Zak Mir, technical analyst for ShareProphets.com and host for the day, was joined by James Hughes, chief market commentator for eToro, to open the Finance show on Tip TV to discuss OPEC’s panic over oil prices, the questions over China’s ability to deal with their situation, as well as views on the Fed rate hike and whether August was a blip.
OPEC starting to panic?
Hughes outlined how OPEC should have been panicking months ago, but it has taken them until now to come out and talk about the oil price and their worries over petroleum. He added that they aren’t planning on cutting their production, but there actions now led to Hughes’ conclusion that panic must be setting on with prices being too low for too long for OPEC.
China playing the blame game Hughes highlighted how China have begun rounding up journalists, after the failure of their economic measures including a devaluation and a rate cut to solve their problem. He continued to question whether China really knows what it is doing?
Non-Farm Payrolls to decide the outlook on a US rate hike
Hughes commented that the end of the week’s non-farm payroll numbers will decide everything – even though it is going to be a 200.000 plus number. According to Hughes and Mir, September is still on the table.
Was August a blip?
Hughes noted that the next week will highlight whether August was just a blip in the global economy or whether this past month’s events are the beginning of something more serious.
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