What moved the market
While President Donald Trump's comments on Tuesday may have contributed to the market downturn in trade-sensitive sectors such as car producers and semiconductors, it doesn't explain why US financial stocks performed just as badly. "That seems instead to have been a response to the further flattening of the yield curve, driven by a belief that Fed tightening will start to take a toll on economic activity before long," said Capital Economics markets economist Hubert de Barochez.
OPEC and its allies have agreed to cut oil production next year as crude prices continue to remain low. The group recommended that a cut in production was necessary to balance the oil market in 2019. The group has not so far detailed how much it will cut production but Oman's oil minister indicated the group would cut roughly a million barrels a day, representing 1 per cent of global supply. A decision on the exact cut is likely by the end of this week. CBA said it expects Brent crude to get to $US75 a barrel by mid-20...