Stock Market Today - OPEC to Pressure Saudis to Reduce Oil Production - TheStreet

NEW YORK (TheStreet) -- OPEC members plan to put pressure on Saudi Arabia at their Friday meeting to rein in oil production to prop up prices, the Wall StreetJournal reports. "At the next OPEC meeting, [Iran oil minister Bijan Zanganeh] will urge Saudi to reduce its production," Ali Kardor, head of investment at the state-run National Iranian Oil Co., told the paper.

  • Asian stocks were pulled down by a selloff in Chinese shares on Monday morning, while the Chinese yuan bounced in expectation that the International Monetary Fund (IMF) will include it in its basket of currencies forming the Special Drawing Rights (SDR), together with the dollar, euro, Japanese yen and British pound.
  • Volkswagen (VLKAY) is likely to recall 2.46 million cars that have the illegal software that cheats emissions tests installed in Germany alone, German newspaper Die Welt reported, quoted by Reuters. Of those, 1.54 million are Volkswagen-branded cars, 531,813 are Audis, another 286,970 are Skodas and 104,197 Seats.
  • Turkey and the European Union have reached a deal in which Turkey will receive aid worth 3 billion euros ($3.18 billion), easier visa conditions for the EU for Turkish citizens and the revival of EU accession talks in exchange for Turkey raising the living standards of the 2.2 million Syrian refugees within its borders.
  • AB InBev (BUD) plans to sell the Peroni and Grolsch beer brands in an effort to appease European competition authorities' worries about its merger with SABMiller (SBMRY), according to a report by the Wall Street Journal.

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