Oil..oil…oil… Doha… will they cut production?
This week has gone fast, right?
We have seen crude oil break through $40/barrel (the DOHA meeting this weekend is strongly in focus on whether Russia and Saudi Arabia will cut production)…
If they cut production, we see upside to $60/barrel as demand starts to pickup on the back of weaker inventories.
So this weekend’s meeting is crucial…
We have seen iron ore break through $60/tonne on the back of stronger than anticipated Chinese trade balance, released earlier in the week
More importantly, we have seen some buying in banking stocks, following JP Morgan’s strong earnings report.
Yesterday, we were invited to talk to Bloomberg on our thoughts on the market and AUS unemployment rate
To watch, click here:
Today, we have some important data coming out of China…
China's GDP growth is projected to slow in the first quarter. March figures for industrial output, retail sales and fixed asset investment are released at the same time.
What's on today
· Local data: RBA financial stability review at 11.30am
· The IMF and World Bank Group hold their spring meetings, focused on the global economy and financial markets. Through April 17 in Washington.
· China's GDP growth is projected to slow in the first quarter, even after a rash of monetary and fiscal stimulus. March figures for industrial output, retail sales and fixed asset investment are released at the same time. 10:00 in Beijing,
· Fed speakers: Chicago's Charles Evans
· Overseas data: China GDP 1st Qtr, China industrial production (Feb), China retail sales (Feb); Japan industrial production (Feb); Euro zone trade balance (Feb); Official start of UK's EU referendum; US consumer sentiment (April), US industrial production (March), US international capital flows (Feb), Baker Hughes rig count.
· Overseas earnings: Citigroup, Charles Schwab
The SPI is up 12 points this morning.