Economy

Oil prices fall following Iran’s new peace overture

Oil prices retreated on Monday after Iran signaled that it could quickly reopen the Strait of Hormuz if the U.S. agrees to the country’s plan. As of 11:30 a.m., Brent crude contracts were down just over 4 percent, to approximately $108.60 per barrel.

As recently as Friday, Brent crude was trading at $118 per barrel. 

“Blue wave” expected in the U.S. – predicted to benefit the stock market

Forecasts suggest that the Democrats will win at least one chamber of Congress in the midterm elections—and likely both. This would bode well for the stock market, reports CNBC.

What the market appreciates is not a Democratic victory per se, but rather a scenario where one party holds the presidency while the other party controls at least one of the two chambers of Congress.

“The market doesn’t really like ‘red waves’ or ‘blue waves,’ because they tend to lead to excessive spending and too much concentration of power,” Ryan Detrick, chief strategist at the Carson Group, told the network.

Since 1980, the S&P 500 has risen by an average of 15 percent in the year following an election result where no single party gained full control. In years where one party did gain full control, the average gain was 11.5 percent.

Russian luxury brand in crisis – slashes prices on “Putin’s limousine”

The Russian luxury automaker Aurus is struggling to sell vehicles and is consequently lowering the price of its Senat model—a car nicknamed “Putin’s limousine,” as the Russian president frequently travels in one. This is reported by the independent *Moscow Times*. The price has been reduced from 50 million rubles—equivalent to approximately 6.1 million kronor—to 40 million rubles, or about 4.9 million kronor. At the same time, sellers warn that the price could rise to 52 million rubles next year.

Aurus hopes to meet its sales targets. The publication cites the Telegram channel "Russian Car," which states that the high price has rendered demand for the luxury vehicle virtually non-existent.
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