Effects rates despite a higher profit this year. And the end of an era. South africas president jacob soozuma will be reportedly led o resign today u. S. Crude output could overtake that of russia and saudi arabia, thats according to the latest iea Oil Market Report which also predicts nonopec Oil Production will grow faster than demands. Neil atkinson from the iea joins us from paris. Sir, thank you very much for joining the show our colleague spoke to the head of the opec earlier. He said he had reassurances from russia to keep production cuts in place is it fair to say Going Forward the u. S. Will be the largest swing producer in the foreseeable future when it comes to Oil Production . Well, i think most people assume that the opec output cuts, which have been in place since the beginning of 2017 will stay in place for the rest of this year. What were watching at the moment is because the United States is essentially a free market for oil, its production rises and falls in line with
Negative after accounting changes. We speak first to stephan engles. Digital dismay. Publicis is the biggest faller in europe as the ad firm books a 1. 4 billion euro writedown on its Digital Business with underlying sales falling 2. 5 in the Fourth Quarter. A holiday nightmare for thomas cook. Shares sink as the Tour Operator reports a big quarterly loss and issues a cautious outlook for the year ahead. Welcome. Lets look at some of the Market Action across europe. Its fair to say some of the early confidence has started to cool on the markets. Only just holding on to the green for the ftse mib in italy. The French Market moving as big name caps are reporting there in the French Market, were ahead 0. 4 . The german stock market up about a third. And about 0. 10 added to the ftse 100. Lets look at the banks. Among those reporting today, socgen has been out with numbers today. Still trading positive. Up 2. 5 . Commerzbank initially positive, now trading weaker. It is a split picture for
Controlling share in british retailer new look. Welcome to the show. The hang seng has been rallying lead by a spike in property stocks but analysts are still looking for an explanation for the pop. Speculation of a tie one hong kong and the shenzen was boosting equities. Lets get out to sri live in singapore with more on that story. Catching a lot of traders by surprise here. This move in the hong kong market. Yes. Were trying to get more clarity on that but the Hong Kong Exchange pretty conclusively poured cold water on the situation. Its going to happen but not imminently as some have been im implying. The broader market, the hang seng up by 2 . Some divergence. Were going to see more ipos and that liquidity is going to deprive the main board from the activity on the listed markets. Thats one of the concerns that the mainland investors have. Thats why were seeing some cooling off in the market over there but all in all it was a robust session. The dust is settling on the route in th