OPEC Reduces Production
Chinese trade expanded both imports and exports. The increase in exports suggests that the weaker yuan boosted exports. The data suggests an improving Chinese and global economy. (LPL Research)
Many oil market participants have questioned whether OPEC members would adhere to the production cuts agreed to at their November 2016 meeting. Saudi Arabia has actually reduced output more than they had agreed upon. This reduction has kept oil prices stable even as U.S. production has increased. (LPL Research)
Busy economic data calendar this week. Fed Chair Yellen’s semiannual monetary policy testimony to Congress is the highlight. We will also get January CPI, retail sales, leading indicators, housing starts and industrial production. (LPL Research)
I think a revolution was launched in 1773 over the taxing caffeinated beverages. The Democrat led Oregon House Committee on Revenue has introduced House Bill 2875 that would impose a five cent per pound tax on coffee beans. Proceeds from the tax would go to some blackhole called the “Alternative Education Sustainability Fund.” (Willamette Week)
S&P 500 is up 5 and the NASDAQ is up 11. MSCI International Index is higher.
Oil is down 35 cents at $53.52 a barrel.
Gold is down $6 at $1230 a Troy ounce.
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.