Market News

  1. Oil prices surged nearly 20% at one point on Monday, with Brent crude posting its biggest intraday gain since the Gulf War in 1991, after an attack on Saudi Arabian oil facilities at the weekend halved the kingdom's production.
  2. OxyContin maker Purdue Pharma LP filed for bankruptcy protection Sunday night, succumbing to pressure from more than 2,600 lawsuits alleging the company helped fuel the deadly U.S. opioid epidemic.
  3. An attack on Saudi Arabia that shut 5% of global crude output caused the biggest surge in oil prices since 1991, after U.S. officials blamed Iran and President Donald Trump said Washington was "locked and loaded" to retaliate.
  4. Saudi Aramco has changed the type of crude loading onto a tanker due to go to Asia to Arab Heavy from Arab Light, a source familiar with the matter said.
  5. U.S. Energy Secretary Rick Perry said on Monday he believes the oil market will react positively to the weekend attack on Saudi Arabia's oil industry, which Washington has blamed on Iran.
  6. The United Auto Workers (UAW) went on strike at General Motors just after midnight Sunday and about 48,000 hourly workers at its facilities are headed for the picket lines in the morning, union officials said early Monday.
  7. Oil prices climbed to four-month highs on Monday and world stocks slid after weekend attacks on crude facilities in Saudi Arabia shut about 5% of the world's supply and fueled worries over the impact of an oil shock on economic growth.
  8. Shares in Airbus and other key French exporters fell on Monday as Europe and the United States edged closer toward tit-for-tat sanctions in a long-running dispute over aircraft subsidies.
  9. South Korea's LG Display Co Ltd on Monday said it has named LG Chem President Jeong Ho-young as its new chief executive officer.
  10. German lighting group Osram advised its shareholders on Monday to accept a 4.3 billion euro ($4.8 billion) takeover bid from AMS and sell their shares to the Austrian sensor specialist, saying the offer was economically attractive.
  11. Governments worldwide may need to follow U.S. President Donald Trump's move to tap emergency oil stockpiles if top exporter Saudi Arabia is unable to quickly repair the damage inflicted by attacks on its energy industry on Saturday.
  12. U.S. motorists most likely to feel the hit from rising gas prices following the attacks on Saudi Arabia's oil facilities are on the West Coast, which accounts for nearly half of all of U.S. crude imports from the kingdom.
  13. Volkswagen said on Monday it had agreed to pay up to A$127 million ($87.3 million) to settle lawsuits brought on behalf of thousands of Australian customers caught up in its global diesel emissions cheating scandal.
  14. Dream Global Real Estate Investment Trust said funds managed by Blackstone Group Inc would buy the Canadian firm in a C$6.2 billion ($4.69 billion) deal.
  15. A year ago, U.S. Federal Reserve Chair Jerome Powell held a "remarkably positive outlook" for an economy enjoying a "historically rare" combination of good news including low unemployment, steady inflation and strong growth that were all expected to continue.
  16. WeWork owner The We Company may seek a valuation in its upcoming initial public offering of between $10 billion and $12 billion, a dramatic discount to the $47 billion valuation it achieved in January, people familiar with the matter said on Friday.