Tuesday's Markets Update (September 5, 2023)

17 Sep 2023 by rate3

On Tuesday, Nasdaq closed slightly higher, but was pressured by rising oil prices and concerns about global economic growth. The energy sector rose, while Airbnb and Blackstone climbed after news that they will join the S&P 500. Tesla also rose after reports of production rebound in Shanghai. BTC was trading sideway while FSB and IMF warned against total ban on crypto.

Commodities

The OPEC+ alliance, led by Saudi Arabia and Russia, agreed to extend its voluntary oil production cuts of 1 million barrels per day until the end of December. This decision was made to support the stability and balance of oil markets. Russia also extended its voluntary reduction in oil exports by 300,000 bpd until the end of the year. The extension of the oil production cuts came despite concerns about the health of the Chinese economy. The services PMI at the world's largest crude importer disappointed, which weighed on oil prices. However, the overall impact of the production cuts was to push WTI crude oil prices to a 9-month high.

Crypto

Global financial bodies, including the Financial Stability Board (FSB) and the International Monetary Fund (IMF), warned that banning cryptos is not effective and may create risks.