Crude Oil Drops As Tensions Increase Within OPEC+ Members

27/11/2020 Trade-volumes were subdued on the JSE on Thursday as Wall Street had reduced trading hours for U.S. stocks and bonds due to the Thanksgiving holiday. The JSE closed 0.31% firmer to 57,923.69, while the Top-40 gained 0.27%. Shares underperformed in Australia and Hong Kong, while Japan edged up. MSCI index of developing-nation currencies moved higher, led by the Turkish lira. The South African rand fell the most on the day. Rand flat 0.04% at 15.1830/$, while Yield on 10 year govt rand bonds rose 2.0 bps to 8.89%. Gold was up on Friday morning, up at $1806.77, clearing the $1800 mark. Oil fell to near $45/barrel amid signs of division among OPEC+ members just days before a key policy meeting on whether to extend production curbs.

NEWS:
• Private hospitals on Garden Route near capacity as Covid-19 cases surge
ECONOMIC DATA:
• 10am: (SA) Bloomberg Nov. South Africa Economic Survey
CORPORATE EVENTS:
• Annual general meetings: BVT SJ, NHM SJ
• Other Events: IVT SJ
Earnings Calls:
• KAL SJ, QFH SJ

EU/UK/UK
European markets drifted lower on Thursday in subdued trading. The pan-European Stoxx 600 slipped 0.03%, the DAX was off 0.02%, while the CAC 40 in Paris lost 0.08%. Losses were more pronounced in London, where the FTSE 100 gave up 0.44%. European stocks have surged in November as breakthroughs in vaccine development fuelled gains in laggard cyclical and value sectors.

President Donald Trump said he’ll relinquish power if the Electoral College affirms Biden’s win, but he signalled he may never formally concede defeat, and may skip the Democrat’s inauguration.
President-elect Joe Biden will unveil his economic team next week. Futures drifting lower: Dow loosing 48 points, or 0.18%, the S&P500 down 0.12%, while the Nasdaq futures swimming against the stream 0.13% positive.

ASIA
Asia stocks mostly down on Friday, ending the week on a cautious note. Japan’s Nikkei 225 bagging 0.44%, the Aussie’s ASX 200 was down 0.53%. China’s Ministry of Commerce said in a statement released earlier in the day that China will impose temporary anti-dumping measures on wine imported from Australia starting Nov. 28. Hong Kong’s Hang Seng Index edged down 0.22%, Tencent marginally up 0.10%. China’s Shanghai Composite was up 0.41%.