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
Construction of the Nord Stream 2 gas pipeline has been completed for 58.7% of its total length, the Russian gas holding said on Monday. “Construction of the Nord Stream 2 gas pipeline continues. 1,441 km of the gas pipeline were laid on the bottom of the Baltic Sea by now – 58.7% of its total length,” Gazprom says. Source Tass.
Germany’s economy “should shrink slightly” in the second quarter of 2019, the country’s central bank Bundesbank said in its monthly report published here on Monday. “Special effects that contributed to a noticeable rise in gross domestic product (GDP) in the first quarter (of the current year) are either expiring or being reversed,” the report said. Source Xnhuanet
Deutsche Bank is planning to overhaul its trading operations by creating a so-called bad bank to hold tens of billions of euros of non-core assets, a source close to the matter said on Monday. Source: Reuters
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.
