Huawei CEO Ren Zhengfei laid out plans to bring more efficiencies to the organization. This included simplifying the reporting structure, cutting down on surplus staff, axing...Technologyread more
The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
China has used both monetary and fiscal measures to lift economic activity as its trade war with the U.S. looks set to intensify in the coming months.China Economyread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
"I think (rate cuts) will help, but whether they're going to be sufficient to counter the negative trade pressures and global growth slowdown and impact is debatable," one...Central Banksread more
Chinese overseas investment growth will likely slow or even decline in the next few years as risks around the world increase, according to new research by Moody's Investors...China Economyread more
The two countries want to smash the civil aerospace duopoly enjoyed by Airbus and Boeing.Aerospace & Defenseread more
Alibaba held a board meeting before its latest quarterly earnings release last week, during which the board decided to postpone the Hong Kong listing, Reuters reported.Technologyread more
Federal Reserve Chairman Jerome Powell is set to deliver his annual speech on Friday at the Jackson Hole, Wyoming symposium, where he's expected to provide more clarity on the...Asia Marketsread more
U.S. and Asian investors poured $3.7 billion into U.K. tech start-ups in the first seven months of 2019, research shows.Technologyread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Oil prices fell 3 percent on Monday, echoing the weakness in global stock markets as the focus returned to demand growth concerns. Crude prices erased the gains they made on Friday following an OPEC-led decision to cut output.
Losses in Europe and Asia extended to Wall Street on new signs the U.S.-China trade spat was impacting world economic growth.
The market was also weighed down by confusion stemming from British Prime Minister Theresa May's postponement of a parliamentary vote on her Brexit deal and sluggish data from the world's largest economies including the U.S, China, Japan and Germany in recent days.
"The stock market and oil market correlation is back on today," said John Kilduff, a partner at Again Capital Management in New York. "These worries about the global economy and the demand outlook that follows on that for oil are a bigger and bigger negative for the market."
U.S. West Texas Intermediate crude ended Monday's session down $1.61, or 3.1 percent, at $51 a barrel. International Brent crude oil futures fell $1.68, or 2.7 percent, to $59.99 a barrel by 2:20 p.m. ET.
Prices rose on Friday after OPEC and some non-OPEC producers including heavyweight Russia said they would cut oil supply by 1.2 million barrels per day.
"Friday's agreement was a seemingly good one, or maybe we should say the best one under the current circumstances," Tamas Varga, a strategist with PVM Oil Associates, said.
"As good as it looks, our view is that it will not be able to provide long-term price supports because it could not help global oil inventories deplete."
Global equities have fallen by nearly 8 percent so far this year, battered by concern about slowing corporate earnings and the threat to the broader economy from an escalating trade dispute between the United States and China.
A steep increase in the pace of crude supply growth this year, especially in the world's three largest producers — the United States, Saudi Arabia and Russia — has made a number of analysts wary about the prospect of demand being sufficient to mop up extra oil.
"The surge in U.S. supply in recent months should be a reason for caution," Bank of America Merrill Lynch said in a note on Monday.
U.S. bank Morgan Stanley said the cut was "likely sufficient to balance the market in 1H19 and prevent inventories from building."
Not all analysts were so confident.
Edward Bell of Emirates NBD bank said "the scale of the cuts ... isn't enough to push the market back into deficit" and that he expected "a market surplus of around 1.2 million bpd in Q1 with the new production levels."
Oil prices have fallen sharply since October on signs of an economic slowdown, with Brent losing almost 30 percent in value.
Japan, the world's No.4 oil consumer, on Monday revised its third quarter GDP growth down to an annualised rate of minus 2.5 percent, down from the initial estimate of minus 1.2 percent.
Meanwhile, the two world's biggest economies — the United States and China — are locked in a trade war which is threatening to slow global growth and battering investor sentiment.
Despite the expectations of a slowdown, demand on the ground remains healthy.
China, the world's biggest oil importer, over the weekend reported November crude imports rose 8.5 percent from a year ago, to 10.43 million bpd, marking the first time China imported more than 10 million bpd. That leaves the world's second-biggest economy on track to set yet another annual import record.
Demand is driven by Chinese purchases for strategic reserves, but also by new refineries, triggering excess supply of fuels, filling up storage tanks and eroding refinery profits across Asia.
— CNBC's Tom DiChristopher contributed to this report.