Week Ahead: Mario Draghi, OPEC, U.S. Jobs, And BP plc (ADR) (NYSE:BP)
U.S. market continued their rally and closed at record highs. The upcoming week will be closely watched by investors for Mario Draghi, outcome of OPEC meeting, and US Jobs report.
Mario Draghi will respond to queries of lawmakers in European Parliament. The meeting will also discuss about ECB’s view on economic, financial stability, and monetary developments along with the impact of BREXIT.
OPEC meeting without Saudi Arabia
Organization of the Petroleum Exporting Countries (OPEC) meeting in Vienna is the second big event which investors will be watching. It was believed that OPEC will agree to reduction in output between 500,000 to 1 million barrels per day. However, now doubts are emerging after Saudi Arabia recently announced that it will not be attending meeting with Non-OPEC producers.
U.S. Jobs Data
U.S. jobs data on Friday will be keenly watched as that will provide an indication as to whether FED will hike rates or not. The expectation is that 175,000 jobs have been created in November in comparison to 161,000 in October. Consensus estimate among the economists is that unemployment rate will remain constant at 4.9 percent.
BP plc’s stake
In other developments, BP plc (ADR) (NYSE:BP) acquires stake in Egypt’s Giant Zohr Gas Field. The company paid $375 million for 10% stake with an option to add another 5% by the end of 2017. Shares of BP plc (ADR) (NYSE:BP) are up by 9.63% since the beginning of the year.
Microsoft’s focus on cloud
Microsoft Corporation (NASDAQ:MSFT) continues to have increased focus on cloud in China. The company is ranked at second position below Alibaba Cloud and ahead of Amazon as of fourth quarter of 2016. Microsoft Corporation (NASDAQ:MSFT) continues to focus on cloud integrated services.
Amazon’s latest target
Reports suggest that Amazon.com, Inc. (NASDAQ:AMZN) is in discussion with Souq.com. The company is looking to acquire entire stake in a $1 billion deal. Souq.com is a middle east based e-commerce Company with 1.5 million plus products sold across UAE, Egypt, and Saudi Arabia. The company has also received funding worth $425 million since it was launched in 2005.
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