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Riku Tanaka
April 13 21:37

Top 5 things to look out for today

Oil costs are mixed after OPEC agreement to cut production; US futures are down as traders get ready for the beginning of earnings season; Fed Pres Neel Kashkari cautioned that the road to US financial recuperation will be a long and hard one; G20 nations are reported to be approaching an agreement on bailing out poorest countries.
US futures set to open lower

US stocks are set to open lower as brokers get ready for the beginning of an earnings season set apart by worrying uncertainty over how extreme the hit to corporate profits will be, as the coronavirus pandemic lockdown measures continue to pummel the global economy.
The six biggest banks in the United States, including JPMorgan Chase, Bank of America  and Goldman Sachs are going to report their figures later this week. They are generally considered the canaries for the mine that is the broader economy due to their key positions in the country’s financial framework.
Road to US economy recover will be a long and hard one
Minneapolis Fed President Neel Kashkari has cautioned that the US economic recovery will probably be a "long, hard road" in which a some areas will occasionally close up and restart.
Kashkari's remarks came in the midst of commentary from US President Donald Trump that he hopes to re-open the economy as fast as he possible.
In any case, public health specialists have cautioned that the US fatality count could spike to two hundred thousand over the next five to six months if the lockdown measures are canceled altogether when the requests expire in May.
COVID-19 news
The United States, Italy and France have all observed a drop in coronavirus fatalities in the day, with Italy, as the most severely hit nation in Europe, announcing its lowest numbers in over three weeks.
The death toll in the United Kingdom has surpassed the ten thousand mark and a senior scientific advisor to the government has warned that the nation is at risk of turning into the worst-hit country in Europe.
Confirmed cases in the US have surpassed well over the half million mark as of Monday (Apr 13), more than any other nation on the planet. The US has also recorded largest death toll as well, with at least 22,064 as of Monday (Apr 13), with the highest concentration being in New York state.
South Korea intends to ship kits on Tuesday (Apr 13) to the US, which are projected to diagnose as many as 600,000 people, after a request from President Trump.
Oil prices barely affected by record-breaking production reduction agreement
Oil prices varied in a volatile trading session after a record agreement was made following four days of negotiations by the Organization of the Petroleum Exporting Countries and partners led by Russia to cut production by 9.7 million barrels per day (bpd) in May and June. The deal is equivalent to almost 10% of global supply.
The drop in production is considered to be quadruple that of the previous record set in 2008, however it is still overshadowed by the almost 30 million bpd drop in demand in April that is currently being predicted by analysts at companies such as Goldman Sachs.
Oil prices have plummeted as the coronavirus pandemic forced governments to temporarily shut down large portions of their economies around the globe, which obliterated demand for oil while Saudi Arabia and Russia flooded the market in a bidding war.
G20 allegedly approaching agreement regarding debt for less fortunate nations
The G20 group is planning to offer the world's indigent, indebted countries a halt on sovereign obligation recuperations as a major aspect of plan to stem a debt crisis in developing markets, according to a Financial Times report on Monday (Apr 13).
The arrangement, which is expected to be inked at a meeting later this week, would put a halt on sovereign debt payment for six or nine months, or conceivably through to next year, as the FT detailed.
The move comes after the International Monetary Fund and the World Bank appealed in March for emergency debt assistance for impoverished countries, in order to evade a flood of defaults in developing economies, some of which have been hard hit by not only the coronavirus but the sharp drop in oil prices as well.