Wood Mackenzie says in a new report that the largest oil companies are scaling back their exploration budgets and instead shifting their long-term plans towards a strategy of growing by acquiring already producing, or at least proven, oil assets. Source: OilPrice.com
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Italy’s economy minister sought to reassure investors on Thursday that they will not be hit by the rescue of two ailing regional banks, Popolare di Vicenza and Veneto Banca, after fears of a full “bail-in” hit the lenders’ debt. Source Reuters
SHANGHAI, May 26 China’s yuan on Friday extended the previous day’s big gain, hitting its strongest level in more
than three months, and the Chinese currency was on track for its best week since mid-January. Source Reuters
A top adviser to Donald Trump confirmed that the U.S. president had criticized Germany as “very bad” on trade at a meeting with EU officials in Brussels. “He said they’re very bad on trade, but he doesn’t have a problem with Germany,” White House economic adviser Gary Cohn told reporters at a Group of Seven summit in Sicily. Source Reuters