British business leaders from companies including BT (L:BT) andCentrica (L:CNA) said they wanted a three-year Brexit transitional deal to protect jobs in Britain and Europe.
In a letter organised by the Confederation of British Industry (CBI), more than 100 companies employing a total of more than one million people in Britain and the European Union said they needed to make decisions now about investment that will affect jobs in the future.
“Until transitional arrangements can be agreed and trade discussed the risk of ‘no deal’ remains real and has to be planned for, with inevitable consequences for jobs and growth on both sides,” it said.
Brussels has said talks on Britain’s future trading relationship with the EU can only start after the other 27 EU governments are satisfied that “sufficient progress” has been made on the terms of the departure. Britain is due to leave the union, deal or no deal, in late March 2019.
Crude oil prices started the week on the front foot on Monday, holding near the five-month highs seen last week, amid optimism over the outlook for global supply and demand.
U.S. West Texas Intermediate (WTI) crude futures tacked on 22 cents, or around 0.5%, to $50.66 a barrel by 4:15AM ET (0815GMT), not far from a five-month high of $50.88 touched last Thursday.
Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., was up 3 cents, or less than 0.1%, to $55.65 a barrel. It traded as high as $55.99 intraday Thursday, a level last seen since May.
WTI crude saw a rise of 5.1% last week, while Brent ended about 3.4% higher for the week, with both benchmarks marking the strongest weekly gains since the week ended July 28.
Sentiment in the oil market was boosted by last week’s bullish demand forecasts from the Organization of the Petroleum Exporting Countries and the International Energy Agency.
The data also showed that global oil production fell last month for the first time since March, boosting optimism that the market is rebalancing.
Airbus (PA:AIR) has filed a legal submission to Austrian prosecutors denying any wrongdoing in response to allegations of fraud and wilful deception linked to a $2 billion fighter deal.
Europe’s largest aerospace company hit back against Defence Minister Hans Peter Doskozil, saying his public accusations disregarded the presumption of innocence and thus violated Airbus’s economic and fundamental rights.
Vienna prosecutors are investigating Airbus, the Eurofighter consortium (L:BAES) (MI:LDOF) and individuals including Airbus chief Tom Enders following a legal complaint from the defence ministry over the 2003 jet purchase.
The dollar held steady on Monday, as it began to recover from Friday’s losses caused by downbeat U.S. economic reports and as markets turned their attention to the Federal Reserve policy meeting this week.
The greenback had broadly weakend after data on Friday showed that U.S. industrial and manufacturing production unexpectedly fell in August.
Elsewhere, EUR/USD was little changed at 1.1941, while GBP/USD slipped 0.21% to trade at 1.3564, just off a fresh 15-month peak of 1.3619 hit overnight.
Sterling remained broadly supported after Gertjan Vlieghe, an external member of the Bank of England’s monetary policy committee, said that interest rates could rise “as early as in the coming months.”
The comments came after the BoE indicated in its policy statement on Thursday that interest rates could rise faster than expected amid accelerating inflation.