Spreadex Market Update
Market turns eye to Vienna with OPEC and ECB meetings in focus
Once again crossing $50 per barrel Brent Crude looks like it is pretty hopeful about the day’s OPEC meeting (and this afternoon’s US oil inventories). Not that there is much confidence that the oil cabal will produce anything particularly progressive in Vienna, however. Iran has already dismissed the idea that a production cap could be agreed this Thursday, while much of the discussions will deal with the election of a new secretary general rather than any direct dealings with the commodity’s oversupply and subsequent price drop.
Interestingly oil may well play a key part in the ECB’s press conference later today. Analysts are expecting the central bank to revise the Eurozone’s inflation forecasts higher, in part due to the black stuff’s recent rallies. Stimulus wise there will likely be little new on the table, perhaps explaining why the DAX and CAC have started the day at -0.1% and 0.1% respectively.
At least the FTSE is feeling a bit better this Thursday, the UK index jumping around half a percent (and crawling above 6200) as its commodities bounce back from yesterday’s slide. While the day’s focus lies elsewhere the UK does produce one figure of note this morning, the latest construction PMI. The number is expected to slip back to 51.9 from 52.0; not a drastic drop, but nevertheless another reminder of the UK economy’s shaky footing.
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