Profile image
By silveristhenew (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Key Events In The “OPEC Is Optimistic About A Deal” Week

Monday, November 28, 2016 10:02
% of readers think this story is Fact. Add your two cents. / by Tyler Durden / Nov 28, 2016 9:25 AM

The key economic releases this week are consumer confidence on Tuesday, ISM manufacturing on Thursday, and the employment report on Friday. There are a few scheduled speaking engagements from Fed officials this week. The Beige Book for the December FOMC period will be released on Wednesday.

Perhaps the most important geopolitical event with material consequences for global markets, will be the OPEC meeting on Wednesday, when the cartel is expected to announce production cuts.

While doubts have crept up that OPEC can swing a deal, Bank of America and others, is confident that OPEC will go with a 500 thousand b/d or 1 million b/d supply cut announcement. Should OPEC just deliver a half a million barrel deal, the banks sees prices staying around the current levels. For prices to firmly break over $50/bbl, OPEC would have to deliver a 1 mn b/d cut announcement. If the cut comes with firm quotas and a tight control mechanism, WTI prices could average $59/bbl. A looser agreement that does not incorporate detailed country quotas would probably shave $5 off this number.

The most consequential event for the US economy will be this Friday’s payrolls report, the last one before the Fed’s December decision which the market is now certain will be a rate hike.

Main global events broken down by day, courtesy of DB:

In Europe we’ll get the latest M3 money supply data for the Euro along with the latest OECD economic outlook while in the US the sole release is the Dallas Fed’s manufacturing survey. Tuesday kicks off early in Japan with the latest jobless rate, retail sales and household spending data. Closer to home we’ll get Q3 GDP in France, Germany CPI for November, UK money and credit aggregates data and also the latest confidence indicators for the Euro area.

In the US tomorrow all eyes are on the second revision to Q3 GDP while the November consumer confidence print is also due out, along with the latest S&P/Case-Shiller house price index.

We start in Japan again on Wednesday where the latest industrial production data is due, along with housing starts data. China will also release the MNI consumer sentiment reading while the UK will release its latest consumer confidence print. During the European session we’ll get the latest CPI print out of France and also the Euro area, along with unemployment data in Germany. There’s important data in the US on Wednesday too with the ADP employment change print, personal income and spending reports for October and also the PCE core and deflator readings for last month too. Pending home sales data and the Chicago PMI will also be released followed by the Fed’s Beige Book in the evening.


The post Key Events In The “OPEC Is Optimistic About A Deal” Week appeared first on Silver For The People.


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.