Asia

European, Asian stocks rise as do S&P futures as OPEC ministers gathering in Vienna appeared to be set to announce a deal to cut oil production and prop up global prices. Oil has surged over 7% as a result, also pushing US TSY yields and the dollar higher.

With all eyes on Vienna, where optimism OPEC ministers will salvage a deal to cut production, oil has soared by over 6% reverberating through the financial markets, spurring oil’s biggest gain in two weeks and sending stocks of energy producers and currencies of commodity-exporting nations higher.

Submitted by Mike Shedlock via MishTalk.com,

Gallup’s Daily Obama Approval Rating poll shows Americans view president Obama consistently higher now than at any time since 2009.

His popularity is more of a reflection on Obama being a likable person, than having likable policies. It’s also a reflection on the extreme unpopularity of both Hillary Clinton and Donald Trump.

Complete Failure

Likable or not, Obama’s legacy will be one of complete failure. Vox reports The whole Democratic Party is now a smoking pile of rubble.

The company reported an excellent quarter and the stock is higher by 6.5% early on. However, they issued a warning due to its flagship NYC store undergoing notable softness, thanks to all of the progressives protesting the democratically elected candidate for President of the United States, Donald J. Trump -- right next door at Trump Tower.

• Monte dei Paschi’s Future Hangs on Sunday Vote (WSJ)
• Trump Son-in-Law Jared Kushner Could Face Conflict-of-Interest Questions (WSJ)
• In OPEC’s High-Stakes Poker Game, Iran and Iraq Call Saudi Bluff (BBG)
• Iran, Iraq at loggerheads with Saudis ahead of OPEC meeting (Reuters)
• High-Profile Private Investors Take Hit on Theranos (WSJ)
• Trump Bubble Burst Will Drive Yen to 98 per Dollar: UBS Wealth (BBG)
• Euro-Area Confidence Rises as ECB Reviews Asset-Purchase Program (BBG)

European stocks were little changed and oil fell as investors assessed declining prospects for an OPEC deal and risks from Italy’s referendum. Asian stocks declined, while S&P futures pointed to a fractionally higher open, erasing 3 points from yesterday's drop.

Trader attention today - and tomorrow - will be focused on oil which retreated back under $47 as OPEC members failed to bridge differences on production cuts, while a rally in metals ran out of steam. The rand plunged after President Jacob Zuma survived a leadership threat.