Opec is scrambling to save the production cut deal ahead of the oil cartel's November 30 meeting as oversupply once again stalks the global market. More to come within the hour....
Editor’s Picks 29 July 2016 at 0:07 GMT

Why today could be a very big day for the markets

A day expected to affirm the US consumer's strength could also begin with a step into uncharted unconventional policy by Japan, the nation whose demographic trends may serve as an early warning signal of what awaits other advanced economies. Friday "could be among the most challenging sessions of the third quarter" for global markets, says Marc Chandler , head of currency strategy at Brown Brothers Harriman. "The focus is primarily on Japan and Europe, but the US reports its first estimate of second-quarter GDP." It's one of those rare days where the world's biggest economies will all be in the spotlight. Investors will have a lot on their plates to digest, with a Bank of Japan meeting, the results of stress tests on European banks, as well as new growth figures for the euro area and North America. HSBC Holdings outlined three scenarios for today: disappointment (causing a sharp weakening in the yen), greater monetary stimulus (a strong yen in the short-term) and helicopter money.
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