Good morning! Here’s what you need to know.
Saudi Arabia sees no pressure to support oil prices. Crude oil prices dipped on Friday and were poised for a weekly fall after news that top oil exporter Saudi Arabia sees no need for a producer summit to defend prices, partly offsetting a strong rally in the previous session.
Italian industrial output is coming. At 9 a.m. UK time (4 a.m. ET) July’s industrial production for Europe’s third largest economy is released. Analysts expect a 0.5% boost month-on-month, which would leave output up 0.9% year-on-year.
Brazil’s Petrobras got cut to junk. Standard & Poors cut its credit rating for scandal-ridden Brazilian oil giant Petrobras on Thursday by two notches to BB.
Japanese business sentiment rebounded. Japanese business sentiment turned positive in July-September and companies stuck to upbeat spending plans, a government survey showed, offering some relief for policymakers worried about a hit from slowing Chinese growth and ensuing market turmoil.
Asian markets are pretty flat. The Nikkei is up 0.02%, as is the Shanghai Composite. Hong Kong’s Hang Seng is up slightly more, 0.86% ahead of yesterday’s close.
A former China Resources chairman has been hit by the country’s anti-corruption campaign. China will prosecute the former chairman of state-owned conglomerate China Resources on suspicion of corruption, the country’s main anti-graft watchdog said on Friday.
Swiss drug giant Actelion is in “strategic transaction” talks. Switzerland-based drugmaker Actelion said on Thursday it has initiated preliminary discussions with US biotech company ZS Pharma. Bloomberg had reported earlier in the day that Actelion had offered to buy ZS Pharma last month in a deal valued at $US2.5 billion (£1.62 billion).
Three Toyota plants in Japan have been shuttered due to floods. Toyota said it had canceled the day shift at three factories in northeastern Japan due to heavy rains that earlier on Friday burst the banks of a river in the city of Osaki, in Miyagi prefecture.
A former Citi FX trader gave testimony on the bank. Senior Citigroup bankers put the interests of the US bank ahead of clients, trading on insider information ahead of a major M&A deal five years ago, one of its former foreign exchange traders told a London court on Wednesday.
US regulators say a huge Takata airbag recall could get even bigger. A government plan to recall and replace millions of potentially deadly Takata Corp air bag inflators could compel other manufacturers to supply automakers with the safety devices, the top US auto safety regulator said on Thursday.
Business Insider Emails & Alerts
Site highlights each day to your inbox.