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
Fitch Ratings, one of the world’s major credit-rating companies, revised its outlook on the U.S. credit score to negative from stable Friday “to reflect the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan.” Source South Florida Times
French automaker Renault reported its biggest half-year loss ever on Thursday, with revenue slashed by a third as dealerships worldwide were emptied by the coronavirus crisis. The dire results underscored the challenges facing CEO Luca de Meo, who was brought in this month to revamp a company reeling from strategic missteps and the ousting of former boss Carlos Ghosn last year on financial misconduct charges. Source France24
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. Source Franse24
