Oil Prices Edge Higher Ahead of OPEC meeting
Dollar Recovers after Cautious FOMC Minutes
SNAP Shares Add 2.5%
Market Recap – This week in a nutshell:
It was another eventful week with investors focusing on a massive bitcoin rally on Monday. European bourses opened mixed Tuesday as investors woke up to news of another terrorist attack in the U.K. and digested further political and economic turmoil in the euro zone. On Wednesday oil prices retreated after a disappointing U.S. gasoline stock draw.
Thu, May 25: In Today’s Markets…
1. European Markets Open Higher as Investors Focus on Opec and Trump meetings
European markets edged higher on Thursday morning as risk appetite increased in anticipation of OPEC talks and U.S. President Donald Trump’s first foreign trip since taking office. OPEC members will be meeting in Vienna today to discuss a possible extension to output cuts with forecasts pointing to prolonged cuts. Specifically, Barclays signalled that the program could be extended for a further nine months. Oil prices traded at five-month highs in anticipation of the meeting with WTI adding 0.8 percent at $51.77 as of 6:30 GMT. Meanwhile, Trump is set to meet with EU and NATO leaders in Brussels to discuss trade and environmental issues.*
2. Dollar Recovers after Cautious FOMC Minutes
The U.S dollar recover after dipping to 6-month lows on cautious Fed Open Market Committee meeting minutes. The minutes were not as hawkish as investors had expected. It should be noted that the Fed signaled they could raise rates soon, concluding that a continued gradual removal of monetary policy remained appropriate as inflation measures remained little changed and Q1 employment was “solid”. Doubts remained however, as to how much rates could rise. The USD recovered somewhat today adding 0.2 percent against the Japanese Yen to last trade at 111.72 JPY as of 6:45 GMT.**
3. Snap Inc. Shares Add 2.5% on Ad Discount Rumours
Snap Inc shares closed 2.5 percent higher in late trading on Wednesday, after reports circulated that the company would be offering discounts to ad buyers. Snap is reportedly planning to incentivize brands and media buyers, by offering bonuses, discount coupons and media credits for ad buys according to multiple agency executives interviewed by Digiday. Digiday also noted the move is being made to help boost Snap’s quarterly numbers.
**Source: Seeking Alpha