- European markets seen opening lower
- Rising number of new COVID-19 cases
- Oil prices under pressure following OPEC+ agreement
Futures markets point to a slightly lower opening of the European cash session today as investors turned towards safety assets amid a surging number of new COVID-19 infections across the world. Global seven-day average of new cases each day is over half a million for the first time since May, according to Reuters. Oil is trading lower today after the OPEC+ members agreed to increase output. Yesterday the cartel announced that it will increase the oil production from August until December 2021 by a further 2 million bpd or 0.4 million bpd a month. OPEC is also planning to fully phase out cuts by around September 2022. Organization also scheduled new production allocations for several members from May 2022, including the UAE, Saudi Arabia, Russia, Kuwait and Iraq. The UAE will see its baseline production, from which cuts are being calculated, increase to 3.5 million bpd from May 2022 from today's 3.168 million. It’s a quiet day ahead when it comes to the economic calendar. There are no material stats to provide the markets with direction therefore COVID-19 updates and news wires will remain in focus. Top US earnings release scheduled for today is IBM (after session close).
10:00 am BST - Eurozone Construction Output for May (YoY). Previous: 42.3%
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Open account Try demo Download mobile app Download mobile app11:00 am BST - Poland, Employment growth for June 9YoY). Expected: 2.7%. Previous: 2.7%
11:00 am BST - Germany, Buba Monthly Report
3:00 pm BST - US, NAHB Housing Market Index for July. Expected: 82 Previous: 81
Central bankers' speeches
- 11:00 am BST - BoE's Haskel
US earnings releases
- International Business Machines (IBM.US) - after market close
- AutoNation Inc (AN.US) - before market open
- Zions Bancorporation NA (ZION.US) - after market close
- Steel Dynamics Inc (STLD.US) - after market close
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