OPEC Meeting In Focus As Energy Crisis Rages – Investing.com

OPEC Meeting In Focus As Energy Crisis Rages – Investing.com

Wall Street rebounds after Merck covid pill, but sentiment fragileDollar retreats a little as nonfarm payrolls week kicks offOPEC meeting today could be crucial amid unfolding energy crisis

Stocks trapped in limbo

Global markets continue to grapple with a variety of risks, from supply chains being in disarray to an energy crisis that has engulfed Europe and Asia, simultaneously threatening to hamstring economic growth and keep inflation hot for longer.

This is precisely what the latest ISM manufacturing survey revealed. The headline index ticked up in September but for ‘unhealthy’ reasons as supplier delivery times lengthened, while prices paid by manufacturers rose at a faster clip. Every single anecdotal comment was either about damaged supply chains or labor shortages.

Risks emanating from China haven’t faded either, with a hangover in the embattled real estate sector likely to amplify any slowdown in the world’s growth engine. On top of that, trade risks are back on the menu following reports the US Trade Representative will announce today that China is not complying with the Trump-era trade deal.

The only piece of positive news was that Merck has developed an experimental pill that can halve the chances of dying or being hospitalized from covid. This