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Unprecedented oil prices

Today’s news headlines:

  • ‘Oil spirals below zero in ‘devastating day’ for global industry’ – Yesterday evening, the price of West Texas Intermediate (WTI) Crude reached lows of -$40 a barrel, in other words, traders were willing to pay somebody to take their crude. Yesterday was the last day that May’s future contract could be held without being forced to take physical delivery, and with little storage space in the world traders scrambled to find a physical buyer in a world where economic activity is non-existent. (Bloomberg)

  • ‘Kim’s condition was critical after surgery, US officials say’ – The US is seeking details about Kim Jong Un’s health after reports of a deterioration sparked concerns over the region’s stability. North Korea - who developed nuclear warheads during Kim’s reign - agreed to talks with the US around their arsenal of nuclear weapons and sanctions imposed. With North Korea potentially in a crisis, they may become stricter with policy around weapons. (Bloomberg)

Today's events, rates, and data 

  • US and European equity futures fell overnight after news emerged that the health of North Korea’s dictator could be deteriorating. Equities in Asia fell over 1% on the news. The US Dollar and Japanese Yen climbed while the Korean Won tumbled.

Today's events

UK Unemployment rose to 4%
German ZEW Economic Surveys – 10am
US Existing Home Sales – 3pm

Interbank rates:

GBPUSD: 1.2415

GBPEUR: 1.1455

EURUSD: 1.0840