 Okay, happy Sunday. I hope you're doing well and welcome to this outlook for the week ahead Well, I'm going to talk to you a little bit about what happened with the OPEC meeting this weekend We've got an update on the COVID rules in China We've also got interesting commentary coming out of Bank of England and ECB officials Which I can update you on and then for the week ahead We've got Chinese trade data We've also got rate decisions coming out of the lights of the RBA and the Bank of Canada And then we have US PPI of course always a focus for inflationary conditions for US policy and that comes out on Friday But let's dive straight in and let's talk a little bit about OPEC who have responded to surging volatility and really growing uncertainty In the global crude market just given a number of different things at the moment from a growth perspective Russian sanction perspective from a Chinese demand perspective, and they've basically decided to keep Production unchanged doesn't come as a great deal of a surprise This was pretty much in line with what we were expecting This does follow that hefty two million a barrel a day reduction that we saw in the prior meeting The other thing of course that's happening at the moment is to do with Russia So European sanctions on crude exports from Russia They're going to come into effect on Monday This is where the EU will ban most seaborne imports of Russian crude and block anyone else from using the region's shipping or insurance services for the purchases of Russian oil unless it is done So below the price level of $60 price cap The other thing that's really quite key at the moment in regards to oil and China work out the future direction is And the decisions from OPEC is what's happening in China And we have had some largely positive news happen over the weekend where shanghai has eased some of its COVID Restrictions joining other top tier cities like Beijing, Shenzhen, Guangzhou Authorities have moved to accelerate the shift toward reopening their economies And of course this comes this time last week where there was quite an outbreak of a number of protests across the country Just to give it a bit of context pretty mind-blowing figure I saw here of those four Chinese cities Shanghai Beijing Shenzhen Guangzhou if you were to put their Population together as one total figure just those four cities are the same size as the entire United Kingdom So quite a big deal of course a lot of these places are key manufacturing hubs Technology for Shenzhen and the other thing we've seen here of course is for Apple Which we saw some of their production being impacted by these protests and actually what's happening here is restrictions Are also being rolled back in shengxiao city, which is Apple's largest manufacturing site in China Otherwise some other things to update you on and this is some central bank cometary First of all coming out of the Bank of England where according to smarty dingra Bank of England's benchmark interest rate Benchmark interest rate should peak below four and a half percent if the central bank wants to avoid a deepened and prolonged recession For context the Bank of England been raising rates for eight consecutive meetings now The benchmark rate is coming at three percent Obviously the main focal point being to tackle inflation the next meeting coming on the 15th of this month But these comments here of course a little bit more on the dovish side But coming from a dovish member if we just look at the NPC board here The top being the most dovish members ten reiro Dingra and Kunlif man and Haskell being the most hawkish So this type of cometary doesn't come as a great deal of surprise Flip over to the ECB pretty similar really and the head of the central bank of France Francois Villarrois the gal has come out and said the central bank should raise interest rates by 50 basis points So again reinforcing expectations that the ECB are going to slow the pace of monetary tightening Much like in a similar vein of what the markets are pricing for the Fed at this present point in time And then just taking a quick look at the week ahead. What have we got in store? Well, these actual PMI numbers on Monday are all going to be final prints So shouldn't really move the needle a great deal. However, if we skip on into Wednesday We're going to get Chinese trade data November was a month of course that was plagued by Chinese COVID lockdowns as case rates have soared That in turn sparking some of that social unrest in several large Chinese cities and with China being the second largest Global economy its data is going to offer us a bit of a glimpse into not only the domestic Scene but demand as well coming from the likes of the Western world in mainland Europe and North America So that will be particularly interesting data. There's also inflation data coming from China as well The other major thing happening this week is on Friday here You've got US producer prices, which are expected to ease in November providing fresh evidence then for the feds That they're drive to bring down inflation is Paying for issue or coming to fruition headline producer prices are expected to have risen 7.1 percent in November from the prior year and that actually Would mark its slowest increase since May of 2021 Excluding volatile food and energy so the core reading for PPI is expected to have risen just 5.8 percent a step down Significantly from 6.7 percent in October and that would be the slurs pay since June of 2021 Again as far as markets are priced Despite the jobs data that we saw at the end of last week, which saw that quite extreme negative reaction But then recovered into the close on Wall Street Markets are still taking the lead from the comments from Fed chair midweek last week from Jerome Powell Who talked about then come December the increment change of policy tightening is going to be slightly smaller I 50 basis points and that's still priced at around an 80% Probability at this present point in time with that meetings on the 14th So remember this month you've got the Fed on the 14th the ECB in the Bank of England on the 15th So quite a lot to come in the week or so ahead And then on Friday just back to the calendar You also get the December University of Michigan number could be quite interesting US consumer confidence again Expected to soften and these are the preliminary numbers So markets will be keeping in half an eye on those the other central banks, of course I briefly mentioned are the RBA they'd like it to height rates again on Tuesday when they meet money market surprising in around a 70% Chance of around a 25 basis point rate increase and then for the Bank of Canada They come out on Wednesday and markets and economists though this one could be a little bit more interesting They're pretty split on what we're looking out for and whether or not the central bank will opt for 25 or 50 basis point Rate change. So, yeah, that's it. That's everything to look out for this week I hope that was useful. Don't forget to sign up for our free daily newsletter I'll drop the link on the video for this if that's going to be useful for you Otherwise have a good week ahead and come on England playing tonight against Senegal