The trade deficit increased by more than expected and the details aren’t pretty either with exports falling by 4.9% m/m while imports declined by 0.6% m/m in June. If anything, it highlights sluggish trade conditions in the euro area. Source: Forexlive
The Opec oil cartel is considering deeper cuts to production next year to avert a price slump in the market as the global economy falters. Ministers from some of the world’s biggest “petro-nations” are expected to cut an extra 400,000 barrels of oil a day from the global market and may consider even deeper cuts of up to 800,0000 barrels, according to reports. Source The Guardian
Eight thousand gold bars, worth around €4.5bn, have been returned to Poland from London after being spirited from the Eastern European country at the start of World War II. Source RTE
German industrial orders fell unexpectedly in October as demand at home and from outside the euro zone weakened, suggesting a manufacturing downturn will continue to hold back growth in Europe’s largest economy in the final quarter. Source Reuters
