Despite the OPEC+ production decrease, crude oil price benchmarks eventually started a decline. By the middle of Wednesday's trading, the commodity traded at levels not seen since January. US Light Crude reached the $83.00 mark and UK's Brent Crude oil traded at $89.00.
The Bank of Canada increased its Overnight Rate from 2.50% up to 3.25% at 14:00 GMT. The market reaction was minor, as the hike was expected by the markets due to the central bankers already communicating their intentions with the public.
The Chief Financial Officer of Volkswagen has revealed that the Porsche IPO would go forwards, unless severe geopolitical issues stop it.
The German airline Lufthansa has announced that by the end of 2023 it would hire 20,000 new employees.
As the Bank of Japan has continued its easy monetary policy, the Japanese Yen has reached a new 24 year low level.
This week, Lufthansa pilot union announced that they would once again go on strike to escalate a wage dispute.
August Purchasing Managers Index survey results have revealed that in the Euro Zone business activity has continued to decline.
Volkswagen has announced that the company has continued to make plans for an Initial Public Offering of Porsche. However, no final decision for a listing has been made.
Monthly Purchasing Managers Index survey results in Japan have revealed that in August the country's services sector activity declined.
This week, Aston Martin announced that the company would do a 575.8 GBP rights issue, which is backed up by the Saudi Arabian sovereign fund.
The governments of Sweden and Finland have announced that they would provide credit guarantees to power companies. The total amount to be guaranteed is $33 billion.
The United Nations have revealed that food prices continued to decline in August, as its food index averaged 138.0 points, compared to 140.7 in July.
Crude oil prices have reacted to the oil producing country cartel OPEC+ announcing that they would decrease their output targets by 100,000 barrels per day. Namely, the global supply of oil is going to be reduced.
Volvo Cars has reported that its monthly car sales declined by 4.6% in August, compared on a year-on-year basis.
US equity funds have experienced record selling, as last week investors old off $10.19 billion of assets, which is the biggest outflow since the week of June 15.
Reuters stated on Friday that Credit Suisse intends to get rid of nearly 5,000 jobs, which amounts to ten percent of its workforce.
Refinitiv Lipper has revealed that global equity funds experienced outflows of $21.41 billion during the week between August and September.
As the Yen reached a 24-year low, the Japanese Ministry of Finance announced that the currency has become too volatile and appropriate actions should be taken.
The United States have published their monthly employment data for August. The market took in the news as bad for the US Dollar, as the US currency dropped nearly 0.30% in the few minutes after the announcements.
The Chief Executive Officer of Volkswagen Oliver Blume has stated that the company would accelerate the transition to electric vehicles.
NVidia has announced that US authorities have ordered the company to stop its sales of top AI chips to China. The news caused a drop of the company's stock.
Bloomberg has revealed that Russia intends to buy up to $70 billion worth of friendly currencies, among which dominates the Yuan.
This week, the Yen reached a 24-year low level, as the Bank of Japan, contrary to other central banks, has continued its easy monetary policy.
At 14:00 GMT, the US Dollar strengthened against peer currencies and other assets. The surge occurred due to the better than expected US Institute for Supply Management Purchasing Managers Index survey results