|Thursday, Sept 29, 16|
SPX Flat, Dollar Up, Crude Down
Prior session, OPEC announced a “preliminary deal” of production cuts without providing any actual details of who would cut. The proposal in OPEC terms was “informal” and won’t be decided on until Vienna, which is two months away.
Russia is excluded from the deal who as of yesterday smashes post Soviet oil supply record. Quite comically, after the informal meeting Iraq headlines: OIL MIN REJECTS OPEC SECONDARY-SOURCES OIL OUTPUT ESTIMATE.
|Wed, Sept 28, 16|
SPX Flat, Dollar Up, Crude Up
Overnight US future equity indexes are flat with risk on sentiment in Europe. Deutsche Bank CEO tries to calm the markets telling global investors everything is “fine”. Weakness developed in Asia and especially in Japan with the Nikkei down -130bps. US events calendar has durable goods at 8:30am and 10:30am EIA Inventories. Beyond regular events, Yellen will appear before a Congressional committee then shortly after 4 Fed Speakers will commence throughout the day. The excessive nature of the FED to convince participants their system works shows true colors of desperation. Algiers meeting will wrap up today with a non-event expected.