Global markets show calm this morning after a volatile session in US markets last night. US Futures are marginally lower while Asian markets closed a mixed session led by a surge in the NIKKEI while mainland China shares closed lower. EU markets are trading lower this morning after a failed attempt by the Eurozone finance ministers to reach a new corona virus deal. EURSXX50 is down 1.56% this morning while the DAX is trading lower by 0.77%. FX markets are near the flat line this morning, the dollar index is at 100.22, up 0.22%. Gold and leading commodities are also mixed, Gold is trading at $1,687 per ounce, up 0.2% while Silver is trading lower by1.12% at $15.14 per ounce. Oil inventories and the upcoming OPEC+ meeting will be the focus for OIL investors today and tomorrow, that’s after a 7% plunge yesterday and a 3% rebound in prices this morning, now trading at $24.55 per barrel. OIL Inventories are expected to rise to all-time highs 9.4 million barrels as demand for crude slumps 470K bpd on major cities lockdown in the US and Western Europe. The official IEA inventories report will be out today at 10:30 am US.
EU Eurogroup meetings, (all day), US OIL Inventories at 3:30 pm and the FOMC Meeting Minutes at 6:00 pm are the important news on the agenda Wednesday, (all times GMT).
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The EURSXX50 and US futures are marginally lower this morning after a volatile close yesterday and little positive incentives for investors to step up to the plate.
OIL Inventories today and OPEC+ meeting tomorrow will be in focus for investors after two volatile session and record breaking inventories levels expected today.
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