• OPEC Source: OPEC+ Discusses Potential Oil Output Cut In Excess Of 1 Million Barrels/Day
    by Ryan Paisey on October 3, 2022 at 10:49 am

    <p>The OPEC+ group of oil producers is discussing potential output cuts of more than 1 million barrels per day (bpd), an OPEC source said, excluding any voluntary cuts by individual members.</p><p>"It may be as significant as the April 2020 meeting," the source said, referring to when OPEC+ agreed record supply cuts as the COVID-19 pandemic hit demand.</p><p>As a reminder, we heard this morning that we could see chatter of cuts north of 1.5 million bpd - So this is inline with that</p> This article was written by Ryan Paisey at forexlive.com.

  • The @Newsquawk Market Open: GBP & Gilts buoyed by UK U-turn; ISM & Central Bank speak due
    by Ryan Paisey on October 3, 2022 at 10:43 am

    <p>US Market Open: Pound and Gilts buoyed by a UK U-turn; ISM & Central Bank speak due</p><p><a href="https://newsquawk.com/daily/article/?id=2665-us-market-open-pound-and-gilts-buoyed-by-a-uk-uturn-ism-central-bank-speak-due&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open" target="_blank" rel="nofollow">Full Note incl Podcast</a></p><p>European equities have kicked the week off on the backfoot following the selling pressure seen on Wall Street on Friday whilst the APAC session saw holiday-thinned conditions</p><p>US futures are more of a mixed bag with the tech-laden NQ incrementally lagging peers.</p><p>Cable lifted to a 1.1279 best sending DXY below 112.00; however, this action has since eased with peers heavily mixed vs. USD</p><p>Core benchmarks lifted markedly alongside the commencement of Gilt trade following the gov't u-turn, upside which has since eased</p><p>Crude benchmarks bid on weekend/early-morning reporting around the potential OPEC+ cut magnitude</p><p>Looking ahead, highlights include US Final Manufacturing PMI, US ISM Manufacturing, Speeches from Fed’s Bostic, Barkin, George & Williams, BoE’s Mann & UK Chancellor Kwarteng.</p> This article was written by Ryan Paisey at forexlive.com.

  • Euro Zone Fin Mins draft statement is released, focus on 'Protecting The Vulnerable'
    by Ryan Paisey on October 3, 2022 at 10:32 am

    <p>According to a draft statement from Eurozone Finance Ministers, they will say..</p><p>Focus Of Support Schemes Will Be On Protecting The Vulnerable</p><p>Fiscal Policies Should Aim At Preserving Debt Sustainability, Raising Potential Growth To Make European Central Bank's Job Of Fighting Inflation Easier </p><p>They Will Focus On Income Measures That Are Exceptional, Temporary And Targeted</p><p>Broad-Based Support To Aggregate Demand Through Fiscal Policy In 2023 Is Not Warranted </p><p>Governments Cannot Fully Shield Economies From Energy Price Spike</p> This article was written by Ryan Paisey at forexlive.com.

  • Polish Diplomat: EU very close to deal on Russia sanctions, include price cap on RUS oil.
    by Ryan Paisey on October 3, 2022 at 10:20 am

    <p>Polish Diplomat: The EU is very close to a deal on Russia sanctions, would include price cap on Russian oil.</p><p>As always, don't count you chickens until they've hatched, and eyes up for more on this story.</p><p>Crude is unmoved on the latest headlines</p> This article was written by Ryan Paisey at forexlive.com.

  • UK S&P Manufacturing PMI Final Actual 48.4 (Forecast 48.5, Previous 48.5)
    by Ryan Paisey on October 3, 2022 at 8:30 am

    <p>UK manufacturing PMI shows falling output, weak foreign demand</p><p>Actual 48.4 (Forecast 48.5, Previous 48.5)</p><p>British manufacturing output fell for a third month in a row in September and orders declined for a fourth consecutive month, hurt by falling foreign demand, according to a closely watched survey released on Monday.</p><p>"September saw new export business contract at the quickest pace since May 2020, with reports of lower demand from the U.S., the EU and China," S&P Global said.</p><p><a href="https://twitter.com/PriapusIQ/status/1576852351746334720?s=20&t=udQlXFb-fOtLNnuEiT6SvQ" target="_blank" rel="nofollow">Full Reuters Note</a></p> This article was written by Ryan Paisey at forexlive.com.

  • Eurozone S&P Mfg PMI Final Actual 48.4 (Forecast 48.5, Previous 48.5)
    by Ryan Paisey on October 3, 2022 at 8:00 am

    <p>Euro zone factory activity declined again in Sept as energy bills bite -PMI</p><p>Actual 48.4 (Forecast 48.5, Previous 48.5)</p><p>Manufacturing activity across the euro zone declined further last month as a growing cost of living crisis kept consumers wary while soaring energy bills limited production, a survey showed on Monday.</p><p>"The ugly combination of a manufacturing sector in recession and rising inflationary pressures will add further to concerns about the outlook for the euro zone economy," said Chris Williamson, chief business economist at S&P Global.</p><p><a href="https://twitter.com/PriapusIQ/status/1576845046682243078?s=20&t=udQlXFb-fOtLNnuEiT6SvQ" target="_blank" rel="nofollow">Full Reuters Note</a></p> This article was written by Ryan Paisey at forexlive.com.

  • German S&P Mfg PMI Final Actual 47.8 (Forecast 48.3, Previous 48.3)
    by Ryan Paisey on October 3, 2022 at 7:55 am

    <p>German manufacturing shrinks in Sept as new orders slump - PMI</p><p>Actual 47.8 (Forecast 48.3, Previous 48.3)</p><p>German manufacturing activity contracted for a third month in a row in September, hurt by a deepening downturn in new orders as the soaring cost of energy set off alarm bells about the outlook for business, a survey showed on Monday.</p><p>Phil Smith, Economics Associate Director at S&P Global Market Intelligence, said "the soaring cost of energy, which has already led some businesses to cut production, caused alarm bells, with manufacturers' expectations for future output having plummeted in September following the shutdown of the Nord Stream 1 pipeline."</p><p>"If demand continues falling in the months ahead as businesses are expecting, the pass-through of higher costs will inevitably become more and more difficult, thereby squeezing margins."</p><p><a href="https://www.forexlive.com/terms/e/eur/" target="_blank" id="b0427fd7-674c-4ad1-b689-22d1f8b087b0_1" class="terms__main-term">EUR</a></p> This article was written by Ryan Paisey at forexlive.com.

  • French S&P Mfg PMI Actual 47.7 (Forecast 47.8, Previous 47.8)
    by Ryan Paisey on October 3, 2022 at 7:50 am

    <p>French factory activity shrinks in Sept as energy prices weigh - PMI</p><p>French S&P Mfg PMI Actual 47.7 (Forecast 47.8, Previous 47.8)</p><p>"According to companies, higher energy prices were the main factor at play in September," said S&P Senior Economist Joe Hayes. </p><p>Excluding the declines seen since the pandemic began, it was the sharpest contraction for almost a decade, S&P Global said, adding that this indicated a "deterioration in the health" in the sector.</p> This article was written by Ryan Paisey at forexlive.com.