The Organization of the Petroleum Exporting Countries (OPEC) and its allies, which together form the group known as OPEC+, have decided to raise only 100,000 barrels of crude oil per day their joint production from next Septemberas stated in a press release.
At the end of Wednesday’s meeting, the group of countries, which includes OPEC and allies such as Russia, Mexico or Kazakhstan, decided to adjust the level of production upwards by 100,000 barrels. per day for the next month of September 2022.
After this news, the price of a barrel of Brent, a reference for Europe, fell to 98 dollarsdown 2% from the value marked yesterday, while West Texas settled at $92, also down 2%.
The Speaker of the United States House of Representatives, Nancy Pelosi ends visit to Taiwan that provoked angry reaction from Chinaand markets are calming down from the wave of angst sweeping through assets before it arrives, once it looks like the blood hasn’t reached the river.
However, while the immediate concern over tensions between the United States and China may fade, theInvestors still face a number of concerns, including inflation and how central banks’ policy response to rising prices could dampen global growth. According to Goldman Sachs Group strategist Sharon Bell, stock trading does not reflect the headwinds the market is facing.
“There’s a bit of complacency and the markets aren’t fully pricing in the risks,” Bell told Bloomberg.
This saw gains in the Japanese Nikkei (+0.53%) and the Hong Kong Stock Exchange’s Hang Seng (+0.40%), although the Shanghai CSI 300 fell 0.97%.
The service business in China rose in July at the fastest pace in 15 months as the easing of COVID restrictions boosted consumer confidence, but foreign demand slumped and businesses cut staff for the seventh straight month, a survey by the private sector. .
Moreover, on the Old Continent, there have been Services sector PMI released. In Spaingrowing concerns about high prices and widespread economic instability have led to a loss of confidence on future prospects in services. In Spain, the PMI for the services sector was published, which maintained a positive development in July with a solid expansion rate, which stood at 53.8 points, compared to 54 in the previous month, despite the inflation and deteriorating economic expectations.
However, the composite PMI for the Spanish economy moderated to 52.7 points from a full 53.6 in June, indicating the weakest level of expansion of private sector activity in the country in six last months.
The EUROSTOXX 50 we note an increase of 1.30%, the Dax 1.03%, the Italian FTSE Mib 1%, the CAC 40 French 0.97%, Ibex 35 0.56% and London FTSE 100 0.49%.
Session also up for the Nikkei 225, which ended Wednesday’s session on a slight increase of 0.53%, at 27,741.90 points. The Shanghai Composite fell slightly and the Shenzhen Component lost 0.48%.
In this context, the strongest increases were recorded by Fluidra (+6.56%), PharmaMar (+3.28%), BBVA (+3.24%), IAG (Iberia) (+2.63%), ena (+2.40%), Indra (+2.32%), Griffols (+2.18%), Santander bank (+2.05%), Amedee (+1.90%). On the contrary, they were conduct (-2.54%), enaga (-1.93%), caixabanque (-1.80%), Sabadell Bank (-1.42%), electrical network (-1.33%) y Telefonica (-1.19%).
Bankinter today received a new recommendation from Citigroup, changing from “neutral” to “buy”.
Finally, the rate of the euro against the dollar stood at 1.0138 “greenback”, while the risk premium stood at 112 basis points and the yield on the Spanish bond at ten years at 1.974%.