News Oil 

Saudi central bank says 2019 GDP growth will not be far from IMF forecast

“RIYADH (Reuters) – Saudi Arabia’s economic growth this year will not be too far from the forecast made by the International Monetary Fund (IMF), central bank governor Ahmed al-Kholifey said on Tuesday” writes Midwest Communications Inc for 95kqds.com. Kholifey said it was too early to comment on the economic impact of the attacks.The IMF expects the Saudi economy to grow 1.9%, slower than 2.2% in 2018, but some economists are more bearish due to oil output cuts.Asked if there would be impact on bank’s liquidity, he said that the central…

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USD/JPY Forecast September 16-20 – Surging Dollar Breaks Above 108, Central Banks in Spotlight

“Core retail sales slowed to zero, compared to 1.0% in the previous release” writes Kenny Fisher for forexcrunch.com. It was the first time that core retail sales failed to record gains since March.The week wrapped up with retail sales, which slowed considerably in August.Japan’s GDP in Q2 posted a weak gain of 0.3%, down from 0.4% in the initial estimate. Source: forexcrunch.com

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Some storms are lining up in the Atlantic. Hurricane news could come next week

“The NHC sees an 80% chance of a tropical storm spinning up along the same path as Dorian in the next 48 hours” reports forexlive.com. Further out, another system is slowly expected to grow as it moves across the Atlantic but no real development is forecast until at least this time next week.Not much strength beyond a tropical storm minimum is expected but the NHC says there is a higher forecast uncertainty than usual.The one closest to the US has a 50% chance of growing into a tropical cycle in…

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News Oil 

Oil ends with a loss as OPEC+ puts talk of deeper output cuts on hold until December

“The IEA left its daily global demand growth forecast at 1.1 million for 2019 and 1.3 million barrels for 2020” writes Markets Commodities Reporter for marketwatch.com. On average, analysts polled by S&P Global Platts forecast a fall of 3.6 million barrels, while the American Petroleum Institute on Tuesday reported a drop of 7.2 million barrels.Also on Wednesday, the Energy Information Administration reported that U.S. crude supplies fell by 6.9 million barrels for the week ended Sept. 6. Source: marketwatch.com

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Markets News 

Nobel laureate Robert Shiller breaks down the psychological forces that will determine the severity of the next recession — and says Great Depression parallels are still alive and well

“And he believes a thorough examination of market narratives is the key to improving their odds of success” writes Christopher Competiello for businessinsider.com. Those prevailing narratives then, in turn, provide the foundation for forecasts and expectations. Source: businessinsider.com

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Broadcom misses quarterly revenue estimates, maintains full-year forecast

“(Reuters) – Broadcom Inc reported quarterly revenue that missed Wall Street expectations on Thursday, as the company faces a slowdown in chip demand and macroeconomic uncertainty due to the U.S.-China trade war” writes Midwest Communications Inc for 95kqds.com. Net revenue rose to $5.52 billion in the third quarter ended Aug. 4, from $5.06 billion a year earlier. The chipmaker maintained its forecast for full-year 2019 revenue of $22.50 billion, which also came in below analysts’ estimates of $22.6 billion. Source: 95kqds.com

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News Oil 

Oil prices hold gains as EIA reports a 6.9 million-barrel weekly fall in U.S. crude supplies

“The EIA data showed weekly supply decline of 700,000 barrels for gasoline, while distillate stockpiles climbed by 2.7 million barrels” writes Markets Commodities Reporter for marketwatch.com. The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 6.9 million barrels for the week ended Sept. 6.On average, analysts polled by S&P Global Platts forecast a fall of 3.6 million barrels, while the American Petroleum Institute on Tuesday reported a drop of 7.2 million barrels, according to sources.The S&P Global Platts survey had forecast an inventory loss of 1.4…

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