Good morning! Here’s what you need to know in markets on Tuesday.
1. U.S. oil prices edged up on Tuesday, rising back past $US70 per barrel, after two Gulf of Mexico oil platforms were evacuated in preparation for a hurricane. Anadarko Petroleum Corp said on Monday it had evacuated and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon, which is expected to come ashore as a hurricane.
2. Asian shares fell in early trade on Tuesday, amid growing concerns over escalating international trade disputes and as emergency austerity measures in Argentina highlighted turbulence in emerging markets. On Monday, Argentine President Mauricio Macri announced new taxes on exports and steep cuts to government spending in what he termed “emergency” measures to balance next year’s budget.
3. There is a one chance in four that Britain will leave the European Union in March without a deal, a Reuters poll found, while the Bank of England will wait until after Brexit before raising borrowing costs again.Reuters’ August 29 to September 3 poll was conducted as pressure mounts on British Prime Minister Theresa May, who is struggling to sell what she calls her business-friendly Brexit to her own party and across a divided country.
4. British authorities are preparing to deport a former UBS trader jailed for the country’s biggest fraud which cost the Swiss bank $US2.25 billion, his spokesman said on Monday.Ghanaian citizen Kweku Adoboli was released from prison on probation in 2015 after serving half of a seven-year sentence, but he has now been detained pending his deportation.
5. Paul Pester, the chief executive of British bank TSB has quit after seven years in charge, following a series of major IT outages at the bank. As recently as Monday, TSB customers were unable to log onto online banking facilities or to access their money.
6. French bank Societe Generale expects penalties related to its dispute with U.S. authorities over international sanctions violations will be close to 1.2 billion euros ($US1.39 billion), it said on Monday.SocGen said it has entered “a phase of more active discussions” with U.S. authorities and reiterated that it expects the matter to be settled in the coming weeks.
7. Rapid technological advances cut inflation only marginally and temporarily, Bundesbank President Jens Weidmann said on Monday, weighing in on one of the biggest debates in modern central banking. Weidmann, a powerful voice on the European Central Bank’s rate-setting Governing Council, argued that a deep economic crisis a decade ago and the slowness of the recovery are the main culprits – not the start of the digital age.
8. Facebook on Monday said a technical problem prevented some users from accessing and posting on the social network as well as messaging app Whatsapp and Instagram, and it had mostly fixed the issue.“Earlier today, a networking issue caused some people to have trouble accessing or posting to various Facebook services.”
9. Europe’s largest low-cost airline Ryanair flew 9% more passengers in August than a year ago, it said on Tuesday, its purchase of Austrian carrier Laudamotion helping offset the impact of strikes and staff shortages. Ryanair came to terms with its Irish pilots late last month after strikes and shortages caused 550 flight cancellations in August compared to just 27 a year ago.
10. Russian state bank VTB apologised for its CEO Andrey Kostin who made what it called an “emotional comment” on Monday when he described former British foreign minister Boris Johnson as a “jerk.” “Look at, excuse me, the jerks in the West, say at Johnson and others,” Kostin said at an event in Moscow.
Business Insider Emails & Alerts
Site highlights each day to your inbox.