Oil prices surge, global trade hit by currency swings and how to stop procrastinating

The daily briefing “FirstFT” from the Financial Times.

Oil prices have rocketed more than 25 per cent in three trading sessions, with the latest boost coming from data on US production and vague hints of a change of thinking inside the Opec producers’ cartel. The rise has been brutal for bearish traders, who just a week ago had pushed crude to the lowest levels in six and a half years.

On Monday, Nymex October West Texas Intermediate, the US oil benchmark, rose $3.98, or 8.8 per cent, to settle at $49.20 a barrel. London-listed ICE October Brent, the international marker, climbed $4.10, or 8.2 per cent, to settle at $54.15 a barrel in thin UK holiday trading. (FT)

In the news

US takes aim at Chinese hackers The White House is preparing sanctions on Chinese individuals and companies as it tries to compel Beijing to stop its alleged cyber theft of commercial and economic information from US organisations. (FT)

Merkel suggests EU border controls In the face of the escalating migrant crisis, the European Union could be forced to bring back border controls, according to Angela Merkel. The German chancellor said the Schengen passport-free travel zone cannot continue unless other EU countries accept their share of migrants. (The Telegraph)

Clashes flare in Ukraine A police officer was killed and more than 100 injured after protests broke out in Kiev and a grenade exploded outside the country’s parliament. Authorities detained 30 people in connection with the violence, which was sparked by a conditional vote that would grant greater authority to regional governments. (FT)

Global trade hit by currency swings A slump in emerging market currencies has damaged global trade – reducing imports without any benefit to export volumes – according to FT research based on data from more than 100 countries. The findings underline the view that any currency war in the emerging world will be more harmful that first thought. (FT)

Ad blockers rile publishers A move by Apple to allow iPhone and iPad users to block ads has dismayed publishers and tech groups hoping to cash in on the burgeoning mobile advertising market. So-called ad blockers could allow hundreds of millions of consumers using Apple devices to bypass adverts, a threat to the $70bn mobile-marketing business. (WSJ)

It’s a big day for

Chinese manufacturing, which contracted last month, underscoring the country’s broader economic slowdown. The official manufacturing PMI was 49.7, exactly in line with expectations. It had been 50 the previous month – the threshold that separates expansion from contraction. (fastFT)

US car sales The motor industry is scheduled to report vehicle sales figures for August. Economists expect total vehicle sales to dip to 17.3m units in August, from 17.5m units the previous month.

Food for thought

Okura goes silently into the night Tokyo’s iconic Hotel Okura discreetly closed its doors for the final time on Monday, going out with the trademark elegance and polite discretion that epitomised the building for more than half a century. For locals – who mostly accepted the Okura had to make way for something more modern – the hotel symbolised the moment in history when the country put its wartime defeat in the past and regained the old conviction thatit was world-class . (FT)

Obama vs Wild US President Barack Obama is going to test his mettle when he goes trekking through the Alaskan wilderness with British TV adventurer Bear Grylls this weekend. The escapades will form the basis of a TV episode that will draw attention to the effects of climate change on the area. (BBC)

Why traders flock to the S&P 500 The recent gyrations in the US stock market have focused on the Dow Jones Industrial Average but there are $7.8tn worth of reasons why people should focus on the S&P 500. The benchmark index is a broader reflection of the stock market and little invested money tracks the Dow. (FT)

How to stop procrastinating Procrastination has less to do with poor time management or wanting to do a task perfectly and more to do with an emotional strategy to cope with stress. Researchers suggest understanding the underlying emotional cause behind procrastination as it can have serious longer-term consequences. (WSJ)

No donors for sperm bank Britain’s national sperm bank is set to launch a campaign to convince men to donate after it revealed it has just nine registered donors. The bank’s chief executive said the drive would be modelled on a similar campaign in Denmark, which appealed to male vanity. (The Guardian)

Co-opting al-Qaeda David Petraeus, the former commander of US forces in Iraq and Afghanistan, has been urging officials in Washington to consider using al-Qaeda members to fight Isis. The idea stems from Petraeus’s experience in Iraq in 2007, when he persuaded Sunni militia to stop fighting with al-Qaeda and work with the US military. (The Daily Beast)

Video of the day

Death crosses and oil spikes John Authers discusses a dramatic month for global markets that ended with the dreaded “death cross” for the S&P 500, and a 30 per cent spike in the oil price. (FT)

This article is published in collaboration with FirstFT. Publication does not imply endorsement of views by the World Economic Forum.

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Author: FirstFT is the Financial Times’ editors curated free daily email of the top global stories from the FT and the best of the rest of the web.

Image: A worker walks down the stairs of an oil tank. REUTERS/Umit Bektas.