Rolling coverage of the second day of the World Economic Forum in Davos Cameron: Once in a generation chance to change Europe Future of Europe session underway 9.22am GMT Hundreds of people are pouring into the Davos Congress Hall for the main set-piece event of the morning - the Future of Europe session. It will pit Greece’s Alexis Tsipras against Germany’s Wolfgang Schauble, with France’s Manual Valls, the Netherland’s Mark Rutte, and Eni chairman Emma Marcegaglia. Highlight of the day: #Tsipras, #Schaeuble to lock horns on 'The future of Europe' at 11.15 in #Davos2016. That should be interesting 9.15am GMT Perhaps WE SPOKE TOO SOON. The attempted rally in Europe seems to be petering out, with the FTSE down around 8 points and Germany’s Dax off 24 points. Equities are on the slide again as crude oil continues its relentless decline. Both WTI and Brent are trading below $28 for the usual supply/demand reasons. However, there are also concerns as speculation mounts over the possibility that Saudi Arabia may unpeg the riyal from the US dollar. The strength of the greenback combined with the low oil price is a serious drain on the Kingdom’s reserves and breaking the peg would be one way of easing the pain. Continue reading...
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