Healthcare weaker on Trump comments:

Healthcare worst performer today. Biotech and pharma under outsized pressure. Renewed scrutiny surrounding drug pricing getting the blame. In interview with Time Magazine, Trump said that “I’m going to bring down drug prices. I don’t like what’s happened with drug prices.” Recall that in initial aftermath of the election, biotech and pharma rallied on thoughts […]

OPEC deal concerns:

While oil extending Wednesday’s ~9% rally, no shortage of skepticism surrounding OPEC’s deal to reduce production by 1.2M bpd to 32.5M bpd. Biggest area of concern not surprisingly revolves around compliance. Analysts noted that OPEC has a poor track record when it comes to compliance, with observed production cuts at 60-70% of announced cuts. Non-OPEC […]

Oil up big on OPEC comments:

Oil rallying sharply today on a flurry of upbeat comments heading into the OPEC meeting in Vienna, though devil remains in the details. Saudi Arabia Oil Minister Al-Falih said there is a good chance for a deal. However, there are still concerns about a more hawkish stance from Saudi Deputy Crown Prince Mohammed bin Salman, […]

OPEC skepticism:

Lot of skepticism surrounding OPEC’s ability to finalize a preliminary production cut deal it reached in late September at tomorrow’s meeting. No meaningful progress made at a 10-hour meeting on Monday. Iran and Iraq still said to be the stumbling blocks facing a deal. In terms of the former, Bloomberg reported that it proposed a […]

OPEC uncertainty:

Oil volatile with latest flurry of OPEC headlines. Follows a ~3% selloff on Friday on news Saudi Arabia pulled out of a meeting scheduled for today between OPEC and non-OPEC producers. Meeting was subsequently canceled as Saudis highlighted need for OPEC to first reach an internal agreement on a production cut deal. Biggest development over […]

Oil rallies on deal optimism:

Oil snapped a four-week losing streak last week, rallying over 5% on some renewed optimism surrounding the prospects for OPEC to finalize a production cut deal. Sentiment has been further underpinned by weekend commentary. WSJ noted Iranian Oil Minister Zangeneh said that OPEC is “highly likely” to reach a final agreement at its 30-Nov meeting. […]