Oil prices are up. E&P companies are going back to work. OFS operators are raising the capital they need to supply goods and services. Canadian publicly traded oilfield service (OFS) companies are busily raising equity from the sale of treasury sales for working capital, balance sheet repair. Source: OilPrice
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Ericsson underperformed already low expectations as it reported a decline in third-quarter sales and big loss as the Swedish telecoms equipment maker continues to struggle. Sales in the third quarter fell by 6 per cent to SKr47.8bn, in line with analyst forecasts, but Ericsson announced an operating loss of SKr4.8bn, well ahead of average estimates of a loss of SKr3.5bn. Source Financial Times
President Recep Tayyip Erdoğan highlighted the importance of the use of national currencies in trade, noting that it will have positive repercussions for the economy. Speaking at the Developing-8 (D-8) Organization for Economic Cooperation Summit in Istanbul, Erdoğan said that switching to national currencies will revolutionize trade relations. Source: Daily Sabah
With a vote of 51 to 49, Republicans in the U.S. Senate have approved a $4 trillion budget that could pave the way for U.S. President Donald Trump’s plan for what he has called “massive tax cuts and reform.” Source: Voice of America