OPEC meeting continues
OPEC members are fighting over how to distribute another 500K bpd in production cuts. The latest is that Saudi Arabia will be put at 'above' 10.1 mbpd. There current quota is 10.3 mbpd but their actual production was 9.9 mbpd in October.
The meeting is in its sixth hour now and it's getting late in Vienna.
We're generally going to stay focused on that with little in the way of scheduled news coming. The lone data point to watch is October Japanese labor cash earnings. The consensus is a slide to +0.2% y/y from +0.5% in September. Within the same report, household spending is forecast to fall 3.2% y/y. That's the first month of the consumption tax so there could be a larger swing. The Reuters Tankan had some surprisingly negative comments.
For more, check the economic calendar.
