The Pivot Debate & Big OPEC+ Meeting
Benzinga
Published Oct 05, 2022 15:07
Updated Oct 05, 2022 15:42
The Pivot Debate & Big OPEC+ Meeting
Good Morning Everyone!
The stock market is up 3.8% over last 5 days, Bitcoin is back above $20k and Elon Musk is finally, actually, maybe buying Twitter. Nature is healing.
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Prices as of 4 pm EST, 10/4/22;% YTD
MARKET UPDATE Pullback today after nearly a 6% pivot-rally off the Friday close
China kicked off the 7-day Golden Week last Saturday
- Yesterday, President Xi was seen maskless sparking hopes of relaxed Covid restrictions
ADP (NASDAQ:ADP) employment: stronger than expected jobs report
- 208k jobs vs 200k estimated
Today, New Zealand central bank raised interest rates by 50 basis points (not 25), 5th straight
Today: 10 a.m. ISM number
Tomorrow: Jobs number
Next Thursday: CPI
Next FOMC meeting: November 2
US$ 111
C$ 73
Crude 86.50 flat
- OPEC+ meet in person in Vienna today
- Will the 23-nation alliance cut today and if so, how much?
- 9 a.m. with a press conference after the meeting
- The street is at a 1-2 million barrel/day cut
- Many OPEC+ members are underproducing their quotas, so a proportional cut would be smaller than actual headline
- 1 million barrel cut would equal 500,000 in actuality
- 2 million barrel cut would equal 1.1 million in actuality
- Will it be a proportional cut or will Saudi Arabia and UAE take more of the share?
From BMO Research: TINA (there-is-no-alternative) is no-more
- Canadian GIC’s have become a competitive option for yield-oriented investors
Twitter (NYSE: TWTR)
- Musk settles for original $54.20 buyout offer
- No haircut
- Trump will be back on Twitter soon
- Musk tweets he may create a North American WeChat App
CRYPTO UPDATE Fidelity wades deeper into crypto
- New crypto offering: Ethereum (CRYPTO: ETH) Index Fund
- Has raised ~$5 million since Sept 26
- Minimum investment = $50k (accredited investors only)
~70% of altcoins have outperformed Bitcoin over the past month
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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