Soft economic data could temper oil appetite! | MarketTalk: What’s up today? | Swissquote

Show notes

Unsurprisingly, Monday’s price action was mostly about oil. The barrel of American crude settled around 8% higher than last Friday’s levels after OPEC announced that it will cut production by more than a million barrels per day. WTI closed the session above the $80pb.
Oil stocks rallied, leading to small gains in the S&P500. Nasdaq fell.
But ‘happily’, soft US ISM manufacturing data came to tame inflation pricing.
Also, the Reserve Bank of Australia (RBA) decided not to hike the interest rates by 25bp at today’s monetary policy meeting. The latest slowdown in inflation and household spending convinced the Australian policymakers that they could take a breather this month.
Investors are focused on what the Reserve Bank of New Zealand (RBNZ) will do tomorrow. A sift tone could hint at the end of the global tightening cycle.
But before, investors will watch the JOLTS job openings today, and pray for some loosening in latest data.
In cryptocurrencies, Dogecoin rose after Twitter changed its logo to Doge’s Shiba Inu…
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