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Japan's GDP slipped 1.6% per annum in the three months ended September. A far cry from the 2.2% expansion expected by economists. It is deemed a technical recession because Japan has experienced two straight quarterly contractions in GDP.
Brent crude oil price continued to drop 0.23% to $77.74. From what I know, the largest oil producers, Saudi Arabia is selling at a price lower than the threshold it needs for state spending so as to undercut its rival. They are doing this to try to undermine the Hydraulic fracturing technique that the USA is currently adopting. This technique, if successfully implemented, would drastically reduce American dependence to oil, which Saudi Arabia do not want happen. Hence the artificial reduction of oil prices in hopes that Hydraulic fracturing will become a non viable business in the US. The International Energy Agency said in its monthly report that prices could fall further in 2015. They also envisioned that a new chapter in the history of the oil markets is becoming increasingly clear. Would this mean the continual dampening of oil related stocks ? It is still anyone's guess.
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