China's politburo meeting, Russia oil price cap to drive commodities markets this week

2 months ago Moneycontrol

The measures taken to shore up the struggling property sector, which threatens the Chinese financial system, also calmed investors’ nerves. The week aheadDuring this week, the markets will closely watch the Final Services PMI figures to get a sense of overall business activity in major economies. Oil markets, however, are set for some wild swings as OPEC+ members meet later on December 4 to discuss production cuts and the European Union’s Russian oil price cap. A Reuters report said the European Union has tentatively agreed to set the price cap on Russian crude at $60 per barrel. While commodities are likely to trade in a range as markets assess more incoming data and expect China’s leaders to offer more clarity on their virus and economic policies after a Politburo meeting due during the week.
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