recovery

WTI Slumps Despite OPEC 'Deal' As Russia Questions Remain

Both WTI and RBOB prices are tumbling this morning after OPEC member agree to limit oil output through the end of 2018. While this is bullishly longer-than-expected (6-9mo was expected), OPEC members now rely on Russia to agree to these terms, and it appears the market is questioning that. Furthermore, despite US shale output at record highs, Saudi officials are shrugging off any impact.

OPEC Agrees To Extend Oil Supply Cuts Until End Of 2018: Bloomberg

OPEC ministers have agreed to extend their production cuts until the end of 2018 - agreeing with the Saudi-proposed 9 month extension - and discussions have now moved on to the mechanism that will be used to review the agreement in the middle of the year.

Dow Hits Record 24,000, Europe Jumps As Euphoria Returns After Tech Rout

Despite a Wednesday dive in high-flying U.S. tech stocks on worries their boom may have peaked following a MS downgrade, which presured Asian stocks leading to a slide in Hong Kong and South Korean share, on Thursday morning the dip buyers have emerged and both European stocks and US equity futures are once again solidly in the green as yesterday's tech selloff is quickly forgotten.

Great News From McKinsey: Robots Will Take 800 Million Jobs Worldwide By 2030

The good news is that if the robotic takeover takes place slower than McKinsey is currently forecasting, the number of displaced workers might only be 400 million. Regardless of the number, these workers will be able to "learn how to do new things over time"...which they will undoubtedly relish.

Deutsche Bank Explains The Five Biggest "Market Conundrums"

Deutsche Bank has highlighted the five most upsetting conundrums about the equity market, and proposes its explanations for them. The reason: "rationally explaining recent market moves will be essential to forecasting next year's market."

US Futures, World Stocks, Bitcoin All Hit Record Highs

US equity futures continued their push higher overnight (ES +0.1%), and the VIX is 1.5% lower and back under 10, after yesterday's blistering surge in US stocks which jumped 1%, the most since Sept. 11. The biggest mover of the session however was bitcoin, which topped $10,000 in a buying frenzy which saw it go from $9,000 to $10,000 in one day, and which is on its way to rising above $11,000.

Frontrunning: November 28

  • Traders await Powell hearing; Brexit doubts grip pound (Reuters)
  • Fed nominee Powell, once hawkish, now champions Yellen's focus on jobs (Reuters)
  • Tax drama intensifies as bill faces key vote (Reuters)
  • Trump Appointee Asserts Control Over CFPB for Now (WSJ)
  • Senate Bill in Limbo Amid Budget Panel Drama (BBG)