Putin supports Opec’s oil production freeze

Currencies Direct October 11th 2016 - 2 minute read

Both the FTSE and oil prices sparked into life yesterday, as Commodity Prices rose with the increase of Brent Crude, after Vladimir Putin demonstrated a sense of understanding to Opec’s situation. Mr Putin seemed ‘OK’ at the prospect of cutting the production of oil, as requested by Opec, and prices moved accordingly. With Saudi Arabia agreeing to the terms too, it looks as if the price per barrel could reach $60 before the close of play for December’s festive period.

The FTSE 100, so close to breaking its overnight record, is expected to test record highs over the coming days if Sterling continues to slide.
 
Food sector sales expand

The British Retail Consortium has released figures which show the food sector has had its finest quarter in the past 2 years, as sales expanded 1.6% annually. The reason is said to have been fierce competition between supermarkets and the pursuit of a price war, something which is giving consumers that extra spending power and saving more.

With the Christmas period notorious for consumer spending, the food sector is no different as supermarkets look for consumer attention. Since Brexit, figures on spending have actually continued to grow, with pubs and restaurants appearing to have had a superb run of 15% approx. growth since the vote.
 
Election fever heats up

With the US Presidential Election in full swing, it was Trump’s turn to try and get some much needed confidence behind his camp, after the weekend’s allegations seem to have seriously dented the assurance behind him. Some local US commentators actually had a small Trump victory for round two, but bookmakers still have Hilary Clinton in a very strong position. Clinton’s Democrats now have an 80% possibility, with some exchanges, but as we have seen in previous days and weeks, another shock story released into the press could change it all once more. 

Data to come

Data is still fairly thin in terms of substance, but Euro Zone ZEW Survey is out this morning for viewing, with the back end of the week key for US figures.
 

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