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Merkel to Quit as Party Chief | Oil Slides

Published October 29, 2018
  • German Chancellor Angela Merkel said on Monday she is ready to hand over the leadership of her Christian Democratic Union (CDU) later this year, offering the clearest indication to date that her time at the helm of Europe’s largest economy is running out.
  • Oil prices have fallen; concern over the global economy put crude on track for its largest monthly decline. Even with US sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7 percent in value this month, the largest percentage decline since July 2016. WTI crude prices have hit a low of $66.93.
  • British Finance Minister Philip Hammond will announce a 44 per cent jump in roads and highways investment in his budget on Monday, the ministry said, offering a glimpse of higher public spending promised by the government.
  • Italian bond yields fell sharply, with 10-year borrowing costs hitting a one-week low following a decision by ratings agency Standard & Poor’s to leave Italy’s sovereign rating unchanged. Italian bond yields have hit a low of 3.2880.