{"id":40045,"date":"2020-04-06T17:57:28","date_gmt":"2020-04-06T07:57:28","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=40045"},"modified":"2020-04-06T17:57:28","modified_gmt":"2020-04-06T07:57:28","slug":"monday-6th-april-oil-drops-as-opec-meeting-scheduled-china-off","status":"publish","type":"post","link":"https:\/\/ic-cn-asia.com\/blog\/monday-6th-april-oil-drops-as-opec-meeting-scheduled-china-off\/","title":{"rendered":"Monday 6th April: Oil drops as OPEC+ meeting scheduled; China off"},"content":{"rendered":"<h3><strong>Global Markets:<\/strong><\/h3>\n<ul>\n<li>Asian Stock Markets : Nikkei up 4.24%, Hang Seng up 2.04%, ASX up 4.33%<\/li>\n<li>Commodities : Gold at $1658.05 (+0.75%), Silver at $14.71 (+1.51%), Brent Oil at $33.82 (-0.85%), WTI Oil at $27.91 (-1.52%)<\/li>\n<li>Rates : US 10-year yield at 0.657, UK 10-year yield at 0.343, Germany 10-year yield at -0.409<\/li>\n<\/ul>\n<h3><strong>News &amp; Data:<\/strong><\/h3>\n<ul>\n<li>(USD) ISM Non-Manufacturing PMI 52.5 vs 43.5 expected<\/li>\n<li>(USD) Unemployment Rate 4.40% vs 3.80% expected<\/li>\n<li>(USD) Non-Farm Employment Change -701K vs -100K expected<\/li>\n<li>(USD) Average Hourly Earnings m\/m 0.40% vs 0.20% expected<\/li>\n<li>(GBP) Final Services PMI 34.5 vs 34.7 expected<\/li>\n<li>French FinMin Le Maire: EU Fund Needs To Be Hundreds Of Billions Of Euros<\/li>\n<li>Russia and Saudi Arabia are \u2018very, very close\u2019 to an oil production deal, says Russia\u2019s Dmitriev<\/li>\n<\/ul>\n<h3><strong>CFTC Positioning Data: <\/strong><\/h3>\n<ul>\n<li>EUR long 74K vs 61K long last week. Longs increased by 13k<\/li>\n<li>GBP long 5K vs 11K long last week. Longs trimmed by 6K<\/li>\n<li>JPY long 18K vs 24K long last week. Longs trimmed by 6K<\/li>\n<li>CHF long 5K vs 5K long last week. No change in the current week.<\/li>\n<li>AUD short 31k vs 25K short last week. Shorts increased by 6K<\/li>\n<li>NZD short 16K vs 16K short last week. No change in the current week.<\/li>\n<li>CAD short 22k vs 29K short last week. Shorts trimmed by 7K.<\/li>\n<\/ul>\n<h3><strong>Markets Update:<\/strong><\/h3>\n<p>Asian stock markets are mostly higher on Monday despite the negative cues from Wall Street Friday after a report from the U.S. Labor Department showed that employment in the U.S. fell much more than expected in the month of March.<\/p>\n<p>Investor sentiment received a boost amid optimism that the number of coronavirus cases in New York, a U.S. hotspot for the pandemic, may be peaking. New York State reported its first decline in the number of daily coronavirus-related deaths as well as hospitalizations on Sunday. The coronavirus-related death toll in France and Italy has also slowed.<\/p>\n<p>Stocks in Japan were among the biggest gainers of the day, with the Nikkei 225 rising 4.2%. South Korea\u2019s Kospi also advanced 3.9%.Hong Kong\u2019s Hang Seng index edged 2.0%. Shares in Australia also saw substantial gains, with the S&amp;P\/ASX 200 closing 4.33% higher.<\/p>\n<p>The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 100.632 after crossing the 100 level last week. U.S. crude futures had fallen 9% after a scheduled meeting between OPEC and its allies \u2014 collectively referred to as OPEC+ \u2014 was pushed back, raising fears that a production cut might face challenges.