Metals

After the lighthouse operation switched from Brussels and the strong opposition of the US Justice Department, Halliburton has renounced the merger plan announced last November, amounting to 35 billion dollars.

The deal was judged by the European Commission too dangerous because it might impede effective competition in violation of the Merger Regulation. The operation that would put together the second and third largest players in the sector, could eliminate the third leader Schlumberger. Even for the US antitrust service, the acquisition would undermine competition in the oil services sector, resulted in higher prices and reduced innovation in the oil services sector.

BP, british oil company, reported an 80 percent year on year fall in core earnings for the first quarter but the result was better than analysts had expected. BP’s net income was $532 million (367 million pounds) in the first three months of 2016.

"Market fundamentals continue to suggest that the combination of robust demand and weak supply growth will move global oil markets closer into balance by the end of the year," Dudley said in the results statement.

The government of Saudi Arabia is ready for the creation of a sovereign wealth fund that would make it independent from oil, Mohammed ben Salmane, the deputy crown prince, revealed in an interview with Al-Arabiya television, which include measures. They will be realized by 2030: almost 15 years when the whanabita regime wants to create "the world’s largest sovereign wealth fund", with a budget that exceeds $ 2 trillion (about 1780 billion Euros). In the case of the amount of achievement, would beat the "treasure" that accompanies the Norway’s sovereign fund, which currently has just under 870 billion dollars of investments around the world.

Precious metals are again attracting a lot of attention with Gold and Silver futures long positioning reaching the highest level since 2013 according to CFTC data. Long-term investors are also starting to jump in, on fear of missing out according to UBS research. China started a yuan-denominated gold fix to compete with London Bullion fixing, yet the impact gold price remains to be evaluated.

The marathon negotiations in Doha is of no effect: the agreement to freeze the production of oil has not been reached. After a long standoff sixteen producers, OPEC and not, who had gathered in the capital of Qatar have declared surrender, opening the way to a likely decline in international oil prices. Largely it was precisely the expectation of an agreement to support the recovery of Brent, who had climbed the slope to nearly $ 45 a barrel last week, after he collapsed in January under $ 30, the lowest for 13 years .

World’s largest asset manager Blackrock warned about prices picking up due to “stabilizing oil prices and a tighter labor market… “. They recommend protecting against inflation through inflation-linked bonds and gold.

Gold, ready to bounce back • Gold is still located in an uptrend channel. Strong hourly resistance is given at 1284 (11/03/2016 high) while closer hourly supports is located at […]

Both equity markets and the euro are lower on Tuesday after what appears to be a coordinated terrorist attack in Brussels. Belgium is now on its highest terror alert after […]