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Oil prices rose more than 1% on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year. West Texas Intermediate (WTI) futures rose $86 or 1.6%, to $56.03 a barrel, having risen by more than $1 earlier. Prices fell on concerns that talks to end the trade war between the United States and China, the world’s two biggest oil users, would be disrupted by U.S. support for protesters in Hong Kong. …read more […]

Dec.01 — William Ma, partner and co-chief investment officer of Gopher Asset Management, talks about Asian and U.S. stocks. He speaks with David Ingles and Tom Mackenzie on “Bloomberg Daybreak: China Open.” …read more […]

China’s factory activity unexpectedly expanded at the quickest pace in almost three years in November, with solid increases in output and new orders, a private business survey showed on Monday. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) index rose to 51.8 in November from 51.7 in the previous month. Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group, noted both domestic and overseas demand rose in November. …read more […]

(Bloomberg) — Palm oil’s meteoric rally in the past few weeks will almost certainly come with a cost — shrinking sales to its largest customer.India, the world’s biggest buyer, will shift some purchases to other edible oils this winter after palm’s surge of about 30% from last month’s low. Palm’s discount to top rival soybean oil has contracted to the smallest in almost a decade, reducing its traditional appeal as a cheaper vegetable oil.“Higher prices are a deterrent for buyers,” said Gnanasekar Thiagarajan, head of trading and hedging strategies at Kaleesuwari Intercontinental. “The Indian market was flush with oil before …read more […]

(Bloomberg) — Oil rebounded from the biggest weekly loss since early October after Iraq signaled OPEC and its allies will consider deeper production cuts at its meeting later this week, contrary to indications from the group.Futures surged as much as 1.9% in New York after plunging 5.1% on Friday, the largest loss in more than two months. The reduction could be about 400,000 barrels a day, Iraq’s oil minister Thamir Ghadhban told reporters in Baghdad on Sunday, adding that the nation complied with its commitments to lowering output last month. A gauge of China’s manufacturing sector jumped unexpectedly in November, …read more […]

The United States has formally requested the extradition of Michael Lynch, the British tech billionaire who sold his data company Autonomy to Hewlett Packard (HP) in an ill-fated $11.1 billion deal, to face charges including securities fraud, wire fraud and conspiracy. The U.S. embassy in London submitted the extradition request on Nov. 21 for Lynch to stand trial in the United States, according to a court filing dated Dec. 1. Lynch, once hailed as Britain’s answer to Bill Gates, is currently battling the American IT giant in London’s High Court. …read more […]

Food delivery platforms are helping independent and chain restaurants in London, Paris, Madrid and Warsaw serve more meals every week, boosting the sector’s revenue and profit, according to a Deloitte report commissioned by Uber Eats. Food delivery has grown rapidly across Europe, initially driven by companies such as Just Eat and Takeaway.com that offered marketplaces for restaurants that had their own delivery services. Uber Eats, a unit of the ride-hailing service, Britain’s Deliveroo and Spain’s Glovo expanded the market by supplying their own delivery to both independent and chain restaurants. …read more […]

(Bloomberg Opinion) — Hong Kong property companies, whose shares have been beaten down amid this year’s protests, are missing an opportunity to unlock value for shareholders. More should consider packaging their trophy assets into real estate investment trusts to release capital and improve the market’s view of their prospects.The Hang Seng Properties Index has slumped more than 17% from an April high as the unrest disrupted business, deterred home buyers and caused tourists and shoppers to stay away. The broader Hang Seng Index has lost 11%. Many real estate companies are trading at a steep discount to the value of …read more […]

(Bloomberg) — For years, OPEC ignored the rise of the U.S. shale industry and came to regret its mistake. Now, the group is making another bold gamble on America’s oil revolution: that’s its golden age is over.When the Organization of Petroleum Exporting Countries meets this week, ministers will discuss whether to extend their current output target, rather than reduce it, according to people familiar with the internal debate. The reason? They believe relentless U.S. oil production growth will slow rapidly next year.Iraq said on Sunday that OPEC and its allies will consider deeper production cuts, though the comments come after …read more […]