Morning Update – 30/11/2016 – by Arjun Lakhanpal

Morning all.. Wall St closed quietly but firmer even with the falls in oil prices. Asia was very quiet indeed in front of the OPEC meeting and announcement today and the dollar was slightly lower as fears rise over month end dollar selling today. The Nikkei closed unchanged. OPEC Source (no reason given): start of Wednesday’s OPEC meeting changed to 9:00GMT; Closed session start at 11:00GMT; Press Conf at 15:00GMT.. USDJPY had another attempt at selling off but again found solid demand close to 112.00 with a low at 112.06 after making a high of 112.96. Japan prelim Oct Ind Prod small beat: +0.1% m/m vs 0.0% cons & -1.3% y/y in line.. GBP a little lower as we get the results of the UK bank stress tests today. Meanwhile UK Consumer confidence fell overnight: UK Nov GfK Cons Conf: -8 vs -4 cons.. GBP a little lower but generally has been range bound overnight. In NZ RBNZ Wheeler said we may have seen bottom in global rate cycle; expects Dec CPI to back in target band, just over 1%; Fin Stability Report: financial system sound but faces housing & diary risks; significant risk of further upward pressure on house prices as long as  imbalance between supply & demand remains; dairy sector indebtedness has increased.. This morning we get French PPI and CPI data along with Spanish Retail sales, German unemployment and EU CPI.. Good luck.