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The Inside Investor Market Update – April 14th

Australian oil stocks including Woodside Petroleum Ltd (ASX: WPL), Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) will rebound.
News

Here are the market headlines Australian investors need to know on April 14th.

OPEC Plus

The new name for 23 oil producing countries including Russia, finally agreed to oil production cuts totalling 9.7m barrels per day. Pressure continued to build as demand slowed to a crawl amid COVID-19 shutdowns and price falls placed further pressure on Saudi Arabia and Russia’s budget position.

Markets

Australian oil stocks including Woodside Petroleum Ltd (ASX: WPL), Santos Ltd (ASX: STO) and Oil Search Limited (ASX: OSH) will rebound.

  • However, the market more broadly is poised to open lower as the first quarter of US earnings season for 2020 begins.

    Investors are looking at this period for some understanding of the impacts of the COVID-19 shutdowns, but will likely be disappointed. Expect positive signs from consumer staples, pharmaceutical and most technology companies.

    COVID-19 Peaking

    Signs that the Australian spread of COVID-19 remain under control continued over the weekend with just 36 and 44 new cases reporting on Sunday and Monday respectively.

    With the apparent success of social distancing and travel quarantining measures, discussion is now turning towards how the economy can be switched back on before too much damage occurs.

    First-move advantage will be key for Australia’s export driven economy.




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