OPEC to curb compliance

Representatives of OPEC nations are due meet with their allies to discuss recent pledges to reduce production. The two-day gathering that begins Monday in Abu Dhabi will discuss members’ compliance level, to the output pact the cartel inked with 10 other oil suppliers, including Russia, in late 2016.

Among potential major developments investors will be expecting from the OPEC meeting, will be Libya joining the agreement to cap output. Libya and Nigeria were exempted from the initial deal because their output was marred by months-long militant attacks. However, as now both nations are pumping closer to their peak levels, there is a growing view that they should also abide by production caps.

Snap earnings

Snap, owner of the popular mobile application Snapchat, is scheduled to release its second-quarter financial results on August 10. Snap is estimated to report about 176.2 million daily active users for its disappearing message app, adding more than 10 million daily active users from last quarter. That would be a faster pace of growth than the 5 million daily users added in the fourth quarter, and the 8 million added in the first quarter.

Shares of Snap jumped 4.5 percent on Friday. On Friday, one of the world's leading advertising companies told CNBC it would double its spending on Snapchat this year and unusually high trading activity was seen, as bullish options traders on Wall Street are betting Snap's troubled stock might bounce back as early as next week.

Economic Calendar

The economic calendar sees a trade focus, with the Chinese, UK, French, and German trade data all released throughout the week. Investors are also keeping an eye out for latest US inflation statistics due to be released by the US Federal Reserve.

 

Disclaimer

This article was issued by Peter Petrov, Junior Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.