• The German economy increased its pace of growth to 0.6 percent in the first quarter of 2017 helped by strong exports, increased investments in machinery and buildings as well as solid spending by households and the state, data showed on Tuesday.
Confirming a preliminary reading for growth, the Federal Statistics Office said exports rose 1.3 percent on the quarter and imports edged up 0.4 percent, meaning net trade added 0.4 percentage points to gross domestic product (GDP) growth.
• The United Arab Emirates supports extending oil output cuts for another term, Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday, saying ahead of an OPEC meeting he was optimistic about meetings held between Saudi Arabia and Russia.
• At least 22 people, including some children, were killed and 59 wounded when a suicide bomber struck as thousands of fans streamed out of a concert by U.S. singer Ariana Grande in the English city of Manchester on Monday.
• Businesses across the euro zone maintained April's blistering growth rate this month as firms struggled to meet growing demand, suggesting the bloc's economic momentum is being sustained, a survey showed.
IHS Markit's Flash Composite Purchasing Managers' Index for May, seen as a good guide to growth, matched the previous month's , its highest since April A reading above indicates growth.56.82011. 50
• U.S. President Donald Trump's proposal to sell half of the United States' strategic oil reserve surprised energy markets on Tuesday since it counters OPEC's efforts to control supply in order to boost prices.
The White House requested in its budget released late on Monday gradually selling off the nation's Strategic Petroleum Reserve (SPR) starting in October 2018 to raise $16.5 billion. The U.S. SPR holds 688 million barrels, making it the world's largest reserve, and a release of half over 10 years averages about 95,000 barrels per day (bpd), or 1 percent of current U.S. output.
• Oil prices fell on Tuesday after U.S. President Donald Trump proposed the sale of half the country's strategic oil reserves, even as producer club OPEC and its allies cut output to tighten the market.
U.S. West Texas Intermediate (WTI) futures CLc1 were at $50.71, down 42 cents, or 0.8 percent.
Brent crude futures LCOc1 were trading down 43 cents, or 0.8 percent, at $53.44 per barrel at 0643 GMT.
Reference: Reuters
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