With oil prices surging to 17-month highs following this weekend's OPEC-NOPEC deal and Saudi promises to cut still more, many Wall Street analysts are skpetical with Goldman Sachs warning that the Saudis are wrong to think U.S. shale production won’t respond to higher prices. However, Nomura and Bernstein see little threat to OPEC from rising U.S. shale production in 2017.
Prices spiked...
While the domestic US audience was focused on what Trump would say about the latest scandal of alleged Russian intervention in the US presidential elections, which as a reminder, he called "ridiculous" and suggested that democrats are behind the report, China was more curious by Trump's foreign policy thoughts, which may have sparked yet another diplomatic spat, because one week after Trump snubbed America's long-running "One China" policy, today the President-elect questioned whether the United States had to be bound by its long-standing position that Taiwan is part of "one China" and brus
Overnight, political turmoil migrated to Asia after South Korean lawmakers voted 234-56 to impeach President Park Geun-hye over accusations of bribery, abuse of power and violating her constitutional duties, setting the stage for her to become the country's first elected leader to be expelled from office in disgrace.
European and Asian shares rose again and S&P futures were little changed, as world stocks were set for a weekly gain and held near 16-month highs on Friday, while the euro steadied after swings following the European Central Bank’s decision to extend its stimulus program. Oil rose a second day before a meeting between OPEC and other major producers on output cuts, industrial metals gain.