4,825.00 TL BIST 100 BIST 100
18.64 $ USD USD
€19.59 EUR EUR
€1.05 EUR/USD EUR/USD
10.46 TL Interest Interest
77.76 $ Fossil Oil Fossil Oil
3.85 $ Copper Copper
22.63 $ Silver Silver
106.60 $ Iron Ore Iron Ore
373.00 $ Ship Dismantling Ship Dismantling
1,069.11 TL Gold (gr) Gold (gr)

Global markets remain negative with major oil cut plan

While OPEC+ prepares for a bigger cut than the market expectation, this plan, along with the recession concerns, put the global markets under negative pressure. The dollar continued to appreciate against the yen and sterling.

Global markets remain negative with major oil cut plan

Markets started the week with a negative atmosphere as OPEC+ supply cut preparations confirm global recession expectations.

The Dollar Index started the week with 0.1% gains. After the OPEC+ news, the currency of commodity-dominated economies is on the rise against the dollar.

The Australian and New Zealand dollars are up 0.4% against the US dollar. The dollar/yen rate exceeded 145 in the morning, approaching the Japanese government's intervention levels.

Sterling weakens after reports that UK Treasury Secretary Kwasi Kwarteng is on a tour of convincing his tax plan against opposition within the Conservative Party. Pound/dollar is down 0.6% below 1.11.

Asia Pacific stocks are losing ground. Hong Kong Hang Seng, Australia's S&P/ASX lost 200 while Japan's Topix rose slightly. In Asia, the South Korean and Chinese mainland Stock Exchanges will be closed today for a holiday. US stock futures are down.

Spot gold is up 0.1%.

Preparing for major cuts in OPEC+ coalition as it prepares to meet Wednesday to make its oil supply decision, OPEC+ is poised to cut oil production higher than market expectations.

According to delegates, OPEC+ could cut oil production by more than 1 million barrels per day. Oil prices have recently dropped amid rising global recession possibilities, which triggered calls for more production cuts. If the 1 million figure pronounced by the delegates comes true, it will be the biggest production cut since the pandemic.

Brent oil rose above $125 after Russia's invasion of Ukraine, but the expectation that interest rate hike measures against global rising inflation would push the economies into recession had dragged oil prices down. Energy Aspects Analyst Amrita Sen, who stated that OPEC+ is focused on high Fed rate hikes and their effects on demand in emerging markets, commented, “The Group wants to prevent possible oil production surplus”.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

Restoration from Ant Yapı to New York's historical building

Thursday, December 8, 2022

EU plans to impose sanctions on Russia's mining sector

Thursday, December 8, 2022

Russia is preparing for a base price in oil

Wednesday, December 7, 2022

ArcelorMittal plant in Ukraine was hit by Russian missile attack!

Tuesday, December 6, 2022

Worldwide investment of 2.2 billion dollars in green construction technologies

Tuesday, December 6, 2022
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences

Global Iron and Steel Exchanges

Iron and Steel Indices, Price and News

E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Feedback
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now