Oil Drops on Inventory Data - Oil futures reversed from earlier gains Wednesday morning after the EIA reported a surprisingly large increase in gasoline inventories last week. Demand for gasoline remained unchanged from previous weeks, but gasoline production and imports had risen from the previous week. Gasoline inventories increased by 2.9 million barrels according to the report. After the report, crude for declined about 0.2% to $70.76 a barrel versus being up close to 1% prior to the report. Distillate inventories, which include diesel and heating oil, rose by 700,000 barrels, the EIA said.
Fed Buys $1.3 Billion in Treasurys - The Federal Reserve Bank of New York bought $1.3 billion in Treasurys for the maturity range 2020 to 2026. This is the only scheduled buyback for the week. The Fed plans to finish the buybacks later this month which have been an effort to keep down borrowing costs.
HSBC Looking to Buy RBS Assets in Asia - HSBC is in advanced discussions to buy the retail and commercial banking assets of Royal Bank of Scotland in China, India and Malaysia, according to a Wall Street Journal report citing a person familiar with the matter. HSBC has emerged as the leading bidder after exclusive talks between RBS and Standard Chartered stalled over the price, the report said. HSBC said in September that its CEO would move his main office from London to Kong Kong as part of the bank's plan to target growth in Asia.
Fed Buys $1.3 Billion in Treasurys - The Federal Reserve Bank of New York bought $1.3 billion in Treasurys for the maturity range 2020 to 2026. This is the only scheduled buyback for the week. The Fed plans to finish the buybacks later this month which have been an effort to keep down borrowing costs.
HSBC Looking to Buy RBS Assets in Asia - HSBC is in advanced discussions to buy the retail and commercial banking assets of Royal Bank of Scotland in China, India and Malaysia, according to a Wall Street Journal report citing a person familiar with the matter. HSBC has emerged as the leading bidder after exclusive talks between RBS and Standard Chartered stalled over the price, the report said. HSBC said in September that its CEO would move his main office from London to Kong Kong as part of the bank's plan to target growth in Asia.
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