Market Update

News this past week:

  • Macron becomes youngest ever elected French President
  • Strong April jobs report points to robust US labour market
  • Eurozone economy grows 0.5% in first quarter
  • Greece agrees bailout terms with creditors
  • Volatile week for commodity prices

Macron

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Weekly Market Update

News this past week

  • Oil prices rise as OPEC agrees to curb production
  • US Q2 GDP revised upwards
  • UK PM announces deadline for triggering Article 50
  • Eurozone see encouraging economic data releases
  • Japanese markets fall as deflation continues

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Weekly Market Update

News this past week

  • Global bond yields rise in volatile environment
  • Mixed US data ahead of Fed meeting
  • Sterling falls after Chancellor’s comments
  • European markets retreat as industrial production declines
  • Reports of oil surplus sends prices lower

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Weekly Market Update

News this past week

  • UK retail sales remain strong
  • US CPI rises faster than expected
  • Japanese growth returns to positive territory
  • Japanese trade surplus increases
  • Oil posts fresh high in 2016

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Why Oil Prices Aren’t Dropping More After Failed Doha Talks

 

Whilst much was initially made of the collapse of OPEC talks with Russia over the weekend at Doha, it makes little difference to the balance of supply and demand in the global oil markets. The putative freeze in crude output was political eyewash.

Hardly any country in the OPEC cartel is capable of producing more oil. Several are failed states, or sliding into political crises.

Saudi Arabia’s hard-nosed decision to break ranks with its Gulf allies at the meeting in Doha – and with every other OPEC country  – punctures any remaining illusion that there is still a regulating structure in global oil industry. It told us that the cartel no longer exists in any meaningful sense. Beyond that it was irrelevant.

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