This week saw a very ugly start, with Asian stocks and global share futures tumbling, as following the inability of the OPEC+ group to agree on new production cuts, Saudi Arabia decided to hike its crude production and to cut its official selling price. As for oil prices themselves, and WTI are now trading 26.42% and 27.80% down from their Friday closings. Fears with regards to the coronavirus’s economic impact heightened, also weighing on investors’ morale. On Thursday, the ECB decides on interest rates and it would be interesting to see whether it will follow the footsteps of the RBA, the FOMC and the BoC, in cutting rates.
Monday appears to be a relatively light day in terms of economic releases. We only get second tier indicators. During the European morning, we have Germany’s industrial production, current account and trade data, all for January. IP is forecast to have rebounded 1.7% mom, after tumbling 3.5% in December, while the nation’s current account surplus is…
