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Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning. Here's what you need to know before markets open. 1. OPEC+ urges 'full conformity' with production cuts, and Saudi Arabia's energy minister warns market gamblers will be hurt 'like hell'. OPEC+ emphasized on sustaining "full conformity" with oil production cuts at its Thursday meeting, which was held to review compliance targets. 2. CaixaBank and Bankia merge paving the way for Spain to create biggest domestic bank worth more than $786 billion. CaixaBank and Spanish-state owned Bankia said on Friday they had got the greenlight from their boards to merge, creating the country's largest domestic bank. 3. Goldman Sachs says oil prices are set to move 'meaningfully higher' into next year. Here are 7 reasons why the firm is bullish, and 5 stocks it recommends buying in advance. The pull-back in the energy sector offers investors an opportunity to enter into oil services stocks they might have missed early in the year, Goldman Sachs analyst, Angie Sedita, said in a note on Wednesday. 4. 3 top investing executives lay out the biggest risks to markets heading into a volatile election season — and share their best recommendations for navigating what happens next. Depending on who you ask, the stock market is either drifting higher or heading towards a precipitous freefall over the next few months. 5. A Wall Street firm shares its 5 best ideas for investors who need alternatives to expensive tech stocks — including trades poised to turnaround after getting pummeled by the pandemic. We've gotten used to thinking of Big Tech stocks, the mighty FAANG (give or take an M, a T, or a plus), as a unit. Societe Generale says it's time to remember they can be rivals. 6. World Bank chief economist says full global recovery from the COVID-19 crisis may take 5 years. "Everything depends" on when a vaccine gets approved and how long it would take for global access, she said at a virtual conference hosted by El Pais. 7. Roche jumps 2% after unveiling COVID-19 antibody test, and on finding its drugs cut need for ventilators. The new measure is Roche's 12th test in its coronavirus portfolio, and the company has filed for emergency-use authorization from the US FDA. 8. Global stocks are mixed. Most European stocks are down but Germany's DAX is flat. Asian stocks up. Dow 30 futures are pointing to a slightly lower open and Nasdaq 100 futures are indicating a rise of 0.4%. S&P 500 futures are flat. 9. Earnings coming in. Applegreen and Catering International Services Q2 earnings are expected. 10. On the economic front. US Baker Hughes Oil Rig Count and Michigan Consumer Sentiment Index are due. |
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