Economic calendar: All eyes on OPEC meeting

• OPEC meeting starts today

• Second release of Q3 GDP data for euro area

• Revision of US durable good orders data for October

OPEC meeting

Members of the OPEC cartel will meet today in Vienna, capital of Austria. Oil producers will discuss whether to extend current 1.2 mb output cut agreement beyond its expiration date of March 2020. Extension looks likely and markets are wondering whether the group will decide to deepen cuts. Officials said that some countries are willing to do so but much will depend on Saudi Arabia, OPEC’s de-facto leader. Saudi Arabia has been pumping below its quotas but warned that it may rise production above determined levels in case other OPEC members keep failing to comply with the agreement. Meetings are expected to start at 2:00 pm GMT.

Data releases to watch today

• 10:00 am GMT - Euro area, GDP for Q3 (second release). Expected: 1.2% YoY

• 10:00 am GMT - Euro area, retail sales for October. Expected: 2% YoY, previous: 3.1% YoY

• 1:30 pm GMT - US, jobless claims. Expected: 215k

• 3:00 pm GMT - US, durable goods orders for October (final). Expected: 0.6% MoM

• 3:00 pm GMT - Canada, Ivey PMI for November. Expected: 49.3 pts, previous 48.2 pts

Central bankers speeches

• 7:40 am GMT - Riksbank’s Floden

• 10:00 am GMT - ECB’s Makhlouf

• 1:00 pm GMT - Bank of Canada Deputy Governor Lane

• 2:00 pm GMT - Bank of Canada Deputy Governor Lane

• 3:00 pm GMT - Fed’s Quarles