Saudi Arabia's oil production is at its highest level in over 30 years, but the oil is just going into storage. A number of theories are floating around including that it's preparing a buffer to help ease supply tensions if the Iranian export situation deteriorates. But it seems there's more to the situation than meets the eye. Izzy takes a closer look. Sterilisation of further QE in the US would benefit money market funds, but their gain would be a loss for the rest of the economy. Or so the rates team at RBC thinks. Cardiff's post is food for thought ahead of today's FOMC announcement. It can get messy when governments get involved in M&A. James Murdoch's testimony at the Levenson Inquiry on Tuesday put the focus squarely on the intimate relationship between the British government and NewsCorp. Joseph shows some of the evidence presented including the email flagged as containing "absolutely illegal" information. We'll be following inquiry today as Murdoch senior begins his testimony. The SEC has charged Egan-Jones alleging that the rating agency made a material misrepresentation in claiming to have rated government debt and ABS - and that it hadn't - when making its NRSRO application, and that conflicts of interest were present. Joseph outlines the SEC order. UK economy is back in technical recession as it shrinks 0.2% in first quarter, according to the Office for National Statistics. It also contracted by 0.3 per cent in the fourth quarter of last year. David looks at the release from this Wednesday morning and wheels out an economist to depress us about it. Progress with the Europe's financial transactions tax continues. While the UK is almost certain to veto it, it could still do considerable damage to the British economy if introduced in other parts of the EU. Masa's post has the details. Europe is busy building a new economic framework. But the structure looks rather hollow and shaky the higher up you go. Cardiff's post looks at a SocGen analysis. Strong iPhone sales boost Apple results. The company beat exceptions, sending it's shares up 7 per cent in after-market trading and adding more than $35bn to its market value. It said it sold 11.8m iPads in the first quarter, which was at the top end of most estimates and 150 per cent higher than the year before, the FT reports. Romney vows to beat Obama as he sweeps five more primaries. Declaring that "a new America begins tonight," Mitt Romney crowned himself as the presumptive nominee of the Republican party in the November elections, reports the FT. Former BP engineer arrested in Gulf spill investigation. Kurt Mix faces criminal charges for allegedly intentionally destroying evidence about the size of the 2010 disaster. He was part of a team that tried to estimate the amount of oil leaking from the well according to court documents, the FT reports. Former aide to John Edwards testifies against him. Andrew Young said he helped cover up then presidential candidate's affair with a campaign videographer, including by claiming that he was the father of her child, CNN reports. New case of mad cow disease found in California. USDA has confirmed the discovery of a diseased dairy cow but said it was detected before it could pose a threat to consumers, the Associated Press reports. Global equities inching higher on strong corporate earnings. But optimism remains muted as traders await the FOMC announcement later in the day, the FT reports. This entry was posted by Masa Serdarevic on Wednesday, April 25th, 2012 at 10:46 and is filed under Uncategorised.