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Global Stocks Pressured As Oil Slides On OPEC Deal Concerns; US Futures, Dollar Rise

Global Stocks Pressured As Oil Slides On OPEC Deal Concerns; US Futures, Dollar Rise

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.

Food, Family, Music, Friendship

Food, Family, Music, Friendship

I love this picture. We went up to Starhill to have Thanksgiving dinner with some friends. Our hostess (right) and her father from Georgia went into the parlor to play piano and sing after dinner. Here, they’re singing “It Had To Be You” together. It was the perfect denouement to a delicious dinner with old pals. For food, music, family, and friendship, I am very thankful.

(This, by the way, was a plain iPhone photo I ran through the Brushstroke app, which is a lot of fun.)

Frontrunning: June 1

  • Japan PM delays sales tax hike, puts fiscal reform on back burner (Reuters)
  • Japanese Shoppers Keep Wallets Shut Despite Sales-Tax Delay (BBG)
  • Global stocks limp into June on oil and data slips (Reuters)
  • Euro zone factory growth remained tepid in May - PMI (Reuters)
  • China's factories steadying but weak, hopes for quick recovery fade (Reuters)
  • Euro-Area Manufacturing Near Stagnation Signals Slowdown Ahead (BBG)
  • OPEC Ministers Say Oil Market Moving in Right Direction (BBG)

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