Pre-Market Pulse 5th September – All quiet on the western front for US Labor Day holiday

Overnight – All quiet on the western front for US Labor Day holiday

Equities were very quiet with the US Labor Holiday.

Oil prices held near three-week highs in choppy trading amid optimism that top crude producers will agree to further output cuts that could keep global supplies tight. Russia has said that it will outline more reductions in supply this week. The statement added to speculation that Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, will also extend a one million barrel per day cut into October. Bets that the Fed will not hike rates further this month — and, by extension, not place extra downward pressure on economic activity — also bolstered oil prices.

World leaders will convene in New Delhi for the G20 summit later this week, with the group’s western members at odds with developing nations like China and Russia over major issues like the war in Ukraine and climate change.

The U.S. stock market was closed on Monday for the Labor Day holiday.