A mixed start to the week as OPEC+ causes a stir in oil markets

Equity markets have started the week a little mixed amid a nasty surprise from OPEC+ at the weekend, albeit against the backdrop of easing anxiety over the banking sector.

We’re now entering the third week without new drama in the banks and while I don’t think anyone is ready to claim victory, there is an increasing sense of relief. That said, investors are still trying to determine what the longer-term damage of the last month is and the lack of spring back in bond markets suggest the view that there is some and not an insignificant amount.

While that is better understood, investors will be left to analyze how the economy is performing, whether surveys indicate increased economic anxiety, inflation, and of course, interest rates.

We’ve had a lot of manufacturing surveys out today and they mostly appear to point in the same direction, lower global demand. That doesn’t bode well for the economy as we navigate high-interest rates and stubborn inflation, something certain oil producers are seemingly turning a blind eye to.

Crypto in no mood to given back recent gains

Bitcoin is once more trading quite independently of everything else, as has often been the case over the last month, and slipping around 1% at the start of the week. It remains close to its recent highs though and doesn’t appear to be in any mood to give much back. That’s despite the newsflow not appearing to be particularly in its favour unless you buy into it as a virtual safe haven.

For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/

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