PakStox Outlook

Oil extends gains after Opec+ agrees to slash crude output.   Read news Opec+ agreed to further tighten global crude supply with a deal to slash production by about two million barrel per day, the largest reduction since 2020. Given that production at some of the Opec+ countries are below target levels, the actual cut would be smaller than the two million bpd reduction. More than half of the one million bpd supply cut is expected to come from the world’s top exporter Saudi Arabia,  A draw in US SPR  last week also supported prices. Crude inventories dropped by 1.4m barrels in the week ended Sept 30 to 429.2m barrels (EIA). Brent trading at $93.3 and WTI at $87.6. See OPEC production caps. Twt . Gold has risen close to 7% after touching a low of $1615 last week. see

"Dow soars 800 points as stocks extend massive rally on fresh hopes for less hawkish central banks".  Read "Employment data added to optimism that the tightening cycle may come to a close sooner than previously thought. Job openings in August plunged by 1.1 million in a possible sign that a slowing labor market will ease inflationary pressure." "Stocks soar, yields slide on hints of cooling economy".  Reuters "U.S. stocks and oil on Tuesday posted strong gains for a second straight day while U.S. Treasury yields slid as investors wondered if global efforts by central banks to fight inflation may ease in the future." A soaring US dollar will force the Fed to pivot away from its interest rate hikes :  Business Insider "It appears increasingly likely that the Federal Reserve will pivot away from its currently hawkish monetary policy as global US dollar liquidity is now in the "danger zone where bad stuff happens," Morgan Stanley's...