Top ECB economist says Brexit could slow eurozone economy
The European Central Bank's top economist warned on Friday that Britain's vote to leave the European Union could reverse recent improvements in the euro-area economy, and called for swift action toward a post-referendum road map.
Speaking to an audience in London, Peter Praet warned of “elevated risks” to the economic outlook from external uncertainties, including the impact of the U.K. referendum and the still-fragile global recovery.
IMF Managing Director Christine Lagarde said Sunday that Brexit can give the European Union more freedom to implement reforms.
Oil stable as market seen in balance, but slow Asian demand hurts
Oil futures were steady on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed.
Brent crude futures LCOc1 were trading at $50.31 per barrel at 0441 GMT, almost unchanged from their last settlement. U.S. crude CLc1 were down 5 cents at $48.94.
There will be no West Texas Intermediate crude settlement on Monday as U.S. financial and commodity markets are closed for the U.S. Independence Day holiday.
"Fundamentals offer limited scope for further price gains and we expect Brent to trade broadly sideways over the coming months," said analysts at BMI Research.
Nearly 120 killed in overnight Baghdad bombings claimed by Islamic State
Nearly 120 people were killed and 200 wounded in two bombings overnight in Baghdad, most of them in a busy shopping area as residents celebrated Ramadan, police and medical sources said on Sunday.
The attack on the shopping area of Karrada is the deadliest since U.S.-backed Iraqi forces last month scored a major victory when it dislodged Islamic State from their stronghold of Falluja, an hour's drive west of the capital. It is also the deadliest so far this year.
Reference: Reuters,MarketWatch,Sputniknew
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