01·The Weekend
Talks continue, no deal yet.
- Doha: Iranian negotiators held a third straight day of talks with Qatari mediators on Sunday, an official briefed on the talks told Reuters.
- The plan: Iran’s foreign minister, Abbas Araghchi, said the Strait of Hormuz could reopen within two days of a deal if Washington meets Iran’s conditions, Al Jazeera reported.
- The conditions: they include lifting recent US sanctions, restoring oil waivers and a smaller US military presence in the region, Araghchi said.
- Tehran: security chief Mohsen Rezaei said the US had “indicated its readiness” to accept Iran’s conditions; Washington has not confirmed it.
- Washington: Trump said the US would not launch new attacks before Tuesday’s vote but has not ruled out action after it.
- Rubio: the secretary of state said he knew of no timeframe for the talks.
- Iran’s military: Supreme Leader Mojtaba Khamenei ordered the armed forces on Saturday to prepare for any attack, Reuters reported.
- OPEC+: seven core members kept December output targets unchanged on Sunday, the third month without a change; they meet again on 29 November.
- Binance: the crypto exchange reopened withdrawals on Sunday after last week’s $6.3bn theft and saw $3.64bn in net outflows by the afternoon, CNBC reported.
02·Markets
Oil gives back Friday’s gain.
Monday 2 Nov at 07:00 GST against Friday’s close. The ticker above shows last week.
$110.17
Brent (Jan)
−2.87% Mon
+1.36%
Kospi
Mon morning
+0.43%
S&P futures
Mon 07:00 GST
−0.84%
TASI
Sunday
Equities
| Nikkei 225 | −0.31% | |
| Kospi | +1.36% | |
| Shanghai Composite | +0.35% | |
| Hang Seng | +0.12% | |
| S&P 500 futures | +0.43% | |
| Nasdaq 100 futures | +0.85% | |
| TASI (Saudi), Sunday | −0.84% |
Commodities
| Brent (Jan) | $110.17 | −2.87% |
| WTI (Dec) | $100.95 | −3.04% |
| Gold | $3,904.00 | +0.13% |
03·Chart of the Day
December’s output targets.
Oil · December targets · set Sun 1 Nov
Seven producers, 31 million barrels.
December production targets, million barrels a day.
Saudi Arabia10.48
Russia9.95
Iraq4.43
Kuwait2.68
Kazakhstan1.63
Algeria1.01
Oman0.84
Source: OPEC+ decision of 1 Nov, as reported by The National.
04·MENA Focus
Gulf shipping and UAE fuel.
- Al Mayeda: a Qatari-owned LNG carrier was struck by three projectiles on Friday evening, Windward reported; Qatar’s state news agency said no crew were hurt.
- UAE fuel: Super 98 petrol fell to Dh4.16 a litre for November from Dh4.40 in October, The National reported.
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05·The Week Ahead
Three things to watch.
Three things to watch
- 01Tue 3 NovThe US midterm elections
- 02This weekWhether the talks in Qatar produce a Hormuz deal
- 03Fri 6 NovThe October US jobs report; economists expect 55,000 new jobs, CNBC reported
If If the vote is settled quickly, the talks produce a deal and hiring beats forecasts
Oil eases; shares recover.
If If the results are clear, talks continue without a deal and hiring is close to forecasts
Focus stays on earnings.
If If results are disputed, talks break down and hiring weakens
Oil rises and shares fall.
06·Calendar
This week’s calendar.
Monday
2 Nov
- DataUS ISM manufacturing survey (Oct)
- EarningsApple, after the US close
- EventADIPEC energy conference opens in Abu Dhabi (to 5 Nov)
Tuesday
3 Nov
- VoteUS midterm elections
- Central bankReserve Bank of Australia decision
- EarningsAMD
Wednesday
4 Nov
- DataUS ISM services survey; eurozone flash inflation (Oct)
- IPODubai Investments prices its DIP Holding listing
- EarningsQualcomm and Arm
Thursday
5 Nov
- Central bankBank of England and Norges Bank decisions
Friday
6 Nov
- DataUS jobs report (Oct); University of Michigan sentiment (Nov)