1. Oil Prices Rise On Iran Sanctions
Oil prices rose on Friday morning as U.S. sanctions on Iran are expected to cut significant volumes of crude from the market. Specifically, Brent crude oil futures (CL_BRENT) were last seen trading at $75.16 per barrel at 7:00 GMT, up 44 cents, or 0.6 percent, while U.S. West Texas Intermediate (USOIL) crude futures were last seen trading at $68.34 per barrel, up 51 cents, or 0.8 percent.*
2. Continental AG Plummets 4.2% on 2018 Outlook Cuts
German automotive supplier Continental closed 4.2% lower on Thursday after slashing its 2018 sales and margin outlook, citing lower expectations for sales, higher costs and unspecified warranty claims.The group now expects consolidated sales of about 46 billion euros and an adjusted EBIT margin of more than 9 percent. It had previously forecast sales of about 47 billion euros and an adjusted EBIT margin of more than 10 percent. The stock opened at $154.71 today which marks a 2018 low.**
3. Aussie Rallies After Morrison Election
The Australian dollar gained half a percent on Friday morning, reversing earlier losses, after the ruling Liberal party voted Scott Morrison a their new leader, ending a political crisis that knocked investor confidence this week. It is important to note that the Australian dollar had shed quite a lot over the past week due to domestic political uncertainty. The Aussie dollar had tumbled 1.4 percent on Thursday to become the worst performing G10 currency, after hitting its lowest since January 2017 at $0.7202 last week. Today the Aussies saw a remarkable recovery adding 0.5 percent, to last trade at 0.7285 as of 7:00 GMT.***
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*Source: Reuters, Aug 24, 2018 / 4:24 AM
**Source: Euronews, Aug 23, 2018 5:35 AM ET
***Source: Investing Aug 24, 2018 01:10 AM ET
