 0.9%; on the other hand both DAX and SP500 futures are pointing to a red opening with losses exeeeding 1% and 0.6% respectively
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Chinese industrial output rose 4.4% YoY in August, falling short of the median estimate of a 5.2% YoY increase; retail sales rose 7.5% YoY, below the consensus of a 7.9% YoY rise; investments in fixed assets rose 5.5% YoY YTD, the median Bloomberg estimate had called for a 5.7% YoY YTD pick-up
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New Zealand’s services PMI ticked down in August to 54.6 from 54.8
WTI oil jumped in response to the attacks in Saudi Arabia, but it has reversed some of its gains since then. Source: xStation5
