Signs of life in the Chinese trade data coupled with the agreement by Eurozone Finance Ministers at the back end of last week around their COVID response has seen Europe start the week on the right foot. Over the weekend, we also saw OPEC+ come back to the negotiating table and establish a new output agreement. Stuart Joyner, our spec sales sees “clear upside risk to our forecasts for $35/bbl Brent in 2020 and $40/bbl in 2021”. Be aware though that we have seen WTI fade intraday. All in all though we have returned from the break with a lot to be positive about, however today also marks the beginning of a new earnings season and one that will likely not be forgotten for some time to come. Volumes wise, we are having a quieter day today with the Stoxx 600 currently trading -25% below its 10day AVAT.
The content on this site is available to all Redburn clients as part of Redburn Execution’s standard service. It is not considered substantive research and there are no commercial implications to viewing these pages.
Please enter your email address below to view this page. If you are still unable to access the page, please speak to your account manager.