Saudi Wants OPEC To Deepen Oil Production Cut

Saudi Arabia wants OPEC to deepen oil production cuts in order to anchor oil prices before Saudi Aramco’s initial public offering.

The deal reportedly to be discussed by the Organization of the Petroleum Exporting Countries and other producers, known as OPEC+, would be to add about 400,000 barrels per day to existing cuts of 1.2 million bpd. The current deal runs to March 2020.

Saudi Arabia is expected to use its position in the organization to force other members to agree to new oil production limits. The Arab country is also reportedly ready to cut its own output even further if needed.

The latest OPEC analysis, drawn up by OPEC’s Economic Commission Board (ECB), showed a large oversupply and build up in inventories in the first half of 2020, if no additional cuts were made.

The Saudi-led OPEC is set to meet with a 10-nation coalition led by Russia on December 5 and 6 in Vienna. The oil exporting countries will make a decision to whether curb the production or not then. However, the discussion will be influenced by the upcoming IPO of state-run Aramco, which is set to announce the pricing of its shares on December 5. The Arab country will want make sure that oil prices stay high enough during Aramco’s IPO.

Meanwhile, Saudi Arabia will face opposition from Russia, a non-OPEC country, who has opposed deeper cuts or a longer extension.

Chicken Fried Rice Recalled For Possible Presence Of Plastic Materials

Ajinomoto Foods North America Inc. has recalled about 172,692 pounds of chicken fried rice products that may be contaminated with extraneous materials, specifically pieces of plastic.

The not-ready-to-eat, frozen chicken fried rice items were produced from July 9, 2019 to July 11, 2019 with various packaging and best by dates.

The recalled products were shipped to retail locations in Florida, Georgia, Illinois, Maryland, Michigan, New Jersey and Texas. The problem was discovered after the firm received consumer complaints.

There have been no confirmed reports of adverse reactions due to consumption of these products.

FSIS is concerned that some product may be in consumers’ freezers. Consumers who have purchased these products are urged not to consume them. These products should be thrown away or returned to the place of purchase.

U.S. Manufacturing Activity Unexpectedly Contracts At Faster Rate

Pointing to continued weakness in the U.S. manufacturing sector, the Institute for Supply Management released a report on Monday showing manufacturing activity contracted for the fourth straight month in November.

The ISM said its purchasing managers index edged down to 48.1 in November from 48.3 in October, with a reading below 50 indicating a contraction in manufacturing activity. Economists had expected the index to inch up to 49.2.

“November was the fourth consecutive month of PMI contraction, at a faster rate compared to the prior month,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Global trade remains the most significant cross-industry issue.”

The unexpected dip by the headline index was partly due to faster rate of contraction in new orders, as the new orders index slid to 47.2 in November from 49.1 in October.

The employment index also fell to 46.6 in November from 47.7 in October, indicating employment in the manufacturing sector contracted at a faster rate.

On the inflation front, the prices index climbed to 46.7 in November from 45.5 in October, but a reading below 50 still indicates a drop in prices.

The ISM is scheduled to release a separate report on activity in the service sector in the month of November on Wednesday.

The non-manufacturing index is expected to edge down to 54.5 in November from 54.7 in October, with a reading above 50 indicating growth in service sector activity.

Charting a (very) early-month downturn, S&P 500 reverses from record highs

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U.S. stocks are firmly lower early Monday, pressured to start December amid a batch of soft U.S. manufacturing data and familiar trade-related tensions.

Against this backdrop, each big three U.S. benchmark has extended a pullback from record highs, and though the bigger-picture backdrop remains comfortably bullish, the downturn’s aggressiveness is worth tracking at the turn of the month.

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Trump campaign won't credential Bloomberg News reporters for rallies

Bloomberg’s election coverage rules contribute to distrust of media: Analyst

Young Americans for Liberty research analyst Kristin Tate discusses House Democrats’ push to impeach President Trump and Bloomberg writers’ reaction to the new reporting policies instituted by the media company given Michael Bloomberg’s candidacy.

The Trump campaign said it will not give credentials to Bloomberg News reporters to cover its rallies because of the media company's policy of not investigating Democratic candidates.

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Bloomberg News decided not to investigate Michael Bloomberg and his Democratic rivals after the former New York City mayor joined the race. Bloomberg founded Bloomberg LP, which owns the news company.

TRUMP HEADS TO UK FOR NATO SUMMIT

"The decision by Bloomberg News to formalize preferential reporting policies is troubling and wrong," Trump campaign manager Brad Parscale said in a statement. "As President Trump’s campaign, we are accustomed to unfair reporting practices, but most news organizations don't announce their biases so publicly."

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The campaign said it would decide whether to answer press inquiries from Bloomberg News reporters on a case-by-case basis.

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