Sign Up for FREE Daily Energy News
  • Stay Connected
  • linkedin
  • twitter
  • facebook
  • youtube2

Hazloc Heaters
Copper Tip Energy Services
Hazloc Heaters
Copper Tip Energy

Five Things to Know in World Business Today

English Español 简体中文 हिन्दी Português
These translations are done via Google Translate

By Lorcan Roche Kelly

(Bloomberg) Aramco production could take months to restore, WeWork IPO is delayed, and Johnson gets his day in court. Here are some of the things people in markets are talking about today.

Oil pressure

Saudi Aramco could take months to fully restore output at its giant Abqaiq plant with oil analysts saying that damage at the facility is more severe than originally thought. Crude futures are holding close to yesterday’s level as investors await a clearer picture of supply disruption and worry about future attacks in the region. One thing seems almost certain: President Donald Trump would have little political support in Washington if he were to order strikes on Iran. Leaders of the Islamic Republic said they will not negotiate with the U.S.

WeWah WeWah

The WeWork IPO is being moved further out the calendar as valuations of the company plummet. WeWork is facing pressure from SoftBank Group Corp. to delay the initial offering that is expected to value the company at about $15 billion — well short of the $47 billion it was worth when SoftBank last invested. On the other side, We Co. could lose access to $6 billion of credit financing should it fail to launch its IPO by Dec. 31.

Judgement day(s)

Today the U.K.’s Supreme Court starts three days of hearings over Prime Minister Boris Johnson’s decision to suspend Parliament. The court has not given a date for when it will rule on the case but it is expected within a week. Johnson, back from another unsuccessful trip to the mainland, is still being asked to come up with workable solutions to the Irish border problem and still insisting goodwill and energy will lead to a deal.

Sky Eye Measurement
Sky Eye Measurement

Markets quiet

Overnight, the MSCI Asia Pacific Index slipped 0.5% while Japan’s Topix index closed 0.3% higher after its first session of a holiday-shortened trading week. In Europe, the Stoxx 600 Index was 0.2% lower at 5:50 a.m. Eastern Time in a broad-based move lower. S&P 500 futures signaled a small drop at the open, the 10-year Treasury yield was 1.835% and gold was flat.

Coming up…

U.S. industrial production is expected to show a 0.2% increase for August when the data is published at 9:15 a.m. At 4:00 p.m., Treasury International Capital (TIC) flows data for July is released. There is an election in Israel today and the U.N. general assembly opens in New York. FedEx Corp. and Adobe Inc. are among companies reporting earnings today.

Share This:

More News Articles