OPEC+ results, Burry vs Musk, NFP ahead

The long-suffering OPEC + meeting finally finished yesterday. As a reminder, according to the plan, it was supposed to end on Tuesday with a decision to extend the current volume of production cuts by 3-6 months. But in fact, after the failure of the first day, it was postponed to Thursday. The results are as follows: from January, production will increase by 0.5 mln b / d. Further actions will be agreed monthly. That is, the decision whether to increase production in February by another 0.5 million will be made at the OPEC + meeting in January. Despite some growth in oil, we consider the results of the OPEC + meeting at least inconsistent with the basic expectations of the markets, which means that sales are more than relevant.

Among other events of the day yesterday, it is worth noting unexpectedly good figures for jobless claims in the USA. That is, they are still several times higher than the pre-pandemic levels, but the very fact of a certain positive trend in the current environment is surprising. Especially on the eve of the publication of official statistics on the US labor market today.

Yesterday's data on PMI indices in the services sector in Europe confirmed the thesis, which we announced earlier this week: factories and plants this time were not closed, respectively, the manufacturing component suffered a little. But the service sector absorbed most damage from the restrictions (Spain, Italy, France, Germany, the Eurozone as a whole - all indices are below 50 or even 40). So the US labor market may well surprise and surprise unpleasantly.

Yesterday we wrote about Musk's letter of despair. And the reaction of the financial markets predators has come. Michael Burry, best known for the Big Short, as the man who invented credit default swaps tweeted that he had become a seller in Tesla shares and advised Musk to issue additional shares while prices are so ridiculous, because then it might be too late.