Reuters - Daily Investor Update

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Wednesday, May 24, 2017

Oil pulls back slightly on low U.S. gasoline stock draw

NEW YORK (Reuters) - Oil prices retreated slightly Wednesday as investors reacted to a smaller-than-expected U.S. gasoline stocks draw as they awaited the outcome of discussions in Vienna between OPEC and other oil-exporting countries on whether to extend output cuts.

OPEC nearing deal to extend oil output cut to March 2018

VIENNA (Reuters) - OPEC and non-member oil producers moved closer on Wednesday to clinching a deal on extending output cuts by nine months to clear a global stocks overhang and prop up the price of crude.

Iran sees OPEC consensus for nine-month oil output cut extension

VIENNA (Reuters) - Iranian Oil Minister Bijan Zangeneh said on Wednesday there seemed to be a consensus for major oil producers to extend output cuts by nine months and that it was important for OPEC as well as non-members to comply for any duration.

Global stocks recover despite China downgrade; Fed minutes due

NEW YORK (Reuters) - World stock markets recovered on Wednesday from initial losses after Moody's first credit downgrade of China in 30 years, with investors turning their attention to U.S. Federal Reserve minutes that could provide more certainty of a rate hike next month.

J&J settles drug manufacturing probe by U.S. states for $33 million

(Reuters) - Johnson & Johnson has agreed to pay $33 million to resolve charges by most U.S. states that it misrepresented the manufacturing practices behind several over-the-counter drugs that were eventually recalled.

BNP Paribas pays $350 million to settle New York currency probe

NEW YORK (Reuters) - French bank BNP Paribas on Wednesday agreed to pay $350 million to New York’s banking regulator for allowing more than a dozen traders and salespeople in New York and other key trading hubs to manipulate foreign exchange prices.

ISS recommends activist nominees for Buffalo Wild Wings board

NEW YORK (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) recommended on Wednesday that owners of Buffalo Wild Wings stock vote for board directors nominated by activist hedge fund Marcato Capital Management.

Anthem still weighing 2018 Obamacare individual participation

NEW YORK (Reuters) - Anthem Inc on Wednesday said its plans for selling 2018 Obamacare individual plans are still up in the air because of political and regulatory uncertainty, making it the latest health insurer to say questions about continued funding of government subsidies will affect consumers next year.

Wall St. creeps higher; Fed minutes eyed

(Reuters) - U.S. stocks were modestly higher late on Wednesday morning, aiming for a fifth straight day of gains, as investors awaited Federal Reserve minutes of its May meeting that could cement the chances of an interest rate hike next month.

Judge gives RBS a week to end investor suit or face trial

LONDON (Reuters) - A judge has given Royal Bank of Scotland and thousands of investors until June 1 to agree a deal that would avert a trial over the bank's 12 billion pound cash call in 2008.