European lawmakers are set to give their first backing to a plan to revive the market for asset and mortgage backed securities on Thursday, the EU lawmaker responsible for the initiative said. Last year the European Union’s executive arm proposed loosening rules on securitization, the process through which banks pool and sell loans, in a bid to revive a 200 billion euro market that has fallen to about a quarter of its 2008 peak. Source Reuters
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Iraq backed a proposal from Saudi Arabia and Russia to extend output cuts for nine months, removing one of the last remaining obstacles to an agreement at the OPEC meeting in Vienna this week. Source Bloomberg
Russia is in talks with European countries to determine the entry point of the second line of the Turkish Stream gas pipeline flow, Russian Prime Minister Dmitry Medvedev told journalists. Source Tass
French President Emmanuel Macron will host Russian counterpart Vladimir Putin for talks at the Versailles palace on May 29, the French presidency said on Monday. The meeting coincides with an exhibition to mark Russian Tsar Peter the Great’s visit to France 300 years ago. Source France 24