The rally in oil prices over the past two weeks came to a halt on news that OPEC is actually exporting more oil than previously thought. A month ago, oil prices appeared to be higher than they should have been, with weak demand, elevated inventories, and a recognition that the nine-month OPEC extension would be inadequate to balance the market.
Sir Vince Cable the likely next Lib Dem leader has said he is beginning to think Brexit may never happen, since enormous divisions in the Labour and the Tory parties and a deteriorating economy would make people think again.
German business leaders have cast doubt on ministers’ claims that the country’s manufacturers will help secure a Brexit trade deal, instead warning Theresa May it will be “extraordinarily difficult” to protect UK industry.
Brazil has announced plans to overhaul the power market which could lead to higher rates and rid the state controlled Electrobras utility of money losing subsidiaries.
The House of Lords EU Committee will next week take evidence from representatives of eight of the British Overseas Territories as its scrutiny of the impact of Brexit continues. Among the territories taking part in the session and giving evidence to the committee will be Bermuda, British Virgin Islands, Falkland Islands, Montserrat and St Helena.
British Ambassadors to the Southern Cone countries, Argentina, Brazil, Uruguay and Chile will be attending Canning House to give round-table briefings on their experiences since their recent appointments to their respective posts. They will present the latest political, economic and business updates from those countries and answer any questions during the closed round-table session.
U.S. employers added 222,000 jobs in June, the most in four months, a reassuring sign that businesses may be confident enough to keep hiring despite a slow-growing economy. The government also revised up its estimate of job growth for April and May by a combined 47,000.
Donald Trump and Vladimir Putin discussed on Friday the alleged Russian hacking of last year's US presidential election during their first meeting. US Secretary of State Rex Tillerson described the exchanges as “robust”, and Russian Foreign Minister Sergei Lavrov said Mr Trump had accepted Putin's assertions that his country was not responsible.
Embattled Brazilian President Michel Temer quickly presented his legal defense against corruption allegations to lawmakers, a move seen as a bid to reduce the likelihood of being suspended from office and tried at the Supreme Court. Temer's lawyer submitted the defense on the second day of Chamber of Deputies commission proceedings to consider the matter, eight days ahead of deadline.
The UK should stay in the single market and customs union until a final Brexit deal is in force, according to the CBI. Carolyn Fairbairn, head of the business lobby group, said it was impossible that all the details of a new trade deal with the European Union would be in place by March 2019. That is when talks about the UK's withdrawal are due to formally finish.