Goldman Says Case for Diversifying Into Gold ‘as Strong as Ever’ By Bloomberg


© Reuters. Goldman Says Case for Diversifying Into Gold ‘as Strong as Ever’

(Bloomberg) — Goldman Sachs Group Inc (NYSE:). said investors should diversify their long-term bond holdings with gold, citing “fear-driven demand” for the precious metal.

“Gold cannot fully replace government bonds in a portfolio, but the case to reallocate a portion of normal bond exposure to gold is as strong as ever,” Goldman analysts including Sabine Schels said in a note Friday. “We still see upside in gold as late cycle concerns and heightened political uncertainty will likely support investment demand” for bullion as a defensive asset.

The precious metal climbed to a six-year high in September as the Federal Reserve cut borrowing costs and the total pile of debt yielding less than zero climbed to a record $17 trillion, boosting the appeal of non-interest bearing gold.

Gold has fallen more than 6% from the peak to trade at $1,459.81 at 3:26 p.m. in New York Friday.

While Goldman said the correction on bullion prices has further room to run, the bank is still sticking to its forecast prices will climb to $1,600 over the next year.

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Trump administration sees partial waivers as potential fix in biofuel debate: sources By Reuters


© Reuters. U.S. President Trump hosts luncheon with UN Security Council representatives at the White House in Washington

By Stephanie Kelly and Jarrett Renshaw

NEW YORK (Reuters) – The Trump administration believes it can assuage farmer anger over its biofuels policy by agreeing to use more partial waivers for oil refineries, signaling a potential solution to a protracted battle between Big Corn and Big Oil, two key political constituencies in next year’s presidential election, according to three sources familiar with the matter.

The administration has spent months trying to appease farmers and corn-based biofuel producers after it granted 31 oil refiners exemptions to blending mandates in August, sparking outrage across the Farm Belt. It unveiled a proposal to address the issue in October that biofuel companies say does not go far enough to compensate for the ethanol demand destruction caused by the waivers.

President Donald Trump has endorsed the use of partial exemptions as a solution to the issue going forward, one of the sources said, instead of consistently issuing waivers that free refiners from 100% of their biofuel blending obligations. It is unclear if the support for the use of partial exemptions would be made official through rule making.

The U.S. Environmental Protection Agency has delivered its proposal for 2020 blending requirements to the White House Office of Management and Budget, an EPA official said on Friday. That proposal is “similar” to the plan the agency unveiled in October, the official said.

But it is possible that changes could be made before the proposal becomes final. The proposal now must go through an interagency review process, where tweaks could be made.

Under the U.S. Renewable Fuel Standard, refineries are required to blend 15 billion gallons of ethanol annually. But the EPA can exempt small facilities that demonstrate compliance would hurt them financially.

The EPA has roughly quadrupled the number of waivers it grants to oil refineries since Trump became president, something the EPA says is meant to protect blue-collar refinery jobs but which biofuels producers say is killing ethanol demand.

EPA’s current plan for 2020 would address the increased number of exemptions by raising the amount some refineries must blend next year, based on a three-year average of the volumes that the Department of Energy had advised the EPA to waive under the exemption program.

The corn lobby has criticized the plan, however, saying that it lacks certainty that the EPA will adequately make up for the exemptions going forward. The group argues that it should instead account for actual amounts waived by the agency since the EPA in recent years has been waiving higher volumes than the DOE advised.

The EPA declined to comment further on partial exemptions.

On Thursday, EPA chief Andrew Wheeler told a biofuels company that the agency is working to address industry concerns, according to a source familiar with the matter.

Wheeler acknowledged in the call that the industry wants greater certainty on blending requirements and said the agency was working to address the issue, the source said.

Wheeler said in discussions with other biofuels companies on Thursday that if the DOE recommends a partial exemption, the EPA will follow that guidance, another source said.

Any effort to change the current 2020 blending proposal to help the biofuel industry is likely to upset refiners, who say RFS requirements are costly and unfair.

The discussions reflect the difficulties Trump has faced seeking to please both the oil and corn industries, whose support he is relying on in next year’s election.

