S&P 500 futures up 0.3% to 2,987.25
Brent futures down 1.5% to $59.90/bbl
Gold spot down 0.6% to $1,464.37
US Dollar Index up 0.1% to 99.50
The oil market yesterday floundered at the announcement of the restoration of high production capacity in Saudi Arabia. The media frenzy over the consequences of the attack on Aramco's facilities quickly dissipated and prices returned to their then current levels. However, this event weighed on September's production, which, according to Reuters, was 28.9 million barrels per day, its lowest level since 2011. An air gap for the moment without any consequences on the market balance.
Buoy goes, Thiam stays. The extraordinary case of the spying by the Credit Suisse banker at UBS AG took a dramatic turn with the suicide of one of the protagonists who had participated in the hiring of private investigators. At the same time, today, the bank announced the resignation of Pierre-Olivier Buoy from his position as COO, replaced by James B. Walker. The COO has allegedly taken the initiative of spying alone, without referring to CEO Tidjane Thiam. The security manager also left the bank.
Good start. Tim Cook contributed to the renewed confidence of American technology yesterday, after explaining to Bild that sales of the new iPhone 11s had started well, while at the same time JPMorgan raised its sales forecast for Apple's flagship product. The American bank confirmed its overweight recommendation and raised its price target from USD 242 to 265.
In other news. Aramco promises to pay $75 billion in dividends each year between 2020 and 2024 to attract investors ahead of the IPO that everyone is talking about but that no one has yet seen. In the same vein, WeWork is currently abandoning its IPO after much negative publicity. The strike at General Motors in the United States is at the beginning of its third week, with no significant progress. SGS buys the Finnish FIOH. Implenia holds an investor day. KPN will finally appoint Joost Farwerck as CEO.