Fuel oil front-month contract up 2.00% intraday at 4,892.00 yuan/ton.

Bank of England Governor Bailey said he was right to speak up to defend then-Fed Chair Powell from personal attacks by then-US President Trump and that he would do so again. Bailey said he and other central bank governors intervened because the attacks were aimed at Powell as an individual rather than at Fed policy, calling Powell a friend of high integrity. He has previously warned he is very concerned about attacks on Fed officials and cautioned any weakening of central bank independence could have global spillovers.

The world’s largest sovereign wealth fund, Norway’s, reported a $30 bln loss in Q3 after rising interest rates depressed returns on its bond holdings. Assets under management stood at $2.3 tln and the fund’s fixed-income return was -3.5%, which the manager said was a primary driver of the quarterly decline.