Market Briefing: Trading Ranges Shrink Ahead of Non-Farms
Equity futures are weaker and currency market trading volumes are down as investors contemplate higher inflation risks – while bracing for tomorrow’s non-farm payrolls report. Oil prices are stabilizing around higher levels after gaining sharply in the last week. The North American benchmark, West Texas Intermediate, is trading for $87 a barrel while its global equivalent, Brent, is holding near $93 after the OPEC+ group of producing countries agreed to cut output by a larger-than-expected 2 million barrels a day. Because most members are already failing to meet targets, the number of barrels removed is likely to be far smaller,...