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The appeal of mining companies has become increasingly difficult to see, as increasing production levels coupled with dwindling demand has given little reason to believe a bounce in the sector will soon materialise.
The performance of oil today would suggest that regardless of how uncomfortable OPEC members might be with the current oversupply to the markets, change is not anticipated.
Saudi Arabia looks unwilling to change from this current template and today’s oil inventories oversupply has just given fresh impetus to the bears ahead of OPEC’s Vienna meeting. The writing has been on the wall for some time and overnight the decision will be made on Meggitt, G4S and Morrison’s eligibility to stay in the FTSE 100.
As successful as European Central Bank president Mario Draghi may have been in talking down the euro, his sheer will power alone has failed to prevent the eurozone inflation picture from becoming even worse.
The ADP employment date has never been the most reliable indicator ahead of Friday’s non-farm payrolls but the better-than-expected figures, along with the improved revision from the previous month, has given fresh power to GBP/USD as today’s moves have seen it smash through the psychological $1.500 barrier with consummate ease.
With Federal Reserve chair Janet Yellen yet to talk and the latest Fed Beige book due for release tonight, the selloff could still see lower lows.