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Oil Prices Mixed in Asia as Supply Worries Return

Oil prices diverged in Asia Thursday as a report showing increased production by the OPEC cartel bolstered expectations a supply glut will persist well into next year.

Weak economic data from the United States and China further confirmed the global economic slowdown this year and next projected by the World Bank and International Monetary Fund, likely denting oil demand.

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Australia's Jobless Rate Steady at 6.2 Percent

Australia's unemployment rate remained stable at 6.2 percent in September, data showed Thursday, with some analysts suggesting it may have peaked as the economy moves away from a dependence on mining.

The Australian Bureau of Statistics figures showed that in rounded terms, some 5,100 jobs were lost from the economy, with full-time positions falling by about 13,900 and part-time roles increasing by around 8,900.

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Germany Trims 2015 Growth Outlook as Emerging Markets Slow

The German government Wednesday slightly trimmed its 2015 growth forecast due to the slowdown in emerging economies, but said domestic consumption would likely more than offset the external weakness.

Output growth was now expected to reach 1.7 percent for 2015, and 1.8 percent for 2016, said Economy Minister Sigmar Gabriel, who six months ago had predicted growth for both years at 1.8 percent.

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ChemChina Close to Completing Pirelli Takeover

ChemChina has completed the acquisition of just under 87 percent of Pirelli's ordinary shares, leaving it within touching distance of its goal of delisting the iconic Italian tire-maker.

Marco Polo Industrial Holding, a company created to facilitate the takeover and 65 percent owned by ChemChina, said its 15-euros-a-share offer valuing Pirelli at 7.4 billion euros (8.4 billion dollars) would be extended until October 27.

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Dollar Weakens against Yen on Demand for Safer Assets

The dollar declined against the yen on Wednesday on expectations a U.S. interest rate rise will be delayed while demand for safer assets increased on the back of volatile oil prices and worries about China's economy.

Concerns about the slowdown of Chinese growth kept the pressure on investors who, spooked by Tuesday's disappointing trade data and another weak inflation reading Wednesday, shifted into lower yield assets considered safer bets.

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Haiti, Dominican Republic Agree to Migration, Trade Talks

The presidents of the Dominican Republic and Haiti agreed Tuesday to reopen negotiations to resolve migration and commercial disputes that are plaguing relations between their two countries.

The leaders, who met on the Dominican side of the border in the town of Barahona, said that government ministers would work on "an accord to enhance commercial trade and normalize ground transport of goods," according to a memorandum of understanding.

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Kuwait Signs $13 bn Contracts for New Refinery

The Kuwait National Petroleum Company Tuesday signed contracts worth $13.2 billion (11.6 billion euros) with international firms to build a refinery said to be the Gulf state's largest development project.

The deal comes as Kuwait, a key oil producer, moves to modernize its energy facilities and boost its refining capabilities.

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British Inflation Falls Back into Negative Territory

Britain's annual inflation rate fell back into negative territory in September, dampened by lower prices for food and petrol, official data showed Tuesday.

The 12-month Consumer Price Index (CPI) inflation rate sank to minus 0.1 percent last month, compared with zero in August, the Office for National Statistics (ONS) said in a statement.

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IEA: Global Oil Demand Growth to Slow in 2016

The world's demand for oil is expected to slow in 2016 in response to a more pessimistic outlook for the global economy, the International Energy Agency (IEA) said Tuesday.

"Global demand growth is expected to slow from its five-year high of 1.8 million barrels per day in 2015, to 1.2 mb/d in 2016," the IEA said in its monthly oil market report.

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ECB Board Member Says Inflation Key Trigger for Stimulus

Falling inflation will be a key trigger in any decision by the European Central Bank (ECB) to beef up its economic stimulus package, an executive board member said Tuesday.

Yves Mersch said in a speech in Singapore that it was still too early to determine whether factors like slowing growth in emerging markets and a strong euro will affect the inflation target for the eurozone.

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