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Oil rallies on OPEC output deal; energy stocks lift Wall Street

The Deutsche Bank headquarters are seen in FrankfurtBy Rodrigo Campos NEW YORK (Reuters) - Oil prices rallied on Wednesday after OPEC members reached an agreement on a production-limiting deal, boosting energy sector shares. Norway, although not an OPEC member, is a major crude producer. Crude oil prices jumped after sources told Reuters that the Organization of the Petroleum Exporting Countries agreed to reduce its oil output by about a million barrels per day.


Wall Street rallies as OPEC reaches output deal

Traders work on the floor of the NYSEThe energy index jumped 4 percent and was set to have its best day since January after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November. "The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," said Mark Kepner, managing director at Themis Trading in Chatham, New Jersey. Shares of Caterpillar Inc, which sells heavy equipment to energy companies, jumped 3.79 percent.


Wall Street rallies as OPEC reaches output deal

Traders work on the floor of the NYSEWall Street moved higher on Wednesday after an OPEC agreement to limit crude output fuelled a rally in oil and more than offset nervousness about a tight race for the U.S. presidency. The energy index jumped 4 percent and was set to have its best day since January after OPEC sources said the group has reached a deal to limit crude output at its policy meeting in November. "The energy sector has been the biggest drag on earnings for the past year and a half or two years, and if you can get some stability there, all of a sudden earnings start to look a lot better," said Mark Kepner, managing director at Themis Trading in Chatham, New Jersey.


Uber launches global assault on food delivery market

An illustration picture shows the logo of car-sharing service app Uber on a smartphone next to the picture of an official German taxi signBy Eric Auchard AMSTERDAM (Reuters) - Uber is making an aggressive drive into meal delivery, backed by a wave of staff recruitment, with the U.S. tech heavyweight gearing up to enter at least 22 new countries and take on local rivals. In a measure of rising ambition beyond its taxi business, Uber will begin delivering meals in Amsterdam on Thursday just as Dutch market leader Takeaway.com, begins trading on the city's stock market. As recently as May, Uber executives were signalling that UberEats' international ambitions were a modest extension of its core business of transporting people.


Forbes pegs Trump's wealth at $3.7 billion, $800 million less than last year

Trump delivers remarks at the Polish National Alliance in ChicagoU.S. Republican presidential nominee Donald Trump's estimated net worth is $3.7 billion (2.8 billion), $800 million less than a year ago, Forbes magazine reported on Wednesday, attributing the loss largely to New York's softening real estate market. The magazine probed 28 assets or asset classes owned by the New York businessman and found 18 had declined in value, including Trump Tower in Manhattan and his Mar-a-Lago club in Palm Beach, Florida. The value of his 40 Wall Street property in downtown New York had also declined, according to Forbes, which said it has been tracking Trump's wealth for 34 years.


MIDEAST STOCKS-Saudi leads region down on weak oil, austerity steps

* Saudi index at lowest close since Jan. 21 * Petrochemical stocks hit by oil price disappointment * Austerity threatens shares favoured by retail investors * Some telcos, utilities outperform as defensive stocks * Egypt's Kabo surges after annual earnings By Andrew Torchia DUBAI, Sept 28 (Reuters) - Saudi Arabia's stock market fell sharply for a second straight day on Wednesday, leading the entire region down, in response to weak oil prices and government austerity measures. The Saudi equities index, which had retreated 3.8 percent on Tuesday, sank a further 3. ...

Swiss Exchange confident of post-Brexit access to EU stock market

A general view shows the Swiss stock exchange in ZurichBy Huw Jones LONDON (Reuters) - The SIX Swiss Exchange said on Wednesday it was confident it can continue serving investors in the European Union without having to set up a new exchange after Britain exits the EU. Switzerland is not part of the EU and currently serves customers in the bloc from a base in London. With Britain leaving the EU, it has to find another way of linking up with its continental European customers.


India selling 7 percent stake in miner Hindustan Copper

People watch a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange building in MumbaiIndia is selling a 7 percent stake in state-run Hindustan Copper Ltd in stock market deals over two days to Friday, potentially raising the government 4.02 billion rupees ($60.5 million). The government, which owns almost 90 percent of the miner, is selling 64.7 million shares, and has set a floor price of 62 rupees apiece, according to a regulatory filing. The sale is part of the government's asset sale plan to raise funds to help plug its deficit.


 
 
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