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Market Analysis: OPEC+ agrees to a historic production cut

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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.

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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).

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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.

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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.

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Abhishek Goenka
Abhishek Goenkahttp://ifaglobal.net
Abhishek Goenka, Founder & CEO, IFA Global.
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