Futures fell as much as 6.8 percent in New York, the biggest intraday drop since Feb. 1. The summit in the Qatari capital, which dragged on for more than ten hours beyond its initially scheduled conclusion, finished with no final accord. There were significant hurdles to any deal after Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman said the kingdom wouldn’t restrain its production without commitments from other major producers including Iran, which has ruled out freezing for now. Bloomberg.
No sooner will Mario Draghi return from his summer vacation than he'll be looking to boost euro-area stimulus yet again, economists predict.
"Economic growth and therewith wage growth in the euro area will remain weak for the foreseeable future,'' said Fabian Fritzsche, an economist at Collineo Asset Management GmbH in Dortmund, Germany. "It is hard to image such a situation with inflation at or above the target."