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01 Dec 2015
By Ipek Ozkardeskaya
Canadian economy contracted in September
Oil futures consolidate losses despite news that OPEC production declined by 33’000 to 32,121 million/day. The output still exceeds OPEC’s collective quota of 30 million barrel a day. OPEC is given little probability to make any changes to its current strategy on December 4th meeting in Vienna. The fight for a larger market share could deepen the oversupply conditions in the oil market and continue weighing on the oil prices until any indication of a visible improvement in demand from the biggest consumers. In this context, news has been rather negative amid the Chinese manufacturing hit a three-year low in November.
For the time being, the $40 level lends support to the US crude oil, while levels cheaper than $44 attract buyers in Brent. The spread between the Brent and the crude is heading down to $2.
US equities to open higher
The early excitement in the European markets left the field to a calmer afternoon session. FTSE and DAX pare gains yet the sentiment is positive following encouraging stress test results from the UK banks and the improved PMI data out of Eurozone. The cheapening in the euro and pound against the US dollar is also sweet as we step in the festive month of December.
The US equities are set to open higher today.
We call the Dow Jones 82 points higher and the S&P500 10 points higher at the open.
China concerns are again legible in energy and miner stocks. Glencore, BT and Anglo American are amongst the top 10 losers in London; the BHP Billiton outperforms the UK miners today after cutting its unit cost forecast to $1.08/lb. Investors are still sceptical in BHP as investigations on Samarco incident remain in the headlines.
The information and comments provided herein under no circumstances are to be considered an offer or solicitation to invest and nothing herein should be construed as investment advice. The information provided is believed to be accurate at the date the information is produced. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please note that 71% of our retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money.
