Morning Notes

30/11/2018 - Argonaut Morning Note

Market Update: 

U.S. equity markets fell overnight in anticipation of the coming U.S.- China trade meeting, outweighing the Federal Reserve’s dovish shift in their approach to interest rates. The Dow Jones fell 0.1% to 25,339 whilst the S&P 500 fell 0.2% to 2,738; President Donald Trump cancelled a one-on-one meeting with Vladimir Putin at the Group of 20 summit due to Russia’s capture of Ukrainian ships and sailors in the Kerch Strait near Crimea this week, according to Bloomberg; Crude oil prices climbed overnight as Russia has expressed a willingness to join Saudi Arabia in curbing global oil supply. Brent gained 0.9% to 59.28 US$/bbl and WTI increased 2.3% 51.45 US$/bbl; President Trump claims he’s open to a trade deal with China ahead of the planned meeting with Xi Jinping (Bloomberg); Copper added 0.1% to 6,248 US$/t overnight as plant closures and low inventories prompted traders to cover short positions; U.S. Shale explorers will likely cut spending budgets next year for the first time since the last price crash as crude spirals down again, according to Bloomberg

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