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Here's why the Premier (ASX:PMV) share price just hit an all-time high

The Premier Investments Limited (ASX: PMV) share price hit an all-time high this morning following a positive trading update.

ASX 200 drops 1.1%

6,607 points. Over in US political news, it seems the US Democratic Party is poised to win the US senate with wins in Georgia. Here are some of the highlights from the ASX: Oil rises The oil price rose after it was reported that Saudi Arabia is going to cut oil production. According to reporting by various media, such as the Australian Financial Review, Saudi Arabia is going to cut 1 million barrels of oil a day of production. This caused the oil price to rise by around 5% to a 10-month high because the global oil market will receive less supply than what was expected.

Aussie dollar breaking to new 30-month high will boost these ASX stocks