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Russia says OPEC+ partners did not call to review the current deal
Remarks by Russian energy minister, Alexander Novak
- No need for emergency measures in the oil market
He is keeping calm after the 13% plunge in prices on Friday and given the potential threat of the Omnicron variant, we might see OPEC+ suspend any planned output increases for January at its meeting later this week.
China’s property developers are facing around $1.3bn in December bond payments
The good news is this is substantially less than the circa $2bn that was due in November.
Bloomberg have a handy chart in their piece (may be gated) of outstanding debts ahead. Check the link out for the graph.
Also, the Wall Street Journal (may be gated) reports on the struggles of some developers to pay debts:
- While Evergrande so far has been able to cobble together funds to make last-minute bond payments, at least four developers have reneged on their dollar bonds since early October. Others are selling assets to raise cash.
More asset sales to come in December it would appear.
Australian state sets 14-day quarantine requirement for arrivals from parts of Africa
Australian state of Victoria has set new requirements:
- All travellers arriving into Victoria who have visited South Africa, Namibia, Zimbabwe, Botswana, Lesotho, Eswatini, The Seychelles, Malawi, and Mozambique in the past 14 days are required to undertake 14 days of hotel quarantine.
Meanwhile, RBC comments on the implications of the new variant for the Reserve Bank of Australia:
- omicron variant could result in “some setback” to the recovery of the Australian economy
- is likely to reinforce the RBA’s inclination to sit tight
China has suspended four flights from France due to Omicron cases
China’s aviation regulators has suspended access for four Pari-Tianjin flights
- From November 29
Due to coronavirus cases (omicron variant).
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Regardless of what appear to be some positive takes on the lesser severity of the new variant these rapid top-level government policy changes (Japan another example) highlight that international travel is far from normal for now, and in the near term future.
US President Biden will speak on the Omicron variant this Thursday
Biden will speak at the National Institutes of Health (NIH) on December 2.
While Biden should have a lot more data and subsequent expert advice by then, Thursday US time is an eternity away for markets.
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The US National Institutes of Health is the primary agency of the United States government responsible for biomedical and public health research.
Fauci says it’ll take around 2 weeks for more info around Omicron transmissibility
Fauci told US President Biden it will take about two more weeks to have more information about the transmissibility of the Covid-19 Omicron variant
- Fauci told Biden he continues to believe that existing vaccines are likely to provide a degree of protection against severe cases of Covid
- reiterated that boosters provide strongest protection from Covid
Via a statement from the White House. Adds that US President Biden will provide an update about the new variant and the US response on Monday
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Anthony Fauci is director of the National Institute of Allergy and Infectious Diseases and the Chief Medical Advisor to the US President.
Weekend oil news – OPEC meetings delayed in light of Omicron variant
OPEC+ is delaying its two technical meetings scheduled for Monday and Tuesday by 48 hours:
- OPEC’s Joint Technical Committee and the Joint Ministerial Monitoring Committee (JTC and JMMC respectively), will now meet on Wednesday and Thursday (1 and 2 December).
This is in order to allow more time to assess the market in light of the new COVID-19 variant concerns.
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If you need …
- The JTC’s role is to make an assessment of energy markets, the supply and demand balance, for OPEC ministers to consider when making cartel policy.
- JMMC tracks the compliance of Opec+ members with their production quotas.
Weekend China data – October industrial profits +24.6% y/y (prior +16.3%)
Chinese industrial profits data rebounded further in October.
For the YTD, i.e. January – October profits were +42.2% y/y
- prior (i.e. September) +44.7%
China’s National Bureau of Statistics highlit some of the results in the data:
- profits of the mining industry and the raw material manufacturing industry +56.1% y/y
- Driven by implementation of energy supply policies and measures, coal industry’s profit increased by 4.38 times y/y
- The profit of the steel industry increased by 57.3% y/y
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The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.