OPEC says non-OPEC oil supply growth may be zero or negative in 2016

OPEC sec gen on the wires with a word of caution

• OPEC and non-OPEC should work together to tackle market surplus
• sees 2016 oil demand growth of 1.3m bpd
• sees "some light at the end of the tunnel"

Meanwhile IEA head Birol says 2015 oil upstream investment drop is highest in history

• OPEC sec gen says $650bln cut in upstream investment
• means less supply in very near future and high prices
• we are in extreme of low oil price, I hope it will not last

Oil market indeed upstream without a paddle . Oil prices making small gains off their lows on the news but nothing of note.

Eurozone Markit retail PMI Sept 51.9 vs 51.4 prev

Data out a few mins ago but well down the pecking order of impact

• Germany retail PMI 54.0 vs 54.7 prev
• France 49.6 vs 49.5 prev
• Italy 51.7 vs 48.7 prev

A mixed bag you can file away under "General"

                                      Eurozone retail PMI MM

Eurozone Markit retail PMI Sept 51.9 vs 51.4 prev

Data out a few mins ago but well down the pecking order of impact

• Germany retail PMI 54.0 vs 54.7 prev
• France 49.6 vs 49.5 prev
• Italy 51.7 vs 48.7 prev

A mixed bag you can file away under "General"

                                      Eurozone retail PMI MM

July 2015 Eurozone industrial production 0.6% vs 0.3% exp m/m

Details of the July 2015 Eurozone industrial production data report 14 September 2015

• Prior -0.4%. Revised to -0.3%
• 1.9% vs 0.6% exp y/y. Prior 1.2%. Revised to 1.5%

More good numbers from the area

Durable goods production jumps 1.3% following a 1.7% decline in June. Capital goods up 1.4% vs -1.5% prior. Steady progress being made in important areas and that will outweigh any further inflation weakness.

More from the order boards 14 September

Here's the latest on the other usual key pairs

USDCHF currently 0.9701 recovering from 0.9667 lows
Sellers  0.9725 0.9750 0.9785 0.9800 0.9830 0.9860 0.9900 
Buyers 0.9665-70 0.9640 0.9600 0.9580 0.9550

EURCHF currently 1.1000 still underpinned but running into offers again
Sellers 1.1030 1.1050 1.1080 1.1100
Buyers 1.0965 1.0930  1.0900 1.0880 1.08501.0830 1.0800

USDCAD currently 1.3234 treading water still

Sellers  1.3260 1.3280 1.3300 1.3330 1.13350 1.3380 1.3400 
Buyers 1.3220-25 1.3200 1.3180 1.3160 1.3130 1.3100 1.3080 1.3050

NZDUSD currently 0.6326 with supply into rallies still but demand into 0.6300
Sellers  0.6350 0.6380 0.6400 0.6420 0.6450 
Buyers  0.6300 0.6275 0.6260 0.6225 0.6200

Australia's Abbott says he will contest Liberal leadership tonight

Aussie politics heating up

• There will be a party room ballot tonight
• Expects to win leadership battle tonight
• Country should avoid a revolving door of government
• Prime ministership is not a prize or plaything
• Country is so much better than this

Italy CPI August final mm +0.2% vs +0.2% flash

Final inflation data now out. A little later than scheduled

• yy +0.2% as flash
• HICP mm +0.1% vs 0.0% flash
• yy +0.4% vs +0.5% flash

A mixed bag of data that isn't going to impact.. One for general filing

Eurozone industrial production out at 09.00 GMT

EURUSD 1.1339 EURGBP 0.7337 EURJPY 136.26

                                         Eurozone HICP yy