The European natural gas futures jumped 30% yesterday, the euro fell further against a broadly stronger US dollar, and crude oil climbed above the $90pb mark, as OPEC decided to cut production by 100’000 barrels per day, to the August levels, as they wanted to ‘stabilize’ oil prices after the longest price decline since the beginning of the pandemic. For now, the barrel of US crude couldn’t clear the $90 resistance, as the US-Iran nuclear deal is still a possibility to boost supply, and no one really knows what could happen in the complex politics of the oil market. Also, the recession worries weigh on the demand outlook.

The New PM Of United Kingdom - Liz Truss

In the UK, Liz Truss won the PM race. Cable first fell to a fresh low, on the back of a broadly stronger US dollar, but the pair rebounded. The Reserve Bank of Australia (RBA) raised its policy rate by 50bp as expected today. China boosted stimulus. 

The US is back from Labor Day holiday. US futures are in the positive, but winds could rapidly change direction.

Watch the full episode to find out more!

• 0:00 Intro
• 0:30 Crude oil gains after OPEC cuts output, but gains remain limited
• 2:21 France joins Germany and UK in backing windfall taxes on energy companies
• 3:56 Pound digests Liz Truss victory
• 6:32 RBA lifts rates by 50bp, as China boosts stimulus
• 7:31 Is Chinese property crisis a risk for global financial markets?
• 9:44 What to watch today?

Ipek Ozkardeskaya

Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.

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