Australian shares to open higher; Fonterra downgrades FY23 forecast milk price; OPEC+ makes surprise oil cut. Follow updates here.
Royal Bank of Canada Capital Markets says it now expects Saudia Arabia and its OPEC partners to short-circuit more sell-offs based on the surprising announcement of a cut in oil production.
“While we did not forecast such a substantial cut in advance of this JMMC meeting, we certainly saw Saudi Arabia keeping it as a reserve option as they have expressed clear concerns about aggressive Fed action, macro uncertainty and what is seen as an overly bearish bias in the market,” head of global commodity strategy Helima Croft said in a broker’s note.
“Today’s move, like the October cut, can be read as another clear signal that Saudi Arabia and its OPEC partners will seek to short circuit further macro sell-offs and that Jay Powell is not the only central banker that matters,” she said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Live: ASX to rise, OPEC's surprise cut leads to surging oil pricesThe Australian share market is likely to start its day higher, ahead of tomorrow's Reserve Bank decision, while OPEC's surprise cut to crude output leads to oil prices surging by more than 7 per cent.
Read more »
ASX to rise, RBA awaited for rate peak signalAustralian shares are set to open higher, lifted by the S&P 500’s extended run higher. Central bankers at RBA, RBNZ top agenda. Four-day trading week.
Read more »
OPEC+ makes surprise oil cut in new inflation riskThe move to boost prices poses a new risk for the global economy and could raise tensions between Saudi Arabia and the United States.
Read more »
The National 4: major survey of contemporary Australian art invites a closer lookNow open across four of Sydney’s major art venues, the biennial exhibition seeks to ‘broaden the idea of what Australian art is’
Read more »
Verstappen takes pole at Australian Grand Prix, Piastri struggles in MelbourneWorld champion Max Verstappen will start from pole position at the Australian Formula 1 Grand Prix as local hope Oscar Piastri endures a tough day at Melbourne's Albert Park circuit.
Read more »
Max Verstappen claims pole for Australian GP but Mercedes roar againRed Bull’s world champion claims 22nd career pole and first in Australia as George Russell and Lewis Hamilton line up just behind
Read more »