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Post by rocky on Sat 10 Jun 2017, 2:07 am

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Sharp rise in cost of insurance on Qatar's debt after credit rating downgrade
The cost of insuring Qatar's sovereign debt from default risk surged sharply on Friday after the country's credit rating was downgraded due to its diplomatic crisis with other Arab countries.
Five-year credit risk swaps reached 89 points, the highest level since early December last year, compared with 80 on Wednesday and 65.5 at the end of last week, before Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut ties With Qatar accusing it of supporting terrorism.
S & P lowered its credit rating for long-term Qatari debt on Wednesday and Thursday to AA-AA from AA and placed it on its negative credit watch list, which means there is a high probability of a new rating downgrade.
The country's credit risk swaps now involve a 6.0% default in the next five years.
Saudi credit risk swaps also increased to 98 points from 90 after oil prices dropped about 4 percent in foreign markets.

Pound Falls After May Decline
The British pound fell more than 3 cents against the dollar after a poll showed that the Conservative Party led by Teresa Mai will not get a majority in parliament.
The British pound fell 1.8% to $ 1.2705, the lowest level since the early election on April 18, minutes after British media outlets forecast. Opinion polls published by the media showed that the Conservative Party led by the prime minister Teresa Mai won 315 seats in the new parliament, about 15 seats lower than before.

Nikkei down to 32% in Japan
The benchmark Nikkei average fell on the Tokyo Stock Exchange on Friday.
The Nikkei fell 0.14 percent to 19951.68 points and the broader TOPIX index lost 0.13 percent to 1,594.42 points.

Oil continues to fall
Oil prices continued their downward trend on Friday following sharp losses earlier this week, influenced by widespread evidence that oil supply continues to be fainter despite OPEC's efforts to narrow the gap between supply and demand in the market. By 0820 GMT, Brent crude was up 20 cents at $ 47.66 a barrel, down about 12 percent from its opening level on May 25 when OPEC agreed with some independent producers to extend production cuts by 1.8 million bpd by the end of March 2018. That global markets are still full of oil.
US data this week showed a surprise rise in crude oil inventories of 3.3 million barrels to 513.2 million. Inventories of refined products also increased despite the start of the peak summer season.

    Current date/time is Fri 25 May 2018, 7:28 am