<p>The UAE is likely to support substantial oil production cuts proposed by Saudi Arabia and Russia at Wednesday’s Opec+ meeting in a blow to US efforts to try to stop the deal.</p><p><a target=“_blank“ href=“https://www.ft.com/content/64d35a40-5144-44f6-afca-c8b88c9d0ad5″ target=“_blank“ rel=“nofollow“>Full Article</a>“Two people familiar with the discussions ahead of the meeting said the UAE was onboard despite a last-minute effort by the US and other western powers to talk the nation out of the deal. The Gulf state is among the most influential members of Opec+ outside of Saudi Arabia and Russia.“While they respect their [the US] opinion the organisation needs to do what is in their best interests,” one Gulf Opec source said on Wednesday ahead of the meeting, where the group is expected to announce plans to reduce output by 1mn-2mn barrels a day or more.The source added that the UAE had been contacted by the US and other western powers that oppose efforts to try and boost oil prices. The White House has indicated that it believes the cuts are unnecessary and come at a dangerous time for the world economy as it grapples with an energy crisis triggered by Russia’s full-scale invasion of Ukraine.“Given what we know from the previous chatter, this would be a vote for nearer the 2mbpd cut than the 1m</p>

This article was written by Ryan Paisey at forexlive.com.

<p>With Truss currently speaking at the Tory Party conference, some would have been hoping for some movement in GBP. Alas that doesn’t appear to be the case.I’m purposely showing the GBPEUR here as I want to focus on GBP and take active USD out of the equation for a second.</p><p>Truss‘ headline-worthy quotes, thus far:Economic growth hasn’t been strong enough in the UK.</p><p>My priorities are growth, growth and growth.</p><p>We need to be internationally competitive on tax.We will realise on the promise of Brexit.</p><p>By the end of the year, all EU red tape will be consigned to history.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>ECB’s Villeroy- We Will Raise Interest Rates As Much As Necessary</p>

This article was written by Ryan Paisey at forexlive.com.

<p>UK’s Medium-Term Fiscal Plan Will Be Published On Nov 23rd As Planned – Not Bought Forward</p><p>There was plenty of chatter (and hope) that this would be brought forward, but it seems that the retracements seen in GBP and UK Govt Bond Yields has been enough to avert the panicked/rushed release of any plan (assuming they have one!)</p><p>Hold up… maybe not. – FWIW it was GB News reporting originally – FT reporting that it will be released in October</p>

This article was written by Ryan Paisey at forexlive.com.

<p>A Reuters Exclusive Reveals That -The White House has ruled out any ban or curbs on natural-gas exports this winter, in a bid to help alleviate energy shortages in Europe, according to two people directly involved in the discussions.</p><p>In March, U.S. President Joe Biden committed to deliver 15 billion cubic metres (bcm) more of liquefied natural gas (LNG) to Europe following Russia’s invasion of Ukraine and has already surpassed that goal.Further White House analysis has only cemented support for ongoing exports, the sources said, although rising energy costs and a colder-than-expected winter could test Biden’s commitment. A ban has not been seriously considered, said a U.S. official.</p><p><a target=“_blank“ href=“https://twitter.com/PriapusIQ/status/1577252747539161088?s=20&t=5bz0cgxQUxe0XQcuWaJ06w“ target=“_blank“ rel=“nofollow“>Full Story (follow the link on the Tweet to PiQ Suite)</a></p><p>Not sure a ban was EVER a serious possibility, but, as we mentioned earlier, market pundits are looking for anything and everything to get frothy over right now.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>Newsquawk’s US Market Open: Broadly constructive risk tone after a RBA tightening slowdown & ahead of Fed speak</p><p><a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2667-us-market-open-broadly-constructive-risk-tone-after-a-rba-tightening-slowdown-ahead-of-fed-speak&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open“ target=“_blank“ rel=“nofollow“>Full Note (incl Podcast)</a></p><p>European bourses have commenced the session on the front foot as broader sentiment remains constructive largely in a continuation of yesterday’s recovery.</p><p>Stateside performance is very in-fitting, ES +1.5%, ahead of Fed speak and after a constructive update from Foxconn.</p><p>USD continues to pullback to the broad benefit of peers, DXY sub-111.00 at worst while Cable reclaims 1.14</p><p>Core debt is bid across the board, though has since dipped from best levels, with Gilts back above 100.00 but still multiple points shy of pre-Kwarteng levels.</p><p>Crude benchmarks are modestly bid this morning, taking the lead from broader sentiment and associated FX action awaiting OPEC+</p><p>Looking ahead, highlights include US Factory Orders Speeches from Fed’s Williams, Logan, Daly, Mester & Jefferson, ECB’s Lagarde, UK Chancellor Kwarteng.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>Kremlin comments hitting the wires:</p><p>Putin likely to sign laws incorporating annexed regions today.</p><p>We will wait for a change of Kyiv“s position (on negotiating) or a change of president.</p><p>From the very beginning, Russia has wanted to solve the conflict through negotiations.</p><p>We do not want to take part in the West’s rhetoric on nuclear weapons.</p><p>Been a definite shift over past 48hrs from the Kremlin, with regards to claiming they want to negotiate.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>The OPEC+ group of oil producers is discussing potential output cuts of more than 1 million barrels per day (bpd), an OPEC source said, excluding any voluntary cuts by individual members.</p><p>“It may be as significant as the April 2020 meeting,“ the source said, referring to when OPEC+ agreed record supply cuts as the COVID-19 pandemic hit demand.</p><p>As a reminder, we heard this morning that we could see chatter of cuts north of 1.5 million bpd – So this is inline with that</p>

This article was written by Ryan Paisey at forexlive.com.

<p>US Market Open: Pound and Gilts buoyed by a UK U-turn; ISM & Central Bank speak due</p><p><a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2665-us-market-open-pound-and-gilts-buoyed-by-a-uk-uturn-ism-central-bank-speak-due&utm_source=newsquawk&utm_medium=email&utm_campaign=newsletter&utm_content=us-open“ target=“_blank“ rel=“nofollow“>Full Note incl Podcast</a></p><p>European equities have kicked the week off on the backfoot following the selling pressure seen on Wall Street on Friday whilst the APAC session saw holiday-thinned conditions</p><p>US futures are more of a mixed bag with the tech-laden NQ incrementally lagging peers.</p><p>Cable lifted to a 1.1279 best sending DXY below 112.00; however, this action has since eased with peers heavily mixed vs. USD</p><p>Core benchmarks lifted markedly alongside the commencement of Gilt trade following the gov’t u-turn, upside which has since eased</p><p>Crude benchmarks bid on weekend/early-morning reporting around the potential OPEC+ cut magnitude</p><p>Looking ahead, highlights include US Final Manufacturing PMI, US ISM Manufacturing, Speeches from Fed’s Bostic, Barkin, George & Williams, BoE’s Mann & UK Chancellor Kwarteng.</p>

This article was written by Ryan Paisey at forexlive.com.

<p>According to a draft statement from Eurozone Finance Ministers, they will say..</p><p>Focus Of Support Schemes Will Be On Protecting The Vulnerable</p><p>Fiscal Policies Should Aim At Preserving Debt Sustainability, Raising Potential Growth To Make European Central Bank’s Job Of Fighting Inflation Easier </p><p>They Will Focus On Income Measures That Are Exceptional, Temporary And Targeted</p><p>Broad-Based Support To Aggregate Demand Through Fiscal Policy In 2023 Is Not Warranted </p><p>Governments Cannot Fully Shield Economies From Energy Price Spike</p>

This article was written by Ryan Paisey at forexlive.com.