In today’s briefing:
- Oil Prices Surge on OPEC+ Decision, US Inventory Buildup Slows Momentum
- Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 5 Apr 2024
Oil Prices Surge on OPEC+ Decision, US Inventory Buildup Slows Momentum
- OPEC+ decides to keep output targets intact till June. Iraq and Kazakhstan vow to compensate for overproduction.
- OPEC+ pressed its members to improve compliance with production quotas in Q22024.
- Expansion in US crude stockpiles slightly dampens the bull run of oil prices. While gasoline and distillate drawdowns come in better-than-expectations.
Walker’s Weekly: Dr. Jim’s Summary of Key Global Macro Developments – 5 Apr 2024
- March Manufacturing PMIs show several countries, including Vietnam, Thailand, Korea, Taiwan, and Japan, slightly below the 50 boom-bust line.
- India’s robust PMI of 59 highlights strong manufacturing activity, despite skepticism surrounding Indian economic data.
- Concerns arise over the US economy’s strength, impacting global market sentiments and raising questions about the Fed’s potential reluctance to implement interest rate cuts.
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