The International Energy Forum kicks off, the yen climbs higher, global stocks slip, and shares for Deutsche Bank (DE: DBKGn) plummet to a record low. Here are four things to know in the market today, September 26.
1. The International Energy Forum Kicks Off
With the 15th International Energy Forum now underway, markets are awaiting the results of the highly-anticipated meeting between OPEC members and non-OPEC producer Russia. The meeting will take place on Wednesday, the final day of the conference.
While some market players are still holding out hope, the general consensus is that the meeting will likely not lead to an agreement to freeze production. Most believe that oil producers will continue monitoring the market and postpone talks of freezing production until the official OPEC meeting on November 30 in Vienna.
Brent was trading 30 cents higher at $46.78 a barrel this morning. U.S. crude was up 32 cents to $44.80 a barrel.
2. The Yen Strengthens
The yen strengthened after Bank of Japan Governor Haruhiko Kuroda said the central bank is prepared to use every available tool to reach its 2% inflation target, including reducing rates.
Last week, the BoJ made the decision to target interest rates on government bonds to reach its target for inflation.
3. Global Stocks Fall
Stocks in the U.K. and Europe fell sharply during mid-morning trade. The DAX was down nearly 2%, leading the decline.
In Asia, shares were mostly lower as investors focused on the OPEC meeting and the upcoming U.S. presidential debate.
U.S. stock futures pointed to a sharply lower opening on Monday.
4. Shares for Deutsche Bank Plummet
Shares for Deutsche Bank tumbled more than 5% on Monday to an historic low of €10.63. The decline came after a report from Focus Magazine over the weekend, which stated that Angela Merkel, German Chancellor, would not support providing aid for the bank.
Shares for the bank are down more than 50% since the start of the year.
