Daily Masala

Here is what the world of commodities looks like this morning:

Fed keeps rates unchanged, wary eye on global markets

The U.S. Federal Reserve kept interest rates unchanged and said it was “closely monitoring” global economic and financial developments, signaling it had accounted for a stock market selloff but wasn’t ready to abandon a plan to tighten monetary policy this year.

Asia stocks find support, oil still unstable

Asian shares pushed back into the black as investors dipped their toes back into equities and demand for safehaven assets such as the yen and sovereign bonds faded.

Oil falls back after jumping on hopes of Russia, OPEC cooperation

U.S. crude futures dropped more than 1 percent in Asian trading, eroding gains of nearly 3 percent made in the previous session after Russia held out the possibility of cooperating with OPEC to control global oversupply.

Russians want to talk to OPEC about output, pipeline chief says

Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia’s pipeline monopoly said on Wednesday, remarks that helped spur a sharp rise in world prices.

Fonterra Cuts Milk Price Forecast on Weak Global Market

Fonterra Cooperative Group Ltd., the world’s largest dairy exporter, cut its milk price forecast to a nine-year low as weak demand and oversupply continue to depress the global market.

Shell Needs to Repay Investors Who Backed Its Biggest Ever Wager

Royal Dutch Shell Plc is under pressure to reward the faith of the more than 80 percent of shareholders who shrugged off the risks from slumping oil prices to back its record acquisition of BG Group Plc.

The oil-rich are on a slippery slope

The global economy has been shaken in recent days by an unprecedented fall in oil prices. This is particularly so in our oil rich Persian Gulf neighbourhood, from where a substantial share of global oil exports emanates. The economies of other major oil exporting countries such as Russia and Venezuela have also been shaken by falling revenues from oil exports.






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