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Results of 13.02 – 17.02 2017

crypto currency
21 February 2017 , 10:33

What happened:

On Monday, 13.02.2017, OPEC published Monthly Report, where the organization has given the results of the fist month with production cut.

Actual results

OPEC's report identified about the high level of compliance between OPEC countries to cut their oil production. The output decreased by 890K barrels per day (MoM) equaling 32,14 mln. barrels per day. According to OPEC report, the highest decree of output was in Saudi Arabia, Iraq and the UAE.

However, the market expected a more significant results by OPEC. The production cut forecast was of 1,5 mln barrels per day, while the actual results turned to be of 0,89 mil. barrels per day.

Market reaction

Oil futures:

The oil futures price has tumbled for more than 2.33% after OPEC Report had been released. 

Fig. 1. Oil futures before and after OPEC Report, M30

What happened:

 On 15.02.2017, PepsiСo and Cisco published their quarterly reports before and after market close.

Actual results:

Pepsi:

Quarterly results turned to be better than expected. Net profit increased by 5% to $19,5 mln, operating profit increased by 6% to $2,4 bil. Net income per share amounted  to $1,2 while analysts had forecast of $ 1.16. Annual Net income increased by 16% to $6,3% bil.

Cisco:

Despite the revenue decrease by 2%, net income gained 7,5%. The rate of decline in revenue is expected to slow down, as the company plans to continue buying companies involved in software development. Thus, Cisco plans to diversify its assets and not depend on a single source of income.

Market reaction

Pepsi:

After a positive earnings, the company`s rallied for more than 3,2%.

Fig.2. Cisco shares after earnings publication, М15

Cisco:

Cisco`s shares gained 3,68%.

Fig.3.. PepsiСo shares after earnings publication, М15

What happened:

On February 14 and 15, Janet Yellen testified before Congress, reporting on the impact of monetary policy, the current economic situation in the country and forecasts for future periods.

Actual results

The chairman announced that interest rates could be increased several times until 2019. Yellen said that the unemployment rate dropped below 5% with inflation close to 2%. According to Fed`s opinion, the latest rate hike caused a positive impact on economic growth

Market reaction

EUR/USD:

Unexpected "hawkish" tone of Fed`s chairman gave boost to the US dollar. Currency pair EUR / USD decreased by more than 1.00%. 

Fig.4. EURUSD after Yellen`s speech, M30

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