OPEC+ slashes production 🛢️ To Watch: EURUSD 💰 S&P500 🚦 oil 🎢

FlowBank's hand-curated fresh financial news [header_noDither] 06.09.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [shutterstock_2010377804] Oil prices jumped more than 3% after OPEC+ announced it will cut production for the first time in 2022. The organisation states output will drop by 100'000 barrels per day in October. The next scheduled meeting will take place on the 5th of October. [Start Trading](113/cXx8Z04/VXj67P1gjL_CW83vhjc2qQ20mVhPn1w4PCPhpN3cFw5m2-MK5V1-WJV7CgR_fW2TfCj66bH7z5W1LH-2K41ssfrW6MNGzf3-_hcpVc5syH8tcW41W180kyg3z7dPdVDYttm87P0qkW69B3B86zx2btW4JDj7v96L_WYW1SVVmr6Lfp4fW60F84F6DZpYZW7Fd8zT728kX3W3gFSyS3kgl0jW5fk-zP6xfpljW8BYDD06kyp9VW7zpyCC7DnsZgVXpkjk6yF330W2b__G_32jYb8W65Dnm5704kl9W1CCvkg8rNr4NVFZWs77LqKZt3bdQ1) Trader's Corner In focus • Traders will attempt to assess the strength behind the rally in oil prices. The black gold has bounced from its multi-month support as the energy crisis in Europe continues to deteriorate. • US investors are returning from the long Labor-Day weekend. History indicates they'll be facing the weakest time of the year for the S&P 500. • Lastly, the euro-dollar briefly fell below the 0.99 level on another disruption to the European gas market as Russia announced an extension to the shutdown of the Nord Stream pipeline. Economic data • US services PMI and ISM non-manufacturing PMI • Germany factory orders • UK construction PMI, retail sales Earnings no major earnings today Crypto • Cryptocurrencies came under pressure on Monday. Bitcoin is continuing to show resilience around USD20'000 but that's really being put to the test as risk aversion sweeps through markets. • Electronics giant, LG Electronics launched its own NFT marketplace, ‘LG Art Labs’, now being the second South Korean television manufacturing titan to do so this year. [00] [Start Trading](113/cXx8Z04/VXj67P1gjL_CW83vhjc2qQ20mVhPn1w4PCPhpN3cFw5m2-MK5V1-WJV7CgBv9N1FKKDPcjR7gW8Rj_kR4G72GNW58Yzs08FM1SdN2Fyy8mgQx9zW66pmxr8Fj5J9W16Jdj82SvryNW2pTWrG8ZVd09W8vR1Vh5-90LrW8gDV-01hPYchW5WnM_t5QRGyhW7cGlf16WKJQ0W4rXwP71xyd7QW1ftPLG7qDxlJN8fXvL9r45gYW4jd10749NFJzN20D5D8gqQ8MW8gW4wy1rSb2tW5WFd_05ydpFMW1m6PpZ8RrTCJVXmBRv4z42l83mgN1) Market Recap European stocks declined as the region’s energy crisis took a turn for the worse. Automakers and chemicals fell the most, while energy and mining stocks rose thanks to gains in commodity prices, with oil and copper leading the broader universe. The price action of US futures was relatively stable. The dollar continued its advance. and GBPUSD pared losses as investors assessed the news of Liz Truss succeeding Johnson as the next UK prime minister. This morning, futures contracts show stocks rising slightly amid a dip in the dollar and despite rising Treasury yields. In China, officials moved to cut forex reserve ratios, in a step to stimulate its economy. Chart Of The Day Swiss stocks slumped on Monday pulled lower by the surge (+30%) in European gas prices. Second quarter GDP expanded at 0.3% QoQ or 2.8% YoY, slightly worst than expected. Sentiment for European and Swiss stocks is soured given the war in Ukraine, the surge in energy prices, and central bank's aggressive path to raise interest rates. [SPI 05092022](113/cXx8Z04/VXj67P1gjL_CW83vhjc2qQ20mVhPn1w4PCPhpN3cFw532-MJQV1-WJV7CgTJCW6h6mtR4lfYQ1W486J7b6-Chj-N6gp8w5pt3PXW1XJ8NT5yg_5qW3xD2sl2L0X40W6xY1vk6mz1hNW2RWRPv93vnB4W3xRlYV99gmgJW7wtDTk2x9b3qW28MYHQ5q_5S4W2K3wNN4MJQnjW1TZgNl4qTlSTW2B-14Q3k-XlPW3_bVXz3vNZfJW4zKjR82Rs0bFW6CZ_fK77MMjlW2qF80Y3NLxnVW5S2z3R1CbVV23p1n1) FlowBank Blog What is a Fed pivot? [shutterstock_796394800](113/cXx8Z04/VXj67P1gjL_CW83vhjc2qQ20mVhPn1w4PCPhpN3cFw5m2-MK5V1-WJV7CgzWnN3QC_2XHX1ZhW8kbZrP4ZzwYhN7_BlhNc9QSPW50XgsX3F0ZPbW5fh9Z86BbSQxW1lmGVx5tZLSVW3w7J0S91m0lSW6FqjtL2wHFqbW8cTbxG4HWhqsW50fHJJ1tQJmkW6mjq945vx4WdN575FFm2yVrSW1yKSF18936clW8pDDbg7-CXKdW1qWNVJ2d5G2BW61cp6Q4zzG7lW5v6kK064YjWbW6Vn6s52Y40cnW4xnBC43mPHWmW5ZMmKx5QQ0yz3fc11) The US economy suffered two consecutive quarters of negative GDP growth. PMIs too are declining. Hence, it isn’t surprising to see some recessionary indicators worsening and some anticipate a Fed pivot. What is a Fed pivot? 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