Archives of “December 1, 2021” day

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OPEC+ meeting this week – watching for the response to the US oil reserve release

  
  Analysis

In the wake of the SPR release, from the US and some Asian countries, there was chatter of an angry OPEC+ cutting output in retaliation.

If they do they’ll cop a lot of blame for fuelling (sorry for the pun) even higher inflation that’ll potentially stifle the global economic recovery. On the other hand, the group has expressed concerns of oversupplying the market. This will be an interesting meeting.
OPEC+ currently has a plan in place to once again increase production by 400,000 barrels /day in December, as it has done since July 2021 and plans to do in the months following (until the end of 2022).
In the wake of the SPR release, from the US and some Asian countries, there was chatter of an angry OPEC+ cutting output in retaliation. 

China has reported 113 new coronavirus cases

  
Analysis, COVID-19

Uh-oh. This is a big jump from the previous day’s report of 39.

And the largest number increase since November 13.
China is is still aggressively pursuing a ‘zero’ policy so this jump in cases is likely to see a rapid introduction of counter-measures.
—
From a global markets perspective, the risk is further disruption to supply chains and also to Chinese economic growth.
Pic is not China but its all linked!
disruption to supply chains

RUMOUR doing the rounds – Emergency Kremlin meeting called. Putin announcement set for 0200 local time.

  
Analysis, Politics

That is the chatter getting some play about the place.

I have NO IDEA as to its veracity but it would be remiss of me not to pass it along. Of course, if I can find any confirmation I’ll pass that along. For now, trade this (or not) with due care – its only a RUMOUR, K?
Its just after 1am in Moscow. I have no idea why Putin would be making an announcement at 2am. He’d be more likely to make an announcement after some action had been taken (I’m assuming this rumour is related to Ukraine affairs).
ukraine russia

US Indices retreat on Fed Powell’s hawkish comments

  
Analysis, US Market

Fed Chair shifts his bias

The Fed Chair shifted his bias toward the hawkish side getting rid of the “inflation is transitory” statement and plugging for a faster taper as well.
The major indices all fell sharply with the small-cap Russell 2000 and S&P index leading the way (although the Dow and NASDAQ were also hit hard).
The final numbers are showing:
  • Dow industrial average -652.22 points or -1.86% at 34483.70
  • S&P index -88.25 points or -1.90% at 4567.01
  • NASDAQ index -245.13 points or -1.55% at 15537.70
  • Russell 2000-43.06 points or -1.92% at 2198.90
For the month:
  • Dow industrial average -3.73%
  • S&P index -0.83%
  • NASDAQ index +0.25%
  • Russell 2000, -4.28%
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