Share price of Pioneer Natural Resources has dropped 30 percent and Continental Resources is down almost 40 percent. Both companies increased production during the second quarter. Pioneer produced 197,000 barrels of oil equivalent per day (boepd) in April-June, up from 194,000 in January-March, while Continental reported output of 227,000 boepd, up from 207,000. Source Reuters
German 10-year bond yields dropped below zero for the first time in more than two years after the nation’s manufacturing sector fell deeper into contraction, compounding fears of an economic slowdown across the euro area. Source: Bloomberg.
A federal judge has temporarily blocked new drilling on 300,000 acres of land in Wyoming after ruling that the US Department of the Interior “did not sufficiently consider climate change” when allowing oil and gas companies to lease federal land in the state. Source: The Verge.
Finance Minister Olaf Scholz has announced plans to cut refugee and asylum seeker integration funding by just under a third ahead of 2020, drawing criticism from both sides of the political spectrum. In a bid to reduce government expenditure, German Finance Minister Olaf Scholz has announced plans to reduce refugee funding by €1.3 billion from 2020, bringing it down from the current €4.7 billion budget, reported DPA. Source: The Local.
Gefira tracks the global players in Europe, the USA, Russia and China and anticipates the consequences of their policies
Gefira No. 9 is now available at a discount. 160 euros for 10 issues a year plus access to our archives.
Europe's geopolitical situation resembles that of 1913.
The enlargement of the European Union to the east, Germany's Ostpolitik, economic power and its reluctance to align its policy with France's and Italy's make the break-up of the Union unavoidable. While Germany is gaining a status of a financial superstar, German society is starting to disintegrate.
Nobody dares to ask, but the ECB board is bracing itself for the upcoming break-up of the euro. The Gefira team explains why France or Italy will leave the euro and we investigate how the ECB is preparing for the looming euro collapse.
