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MARKET
Oil Prices Remain Depressed After OPEC+ Shocked Markets

Crude oil prices in Asia remained low today following a slump caused by OPEC+'s decision to delay its meeting to next Thursday. The delay, coupled with a significant increase in U.S. crude stocks according to the latest EIA report, contributed to a more than 1% drop in Brent crude and West Texas Intermediate. Reports suggest disagreement among OPEC members, particularly African nations like Angola, Nigeria, and Congo, seeking higher production quotas. Saudi Arabia, dissatisfied with the production levels of some members, had previously cut its own production by 1 million bpd. Analysts anticipate heightened price volatility due to OPEC disagreements, but opinions vary on the potential impact on the cartel's policy or Saudi Arabia's production plans. Citigroup analysts predict Saudi Arabia may extend voluntary cuts, while others fear a deepening of cuts, adding further uncertainty ahead of the postponed OPEC+ meeting. Initially, many analysts expected the Saudis to extend voluntary production cuts into 2024. Read Full

STOCKS
A mining billionaire who called Elon Musk a 'muppet' hints the Tesla chief is anti-hydrogen because he's bet big on batteries

Australian mining billionaire Andrew "Twiggy" Forrest, CEO of Fortescue Metals, criticized Elon Musk earlier this year for dismissing hydrogen as a clean fuel. Forrest, who advocates for a combination of hydrogen and batteries, suggested Musk's anti-hydrogen stance might be influenced by Tesla's heavy investment in electric batteries. Despite being a major player in battery development, Forrest emphasized the potential of hydrogen as a climate solution. Musk has consistently criticized hydrogen as impractical, calling it a "big pain in the ass." The billionaire clash highlights differing views on clean energy solutions. While Tesla's value has surged with Musk's focus on electric batteries, Fortescue, led by Forrest, emphasizes the significance of hydrogen and has seen its shares double.
Read Full

CRYPTO
Major Bank To Launch Crypto Trading Services For Retail Customers: Report

Raiffeisen Bank International in Austria is set to introduce cryptocurrency trading services for retail customers across the European Union and Eastern Europe, starting from January 2024. In collaboration with the crypto exchange Bitpanda, the bank aims to provide a user-friendly experience, allowing customers to access Bitpanda through the Raiffeisen app. The initiative aims to cater to a tech-savvy demographic interested in smaller investments in digital currencies. Raiffeisen Bank, with assets totaling around $215 billion, sees this move as an opportunity to meet the diverse investment needs of its 17.8 million customers. The partnership with Bitpanda enables the bank to offer a range of regulated trading, investment, and custody services. ReadFull

BUSINESS
Retailers Worry About Shoppers’ Mood This Holiday Season

The holiday season is approaching, and consumers like Christina Beck and Kristin Aitchison are approaching it cautiously due to various economic factors. Beck, an administrative director, is keeping her spending in check due to high food costs and mortgage payments. Aitchison, despite intending to make the holidays smaller each year, ends up spending more as she enjoys giving gifts.

Several economic factors contribute to a sense of caution among consumers. While inflation has slowed compared to the previous year, shoppers still face high prices for groceries. Resumed federal student loan payments and higher interest rates contribute to increased financial pressures.

Despite these challenges, consumer spending has remained strong in 2023. Retailers are uncertain whether this trend will continue through the holiday season or if consumers will pull back. Predictions vary, with the National Retail Federation expecting a 3 to 4 percent increase in holiday sales, while a Conference Board survey suggests a slight decrease in planned spending.

An early indicator, Amazon's Prime Day, showed a modest increase in spending. However, recent reports of a 0.1 percent decline in October retail sales and warnings from Walmart executives about weakened consumer spending raise concerns.

Economists suggest that while higher-income shoppers still have savings, lower-income individuals have depleted their resources. Higher interest rates may also discourage credit card spending for holiday shopping. Despite challenges, consumer spending throughout the year has been supported by a strong job market and wage gains, with average hourly earnings up 4.1 percent from the previous year, outpacing inflation.

In summary, consumers are approaching the holiday season with caution due to various economic factors, but the strength of the job market and wage gains has contributed to continued consumer spending throughout the year. The outlook for holiday sales remains uncertain, with potential challenges for both higher and lower-income shoppers. Readfull

ECONOMIC
Mexico Central Bank Warns of Inflation Risks Amid Strong Demand

According to the minutes from their November 9 meeting, Mexican policymakers noted that consumer demand and the job market remain strong, while inflation risks are "biased to the upside." Despite progress in addressing disinflation, they expressed that the outlook continues to be challenging. Inflation expectations remain above the target, and there is no clear downward inflection point in service price rises.

In November, Mexico maintained its benchmark rate at 11.25%, different from other regional countries like Brazil, Peru, and Chile, which have started easing policies as inflation slows toward their targets after a post-pandemic spike.

Policymakers adjusted the post-meeting statement, indicating their intention to hold borrowing costs at the current level "for some time," replacing the previous phrase "for an extended period" used in the last four meetings. Deputy governor Irene Espinosa opposed this change, citing the tight labor market and persistent core inflation as reasons for increased inflation risks.

Some members emphasized the need for cautious monetary policy, suggesting that a continuous cycle of rate decreases may not necessarily occur, depending on the evolution of the inflationary outlook. While annual inflation has slightly increased, core measures excluding energy and food costs are slowing. Consumer prices rose to 4.3% in early November, remaining above the central bank's 3% goal.

The Bank of Mexico, or Banxico, typically closely follows the Federal Reserve's moves, and the Fed is still deciding when to initiate its easing cycle. Readfull

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