Pay close attention to the OPEC meeting and remarks from top officials! “Key points and event schedule for March 5”

Yesterday, in the Democratic nomination race for the United States presidential election (Super Tuesday), Mr. Bloomberg suffered a heavy defeat and withdrew.

Mr. Biden, who had fallen behind, has surged and is in a tight race with Mr. Sanders.

Because the market dislikes Sanders, who has ideas close to socialism, Biden's strong pursuit appears to be a factor lifting stock prices.

In addition, to respond to the global economic downturn caused by COVID-19 (novel coronavirus),

central banks and countries are gradually rolling out their responses.

◎ Today's Highlights

1) Policies of countries and central banks

Rate cuts have continued from Australia → United States → Canada, and the next likely destination is the United Kingdom.

Also, in the United States, a COVID-19 (novel coronavirus) relief bill of about 83 billion dollars has passed the House and is now heading to the Senate.

From here, it is expected that financial and fiscal policies will emerge from various countries.

Whether those policies meet expectations or disappoint will likely be visible in stock prices.

Today, Bank of England Governor Carney and BOE Chief Economist Haldane, and BOC Governor Poloz are scheduled to speak.

Pay attention to their statements, headlines, and stock market reactions.

2) COVID-19 (novel coronavirus)

Some reports indicate there are two types of COVID-19.

Whether it is like influenza types A and B is unclear, but as it becomes clearer, its contagiousness is also being understood.

As infections spread, travel bans and immigration restrictions are expanding.

This leads to a decline in economic activity and causes recessions in weaker countries.

Globally, some countries are recovering faster than others, which will likely affect stock prices and exchange rates.

Attention is on which countries have travel bans or entry restrictions, and other responses from various countries.

3) OPEC

The OPEC meeting begins today.

Because of COVID-19, WTI crude oil prices have fallen sharply, dropping below 50 dollars and hovering in the 40s.

If prices drop below 50 dollars, oil-producing countries will find it hard to break even.

While coordinated production cuts had stabilized prices, they are currently unable to stop the price decline.

In today’s meeting, it is important to see whether coordinated production cuts can be firmly announced and whether that can push crude prices higher.

◎ Today’s Event Schedule

Thursday, March 5

OPEC Meeting

08:30 USD – Bullard, President of the St. Louis Fed (FOMC voter in 2022)

09:30 AUD – Australia Trade Balance

10:30 JPY – Suzuki, BOJ Policy Member, speech

22:00 GBP – Haldane, Chief Economist of the BOE, speech

Friday, March 6

02:00 GBP – Carney, BOE Governor, speech

02:45 CAD – Poloz, Bank of Canada Governor, speech

08:30 USD – Kaplan, President of the Dallas Fed, speech (voter in 2020)

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