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In focus: OPEC meeting and the Fed's «Beige Book»


十二月, 02 2021
watermark Economic news

At the end of yesterday's trading session, the US stock market fell sharply after US health officials announced the discovery of the first confirmed case of omicron, a strain of coronavirus, in the country.


What will affect the dynamics of the market today? 


  • First, we should pay attention to General Motors, which announced yesterday the creation of a joint venture with South Korean Posco Chemical Co Ltd to build a plant in North America. The plant will process critical materials for batteries for the GM Ultium electric vehicle platform. 


As you know, General Motors has recently decided to gradually switch to electric vehicles, and collaboration with South Korea will help the company take control of the supply chain. Analysts of the automaker expect that for the full year profit before tax will reach about $ 14 billion, which is higher than previously forecast (from $11.5 to $13.5 billion). 


  • Further, the results of the two-day OPEC meeting will be of interest. Today, the cartel will meet to make a decision on production in January, after the participating countries agreed to gradually increase the supply on the market. 


The Joe Biden administration, which has been pressing OPEC to increase production, said it could adjust the timing of the planned release of strategic oil reserves. However, only if world energy prices fall significantly.


  • The Federal Reserve's Beige Book was published last night. According to her thesis, the US economy continues to be under pressure due to supply chain disruptions, labor shortages and inflation. At the same time, enterprises managed to raise prices to compensate for price pressure against the background of high consumer demand.


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外汇本质上有高度的投机性和复杂性,可能并不适合所有投资者。 外汇交易可能会带来重大的收益或损失。 因此,建议您不要承担无法承受的损失。 在使用ForexMart提供的服务之前,请确认外汇交易相关联的风险。 必要时寻求独立的财务意见。请注意,过去的业绩和预测都不是未来结果的可靠指标。