Wyllian Capucci
07/19/2021
Driving production
The agreement reached over the weekend by OPEC and its allies to increase themonthly supply at 400,000 barrels per day reduces the risk of an increase in inflationof the oil price. West Texas Intermediate for August delivery has been negotiatedbelow $70 a barrel this morning. Strategists see the business leading to someweakness in short-term prices as investors unwindof purchase. Although the deal reached over the weekend spans more than a year,it remains flexible, with the alliance continuing its monthly meetings fromSeptember
Growing cases
Pandemic resilience remains a major issue for the global economy. Youcases are increasing in Asia, with Indonesia’s daily case countsurpassing India, Singapore reaching the highest number in 11 months and Thailandreporting the highest number since the onset of the pandemic. In Europe, the UK islifting restrictions on the coronavirus today, as cases increase in theworld and Prime Minister Boris Johnson is isolating himself after his close contactwith the country’s health minister who tested positive. Cases in the US increased the most60% last week and although hospitalizations remain a fraction ofpeak, are also increasing rapidly.
Trade agreement?
The Biden government’s view of the US-China trade agreement was clearlydemonstrated by Treasury Secretary Janet Yellen in an interview with New YorkTimes, in which she said she didn’t address the “fundamental issues we have with theChina.” His comments come as the two largest economies in theworld face each other on a wide range of issues, from Hong Kong to rights.humans to the pandemic. In Congress, a bill recently approved by theChamber aimed at hampering China’s ability to recruit American scientistsshows Washington’s willingness to confront the growing influence of the Asian country
Market crash
The pandemic is at the front and center of investors’ minds this morning,as global stock indexes plunge with renewed fears about theeconomic growth. Overnight, the MSCI Asia Pacific index fell 1.3%, while theJapan’s Topix index closed 1.3% below. In Europe, the Stoxx 600 Index was decliningby 1.6% at 6:50 am GMT, with energy and mining stocks having the worstperformances in a session in which all sectors of the industry fell. the futures ofS&P 500 pointed to losses at the opening, the 10-year Treasury yield was at1.259% and gold was down.
Source:https://wintrademarkets.com/
