Smoke billows from an Aramco oil facility in Abqaiq after drone attacks sparked fires at two Saudi Aramco oil facilities.AFP | Getty ImagesAttacks on two critical production facilities in Saudi Arabia over the weekend have boosted concerns about supply security in the Middle East and raised the risk premium in the global crude market, according to several energy market analysts. An oil processing facility at Abqaiq and the nearby Khurais oil field were attacked on Saturday, knocking out 5.7 million barrels of daily crude production — or 50% of the kingdom's oil output. That's more than 5% of global daily oil production. International benchmark Brent crude rose as much as 19.5% to $71.95 per barrel on the news. It marked the biggest intraday jump on record. At around 7:45 a.m. ET, the contract was at $66.58, up $6.36 or 10.56%. U.S. West Texas Intermediate futures climbed as much as 15.5% to $63.34. The contract was later at $60.24, up $5.39 or 9.83%. Jeff Currie, head of com..
VIDEO3:4003:40WTO involvement is crucial to ending trade war, Finnish PM saysCNBC TVHELSINKI — Both Washington and Beijing are aware that a trade conflict is not the best approach to international politics despite continued retaliatory tariffs between the two sides, Finnish Prime Minister told CNBC Antti Rinne. The United States has slapped several waves of tariffs on China since early 2018, with Beijing responding with similar duties on U.S. products. The conflict is having an impact on the global economy and souring sentiment for businesses and investors. Speaking to CNBC in an exclusive interview Friday, Rinne told CNBC that President Donald Trump and his administration "know that this is not the best way to handle international relations." "At the same time I think that also China's leaders know that this kind of trade war, this kind of situation, is not good for Chinese people and this is not the best way for China to handle these kind of situations," he added. The U.S. presi..
Xavier Bettel, Luxembourg's prime minister, stands beside the empty podium of U.K. Prime Minister Boris Johnson following their Brexit meeting in Luxembourg, on Monday, Sept. 16, 2019. Johnson held his first face-to-face talks with European Commission President Jean-Claude Juncker over a working lunch of snails, salmon and cheese in Luxembourg.Bloomberg | Bloomberg | Getty ImagesBritish Prime Minister Boris Johnson faced a barrage of protesters' boos, and an exasperated message from his host, after an hour of talks with his Luxembourg counterpart in the normally quiet cobbled streets of this small European nation. Johnson had hustled into a meeting with Xavier Bettel, the Luxembourg premier, following a nearby lunch with the European Commission's outgoing president, Jean-Claude Juncker. On the menu at both occasions: Brexit, and the current UK government's efforts to change elements of an existing withdrawal deal that its predecessor had agreed to almost a year ago...
European security cooperation after Brexit: Unanswered questions for the UK and the EUIn a new briefing, Open Europe outlines the questions about the future UK-EU security relationship that both sides will have to consider ahead of the next phase of Brexit negotiations. The post European security cooperation after Brexit: Unanswered questions for the UK and the EU appeared first on Open Europe.
Investing in Latin America's equity markets can be scary, but Luiz Maria Ribiero has cracked a winning formula. Ribiero manages the DWS Latin America Equity fund (SLARX), which has been on a tear this year. The fund is up nearly 23% in 2019. The 5-star rated fund has also outperformed its benchmark, the MSCI EM Latin America index, by about 13 percentage points. The fund's strong performance comes during a volatile time for Latin American equities. Brazil, Mexico and Argentina — the three biggest markets in Latin America — have faced wild swings amid political and economic uncertainty. Despite all this, Ribiero's approach to Latin America's volatile markets has handsomely rewarded the fund's investors. "The way we manage the fund, I think is quite different from most of our competitors in the sense we are really bottom-up," Ribiero said. "We see ourselves as stock pickers and the country allocation is really a consequence of the companies we find at a certain p..
A software company created to help regular people navigate the complexities of the U.S. tax code just entered its 11th year of stock gains. Intuit, creator of TurboTax, is a stock that just won't go down as online tax preparation continues to gain popularity. Shares of Intuit are up about 36% this year, an impressive run for any company in a time-frame filled with economic and political uncertainty. Even more remarkably, Intuit's stock is up over 850% in the past decade (the S&P 500 is up about 190% in the last 10 years), gaining an average of 25% every single year of the last 10, according to Jefferies. Intuit "remains a favorite large cap story thanks to market leadership in tax and small biz software," said Jefferies' Brent Thill in a note to clients. Jefferies has a buy rating on the stock and a $320 price target. Intuit, which has a market value of about $69.5 billion, is a computer software company that provides an easy-to-use, do-it-yourself online tax preparatio..