Is complacency priced in?

There is a very strong possibility that tomorrow the basket price of Opec crude will start with a six for the first time since late June 2015. Ice Brent front-month futures have been sixed-up for a few days now.

Quite the fillip ahead of the group’s meeting at the end of this month, when the key – perhaps the only – point of discussion will be how to keep a good thing going.

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Taper tantrums

The European Central Bank has signalled the end is nigh for its role as the stimulator of last resort. Seven years into ECB president Mario Draghi’s “whatever it takes” (more on that phrase later), and the eurozone economy is nearly deemed ready to stand unaided.

You can see why. GDP growth is strong, employment is up, and the bloc’s manufacturing sector expanded in August at the fastest rate since 2011, and the OECD leading indicators for the region are satisfactory.

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