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Tuesday preview: OPEC, RBA meeting in focus

By Alexander Bueso

Date: Monday 01 Jul 2019

Tuesday preview: OPEC, RBA meeting in focus

(Sharecast News) - The market spotlight on Tuesday will shift towards Vienna, where energy ministers from the Organisation of the Petroleum Exporting Countries, alongside those from Russia, Kazhakstan and Mexico are meeting to decide on policy.
Reports out of the Austrian capital citing delegates indicate that the assembled producer countries have agreed to extend their existing output curbs for another nine months and hence into 2020.

OPEC+, as the cartel and its allies from outside their ranks is known, agreed roughly two years ago to cut their combined output by roughly 1.2m barrels a day as a temporary measure to buttress but have since been forced to stick to those reductions by a weakening demand outlook and persistent strength in the US dollar.

Key to the decision, at the past G20 summit, Russian President Vladimir Putin appeared to back an extension to the group's supply curbs.



Down Under meanwhile, faced with the slowest pace of economic growth since 2009, rate-setters in Sydney are expected to announce a further reduction in official short term rates, from 1.25% to 1.0%.

On that note, on Monday morning, analysts at Rabobank told clients: "there is still plenty for Australia to worry about on this front.

"While some degree of resolution on the trade front is likely to support growth in China and therefore demand for Australian exports such as coal and iron ore, farmers are cautious that they may suffer if China agrees to buy more agricultural produce from the US."

In the background, markets will also be monitoring a handfull of speeches by top US central bank officials, including the head of the influential Federal Reserve bank of New York, John Williams, and Cleveland Fed boss Loretta Mester.

Tuesday July 02

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