Oil prices retreat, more U.S. data is expected, global stocks rise, and Commerzbank cuts jobs. Here are four things to know in the market today, September 29.
1. Oil Prices Retreat
Oil prices surged 6% on news that OPEC reached an agreement to reduce output, but the initial euphoria faded and oil prices retreated on doubt that the group could implement their plan.
While the 14-member bloc came to an agreement to reduce output, the finalization of a plan has been put off until November.
U.S. crude lost 24 cents, falling to $46.84 a barrel. Brent was down 37 cents to $48.87 a barrel.
2. More U.S. Data Expected
More economic data is expected later today, as investors continue looking for clues as to whether the Fed will raise rates in December.
The weekly jobless claims report is due as well as the finalized second-quarter GDP and the trade deficit.
Several Fed officials are scheduled to make appearances today, including Kansas City Fed President Esther George, Fed Governor Jerome Powell, Fed President Dennis Lockhart, and Minneapolis Fed President Neel Kashkari.
Janet Yellen, Fed Chair, will also make an appearance at the Minority Bankers Forum in Kansas City.
3. Global Stocks Rise
U.K. and European stocks were mostly higher on Thursday during mid-morning trade. Shares were bolstered by news of the OPEC agreement.
In Asia, shares were broadly higher. Japan’s Nikkei 225 closed the day up 1.4%, supported by a weaker yen.
U.S. stock futures pointed to a flat opening, as the market grew increasingly skeptical of a deal.
4. Commerzbank Cuts Jobs
Commerzbank AG (DE: CBKG) announced today that it will cut 9,600 jobs as part of its overhaul plan. The cut jobs equate to 20% of the bank’s workforce. It also plans to suspend its dividend for the year.
