1. High hopes for OPEC: Oil prices are surging by roughly 5% based on expectations that some of the world’s biggest oil producers will agree to cut output during a Wednesday OPEC meeting in Vienna.
The key will be whether Saudi Arabia — OPEC’s de facto leader — can convince Iran and Iraq to join the accord.
Iraq’s oil minister told journalists at the meeting: “There will be a deal.”
The group had agreed, in principle, to cut production in September. But now they have to sign the dotted line, which is easier said than done.
Crude oil futures are now trading around $47.50 per barrel.
2. Global markets jump: U.S. stock futures are rising again, though the gains are rather small.
The main indexes — the Dow Jones industrial average, S&P 500 and Nasdaq — are not far from all-time highs.
European markets are all rising in early trading, with oil companies leading the pack.
Asian markets are closing out the day with mixed results, though the moves were rather muted.
3. Stress for RBS: The bank that nearly broke the United Kingdom economy is still in trouble eight years after the financial crisis.
Royal Bank of Scotland was the worst performing major bank in stress tests performed by the Bank of England.
The bank — which is majority owned by the state — said it is now implementing a plan to raise an additional £2 billion ($2.5 billion) in capital to strengthen its balance sheet. Its shares were declining by about 4% on Wednesday.
British banks Barclays and Standard Chartered also fell short on some parts of the stress test.
4. Trump appointments: President-elect Donald Trump is set to appoint key members of his economic team, with the announcements expected Wednesday.
Billionaire investor Wilbur Ross is Trump’s pick for Commerce secretary, two sources tell CNN.
And Steven Mnuchin, a former Goldman Sachs exec turned Hollywood producer, will be named Treasury secretary, according to an official briefed on the decision.
5. Economic updates: ADP will report how many private-sector jobs were created in the U.S. economy in November at 8:15 a.m. ET.
The U.S. Bureau of Economic Analysis will release October data on personal income and spending at 8:30 a.m.
And then the Federal Reserve will release its Beige Book for October at 2 p.m.
In India, economists are expecting the country will report impressive economic growth figures at 7 a.m. ET. Many expect the economy grew 7.5% during the third quarter.
6. Coming this week: Wednesday – OPEC meeting Thursday – Auto sales Friday – U.S. jobs report
