Morning Briefing: OPEC meeting in focus, markets mixed

Morning Briefing: OPEC meeting in focus, markets mixed

Morning Briefing: OPEC meeting in focus, markets mixed OPEC meeting in focus, markets mixed
The much-talked-about meeting of OPEC oil producers takes place in Austria Thursday with no firm consensus on the outcome. Although most analysts are expecting very little in terms of an output cap, there is growing pressure from some of OPEC’s poorer members to support prices.

Asian markets closed mixed with gains for Shanghai, Hong Kong and Seoul while Sydney and Tokyo dropped. For Japan, the 2.5-year delay in hiking the sales tax meant a stronger yen, bad news for exporters. The Nikkei was off by more than 2 per cent. There is concern that Japan may be downgraded by at least one of the major ratings agencies.

European indexes are mostly higher ahead of OPEC and a meeting of the ECB. The central bank’s interest rate decision will be announced at 7.45am ET but the rate is expected to be held. Analysts are awaiting the prospect of further stimulus for the Eurozone, along with inflation and growth forecasts.

Wall Street and Toronto are expected to open flat.
 
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North America (previous session)
US Dow Jones 17,789.67 (+0.01 per cent) -0.57 per cent -1.23 per cent
TSX Composite 14,063.54 (-0.02 per cent) +1.43 per cent -6.89 per cent
 
Europe (at 5.30am ET)
UK FTSE (previous) 6,212.64 (+0.33 per cent) -0.47 per cent -10.33 per cent
German DAX 10,221.03 (+0.16 per cent) +0.97 per cent -9.78 per cent
 
Asia (at close)
China CSI 300 3,167.10 (-0.21 per cent) +0.33 per cent -38.64 per cent
Japan Nikkei 16,562.55 (-2.32 per cent) +2.57 per cent -19.38 per cent
 
Other Data (at 5.30am ET)
Oil (Brent) Oil (WTI) Gold Can. Dollar
49.87
(+0.30 per cent)
49.15
(+0.29 per cent)
1217.20
(+0.21 per cent)
U$0.7646
 
Aus. Dollar
U$0.7225
 
Saudi Arabia begins economic diversification
Saudi Arabia recently announced that it wants to diversify its economy to be less reliant on oil. Yesterday it took a big leap into the tech space with a $3.5 billion investment in Uber.

The funding from the Saudi Arabian Public Investment Fund gives the ride-share firm the funds and the regional backing for expansion in the Middle East. The Fund will have a seat on Uber’s board.