Daily Market Update

Daily Market Update

Daily Market Update US markets closed for Thanksgiving but will OPEC meeting be a turkey?
It may be a holiday in the US but there’s a good chance that decision makers will be keeping watch on today’s meeting of OPEC. Analysts say that a vote to cut production is looking unlikely and Brent crude futures have taken another tumble to near four-year lows. With ministers due to meet in Vienna today it is reported that the Gulf state members of OPEC have already decided not to cut production from 30 million barrels a day. There is even speculation that we may have to wait another few months for the cartel to reach a decision. Energy stocks are again under pressure around the world today.

Away from oil, Asia’s markets have closed lower with Shanghai bucking the trend on hopes of further stimulus. In Europe trading is largely positive with speculation that the European Central Bank may ramp up stimulus measures there too.
 
Today’s data
The NYSE is closed today and there is no data due for release.
 
Pilots’ warnings could stall drones industry
The burgeoning unmanned aircraft sector could have its wings clipped by tough regulations when the FAA announces its proposals and the opinions of aircraft pilots will be crucial. A report from the FAA released yesterday shows an increasing number of reports of ‘near misses’ from drones coming too close to manned aircraft. In April just 5 pilots reported seeing a drone, in October is was up to 41. Incidents involving the unmanned craft have reached 193 from Feb. 22 to Nov. 11; mostly these have not required action from pilots to avoid impact but there are growing concerns. Read the full story.
 
Smartphone shipments hit record high
Smartphone shipments are set to hit $300 billion this year up from $280 billion in 2013. New data from Counterpoint Research predicts that the revenues paid to manufactures from ‘first point’ distribution channels will hit the record high thanks in a large part to Apple. The launch of its new models and opening up new sales channels will see Apple contributing around a third of smartphone revenues for 2014.