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Market Recap – OPEC+ meeting

Thursday, February 6, 2020 10:30 AM GMT

OPEC was supposed to decide on the size and duration of the oil production cap on March, while the current cap expires. Instead, the decision has been expedited in February, to respond to the sudden decrease of oil demand from China, caused by the coronavirus outbreak. The two-day emergency meeting in Vienna has been extended for another one day.

Bitcoin and crypto currencies in general, are enjoying another rally.

China announced the intention to halve tariffs on US goods. The decision affects $75bn worth of US products and it is part of the like-for-like reduction of tariffs in a reciprocal way.

UK is launching its trade negotiaions effords with Australia, Japan, Singapore and the USA.

Macro releases:  Macro readings are generally improving, proving that global economy is rebounding. With the exception of the today’s Australian retail sales, the recent service PMI and manufacturing PMI readings increased. Today’s economic calendar includes Christine Lagarde’s hearing before the European Parliament committee on economic monetary affairs.

CopyTrade at ZuluTrade

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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