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Saudi energy minister talks OPEC+ unity, backs Aramco to soar By Reuters


© Reuters. Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud arrives at the OPEC headquarters in Vienna

By Rania El Gamal and Dmitry Zhdannikov

VIENNA (Reuters) – OPEC and its allies would only ease supply curbs and pump more oil once global crude inventories fall and pricing reflects a tighter market, Saudi Arabia’s energy minister told Reuters.

Saudi Arabia spearheaded a deal on Friday with Russia and the other so-called OPEC+ oil producers to deepen output cuts through the first quarter of 2020.

In his first interview with Reuters since he became energy minister in September, Prince Abdulaziz bin Salman said he expected OPEC+ producers to continue cooperating beyond March.

“The jury is still out where will we be in March,” he said regarding the level of supply the market will need then.

OPEC+ producers pump more than 40% of the world’s oil and have constrained output since 2017 in an effort to balance rapidly rising output from the United States.

While all oil producers would like to increase output, Saudi Arabia would only do so when it saw global inventories fall, he said. Saudi Arabia would like to see stocks within the range of the last five years and the average of 2010-2014, he added.

“The more we are inside this contour, the better…” he said, adding another indicator would be prompt oil prices moving higher than longer dated ones, known as backwardation, which reflects a tighter market.

He said the steeper the structure was for later months, the better as it would indicate OPEC+ was doing a good job in destocking.

The OPEC+ cuts agreed on Friday run until March, while some watchers had expected them to last until June or even December 2020. Russia opposed a longer deal which some analysts interpret as a sign it may want to leave the pact soon.

Prince Abdulaziz said that was not the case and cooperation with Russia would continue. He said OPEC+ simply wanted to be more flexible in adjusting output and reacting to market needs.

“We as producers all wish for a good room to increase production… With Russia we (Saudi Arabia) are committed to a huge joint cooperation program (besides oil),” he said.

The minister also stressed the need for producers such as Iraq and Nigeria to improve their compliance with promised cuts.

Even if their compliance did not improve, however, he said Riyadh would not raise output unilaterally but instead would wait for consultations with OPEC+ at its next meeting in early March.

“I won’t take unilateral measures. I would still consult and review… It will be the group versus those who have not performed.”

Brent oil () rose 2% to more than $64 a barrel on Friday after he said that cuts agreed by OPEC+ could be as much as 2.1 million barrels per day (bpd) including Riyadh continuing to cut 400,000 bpd more than its quota.

He also said that he expected a resumption of production from oilfields jointly operated by Saudi Arabia and Kuwait “very soon.”

“But it would not affect both our countries’ commitments (with OPEC+ cuts),” he said.

The two countries halted output from the Khafji and Wafra oilfields in the so-called Neutral Zone more than three years ago, cutting some 500,000 bpd of supply.

ARAMCO VALUE

The minister said he believed state-run oil giant Saudi Aramco is worth more its $1.7 trillion valuation ahead of its initial public offering set for Dec. 11.

“We believe that the value of the company is way higher than $1.7 trillion,” he told Reuters, adding Aramco had fallen victim to a wider industry downturn which had dropped its valuation below the $2 trillion that Saudi Crown Prince Mohammed bin Salman had targeted.

“We believe too that once those shares are floating it would hopefully evolve that people (see) we were not wrong in terms of what we think this company is worth.”Even with the lower valuation, it is the world’s biggest IPO, raising $25.6 billion and topping Alibaba Group’s (N:) $25 billion listing in 2014.

The IPO involves a stake of 1.5% and is aimed at raising funds to help diversify the kingdom away from its reliance on oil and to create jobs for a growing population.

Domestic and regional investors bid for the bulk of the shares and original plans to also list on an international stock exchange were shelved.

“I cannot wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs,” the minister said, calling those who invested “friends and family” set to benefit from any future rise in its value.



Oil Eyes Best Week in 6 Months as OPEC Reworks Pact; Analysts Skeptical By Investing.com


© Reuters.

Investing.com – On paper it was oil’s best week since June. In reality, the new production cuts OPEC promised to get the market up may not deliver many fewer barrels over the next three months, analysts say.

crude was up 59 cents, or 1%, flat at $59.02 per barrel, after reaching a session high of $59.84, just cents short of the $60 level much sought by oil bulls.

For the week, WTI was up almost 7%, helped by Wednesday’s 4% rise on data showing steep declines in .

