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In focus: OPEC meeting and the Fed's «Beige Book»


Diciembre, 02 2021
watermark Economic news

At the end of yesterday's trading session, the US stock market fell sharply after US health officials announced the discovery of the first confirmed case of omicron, a strain of coronavirus, in the country.


What will affect the dynamics of the market today? 


  • First, we should pay attention to General Motors, which announced yesterday the creation of a joint venture with South Korean Posco Chemical Co Ltd to build a plant in North America. The plant will process critical materials for batteries for the GM Ultium electric vehicle platform. 


As you know, General Motors has recently decided to gradually switch to electric vehicles, and collaboration with South Korea will help the company take control of the supply chain. Analysts of the automaker expect that for the full year profit before tax will reach about $ 14 billion, which is higher than previously forecast (from $11.5 to $13.5 billion). 


  • Further, the results of the two-day OPEC meeting will be of interest. Today, the cartel will meet to make a decision on production in January, after the participating countries agreed to gradually increase the supply on the market. 


The Joe Biden administration, which has been pressing OPEC to increase production, said it could adjust the timing of the planned release of strategic oil reserves. However, only if world energy prices fall significantly.


  • The Federal Reserve's Beige Book was published last night. According to her thesis, the US economy continues to be under pressure due to supply chain disruptions, labor shortages and inflation. At the same time, enterprises managed to raise prices to compensate for price pressure against the background of high consumer demand.


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El mercado de divisas es altamente especulativo y complejo por naturaleza, y puede no ser adecuado para todos los inversores. Las operaciones en Forex pueden resultar en ganancias o pérdidas sustanciales. Por lo tanto, no es aconsejable invertir dinero que no puede permitirse perder. Antes de utilizar los servicios ofrecidos por ForexMart, reconozca los riesgos asociados con las operaciones en Forex. Busque asesoramiento financiero independiente si es necesario. Tenga en cuenta que ni el rendimiento pasado ni los pronósticos son indicadores confiables de resultados futuros.