Home Business OPEC, possible cut in oil production. Stock exchanges struggling with recession fears

OPEC, possible cut in oil production. Stock exchanges struggling with recession fears

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OPEC, possible cut in oil production.  Stock exchanges struggling with recession fears

The stock markets are preparing to restart after a negative month and quarter close, with a streak of declines that Wall Street has not seen since the Great Recession. The problem for investors is that on the one hand there are growing tensions and signs of problems about the future of the economy, but on the other hand, the monetary tightening of the Fed and other central banks have so far only managed to undermine the problem of inflation: further rate hikes are expected which will put further pressure on bonds and equities.

From this point of view, an important survey will arrive this week with data on US job market, expected Friday: further signs of strength will free the Fed’s hands on new vigorous squeezes. But Europe is also at stake, with industrial production in Germany and SME indicators on manufacturing and services. Eyes, then, on raw materials: according to rumors reported by Reuters and Bloomberg, the OPEC + cartel could consider a production cut of over 1 million barrels per day, in the meeting of 5 October: slightly above the expectations that had circulated last week. The first physical meeting between the leaders of the producing countries, led by Saudi Arabia and extended to Russia, will take place in Vienna from March 2020. The cuts would serve to stabilize prices, after a phase of decline after the peaks recorded in the spring and in the midst of strong volatility, where energy materials suffer on the one hand the slowdown in economic prospects but on the other are inflamed by every geopolitical novelty linked to the conflict.

In Italy, of course, the formation of the new government takes center stage, but from a political point of view we also look at the Eurogroup meeting (Monday), at the situation in the United Kingdom with the initiatives of the Government led by the premier Liz Truss: the British premier admitted that she could have “better prepared the ground” for the announced tax cut on high incomes for her economic maneuver, which observers link to the collapse of the stock exchanges and the pound sterling on the markets. “I confirm the package (of measures) that we announced … but I admit that we should have prepared the ground better”, she said in an interview with Bbcadding that he had “learned the lesson”.

In the EU, the debate on measures to cope with the increase in the price of gas continues. On the more purely macroeconomic front in the Old Continent, there is expectation for the publication of German data on factory orders (Thursday) and industrial production (Friday) which will be used to assess the impacts of the energy crisis on the German industrial sector. The manufacturing PMI indices of Italy and Spain (Monday) and that of services (Wednesday) are also expected. Among other indicators, data on trade balance (Wednesday) and factory orders (Thursday) will also be published in Germany. Retail sales arrive from Italy (Friday) while producer prices from the Eurozone (Tuesday) and, also in this case, retail sales (Thursday). On the central bank side, the minutes of the September meeting of the Bce (Thursday). The decisions of the Australian (Tuesday), New Zealand and Polish (Wednesday) are also expected, with the consensus of analysts oriented towards a rate hike for all three.

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Here are the events scheduled in the agenda breaking latest news:

MONDAY 3 OCTOBER
– Eni: awards ceremony for the ‘Eni Award 2022’ in Rome. Participants, among others, the president Lucia Calvosa and the CEO Claudio Descalzi.
– Mims: in Rome an event for Pnrr investments and reforms for water infrastructures. With the Minister of Infrastructure Enrico Giovannini.
– Linkem: in Rome the event “Linkem looks to the future and presents Opnet”, with Massimo Arciulo, CEO of Linkem, and Davide Rota, President of Linkem.
– Luiss: in Rome the event “Manifesto of Assisi. An economy on a human scale against crises”, with Vincenzo Boccia, president Luiss Carli and Francesco Starace, CEO of the Enel Group.
– Cnel: in Rome conference ‘Promoting the mental health of forced migrants: experiences, perspectives, strategies. Initiative promoted by Iprs – Progetto Ca. Re. – Cross Learning.
– Borsa Italiana: ‘SMART Boards for Smart Companies 2022’ conference in Milan, with Claudia Parzani President of Borsa Italiana, Marco Patuano President of A2A, Lucia Morselli CEO of Acciaierie D’Italia.
– Intesa Sp: meeting “The role of finance in the transition towards a sustainable economic development model” in Brescia, with Gregorio De Felice, Chief Economist of Intesa Sanpaolo, Francesca Brunori, Director of the Credit and Finance Area of ​​Confindustria and others.
– A2a: in Brescia meeting “Towards Italian energy autonomy. Water, sun, wind, waste, our raw materials”, as part of Futura Expo, on dynamics linked to the current energy scenario, with Renato Mazzoncini, CEO and CEO of A2A, and Emma Marcegaglia, Vice-Chairman and CEO of Marcegaglia Steel.
– Industrial union: in Busto Arsizio (Varese) general assembly of the Union of Industrialists of the Province of Varese on presentation of the Strategic Plan with Roberto Grassi, president of the Industrial Union of the Province of Varese; Carlo Bonomi, president of Confindustria.
– CEI-Confcooperative: dialogue in Assisi between presidents Zuppi and Gardini, “A country to be rebuilt”.
– Cars: registrations in Italy in September.
– Mef: September requirement.
– Eurogroup: meeting in Brussels.
– Italy: Manufacturing SMEs in September.
– Eurozone: manufacturing SMEs in September; inflation September; unemployment rate for August.
– USA: Manufacturing ISM of September.
– Japan: Tankan, third quarter large companies; Final manufacturing SMEs September.

