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Oil markets waver as OPEC+ meeting faces surprise delay
OPEC+ postponed the meeting originally scheduled for November 26th to November 30th, a surprise development that drove oil prices sharply lower yesterday
Stocks in Asia rangebound as Oil extends loss
China developers surge on Beijing’s fresh funding support
US inflation expectations push yields higher
Oil slips after delayed Opec+ meeting sows uncertainty
US futures drifted lower in thin trading ahead of Thanksgiving while European contracts struggled for direction. Japan was shut, meaning cash Treasuries won’t trade until tomorrow.
Oil dropped for a second day after the surprise delay to the upcoming OPEC+ meeting, denting hopes that the cartel will intervene to tighten supplies.
The S&P 500 rose 0.4% Wednesday ahead of the Thanksgiving holiday, resuming a rally that’s lifted the index around 8% in November, on track for its best month since July last year. US futures were little changed in early Asian trading. Trading is Treasuries is closed Thursday due to holidays in Japan and the US.
China property stocks soar
Country Garden jumped 14%, leading China property stocks higher, as policymakers finalize a draft list of developers eligible for financial support. Chinese authorities are undertaking their most forceful push yet to to plug an estimated $446 billion shortfall in funding needed to stabilize an industry that threatens to derail the broader economy.
US inflation expectations hit 7-Month high
Year-ahead inflation expectations in the United States rose to a 7-month high of 4.5% in November 2023, up from the preliminary estimate of 4.4% and above 4.2% in the prior month, according to a final reading of the University of Michigan survey. At the same time, long-term 5-year inflation views held at 3.2%, the highest since 2011.
OPEC+ meeting postponed
In a surprise move, oil cartel Opec and allies including Russia delayed to November 30 a ministerial meeting where they were expected to discuss oil output cuts.
Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for November 26, Opec+ sources said.
Three Opec+ sources, however, said this was linked to African countries, which are smaller producers in the group, which somewhat eased investor concerns.
Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the Opec+ June meeting.
