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Weekly news summary for December 4 to December 10, 2020

Friday, Dec. 4, 2020: Oil Hits Eight-month High on OPEC+ Agreement

Oil prices rose to an eight-month high on Friday, as the Organization of the Petroleum Exporting Countries (OPEC) and its oil-producing allies, which includes Russia, agreed to gradually increase output by 500,000 barrels per day starting January.

US West Texas Intermediate (WTI) crude oil futures gained 1.3% to $46.23 a barrel, while Brent crude oil futures surged 1.3% to $49.33 a barrel after reaching $49.86 earlier in the session.

Monday, Dec. 7, 2020: Airbnb Raises IPO Share Price Range

US rental platform Airbnb Inc. raised its marketing range for its initial public offering (IPO), which is set to close this week.

In a filing on Monday, the company said it expects to price its shares at $56-$60 each instead of $44-$50 per share, adding 23% in the mid-point and bringing the fully diluted market value at $42 billion.

Tuesday, Dec. 8, 2020: Uber to Sell Self-Driving Unit ATG to Aurora

Uber Technologies Inc. called off its plans to create an autonomous taxi on its own, writing down more than $5 billion of its investment in the venture.

The ride-hailing group stated that it would partner its Advanced Technologies Group (ATG) with self-driving car startup Aurora, plus a cash investment of $400 million, in a merger that will provide Uber with a 26% stake and Aurora with a $10 billion valuation.

Wednesday, Dec. 9, 2020: Stocks Up on Stimulus and Vaccine Optimism

Stocks worldwide registered new record highs on Wednesday, driven by hopes for another US fiscal stimulus and optimism over the COVID-19 vaccines.

The MSCI’s gauge of stocks across the globe climbed 0.23% to a record of 635.65, while US futures rose 0.14% and the European stocks posted their highest since February, with the DAX index adding 0.9% and the FTSE 100 gaining 0.36%.

Thursday, Dec. 10, 2020: British Pound Falls as Brexit Impasse Remains

The British pound weakened on Thursday after last-minute Brexit talks between UK Prime Minister Boris Johnson and European Commission President Ursula von der Leyen resulted only in an agreement to continue the discussions.

The sterling was down 0.3% to 1.3346 against the dollar as it awaits a Brexit resolution, while US treasuries climbed and the greenback slightly dropped, following a volatile session in the currency markets.

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