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TUESDAY 4 OCTOBER
– Asvis: inauguration of the Sustainable Development Festival in Rome and presentation of the ASviS 2022 Report. With, among others, Pierluigi Stefanini, Marcella Mallen, Roberto Cingolani, Massimo Antonelli, Pietro Labriola, Nicola Lanzetta, Enrico Giovannini.
– Fs: first edition of the Sustainability Day Group in Rome, with the President Nicoletta Giadrossi.
– Uilm: in Rome XVII National Congress “with us. To manage change, for safe work”.
– Made in Italy: event of the Sole 24 Ore and Financial Times in collaboration with Sky Tg24. Participants, among others, Carlo Bonomi, president of Confindustria; Claudia Parzani, Linklaters partner, president of Borsa Italiana; Andrea Orcel, Group Chief Executive Officer UniCredit; Enrico Pazzali, president of the Fiera Milano Foundation; Marcello Minenna, CEO of the Excise, Customs and Monopoly Agency.
– Confindustria: Brescia industrial general assembly “The sense of time” as part of the Futura Expo event, with Franco Gussalli Beretta President of Confindustria Brescia, Stefano Barrese Head of the Banca dei Territori Intesa Sanpaolo Division, Luigi Ksawery Lucà ceo / Managing Director Toyota Motor Italia and Luca Sra President Truck Business Unit Iveco Group.
– Inwit: ordinary and extraordinary shareholders’ meeting in Milan.
– Eurozone: producer prices for August.
– USA: industrial orders for August.
– Ecofin: meeting in Brussels.

WEDNESDAY 5 OCTOBER
– Istat: Ap quarterly account, household income and savings and corporate profits, for the second quarter of 2022; quarterly income statements (series review), of the second quarter.
– Confindustria: in Rome conference organized by Anitec-Assinform: “Presentation of the Platform for ICT Skills” a project that combines high-level specialized training and concrete professional opportunities, with Marco Gay, President of Anitec-Assinform – Vittorio Colao, Minister for technological innovation and the digital transition.
– State Mint: presentation of the coins celebrating the 200th anniversary of the death of Antonio Canova in Rome.
– Work: in Rome conference “The protection of workers in the post-pandemic society”, organized by the Guarantor for the protection of personal data and by the National Labor Inspectorate. Participants, among others, Pasquale Stanzione, President of the Privacy Guarantor; Bruno Giordano, CEO Inl.
Uilm: in Rome XVII National Congress “with us. To manage change, for safe work”.
– Made in Italy: evento del Sole 24 Ore e Financial Times.
Participants, among others, Stefano Patuanelli, minister of agricultural, food and forestry policies; Luca de Meo, president and CEO of Renault Group; Giovanni Malagò, president of Coni; Bernabò Bocca, president of Federalberghi; Luigi Abete, president of the Cultural and Creative Enterprises Association.
– Cdp: in Matera inauguration of the Matera Social Housing complex by Cdp and Fabrica Immobiliare, with the mayor of Matera Domenico Bennardi, the president of the Basilicata region Vito Bardi, the general manager of Acri Giorgio Righetti, the managing director of Cdp Immobiliare Sgr Giancarlo Scotto and the CEO of Fabrica Immobiliare Sgr Giovanni Maria Benucci.
– Businesses: in Erice / Tp) “Impresa è Territorio” event, organized by Sicindustria, Trapani office, with the president of Confindustria Carlo Bonomi.
– Oil: Opec + meeting in Vienna.
– Italy: September services SMEs.
– Eurozone: September services SMEs.
– Germany: August trade balance.
– France: industrial production in August.
– Gb: Pmi final services September.
– USA: ISM services of September; new employees estimate Adp September; trade balance for August.

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THURSDAY 6 OCTOBER
– INPS: Universal Check Observatory – Paper Report and Statistical Appendix March-August.
– Made in Italy: evento del Sole 24 Ore e Financial Times.
– Uilm: in Rome XVII National Congress “with us. To manage change, for safe work”.
– Digital: in Rome presentation of the tenth edition of ‘Digitalmeet2022’, the Italian festival on digital literacy for citizens and businesses.
– Businesses: in Casteltermini (Ag) the “Impresa è Territorio” event, organized by Sicindustria, based in Agrigento, with the president of Confindustria Carlo Bonomi.
– Automation: in Milan the press conference for the presentation of ‘Bi-Mu’, the biennial exhibition of robot machine tools and automation, and presentation of numbers, initiatives and contents, as well as unpublished data relating to the manufacturing industry of machine tools, robots and automation, with Barbara Colombo, president of UCIMU-Systems to produce, and Alfredo Mariotti, dg of the association.
– Inapp: Inapp-Fondimpresa conference in Benevento “Training of workers and the South”. Participants, among others, Sebastiano Fadda, president of Inapp.
– ECB: September meeting minutes
– Germany: August factory orders.
– Spain: industrial production in August.
– Eurozone: retail sales.
– Use: new subsidy requests; economic outlook speeches by Cook, Waller, Mester (Fed voting).

FRIDAY 7 OCTOBER
– Istat: August retail trade.
– Consob: presentation of the IV Report on the non-financial reporting of Italian listed companies. Among others, Chiara Mosca, Consob commissioner, participates.
– Japan: August household consumption.
– Germany: industrial production and import prices for August.
– USA: change in non-farm employment, unemployment rate, average hourly wages for all for the month of September.

SATURDAY 8 OCTOBER
– Confindustria: in Rome, presentation of the forecast report of the Confindustria Study Center “Italian economy still resilient to uncertainty and shock?”.
– CGIL: in Rome a national demonstration ‘Italy, Europe listen to the work’ with the general secretary, Maurizio Landini.

SUNDAY 9 OCTOBER
– CGIL: round table ‘An international anti-fascist network for work, rights and democracy’ in Rome. With Luca Visentini general secretary of the European Confederation of Trade Unions; Gianfranco Pagliarulo president of Anpi; Luigi Sbarra general secretary of the CISL; PierPaolo Bombardieri secretary general Uil. Concludes the general secretary of the CGIL Maurizio Landini.

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