Global shares mostly lower … Energy agency: Global oil supply jumps, sending prices lower … CA wildfire victims sue utility
TOKYO (AP) -Global shares were mostly lower today, after the steepest drop in oil prices in more than three years put investors in a selling mood on Wall Street. France’s CAC slipped nearly 1 percent in early trading. Germany’s DAX was down 0.8 percent. Britain’s FTSE 100 lost 0.7 percent. In Asia, Japan’s benchmark Nikkei closed up 0.2 percent, South Korea’s Kospi edged down 0.2 percent and Hong Kong’s Hang Seng fell 0.5 percent. U.S. shares are set to drift lower with Dow futures slipping 0.2 percent. S&P 500 futures are down 0.3 percent.
FRANKFURT, Germany (AP) – The International Energy Agency says global oil supplies are growing rapidly as Saudi Arabia, the United States and Russia pump more oil in response to fears of higher prices as a result of renewed U.S. sanctions on Iran. The IEA says in its monthly report that October output rose by 2.6 million barrels a day to 100.7 million barrels as producers heeded warnings that looming U.S. sanctions could mean loss of Iranian oil to the market and thus lead to higher prices.
SINGAPORE (AP) – Singapore’s prime minister says a final agreement on a Southeast Asian-centered free trade agreement will be pushed back until 2019. His comments confirm earlier expectations that the 16 countries in the plan, called the Regional Comprehensive Economic Partnership, or RCEP, would not meet their goal of finalizing the accord within this year. The plan includes China, India and other major regional economies but not the United States.
LONDON (AP) – British Prime Minister Theresa May is set to face her divided Cabinet in a bid to win support for a draft Brexit deal with the European Union. Negotiators from the two sides have reached agreement on divorce terms, including a plan to resolve the key issue of the Irish border. But pro-Brexit lawmakers in May’s divided Conservative Party are angry, saying the agreement will leave Britain tethered to EU rules after it leaves in March.
SAN FRANCISCO (AP) – People who lost homes in California’s deadliest and most destructive wildfire have sued Pacific Gas & Electric Co. The lawsuit filed blames the utility for the blaze, saying it did not maintain its infrastructure and failed to properly inspect and manage its power transmission lines. Officials have not determined a cause of the blaze, but a landowner near where the blaze began said PG&E notified her that crews needed to come onto her property because the utility’s wires were sparking.