Oil and the U.S funding deadline in focus this week

Weekly Report - 11/02/2019

Oil and US Funding


The IEA and the OPEC are going to deliver their regular monthly reports this week. While the downward revisions are rising the global growth retraction expectancy and the U.S – China trade conflict are extending. The issue is if production has been secured enough to stop a slide in crude oil prices. WTI ended the week falling about 4.5%, while Brent dropped by more than 1.0%. Another important issue is the temporary funding deadline coming up on Friday for the U.S and that could make the government’s work harder if they don’t find a solution to the Wall Issue.

The Week that was

Last Thursday U.S Stocks decreased after it became clearer that a trade meeting between President Donald Trump and Chinese President Xi Jinping is not going to take place before the March deadline. The S&P 500 returned more than 0.9% to close at 2,706.04 while the popular Dow Jones Industrial Average dropped 220.72 points to 25,169.50, which was driven by a drop in Apple.  The Nasdaq Composite fell about 1.2% to 7,288.34.

Last Friday the famous greenback secured a near 14-day cap, while the appetite for safe-haven assets grew above fears about the U.S.-China trade discussions and broader worries about slowing global growth.


Main Focus This Week

It’s going to be an especially active week, as the numbers will probably be in focus. Other events, on the other hand, are probably going to be overshadowed by the updates on trade talks between China and the US. The important stats for the Popular Greenback includes, on Tuesday, the December’s JOTLs job openings, January inflation figures and 4th quarter unit labor while Wednesday, the cost numbers. The wholesale inflation numbers December retail sales figures are due for Thursday.


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