Hello, and welcome to our latest economic report! From the looks of it, November is poised to exit the 2018 market scene just as energetically as it had made its entrance, promising to bring yet another batch of important (and therefore exciting) economic events for all of us to keep tabs on.
In a nutshell, the hottest events for the 26-30 November interval shape up to be:
Australian retail turnover fell 0.1 percent in December, data released on Monday showed. According to the Australian Bureau of Statistics, household goods sales fell 2.3 percent and other retailing was down 0.2 percent. Clothing, footwear and personal accessory sales were up 1.4 percent; food retailing rose 0.5 percent; as well as cafes, restaurants and takeaway food services: 0.2 percent; and department stores: 0.3 percent.
OPEC’s mission to cut oil production may get a little bit harder to accomplish, as three of its African members increased output in November and production rose to a record 34.16 million barrels a day.
Crude oil prices rose as optimism over the OPEC deal was spreading. Prices jumped after the Iraqi delegate said that some form of a deal would be reached in Vienna. Iran’s oil minister, Bijan Zanganeh, said he is also optimistic about the deal and that his country was not prepared to reduce output.