Ftse struggles to gain momentum despite non-opec producers agreeing to production cut

With Fox’s bid for Sky expected to take place later this week, advisers supervising the deal are currently pursuing a “scheme of arrangement” in order to protect Mr Murdoch from rebellious investors in the event of a successful acquisition.

The scheme requires Sky to gain approval from investors constituting 75pc of the group’s voting rights, which essentially means that all shareholders poised against the deal will be forced to sell once that threshold has been reached.

This would shield the media magnate from any fallout in the event of a takeover, and prevent Sky investors from holding onto their shares to thwart a successful transition.

Greater than expected compliance to the announced cuts, or Saudi’s willingness to cut production further are two upside risks to our forecasts, analysts including Damien Courvalin and Jeffrey Currie said in a report published on December 11.

At the current US horizontal oil-rig count, shale output is already on track to sequentially grow from the first quarter of 2017, according to Goldman.

Bank deposit interest rates australia American producers can achieve 800,000 barrels a day of annual production growth at a price of $55 a barrel for benchmark West Texas Intermediate crude, with limited outspend of cash flow and declining leverage, the bank said.

Although investors were hopeful that today’s oil production quote would help sustain a Santa rally, this morning’s activity suggests the FTSE is struggling to gain momentum.

Ignoring its cheery commodity stocks the FTSE fell 25 points as the day progressed, taking it back under the 6950 mark it crossed at the end of last week. Bank interest rates india 2013 A smattering of red in its banking sector, thanks to the uncertainties surrounding Monte dei Paschi, likely hasn’t helped the UK index out, even if the rest of the Italian banking stocks have caused the FTSE MIB to outperform its European peers this morning.

Over in the Eurozone the DAX and CAC both struggled as the euro took back some of the ground it lost in the aftermath of the ECB’s QE decision last Thursday, the currency taking half a percent off the dollar and 0.3pc off the pound. Current bank interest rates for fixed deposits in india This left the German index with a 40 point fall, while its French counterpart sat flat at 4760.

Looking ahead to the US open and those hoping for a bit more excitement might be left wanting, with the Dow Jones promising a meagre 20 point rise after the bell. Deposit bank interest rates The Dow is sitting just below 19800, but may find itself hampered this week by the incoming Federal Reserve rate rise on Wednesday.

European government bond yields opened high this morning, after the first agreement since 2001 between OPEC and other producers to jointly reduce output caused a surge in oil prices and stoked expectations for higher inflation.

Germany’s 10-year Bund yield was up 5 basis points at 0.40pc, while 30-year bond yields jumped 9 bps to 1.2pc – their highest level since January.

Other eurozone bond yields were also about 5 bps higher on the day, while US 10-year Treasury yields rose above 2.5pc to their highest since October 2014.

Oil prices shot to their highest levels since mid-2015 on Monday after the Organization of the Petroleum Exporting Countries and other producers agreed to jointly reduce output in order to rein in oversupply and prop up markets.

Lorzenzo Codogno, founder of LC Macro Advisors, said that investors would not come forward until there was absolute certainty that the deal could reach the crucial €5bn milestone.

The matter has been complicated further by the resignation of Italy’s prime minister, Matteo Renzi, following a referendum on constitutional reform two weeks ago.

His stepping down has only caused investors to become more skittish, with MPS also relying on Qatar’s sovereign fund committing one-fifth of the capital required.

Should the deal fail, the Italian government is already in the final stages of state rescue plan, with the main challenge being to retain confidence among Italian and European lenders in the event of a bailout.

A cabal of 11 countries, led by Russia and including Mexico and Malaysia, will now slash their production by over half a million barrels a day.

BP and Shell both rose by 2pc and 3pc respectively this morning, while Tullow Oil and Premier Oil soared by 10pc and 13pc. Axis bank rd interest rates The news has also boosted UK mining stocks, with BHP Billiton and Anglo American Antofagasta both up by 1.5pc and 3pc.

In response, Saudi Arabia signaled on Saturday that it would make larger cuts than expected. Us bank interest rates on personal loans The Middle East’s largest producer has been desperate to cut for months, but such action had been frustrated due to ongoing disputes with its major rival Iran, which is intent on keeping the taps pumping in order to regain its market share.

According to reports this morning, the Italian Treasury may not be able to recapitalise Monte dei Paschi, should the bank’s private capital fundraising efforts fail. Bank rd interest rates 2014 The idea has failed to gain much traction so far, as there are fears that doing so could be in contravention to new European rules on state aid.

Returning to this week’s crucial Fed meeting, Gold continues to fall to 10-month lows as investors move away from safe haven assets, confident that an interest rate hike is imminent.

Should Wednesday’s meeting produce a hawkish outlook, the value of the precious metal could tumble further as the long-term outlook continues on its journey south.

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