Meanwhile for oil prices, Oil - US Crude clocked another decline, trading on either side of $45.00/bbl into the end of the week. Prices have sunk to the lowest level since late September when the OPEC plan to limit output first surfaced in their meeting at the Algiers. The retracement of the gains thus far is a clear reflection of doubts the market is holding with respect to the deal.
Asian markets are likely to remain stuck in the current downtrend into the last day of the week. The only exceptions in the day before had been the Chinese markets with an improvement seen in the Caixin PMI services yesterday.
Onshore markets in Japan return today from the Culture Day holiday to see the Nikkei gap lower by more than 100 pips at the open. Weak sentiment is expected to continue guiding markets. The last weekend had also shown us what a weekend could do for the US elections and with one final weekend to go before the polls close, next week’s open could be anybody’s guess.