In The News:
While you were eating turkey on Thursday OPEC members were rejecting calls to cut their oil output. Instead the cartel decided to keep their production ceiling unchanged and suggested it will be brace for lower prices long term. The 12-member Organization of the Petroleum Exporting Countries, who collective pump more than one-third the world’s oil, agreed and committed at their meeting in Vienna to stick with the group’s target of producing 30 million barrels a day. Currently, the group is pumping around 300,000 over their ceiling so you could say the group is kinda cutting down oil productions. OPEC’s decision sent crude prices into a tailspin on Thursday with WTI (West Texas Intermediate) trading at $68.75.
You’ve Been Served…
According to a lawsuit filed in the U.S. this week major banks Goldman Sachs, HSBC and Standard Bank conspired to manipulate platinum and palladium prices. The banks, the lawsuit alleges, shared illegal information with customers and other banks giving them the ability to execute trades in advance of price movements. The class-action suit filed in New York alleged the four defendants shared nonpublic information about client purchases and sale orders to manipulate prices for their benefit and to the detriment of plaintiffs. Due to the bank’s conspiracy Modern Settings, a US maker of jewelry and other metals products alleges they have lost money on tens of thousands of transactions. The complaint alleges the manipulation began as early as 2007 through the present. Modern Settings, is seeking to bar the illegal conduct and gain unspecified financial damages.
In the Market:
Asian markets end the week mixed following weak economic data and declining oil prices.
European stocks ended Wednesday with a whimper giving up three straight winning sessions despite comments from the ECB Vice President that the bank is prepared to start buying governments bonds as early as the first quarter of 2015.
U.S. markets closed on Wednesday as a mixed bag of economic data overshadowed a solid GDP reading. DJIA: +12.81 17827.75 S&P: +5.80 2072.83 NASDAQ: +29.07 4787.32
In Word Of The Day:
West Texas Intermediate Crude (WTI)
Light, sweet crude often referred to “oil” in the Western world. It is considered a “sweet” crude because it contains a lower concentration of sulfur than its cousin North Sea Brent crude. WTI is the underlying commodity on the New York Mercantile Exchange’s oil futures contracts.
In Dinner or Drink:
1 oz. cheap Scotch whisky
1 oz. peppermint schnapps
Pour both ingredients into a double shot glass (or whiskey sour glass, etc.) and serve.
Have a safe and wonderful weekend, Ya’ll!