GLOBAL NEWS
Asian shares fought to sustain the slimmest of recoveries on Friday amid speculation the Federal Reserve might be “one-and-done” with U.S. rate hikes, while oil fell anew as producers bickered over the details of an output cut.Markets also face a test from U.S. payrolls data later in the session amid speculation the economy was heading for a tough patch after years of solid growth.
Gold prices edged higher on Friday and were on track for their best week in 15, as the dollar weakened on renewed speculation of an imminent pause in the U.S. Federal Reserve’s tightening cycle.Spot gold climbed 0.2 percent to $1,239.90 per ounce by 0443 GMT, having hit a near five-month peak at $1,244.32 per ounce in the previous session. With a rise of 1.5 percent this week, gold looked set to clock its best gain since the week of Aug. 24.
State-run Indian oil refiner Hindustan Petroleum Corp (HPCL.NS) will buy Iranian crude in January after a gap of six months, with the nation’s overall purchases from Tehran at 9 million barrels in the month, four industry sources said.Under the agreement, New Delhi must restrict its Iran oil purchases to 1.25 million tonnes, or 9 million barrels.An IOC official had previously said his firm would lift 180,000 bpd - the full volume contracted under an annual deal with Iran for this fiscal year ending March 31, 2019.
Japan plans to ban government purchases of equipment from China’s Huawei Technologies Co Ltd and ZTE Corp to beef up its defences against intelligence leaks and cyber attacks, sources told Reuters.government ban in Japan will come after Huawei has already been locked out of the U.S. market and after Australia and New Zealand have blocked it from building 5G networks. Huawei has repeatedly insisted Beijing has no influence over it.
Oil prices fell on Friday, pulled down by OPEC’s decision to delay a final decision on output cuts, awaiting support from non-OPEC heavyweight Russia.International Brent crude oil futures fell below $60 per barrel early in the session, trading at $59.50 per barrel, down 56 cents, or 0.9 percent from their last close.
Oil producers have been hit by a 30-percent plunge in crude prices since October as supply surges just as the demand outlook weakens amid a global economic slowdown.Oil output from the world’s biggest producers - OPEC, Russia and the United States - has increased by 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting almost 60 percent of global consumption.
Philippines’ central bank to keep its policy on hold when it meets next week even though a surprisingly steep drop in inflation in November than expected, to 6.0% from 6.7% in the previous month vs a consensus of 6.3% was a relief for the Bank.
America turned into a net oil exporter last week, breaking 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what US President Donald Trump has branded as “energy independence. US is selling more petroleum than buying, American refiners continue to buy millions of barrels each day of overseas crude and fuel. The US imports more than 7 million barrels a day of crude from all over the globe to help feed its refineries, which consume more than 17 million barrels each day. In turn, the U.S. has become the world’s top fuel supplier.