<\/p>\n<h3><strong>Upcoming Events:<\/strong><\/h3>\n<p>Monday, April 06, 2020<\/p>\n<ul>\n<li>02:30 PM GMT &#8211; (CAD) BOC Business Outlook Survey<\/li>\n<li>10:00 PM GMT &#8211; (NZD) NZIER Business Confidence<\/li>\n<\/ul>\n<p>Tuesday, April 07, 2020<\/p>\n<ul>\n<li>01:30 AM GMT &#8211; (AUD) Trade Balance<\/li>\n<li>04:30 AM GMT &#8211; (AUD) Cash Rate<\/li>\n<li>04:30 AM GMT &#8211; (AUD) RBA Rate Statement<\/li>\n<\/ul>\n<p>Wednesday, April 08, 2020<\/p>\n<ul>\n<li>Tentative &#8211; (All) OPEC Meetings<\/li>\n<li>Tentative &#8211; (All) OPEC-JMMC Meetings<\/li>\n<li>Tentative &#8211; (USD) FOMC Meeting Minutes<\/li>\n<\/ul>\n<p>Thursday, April 09, 2020<\/p>\n<ul>\n<li>12:30 AM GMT &#8211; (JPY) BOJ Gov Kuroda Speaks<\/li>\n<li>01:30 AM GMT &#8211; (AUD) RBA Financial Stability Review<\/li>\n<li>06:00 AM GMT &#8211; (GBP) GDP m\/m<\/li>\n<li>11:30 AM GMT &#8211; (EUR) ECB Monetary Policy Meeting Accounts<\/li>\n<li>12:30 PM GMT &#8211; (CAD) Employment Change<\/li>\n<li>12:30 PM GMT &#8211; (CAD) Unemployment Rate<\/li>\n<li>12:30 PM GMT &#8211; (USD) Unemployment Claims<\/li>\n<li>12:30 PM GMT &#8211; (USD) Core PPI m\/m<\/li>\n<li>12:30 PM GMT &#8211; (USD) PPI m\/m<\/li>\n<li>02:00 PM GMT &#8211; (USD) Prelim UoM Consumer Sentiment<\/li>\n<\/ul>\n<p>Friday, April 10, 2020<\/p>\n<ul>\n<li>01:30 AM GMT &#8211; (CNY) CPI y\/y<\/li>\n<li>10th-15th GMT &#8211; (CNY) New Loans<\/li>\n<li>12:30 PM GMT &#8211; (USD) CPI m\/m<\/li>\n<li>12:30 PM GMT &#8211; (USD) Core CPI m\/m<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: Asian Stock Markets : Nikkei up 4.24%, Hang Seng up 2.04%, ASX up 4.33% Commodities : Gold at $1658.05 (+0.75%), Silver at $14.71 (+1.51%), Brent Oil at $33.82 (-0.85%), WTI Oil at $27.91 (-1.52%) Rates : US 10-year yield at 0.657, UK 10-year yield at 0.343, Germany 10-year yield at -0.409 News &amp; &hellip; <a href=\"https:\/\/ic-cn-asia.com\/blog\/monday-6th-april-oil-drops-as-opec-meeting-scheduled-china-off\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Monday 6th April: Oil drops as OPEC+ meeting scheduled; China off<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":40046,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[339],"tags":[],"class_list":["post-40045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-recent-posts"],"_links":{"self":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/40045","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/comments?post=40045"}],"version-history":[{"count":1,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/40045\/revisions"}],"predecessor-version":[{"id":40047,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/posts\/40045\/revisions\/40047"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media\/40046"}],"wp:attachment":[{"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/media?parent=40045"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/categories?post=40045"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ic-cn-asia.com\/blog\/wp-json\/wp\/v2\/tags?post=40045"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}