US Existing Home sales rebound

            Analysts from Wells Fargo, explained the reasons why existing home sales rose 0.7% in September after three consecutive declines and they warned that existing sales fell on a year-to-year basis, marking the first drop since mid-2016.

            “After declining three straight months, existing home sales rose 0.7 percent in September. Despite this past month’s gain, sales fell on a year-to-year basis, which captures the cumulative effect of the prior three months of declines.”
         
             “Hurricane Harvey and Hurricane Irma likely weighed on September’s sales. Existing home sales fell 0.9 percent the South, which was the only region seeing a decline.

             “While sales are down 1.5 percent year to year, the inventory is off even more, down 6.4 percent on the year. The sharper drop in inventories really drives home the point that home sales are being held back primarily due to the lack of homes for sale.

             “For the 67th consecutive month, prices increased year to year, rising 4.2 percent. Gains have moderated significantly, however, and are rising at their slowest year-to-year pace since June 2014.”

Pyongyang to consider UN sanctions as attempt to 'declare war'

           According to Interfax, a Russian news agency, an official for the North Korea's foreign ministry said that all attempts to strangle the country via UN sanctions would be taken as attempts to 'declare war.'

Crude Oil breaks below $51.00

            Crude oil prices are extending the correction lower on Friday, now dragging the barrel of the American reference for the sweet light crude oil to daily lows in sub-$51.00 levels.

             Prices for the West Texas Intermediate are down for the second session in a row, testing fresh multi-day lows in the $50.70 area after climbing as high as the $52.30 region earlier in the week.
             Crude oil retreated on Thursday following comments from Chinese official noting that markets may be over-optimistic over the Chinese economic growth.
Earlier in the week, prices for the black gold remained underpinned by positive prospects of the rebalancing of the oil markets, according to comments by OPEC officials.

             In addition, another draw in US supplies reported by the DoE added to the (previous) upbeat momentum in prices.

            Ahead in the session, driller Baker Hughes will publish its US oil rig count (prev. -5 to 743 US active oil rigs).

Final Brexit agreement

            Theresa May, British Prime Minister, continues to speak, delivering a UK national briefing at the EU council meeting.

            UK PM May: full and final financial settlement will come as final Brexit agreement

            UK PM May: it would be irresponsible not to look at every eventuality

            UK PM May: I have been clear that I am optimistic about winning a good Brexit deal

            UK PM May: we will be going line by line through those financial commitments

Ambitious and positive about Brexit negotiations

                 Theresa May, British Prime Minister, is delivering a UK national briefing at the EU council meeting.

        UK May: Made clear to EU that they do not need to be concerned over the current budget plan, we will honour commitments made to EU

        UK May: If we are going to take a step forward we must work together on Brexit

        UK May: Agreed with EU northern Ireland needs specific solutions post-Brexit

        UK May: I am ambitious and positive about the Brexit negotiations