, the global benchmark for crude, was up 84 cents, or 1.3%, at $64.23. For the week, it showed a 3% gain.

OPEC+, which includes ally Russia, agreed in Vienna on Friday to reduce its output limit by another 500,000 barrels a day, adding to the previous 1.2 million bpd pact that will remove 1.7% from world supply altogether.

OPEC’s de facto leader Saudi Arabia, meanwhile, pledged to cut another 400,000 bpd of its own if the rest of OPEC keep to their deal.

The kingdom will pump 9.7 million barrels a day, Saudi Oil Minister Abdulaziz bin Salman said. That’s a reduction of about 300,000 barrels a day from its output in November and 100,000 below the year-to-date average, according to data compiled by Bloomberg.

Analysts, however, remained skeptical about the promises.

“OPEC’s track record for cuts, sans the Saudis, is simply horrible,” said John Kilduff, founding partner at New York energy hedge fund Again Capital. “The group as a whole has never been very good in complying with production deals. I don’t know why it would be any different this time around.”

“But there’s a new sheriff in town in the form of the new Saudi oil minister, so we’ll see.”

Kilduff also said the new deal could be counterproductive for OPEC if higher crude prices ultimately encourage more production from oil-producing countries outside the cartel.

“Higher prices will prompt more competition to come in and it could be all non-OPEC oil, not just shale,” he said. “We know the U.S. drillers have been restrained for some time. But at the same time, there’s growing Brazilian and other output competing for more market share.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Saudi, Russia look to seal deeper output cuts with oil producers By Reuters


© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) inside its Vienna headquarters

By Shadia Nasralla, Olesya Astakhova and Bozorgmehr Sharafedin

(Reuters) – Top oil producers Saudi Arabia and Russia will seek approval for deeper output cuts from OPEC and allies on Friday in an attempt to support prices and head off a new glut building in 2020.

The group of more than 20 producers is considering an extra 500,000 barrels per day (bpd) in cuts for the first quarter of 2020 to take the total to 1.7 million bpd, or 1.7% of global demand, Russian energy minister Alexander Novak said on Thursday.

OPEC and allied producers, the so-called OPEC+, pump more than 40% of the world’s oil. OPEC+ will meet on Friday with the focus on how the additional cuts are distributed.

“The statement following the meeting on both production targets and their duration will be critical for price discovery,” said analysts at Jefferies.

OPEC watchers had expected OPEC+ to extend cuts at least until June or December 2020 but non-OPEC Russia objected to the move.

The cuts are aimed at supporting prices and guarding against oversupply as non-participants led by the United States raise supply to fresh records.

Benchmark prices were steady on Friday near $63.50 per barrel.

OPEC is likely to shoulder 340,000 bpd in fresh cuts and non-OPEC producers an extra 160,000 bpd, one source said on Friday.

OPEC’s deliberations on Thursday in Vienna took more than five hours, prompting the cancellation of a news conference and a gala dinner for delegates aboard a boat on the Danube.

Under their current pact, due to expire in March 2020, 11 of OPEC’s 14 member states have agreed to cut about 800,000 bpd of output, with Iran, Libya and Venezuela exempted from participating.

OPEC+ has pledged to cut 1.2 million bpd overall and along with Russia includes nine others – Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan.

The sticking point include individual quota redistribution as well as compliance, with Saudi Arabia cutting more than required in order to offset overproduction from Iraq and Nigeria.

“A scenario where the Saudis ‘absorb’ the majority of a 500,000 bpd cut and formalize their target at current output levels would not be impactful to the market – unless Iraq and Nigeria come into compliance with their targets,” said Jefferies analysts.

ING bank analysts said the key question was whether the new cuts were real or just a matter of Saudi Arabia formalizing its current over-compliance.

“Obviously, if it is the latter, the market will be disappointed, as this will do little to eat into the surplus over the first quarter,” ING said.

Saudi Arabia needs prices of at least $80 per barrel to balance its budget, much higher than most other producers, and also needs to support the share flotation of its national oil company Saudi Aramco.

Shares in Aramco are expected to begin trading this month following pricing on Thursday that made it the world’s biggest IPO.

