Dow added 7, decliners marginally ahead of advancers & NAZ lost pennies. The MLP index inched higher in the 287s & the REIT index went up fractionally to the 352s. Junk bond funds did little & Treasuries had modest gains. Oil crawled higher & gold went up 8 to 1283.
AMJ (Alerian MLP Index tracking fund)
Stocks eked out enough gains on to push the Dow & NAZ to fresh records ahead of the start of Q3 earnings season. A boost to corp profit could also come from Pres Trump's proposed tax overhaul, hopes for which brightened last week after the House of Representatives approved a fiscal 2018 spending blueprint to help them advance an eventual tax bill.
German factory production rose strongly in Aug, more than making up for modest declines in the previous 2 months. The Economy Ministry said that industrial production rose by a monthly rate of 2.6% in Aug, according to figures adjusted for seasonal & calendar factors. The rise followed a decrease of 0.1% in Jul & 1% in Jun.
Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Saudi Arabia & Russia are leading consultations between OPEC & other major suppliers about the future of their agreement to cut oil output, Barkindo said. The pact expires in Mar & oil producers are debating whether to extend it later into the year. “There is a growing consensus that, number one, the re-balancing process is underway,” he said after meeting with Indian Oil Minister Dharmendra Pradhan. “Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward.” Barkindo didn't elaborate on what those additional measures could be & if they would include the main proposal currently on the table, an extension of the existing cuts by up to 9 months, or something else. Venezuela has suggested making deeper cuts, but that's considered unlikely given the political challenges of getting all members to agree unanimously. OPEC & allied producers agreed in Dec to pare output to clear a glut & bolster oil prices. The cuts have helped revive crude, which had fallen to ½ its 2014 peak. Russian Pres Putin last week said the country is open to extending the cut deal to the end of 2018. OPEC plans to meet on Nov 30 to assess the market & its production policy. Brent crude, the benchmark for more than ½ of the world's oil, was little changed at $55.32 a barrel. Prices fell 3.3% last week, the steepest weekly drop since Jun, & are down about 2% YTD. The 24 producers that agreed to pump less oil are looking forward to welcoming additional participants in the accord, Barkindo said, without identifying any possible newcomers. “At the moment, there is no talk of an extraordinary meeting” beyond the session scheduled for next month in Vienna, he added. UAE Energy Minister Suhail Al Mazrouei said he's optimistic that the next OPEC meeting will lead to a consensus between the group & its non-OPEC partners that will help balance the market in 2018. Production cuts have led to a decline in crude inventories & a better balance in the oil market, he said.
OPEC Says 'Extraordinary' Steps Needed for Stable Market in 2018
Very little will be done in the stock market today. Many traders have taken a long weekend on this semi-holiday. With the prospect of tax reform in the air, stock averages remain essentially at record highs.
Dow Jones Industrials
AMJ (Alerian MLP Index tracking fund)
| CL=F | Crude Oil | 49.37 | +0.08 | +0.2% |
| GC=F | Gold | 1,282.80 | +7.90 | +0.6% |
Stocks eked out enough gains on to push the Dow & NAZ to fresh records ahead of the start of Q3 earnings season. A boost to corp profit could also come from Pres Trump's proposed tax overhaul, hopes for which brightened last week after the House of Representatives approved a fiscal 2018 spending blueprint to help them advance an eventual tax bill.
Dow, Nasdaq eke out records as earnings season looms
German factory production rose strongly in Aug, more than making up for modest declines in the previous 2 months. The Economy Ministry said that industrial production rose by a monthly rate of 2.6% in Aug, according to figures adjusted for seasonal & calendar factors. The rise followed a decrease of 0.1% in Jul & 1% in Jun.
German factory production rises in August, allaying fears
Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said. Saudi Arabia & Russia are leading consultations between OPEC & other major suppliers about the future of their agreement to cut oil output, Barkindo said. The pact expires in Mar & oil producers are debating whether to extend it later into the year. “There is a growing consensus that, number one, the re-balancing process is underway,” he said after meeting with Indian Oil Minister Dharmendra Pradhan. “Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward.” Barkindo didn't elaborate on what those additional measures could be & if they would include the main proposal currently on the table, an extension of the existing cuts by up to 9 months, or something else. Venezuela has suggested making deeper cuts, but that's considered unlikely given the political challenges of getting all members to agree unanimously. OPEC & allied producers agreed in Dec to pare output to clear a glut & bolster oil prices. The cuts have helped revive crude, which had fallen to ½ its 2014 peak. Russian Pres Putin last week said the country is open to extending the cut deal to the end of 2018. OPEC plans to meet on Nov 30 to assess the market & its production policy. Brent crude, the benchmark for more than ½ of the world's oil, was little changed at $55.32 a barrel. Prices fell 3.3% last week, the steepest weekly drop since Jun, & are down about 2% YTD. The 24 producers that agreed to pump less oil are looking forward to welcoming additional participants in the accord, Barkindo said, without identifying any possible newcomers. “At the moment, there is no talk of an extraordinary meeting” beyond the session scheduled for next month in Vienna, he added. UAE Energy Minister Suhail Al Mazrouei said he's optimistic that the next OPEC meeting will lead to a consensus between the group & its non-OPEC partners that will help balance the market in 2018. Production cuts have led to a decline in crude inventories & a better balance in the oil market, he said.
OPEC Says 'Extraordinary' Steps Needed for Stable Market in 2018
Very little will be done in the stock market today. Many traders have taken a long weekend on this semi-holiday. With the prospect of tax reform in the air, stock averages remain essentially at record highs.
Dow Jones Industrials
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