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Gold
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Real-time News
April 30th - Three sources familiar with the discussions said that the seven OPEC+ members are likely to agree to raise their oil production targets again at their meeting on Sunday, though the increase is expected to be lowered given the UAEs withdrawal from the oil-producing group. However, due to the war between the US, Israel, and Iran, which has effectively closed the Strait of Hormuz to shipping, very few oil-producing countries are actually able to increase production. OPEC+ sources said that before the UAEs unexpected announcement on Tuesday that it would withdraw from OPEC and OPEC+ on May 1st, the groups eight members were expected to continue raising their production targets by 206,000 barrels per day in June, roughly similar to the increases in May and April. The sources said they are now likely to continue increasing production by a similar amount, but excluding the UAEs previous share of 18,000 barrels per day. One of them indicated that the group had not yet made a decision before the meeting.Sources say OPEC+ may increase its production quota by 206,000 barrels per day, reducing the UAEs share by 18,000 barrels per day. An agreement to increase oil production quotas is expected to be reached at Sundays meeting, but the UAE will be absent.1. JPMorgan Chase: Expects the Fed to hold rates steady, with the vote to maintain the current rate expected to be 11-1, and Milan likely to vote against it. 2. Societe Generale: Expects the Fed to hold rates steady. Given that this meeting will not release a summary of economic projections or a dot plot, the market anticipates few policy changes. 3. Goldman Sachs: Expects the Fed to hold rates steady. The post-meeting statement may acknowledge improved employment data and rising inflation, but will maintain existing policy guidance. 4. MUFG: Expects the Fed to hold rates steady. Fed Governor Milan may abstain from voting on a rate cut, and the statement may explicitly mention increased upside risks to the inflation mandate. 5. Wells Fargo: Expects the Fed to hold rates steady. The statement may indicate that energy costs are keeping inflation high and weaken forward guidance, revising the wording regarding the magnitude and timing of further adjustments to the benchmark interest rate. 6. Morgan Stanley: Expects the Fed to hold rates steady. The statement is expected to change little, with the FOMC likely maintaining an accommodative bias, but emphasizing that high uncertainty means patience is needed in policymaking. 7. Deutsche Bank: Expects the Fed to hold rates steady, possibly removing the word "further" from the wording regarding "the magnitude and timing of further adjustments to the benchmark interest rate" to pave the way for future rate hikes. 8. Danske Bank: Expects the Fed to hold rates steady and may not provide clear forward guidance, but any cautious hints at restarting easing could trigger a decline in Treasury yields and a broad weakening of the dollar. 9. BNY Mellon: Expects the Fed to hold rates steady with very limited forward guidance, as the market has not yet priced in persistent inflation risks, giving the Fed room to temporarily ignore short-term inflationary pressures.The phone call between Russian President Vladimir Putin and US President Donald Trump lasted more than 1.5 hours and was in a friendly and business-like atmosphere.A fire broke out at an oil refinery in Tuapse, a Black Sea port in Russia, following a drone attack by Ukraine, and a regional state of emergency has been declared.