(GRAPHIC: OPEC’s share of global oil supply shrinks – https://fingfx.thomsonreuters.com/gfx/ce/7/6035/6018/Pasted%20Image.jpg)



Oil rises, U.S. crude trading near two-month high after OPEC cut By Reuters



TOKYO (Reuters) – Oil edged up in early Asia trade on Friday, with U.S. crude trading near a two-month high after OPEC agreed to increase output curbs by nearly 50 percent in early 2020, although the cartel stopped short of promising any further steps after March.

West Texas Intermediate oil futures () were up by 2 cents at $58.45 a barrel by 0101 GMT. They rose to as high as $59.12 a barrel on Thursday, the highest since the end of September.

Brent futures () were up 1 cent at $63.40. They fell 0.6% on Thursday.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – a grouping known as OPEC+ – have agreed to more output cuts to avert oversupply early next year as economic growth stagnates amid the U.S.-China trade war.

The agreement, which needs to be formally adopted later on Friday, will reduce 500,000 barrels per day (bpd) of production, through tighter compliance and some adjustments. The group has been withholding 1.2 million bpd and the new amount represents about 1.7% of global oil output.

The “decision seems to be more of a housekeeping move that will narrow the gap between their current target and the over-compliance we have seen from the alliance,” said Edward Moya senior market analyst at OANDA.

A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts be made, according to Russian Energy Minister Alexander Novak on Thursday.

Details need to be hammered out at an OPEC+ meeting that starts later on Friday in Vienna.

Higher oil prices are also supporting the initial public offering of Saudia Arabia’s state-owned oil company, Saudi Aramco, which said on Thursday it priced the shares on sale at the top of an indicated range.

The sale was the world’s biggest IPO, beating Alibaba (NYSE:) Group Holdings’ $25 billion listing in 2014, but fell short of valuing Aramco at $2 trillion, a target sought by Saudi Crown Prince Mohammed bin Salman.

Foreign investors stayed away and the sale was restricted to Saudi individuals and regional investors.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Saudi Aramco shares priced at top of range in world’s biggest IPO By Reuters


© Reuters. FILE PHOTO: Sign of Saudi Aramco’s IPO is seen during a news conference by the state oil company in Dhahran

DUBAI (Reuters) – State-owned oil giant Saudi Aramco has priced its initial public offering (IPO) at the top of its indicative range, the company said on Thursday, making it the world’s biggest flotation by raising more than Alibaba’s (N:) $25 billion listing in 2014.

Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion, which was below the $2 trillion target initially sought by Crown Prince Mohammed bin Salman.

Aramco scrapped roadshows in New York and London after foreigners baulked at the valuation and raised concerns about corporate transparency. Instead, it focused on marketing the Riyadh listing to Saudi investors and wealthy Gulf Arab allies.

Saudi banks had offered citizens cheap credit to bid.

(Graphic: Oil giant Saudi Aramco’s IPO link: https://fingfx.thomsonreuters.com/gfx/editorcharts/ARAMCO-IPO/0H001QXCB8V0/index.html)

(Graphic: Saudi Aramco vs. Oil Majors link: https://tmsnrt.rs/34XI5R2)

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



OPEC and allies prepare to deepen oil output cuts By Reuters


© Reuters. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) inside its Vienna headquarters

By Rania El Gamal, Shadia Nasralla and Alex Lawler

VIENNA (Reuters) – OPEC and its allies led by Russia were moving closer on Thursday to agreeing to deeper oil supply cuts next year to support crude prices and prevent a glut, sources from OPEC and its allied producers said.

The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.

OPEC+ has curbed supply since 2017 to counter booming output from the United States, which has become the world’s biggest producer.

Next year, rising production in the United States and other non-OPEC countries such as Brazil and Norway threaten to add to the glut.

OPEC’s actions in the past have angered U.S. President Donald Trump, who has repeatedly demanded OPEC’s de facto leader Saudi Arabia bring oil prices down if it wants Washington’s to provide Riyadh with military support against arch-rival Iran.

In the past few months Trump has said little about OPEC but that might change later in 2020 if oil and gasoline prices rise – a politically sensitive issue as he seeks re-election in November.

Washington’s ongoing trade dispute with China has also clouded the economic and therefore oil demand outlook for 2020.

Two OPEC+ sources told Reuters on Thursday the group would discuss increasing current cuts of 1.2 million barrels per day by more than 400,000 bpd.

