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Thursday preview: OPEC+, US jobless claims in the spotlight

The market spotlight on Thursday will be on OPEC+ energy ministers as they meet to decide on whether to move ahead with a 400,000 barrel per day increase in their combined output come January or not.
Worth noting, on 28 November, analysts at JP Morgan told clients that they believed that a three-month pause in their monthly 400,000 b/d increments in production was needed during the first half of 2022.

Indeed, depending on the impact of Covid-19 variants even a cut might be required.

On the flip-side however, on the basis of their proprietary field by field modelling of excess capacity among members of the cartel and its main allies, when they eventually decided to resume those increases, they would be unable to do so at that pace, due to their excessively rosy estimates of their production capacity.

Instead, JP Morgan believed that they would struggle to deliver monthly rises of more than 250,000 b/d.

Stateside, the sole new piece of economic data due out are the weekly initial unemployment claims figures for the week ending on 27 November.

In the euro area meanwhile, investors will be watching out for unemployment and producer price data covering the month of October.

Further afield, in Asia, a final reading on South Korean gross domestic product for the third quarter is due out, alongside a reading on consumer prices for the month of November.

No major economic releases are scheduled in the UK.

Thursday 02 December

INTERIMS

Induction Healthcare Group, SRT Marine Systems

INTERIM DIVIDEND PAYMENT DATE

BlackRock Smaller Companies Trust, Burford Capital NPV (DI)

INTERIM EX-DIVIDEND DATE

3i Group, Aberdeen Japan Investment Trust , Big Yellow Group, Caledonia Investments, Calnex Solutions , CML Microsystems, Cordiant Digital Infrastructure Limited NPV, Cordiant Digital Infrastructure Limited Ord C Shs NPV, Devro, FIH Group , First Property Group, Great Portland Estates, Helical, Hill & Smith Holdings, Investec Non-Red Non-Cum Non-Part Prf Shs, Johnson Matthey, Michelmersh Brick Holdings, Montanaro European Smaller Companies Trust, National Grid, Ninety One , Oxford Instruments, Pets at Home Group , Puma Vct 13, Record, Renold 6% Cum. Prfd., Royal Mail, Severn Trent, Telecom Plus, Templeton Emerging Markets Inv Trust, Triad Group, Wincanton, Wynnstay Properties

QUARTERLY EX-DIVIDEND DATE

Honeycomb Investment Trust, Premier Miton Global Renewables Trust, Real Estate Credit Investments Ltd, RM Infrastructure Income

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Continuing Claims (US) (13:30)

Initial Jobless Claims (US) (13:30)

ISM Manufacturing (US) (15:00)

ISM Prices Paid (US) (15:00)

Producer Price Index (EU) (10:00)

Unemployment Rate (EU) (09:00)

FINALS

AJ Bell, Auction Technology Group , Oxford Metrics

SPECIAL EX-DIVIDEND DATE

Octopus Titan VCT , Royal Mail

EGMS

PJSC Lukoil ADR

AGMS

CQS New City High Yield Fund Limited, Essensys , Ferguson, Limitless Earth, VinaCapital Vietnam Opportunity Fund Ltd.

TRADING ANNOUNCEMENTS

Go-Ahead Group

FINAL EX-DIVIDEND DATE

AVI Global Trust , Aviva 8 3/4% Cumulative Irrd Preference 1, Bellway, Clinigen Group, Fidelity Special Values, General Accident ‘A’, Pan African Resources, Rotork 9.5% Cum Prf. #1, Royal Bank of Scotland 11% Cum. Prf, Royal Bank of Scotland 5.5% Cum. Prf., Scottish Oriental Smaller Companies Trust, YouGov

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