Trump Steps Up Oil Tariff Threat Amid Saudi-Russia Rift (Expect a turbulence market opening tomorrow)
President Donald Trump ramped up threats to use tariffs to protect the U.S. energy industry from a historic glut of oil, as efforts to forge a global deal to cut output appeared to lose momentum.
Trump said Saturday at a White House press briefing he’d use tariffs if needed to protect the domestic oil industry, even as he predicted that Saudi Arabia and Russia would come to an agreement to cut output and stem the rout in prices. READ MORE
Dubai’s DIB Slumps After Disclosing $541 Million of NMC Exposure (is just the beginning of more troubles ahead)
Dubai Islamic Bank PJSC’s shares fell the maximum allowed on Sunday after the lender said it had $541 million of exposure to troubled hospital operator NMC Health Plc. They lost 4.8% to trade at 3.19 dirhams shortly after Dubai’s market opened.
Abu Dhabi Commercial Bank PJSC dropped 4.3%, extending its losing streak to a seventh day. The company announced exposure to NMC of nearly $1 billion last week. It asked a U.K. court over the weekend for put the health firm into administration. Read More
What you need to know
- The figures: The novel coronavirus has infected more than 1.1 million people and killed more than 60,000 worldwide, according to Johns Hopkins University.
- The US: There are more than 312,000 recorded cases and nearly 8,500 people have died, with 1,344 of those reported on Saturday — the country’s largest single-day death toll.
- Spain’s death toll: A further 809 people died in Spain on Saturday, bringing the total there to 11,744 deaths.
- China: Officials in Wuhan, ground zero for the pandemic, say residents should only go outside when necessary, as the city begins to open up after two months of lockdown.
WHY THAN WE CHOOSE THESE COMPANIES – TECHNICAL CHART EXPLAINS
- Buy when the company are cheap
- Trust the business and ignore the noises
- Control your emotions and believe in what you have bought