HomeBusinessMarket Analysis: OPEC+ agrees to a historic production cut

Market Analysis: OPEC+ agrees to a historic production cut

Most Read

OPEC+ agreed to the largest production cut ever of 9.7 mbpd which accounts for 10% of the daily global crude supply.

US, Brazil, and Canada will contribute another 3.7mbpd as OPEC+ production declines.

- Advertisement -

Crude prices are largely unchanged as supply is still overwhelming relative to demand despite the cuts.

Coronavirus death toll in the US surpassed that in Italy, crossing the 20,000 mark.

Several chief ministers recommended a 2-week extension of the lockdown at their meeting with the PM on Saturday. Five states including Maharashtra have already extended the lockdown.

Today’s SDL auction will be closely followed after Kerala sold 15y paper at close to 9% in the last auction. Today’s auction is however smaller compared to the previous one (Rs 13000cr).

The Fed announced it would give another USD 2.3tn in loans to the economy. US junk bonds rallied the most in 2 decades after the Fed added speculative-grade/junk bonds to its corporate bond-buying program.

16.8mn Americans have filed for unemployment benefits over the last 3 weeks. The weekly jobless claims reported on Thursday topped 6mn for the second straight week.

Asian currencies are trading flat. The rupee is likely to open around 76.15. Likely range 75.85-76.35. Strategic Petroleum Reserves related to USD buying can be seen continuing. SGX indicates a 50pt cut for Nifty on open.

Eur 1.0927, GBP 1.2463, Aud 0.6333, Jpy 108.10, Cnh 7.06, WTI 23.96, Gold 1685, US 10y 0.73%, US 2y 0.23%, India 10y 6.50%, Dow +285pts, DXY 99.50.

Subscribe To Morning Newsletters

Sign up to receive the latest news stories, exclusive interviews, and more in your inbox.

We don’t spam! Read our privacy policy for more info.

Editor's Pick

Abhishek Goenka
Abhishek Goenkahttp://ifaglobal.net
Abhishek Goenka is a founder & CEO of IFA Global.

Read More Stories

SKF Showcases Intelligent & Clean Solutions for the Textile Industry at International Textile Machinery Exhibition (ITME) 2022

SKF India, the country's leading technology and solutions provider of bearings and services will showcase innovative products and solutions...

OneRare and Cornitos: Bringing the Magic of Cornitos to the Foodverse

Cornitos is a leader in the Snack category and has always strived to give its fans and patrons the...

Chitkara University Signs MoU with NEC Corporation India to Transform Learning in the Field of AI/ML

Chitkara University announced its collaboration with NEC Corporation India, a wholly owned subsidiary of NEC Corporation, for a comprehensive...

Role of skills-based hiring in promoting inclusive economic growth in India

In recent years, India's employment landscape has experienced a profound shift, with an increasing emphasis on skills-based hiring. This...

Horizontal Digital Welcomes Ritu Jhajharia as Associate Director, Elevating Expertise in Martech and CRM Consulting Domain

Salesforce Consulting Practice and a distinguished global Tech Consulting boutique firm, Horizontal Digital, announces the strategic addition of Ritu...

FICCI Recognizes Syngenta Foundation India Once Again for ‘Sustainable Farmer Income Enhancement’

Syngenta Foundation India (SFI) has been awarded the first prize in the Sustainable Farmer Income Enhancement category at the...