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6.12 - expect volatility from oil today as well

7.03.2019

 

One of the main occasions in the markets for today is another OPEC meeting. And it is not simply an OPEC meeting. It is OPEC-JMMC meeting – a meeting that is attended by all of the OPEC members as well as 11 other oil-rich nations. In short, it is a meeting that is going to give us broader understanding about oil market and will give us the possibility to see, where the interest of all of the oil producers lie.

 

Today we can see that yesterday’s meeting did have quite some influence. For example, the prices for both of the crudes were flying higher and higher, but after OPEC meeting, as well as the statement of Saudi Arabia, that oil output numbers are to be cut down anyway, have really rattled the market and investors saw the threat lying in both of the crudes for the moment. But, the price for both of them is expected to start growing again, as yesterday it was agreed to cut the output. Let’s also see what today’s decision is going to be.

 

In the other part of the world traders were hoping to get some good news on trade war. And somehow, the situation did improve. Donald Trump said that the talks were ‘moving right along’ – just what we bed to hear at the moment. After all, Chinese are too busy with dodging tariffs to make statements. Americans are free to do whatever. Especially Trump – the closer impeachment decision comes, the angrier he becomes and the kinder he wants to seem. Hence, we will try and make statements that will tilt the weighs of justice in his favor.

 

Surely, with no boost USD is standing still and even extending the declines that we have been seeing for the last couple of days. It seems that it will be a long time before American currency will be able to reinstate its power over the markets. But, to no surprise all of the other major currencies are growing right now. EUR and GBP are extending their gains as well as CAD and JPY.

 

Here are the main numbers for the end of the week:

 

Topix added 0.1 percent.

Kospi recovered 0.8 percent.

Shanghai Composite grew 0.1 percent.

Hang Seng from Hong Kong recovered 0.8 percent.

S&P 500 futures added 0.2 percent.

Euro added 0.2 percent - $1.1103.

Pound added 0.3 percent - $1.3154.

Yen increased 0.1 percent – 108.7 per dollar.

Canadian dollar was barely changed - $1.3182.

Tesla declined 0.8 percent - $330.37.

Apple grew 1.5 percent - $265.58.

Facebook added 0.3 percent – $199.36.

Amazon decreased 1.15 percent - $1740.48 per share.

Google grew 0.6 percent - $1326.96.

WTI stopped its growth and is taking a little break - $58.3 per barrel.

Brent lost 0.1 percent - $63.2 per barrel.

Gold dropped 0.2 percent - $1473 per ounce.

Silver decreased 0.2 percent - $16.91 per ounce.

Platinum dropped 0.1 percent – $897.01.