Daily Agenda: No Policy Shift Expected as OPEC Meets

As leaders of the Organization of the Petroleum Exporting Countries gathered today in Vienna, comments in the media suggested there is growing confidence among them that the worst is over for oil producers and that prices are starting to better reflect demand. To date沙特阿拉伯, the de-facto leader of the group, has resisted calls from smaller member states to limit production more severely, a policy that seems likely to stand for now — a position Saudi Oil Minister Khalid Al-Falih firmly reiterated in public statements leading up to today’s meeting. In early market trading, front-month futures contracts for West Texas grade crude oil slipped below $49 per barrel.

OECD warns over Brexit.The Organization for Economic Cooperation and Development issued a report today that included a reduction in growth projections for the U.K. and warnings about the possibly dire impact of a英国脱离欧盟。本集团目前预计2016年全年GDP将在年度增长的1.7％上注册，而现有预测2.1％。另外，Markit采购管理经理为U.K.击败达成共识预测，在5月520.1中返回扩张性领土的制造业活动。

Abe to delay tax hike.Japanese Prime Minister Shinzo Abe announced that his administration would delay a sales-tax hike by more than two years and deploy a fresh stimulus package in the fall to augment the Bank of Japan’s quantitative-easing program. The sales-tax increase was initially conceived as part of a debt-reduction program designed to address a Japanese demographic shift, as aging baby boomers depleted savings.

Softbank to decrease Alibaba stake.Japanese telecom giant SoftBank Group today announced a divestiture of shares inAlibaba Group Holdingin a move that will raise nearly $8 billion dollars. The transaction will reduce debt levels at Softbank, which has struggled with its U.S. business. The firm will remain Alibaba’s largest foreign shareholder.

Portfolio Perspective: The Best Start to Summer, Ever —Bryan Reynolds, New Albion Partners

The credit market is highly seasonal, so when time-tested rhythmic patterns are disrupted, it really grabs our attention. Such a thing happened yesterday, as the summer got off to its best start in history.

Normally, the day after a holiday is a slow one in the credit market. Issuers typically rush to market in the days leading up to a holiday, knowing that customers often take extra-long weekends. Additionally, the day after Memorial Day is usually especially slow, as it kicks off the unofficial start to summer, which sees a gradual seasonal slowdown that lasts through Labor Day. A normal day in a normal month would typically see $4 billion to $6 billion in issuance. The day after Memorial Day typically only sees about $2 billion.

投资者昨天在假期返回时购买了一个令人惊叹的170亿美元的新公司债券。我们知道这只是一个小型为期的样本大小，但这与我们在32年的职业生涯中见过的任何东西都是不同的。我们已经写过，这可能是有史以来最强大的月份。然而，昨天的行动推动了每月的总体，我们必须在图表上重做规模。

This action is even more stunning when you consider that just over three months ago, in the dark days of winter, many equity and macro investors had been tricked into thinking that another 2008-style disaster was right around the corner. However, we demonstrated to our clients that our nation’s public pensions were voting to put record amounts of fresh, new money into the credit market even during the January and February panics, giving us confidence that the credit boom would not only endure, but gain in strength.

As optimistic as we have been about the credit boom persisting and intensifying, this action is even stronger than we could have hoped. These credit flows should eventually lead to more回购and M&A designed to lift share prices. The only question to us is when.

Bryan Reynolds is the chief market strategist for新的Albion合作伙伴在纽约。