The Organization of the Petroleum Exporting Countries (OPEC) met in Doha, Qatar and agreed, effective Nov. 1, to reduce crude oil production by 1.2-million barrels per day, to 26.3 mb/d from the current level of 27.5 mb/d. The crude oil futures markets in the United States rallied on the news last night but have sold off significantly on Friday morning, proving the adage: “Buy the rumor, sell the fact.”
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Financials
Stock market tests last Friday’s low and recovers
Major indexes closed mixed again Wednesday with marginally positive bias.
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ETFs
ProShares launches ETF that targets highly rated corporate bonds
The ETF invests in covered bonds, a type of collateralized corporate debt typically issued by non-U.S. financial institutions.
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Forex
Euro sinks to lowest since 2010 as stocks, commodities tumble
The euro sank to an almost two-year low, while stocks and commodities tumbled, as European leaders prepared to meet in Brussels amid concern Greece will exit the currency union.
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Options
Crude options volatility rises as futures near $90 a barrel
Crude-oil options volatility rose for the first time in three days as underlying futures slipped below $90 a barrel.
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