Market Recap – Extra 0.5MBpd cut

OPEC+ is recommending an additional production cut of 500KBpd.While until last week, analysts were only expecting an extension of the current production cap of 1.2MBpd. The extra production cap is sending oil prices higher. The length of the cap remains to be agreed today. April 2020 and June 2020 are most likely expiration dates.

France is having a second day of strikes, against the government’s pension reforms.

Hong Kong police has granted the scheduled demonstrations in the city. It’s been a long time since the police offered its approval.

Japan hit the headlines with its new fiscal spending plans. Financial markets participants are considering the impact of this development on the Japanese GDP. Anything between an additional 0.2%, 0.6%, or 0.8% GPD growth in 2020 is within expectations.

Macro releases: Today’s focus turns to the US Non-Farm Payrolls and the Canadian employment change. At the latter stages of the economic cycle, decreasing (yet healthy) numbers are expected. Full economic calendar can be found here..


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