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Oil Prices Continue To Tumble

During the Asian session equities fell the most in two weeks after the release of Chinese manufacturing data, showing that its manufacturing sector is likely to contract in September for an 11th month.  The Asian selloff continued after the release of Japanese exports down by 5.8% from August compared to the previous year.

This week has seen WTI Crude fall by nearly $10 from high to low currently trading with a $90 handle trading at a 6-week low. This follows the sudden selloff on Monday during US trade, inventories surging more than expected on Wednesday, and market speculation that Saudi Arabia will reduce prices.  Abshire-Smith is currently offering the US Crude November contract and have expired the October contract.

Away from the exchange oil prices are in the headlines over a potential rigging of retail prices at the pump. An investigation is set to take place into potential collusion between the main providers, as it is believed they are not reflecting the lower wholesale costs for customers.


The 12-strong syndicate of banks handling the Direct Line floatation is to charge less than usual to brief life into the market - Financial Times

JJB sale is said to have been dealt a blow after details of a tax investigation emerged from charging VAT on children’s Liverpool replica football kits back in 2006 -The Daily Telegraph

Chinese HSBC Flash PMI improved marginally to 47.8 from 47.6 (July)

Latvia still intends to join the Euro in 2014

Spain to have 6 million unemployed in 2013 – The Spanish CBOE

Japan has launched an eighth round of quantitative easing to weaken the yen and cushion a slide back into recession - The Daily Telegraph

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