Crude Oil closed at its highest yet this year as OPEC and its partners committed to continuing production cuts until at least June, when they will meet to discuss an extension.
Futures
Fed to Slow 2019 Rate Hikes As Downside Risks Mount, Poll Shows – GSR
They expect the Fed will raise rates by a quarter percentage point at its Dec. 18-19 meeting while dialing back the number of moves next year to two, in March and September, from the three hikes economists saw in September. Median responses in the Dec. 7-11 poll also anticipate one additional hike in mid-2020 when the rate would peak in this tightening cycle at a target range of 3 per cent to 3.25 per cent.
NSE sues SGX on its Nifty-Based India Futures, Options
Gold Silver Reports (GSR) – NSE sues SGX on its Nifty-Based India Futures, Options — Indian exchanges had on 9 February decided to bar overseas exchanges from trading in Nifty derivatives, including futures and options, in an attempt to check migration of trades away from Indian exchanges. Two months later, on 11 April, SGX announced a new product which works just like the Nifty index, bypassing the Indian exchanges.