Markets are still concerned about lockdowns in China, evidenced by the fall in US equities and a 2% drop in Apple’s share price. Oil has also been falling, but NAB’s Ray Attrill says the prospect of an increase in production by OPEC+ next month pushed prices lower for a while before people started asking, ‘why would they do that?’. The argument was it was to compensate for lost Russian oil as sanctions hit, with news reports that G7 and the EU might this week agree on the price cap beyond which they will not ship or insure Russian oil, irrespective of the destination. There’s also discussion today on the fall in German producer prices, what the RBNZ will do tomorrow and what the RBA’s Philip Lowe will say over dinner tonight.
Incidentally, today NAB trade donate the proceeds of today’s trading revenue to First Nations Foundation, to support the financial literacy of Indigenous communities. Or you can make a donation. Go to www.nabtrade.com.au/charityday for more information.
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