Iraq, OPEC’s second largest producer, said on Tuesday OPEC de facto leader Saudi Arabia was supporting cuts of 1.6 million bpd, or 1.6% of global demand.

The current cuts expire in March and OPEC sources and delegates have said the new deal could be extended to June or until the end of 2020.

Saudi Energy Minister Prince Abdulaziz bin Salman has so far declined to comment on policy matters in Vienna.

Russian Energy Minister Alexander Novak was cited by his ministry as telling Prince Abdulaziz on Thursday that Russia-Saudi energy cooperation should continue.

GRAPHIC: OPEC’s share of global oil supply shrinks, click https://fingfx.thomsonreuters.com/gfx/ce/7/6035/6018/Pasted%20Image.jpg

COMPLIANCE

Saudi Arabia needs higher oil prices to support its budget revenue and the pending initial public offering (IPO) of state-owned oil giant Saudi Aramco with pricing of the IPO expected on Thursday.

OPEC’s actions have supported oil prices at around $50-$75 per barrel over the past year. futures on Thursday were trading near $63 per barrel. [O/R]

OPEC sources have also said Riyadh was pressing fellow members Iraq and Nigeria to improve their compliance with quotas, which could provide an additional reduction of up to 400,000 bpd.

Non-OPEC Russia has yet to agree to extend or deepen cuts from its current pledge of 228,000 bpd as its companies are arguing they are finding it tough to reduce output during winter months due to very low temperatures.

A source familiar with the Russian thinking told Reuters that Moscow would likely reach a deal with OPEC this week and just needed to iron out a few outstanding issues.

One sticking point for Russia is how its output is measured. Russia includes gas condensate in production figures, while other producers do not.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Gold prices gain on weaker dollar By Investing.com


© Reuters.

Investing.com – Gold prices traded higher on Thursday morning in Asia and remained above $1,480 despite a sharp decline the day before.

contracts were up 0.03% to trade at $1,480.65 by 10:58 PM ET (02:58 GMT).

The precious metal remained steady amid a softer dollar. The edged down 0.04% to 97.5 after the US released weaker-than-expected job growth data.

In November, nonfarm payrolls increased by just 67k, according to the ADP National Employment Report, far worse than the expected increase of 140k. The previous reading in October was 121k.

Gold prices also experienced a sharp decline to drop from $1,489 a day earlier to the current level. Risk sentiment improved following signs of a possible trade deal between the US and China.

The two countries are moving closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal, and that such a deal could even happen before additional US tariffs on Chinese goods kick in on Dec. 15, Bloomberg reported.

US-China trade talks remained a focus for the market watchers, after contrary developments this week. On Wednesday, a day after saying he has no deadline for a deal and would not be opposed to waiting until after the elections in November 2020, US President Donald Trump said discussions are going very well.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Trump to sign U.S.-Japan trade deal proclamation next week: trade representative By Reuters



WASHINGTON (Reuters) – U.S. Trade Representative Robert Lighthizer on Wednesday applauded Japan’s legislative approval of limited U.S. trade deals and said that President Donald Trump was expected to sign an implementing proclamation next week.

The deal, which improves access to Japan for U.S. farm products such as beef and pork while reducing some U.S. tariffs on Japanese industrial products, does not require approval by the U.S. Congress, but Democrats have complained about a lack of information about the deal from the White House.

“I commend Japan’s quick action to approve these important trade agreements between our two nations, which are the world’s first and third largest economies,” Lighthizer said after its approval by Japan’s Diet. “We expect the president to sign the implementing proclamation for the United States next week.” Lighthizer said the deal will benefit U.S. farmers, ranchers and digital services providers.

The trade representative said the two countries were preparing for the U.S.-Japan Trade Agreement and the U.S.-Japan Digital Trade Agreement to go into effect on Jan. 1, 2020.

The agreement does not address autos trade, the biggest source of the $67 billion U.S. goods trade deficit with Japan. U.S. Commerce Secretary Wilbur Ross on Tuesday told Reuters that Trump has not ruled out imposing tariffs on auto imports, including those from Japan, despite the expiration of a review period last month.

The trade representative said the United States and Japan “will begin consultations early next year in order to enter into further negotiations on a broader trade agreement.”

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.