DB Today -Global/Macro:Friday 30th September 2016

Credit Strategy - Early Morning Reid - Craig Nicol

    As the dust settled yesterday from the OPEC news it seemed to become fairlyclear quite quickly that there is still plenty of doubt amongst investors aboutthe actual willingness of OPEC to follow through on their word and agree onthe finer details. While Oil (+1.66%) edged a bit higher yesterday, and at onestage saw WTI break above $48/bbl for the first time in two weeks, marketselsewhere have seemingly moved on to other things as negative headlinesaround the European banking sector reverberated across the wires and so sentfinancials lower, and the healthcare sector buckled under pressure on lingeringregulatory concerns. The end result saw the S&P 500(-0.93%) more than wipeout the previous day gain, while the Stoxx 600(+0.04%) wiped out an earlyrally of more than 1%, despite the energy sector surging nearly 5%. The bidcontinued for Treasuries with the 10y yield down another basis point to1.561% while the Greenback and Gold also bounced off the early intradaylows. Details on page 07