Canada, Mexico and Japan want to revive the Trans-Pacific Partnership free trade deal

President Trump left a mammoth Pacific free trade deal in ruins. Now, the other countries involved want to rebuild it. Ministers from 11 nations — including Australia, Canada, Mexico and Japan — agreed over the weekend to try to revive the Trans-Pacific Partnership, which was designed to reshape trade across the Pacific Rim. But economists caution that whatever emerges from the process will be a shadow of the deal Trump killed…

Defense stocks at record highs after Trump signs $110 billion arms deal with Saudi Arabia

Several well-known American defense contractors got a big lift Monday thanks to new deals by the Saudi Arabian government to purchase weapons, ships, aircraft and other military equipment in the wake of President Trump’s visit to the kingdom. Lockheed Martin (LMT) said on Saturday that Saudi Arabia was spending more than $28 billion on missiles, radar defense systems and 150 S-70 Black Hawk helicopters, among other things…

Trump’s proposal to sell oil reserve shows decline in reliance on imports, weaning off OPEC crude

President Donald Trump’s proposal to sell half of the U.S. strategic oil reserve highlights a decline in the biggest oil user’s reliance on imports – and a weaning off OPEC crude – as its domestic production soars. The U.S. Strategic Petroleum Reserve (SPR) SPR-STK-T-EIA, the world’s largest, holds about 688 million barrels of crude in heavily guarded underground caverns in Louisiana and Texas…

Japan, Trans-Pacific Partnership members to pursue trade deal without the U.S.

Japan and other members of the Trans-Pacific Partnership agreed on Sunday to pursue their trade deal without the United States as the Trump administration’s “America First” policy created tension at a meeting of Asia-Pacific countries. Turmoil over global trade negotiations was laid bare at a meeting of the Asia-Pacific Economic Cooperation (APEC) forum, which failed to agree on its usual joint statement after U.S. opposition to wording on fighting protectionism…

OPEC seen extending output cuts as Saudi Arabia says most members on board

OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut. Saudi Arabia’s energy minister said on Sunday that extending the supply cuts by a further nine months until next March, and adding one or two small producers to the pact, should reduce oil inventories to their five-year average, a key gauge for OPEC to monitor the success of the initiative…

Euro hits 6-month high after Germany’s Merkel said it was ‘too weak’

The euro surged to a more than six-month high on Monday after German Chancellor Angela Merkel said it was “too weak,” while oil prices were bolstered by expectations that top exporters will extend supply curbs this week. A one-month high for oil futures LCOc1 on hopes of a supply cut by the Organization of the Petroleum Exporting Countries helped Asian shares to their best session in weeks. U.S. crude CLcv1 rose 0.61 percent to $50.98 per barrel and Brent LCOcv1 was at $53.80, up 0.35 percent on the day. European shares struggled to maintain momentum, but the U.S. stock market gained, lifted by defense and tech stocks, after U.S. President Donald Trump announced arms deals of up to $350 billion with Saudi Arabia over the weekend….

IMF-EU debt deal is what stands between Athens and new loans

Euro zone finance ministers may agree on Monday to release new loans to Greece but are likely to struggle to convince the International Monetary Fund to join the bailout by keeping the prospect of debt relief for Athens highly conditional. Greece needs new cash from the euro zone to avoid a default in July when it has to repay some 7.3 billion euros worth of maturing loans. To get the money, the Greek parliament approved pension cuts and tax hikes last Thursday…

Oil prices rise as OPEC, other producers are expected to extend, deepen supply cuts

Oil prices rose to their highest levels in more than a month on Monday, amid growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further. Brent futures were up 31 cents, or 0.6 percent, at $53.92 a barrel by 12:45 p.m. EDT (1645 GMT). U.S. West Texas Intermediate crude for June, meanwhile, rose 38 cents, or 0.8 percent, to $50.71 per barrel on its last day as the front-month…

UK retail sales unexpectedly surges 2.3% in April, hits 8-month high

A surprise surge in retail sales in April helped push the pound to its highest level in eight months as Britain’s consumers shrugged off concerns over falling living standards. Warm weather and the Easter holidays encouraged shoppers back onto UK high streets, with retail sales up 2.3% over the month according to the Office for National Statistics. It was more than double the 1% rise forecast by economists, and the biggest monthly rise since January 2016…

U.S. total household debt climbs to $12.73 trillion, tops 2008’s peak

Americans’ appetite for debt is growing. Total household debt climbed to $12.73 trillion in the first three months of the year, according to data released Wednesday by the Federal Reserve Bank of New York, a $149 billion increase from the end of 2016. That means today’s debt level is higher than the $12.68 trillion peak hit in 2008. But there are some key differences in the type of debt and who is borrowing compared to the Great Recession…

OPEC, Saudi Arabia ‘no longer in control’ of oil prices

For decades, OPEC’s sway on oil prices was unparalleled. But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale. “Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas. The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said…

Oil prices rise on growing expectations that OPEC will extend crude output cuts

Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories. Brent crude LCOc1 was up 77 cents at $53.28 at 1328 GMT (9.28 a.m. ET), its highest since April 21, while U.S. benchmark crude oil CLc1 was up 67 cents at $50.02. Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion swayed over whether cuts by the Organization of the Petroleum Exporting Countries and other producers will offset rising U.S. output…

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