posted at 23:50
Author Name: Mike Bird
European Markets Open Dec 5 2014
REUTERS/SupriAfter another Saudi price cut, there's no sign of a rally in oil prices. Good morning! Here are the major stories you need to hear about before markets open in London and Paris Friday morning. Venezuela is particularly dependent on oil exports, revenues from which are crumbling as the international price falls. Orders rose 2.5% from September, beating expectations for a 0.5% increase, and calming concerns about Europe's biggest economy. Another Saudi Price Cut Sent Brent Back Below $70. Saudi Arabia cut monthly prices for crude it sells to the United States and Asia, while Iraq is set to export more oil, preventing Brent from staging a recovery after a near 13-percent plunge last week, and sending the price back to $69.28. According to Bloomberg, China Orient Asset Management thinks that China's share of bad loans could be around 1.5%, rather than the 1% that officials state. The country-by-country and sector-by-sector detail of the economy in the third quarter will also be revealed. Stocks on China's biggest exchange plunged from a 2.7% increase, to a 3% drop today, the most volatile swings since 2010, according to Bloomberg.

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