Odomolor Women's PU Buckle Round-Toe Kitten-Heels Solid Pumps-Shoes, Black, 35 B07BBFW6ZT Parent , Odomolor Women's Buckle PU High-Heels Round-Toe Solid Pumps-Shoes, Brown, 34 B07BBFW6ZY ParentOdomolor Women's Kitten-Heels Frosted Solid Pull-On Round-Toe Pumps-Shoes, Apricot, 39 B07BBFW71Q ParentOdomolor Women's Pull-On High-Heels PU Solid Round-Toe Pumps-Shoes, Black, 37 B07BBFW712 ParentOdomolor Women's Solid Frosted Low-Heels Pull-On Closed-Toe Pumps-Shoes, Pink, 42 B07BBFW71X Parent
Odomolor Women's Pull-On Kitten-Heels Solid Pointed-Toe Pumps-Shoes, Pink, 39 B07BBFW722 Parent , Odomolor Women's Round-Toe High-Heels Pull-On Solid Pumps-Shoes, White, 39 B07BBFW723 Parent
Odomolor Women's Patent Leather Round-Toe Kitten-Heels Pull-On Solid Pumps-Shoes, Yellow, 43 B07BBFW724 Parent , Odomolor Women's Kitten-Heels Solid Buckle PU Round-Toe Pumps-Shoes, Brown, 39 B07BBFW9QD Parent
Odomolor Women's Round-Toe Low-Heels Solid Pull-On Pumps-Shoes, Brown, 39 B07BBFW9QW Parent , Odomolor Women's PU High-Heels Round-Toe Solid Pull-On Pumps-Shoes, Beige, 41 B07BBFW9R1 ParentOdomolor Women's Patent Leather Round-Toe Kitten-Heels Pull-On Solid Pumps-Shoes, Purple, 38 B07BBFW9WG Parent
Odomolor Women's Kitten-Heels Solid Buckle Frosted Round-Toe Pumps-Shoes, Beige, 44 B07BBFW9WM Parent , Odomolor Women's Low-Heels Solid Buckle PU Pointed-Toe Pumps-Shoes, White, 43 B07BBFW9WP ParentOdomolor Women's Pull-On PU Round-Toe High-Heels Solid Pumps-Shoes, Red, 38 B07BBFWDKV Parent
Odomolor Women's Low-Heels Solid Pull-On PU Round-Toe Pumps-Shoes, White, 34 B07BBFWDL9 Parent , Odomolor Women's Low-Heels Blend Materials Solid Hook-and-Loop Pumps-Shoes, Black, 37 B07BBFWDLB ParentOdomolor Women's Round-Toe High-Heels Frosted Solid Buckle Pumps-Shoes, Black, 39 B07BBFWDLF ParentOdomolor Women's Pull-On Frosted Square-Toe Low-Heels Solid Pumps-Shoes, Pink, 39 B07BBFWDLG ParentOdomolor Women's PU Pull-On Round-Toe Low-Heels Solid Pumps-Shoes, Pink, 35 B07BBFWDLL Parent
Odomolor Women's Square-Toe Low-Heels PU Solid Pull-On Pumps-Shoes, Red, 34 B07BBFWDLV Parent , Odomolor Women's Kitten-Heels PU Solid Round-Toe Buckle Pumps-Shoes, Pink, 39 B07BBFWDM4 Parent
Odomolor Women's Pull-On Closed-Toe Kitten-Heels PU Solid Pumps-Shoes, Black, 35 B07BBFWDMC Parent , Odomolor Women's Kitten-Heels PU Solid Round-Toe Buckle Pumps-Shoes, Pink, 35 B07BBFWDNS Parent , Odomolor Women's Kitten-Heels Patent Leather Solid Pull-On Closed-Toe Pumps-Shoes, White, 41 B07BBFWFW4 Parent , Odomolor Women's Buckle Pointed-Toe Kitten-Heels PU Assorted Color Pumps-Shoes, Red, 35 B07BBFWFWQ Parent , Odomolor Women's PU Low-Heels Square-Toe Solid Pull-On Pumps-Shoes, Black, 34 B07BBFWFWM ParentOdomolor Women's Kitten-Heels PU Solid Buckle Round-Toe Pumps-Shoes, Black, 33 B07BBFWFWS ParentOdomolor Women's Pull-On Round-Toe Kitten-Heels Fabric Solid Pumps-Shoes, Blue, 42 B07BBFWFWV Parent
On the latest edition of Market Week in Review, Rob Cittadini, director, Americas institutional, and Chief Investment Strategist Erik Ristuben discussed the recent rise in oil prices amidst political unrest in Saudi Arabia.
Oil prices on the upswing as turmoil engulfs Saudi Arabia
The recent events in Saudi Arabia helped fuel a steep increase in oil prices across the globe the week of Nov. 6, Ristuben said—with the cost of U.S. West Texas Intermediate crude rising to nearly $57 a barrel, up from roughly $49 a month earlier. “Whenever there’s a potential change in tenure or political tone in a country, that creates volatility,“ he explained, adding that geopolitical risks very rarely have a lasting impact on markets.
That said, in Ristuben’s opinion much of the uptick in oil prices is better attributed to the health of the global economy. As evidence, he cited the upward adjustments to the estimated gross domestic product (GDP) growth rate in both Europe and the U.S. “This is further proof that the global economy is expanding,” he said—“leading people to begin pricing in a higher demand for oil.”
U.S. tax reform debate continues
Switching to the U.S., Ristuben noted that financial markets have been jittery in recent days as both houses of Congress continue to hammer out details of proposed tax cut legislation. “This serves as a stark reminder of just how hard it is to get anything done in the U.S. at the federal level, no matter which party is in control,” he said. Tax reform in particular is extremely difficult, Ristuben explained, because the economic makeup of the states or regions represented by members of Congress can vary wildly from one to the next. “This means that when you change the rules, there will be clear winners and losers,” he said.
Ultimately, Ristuben and the team of Russell Investments strategists believe that a tax reform package will get passed, likely in early 2018—but that it probably won’t be as ambitious in scope as what was originally laid out.
Global economy continues to shine—What could it mean for financial markets?
Transitioning to European economic news, Ristuben said that the continued surge in German industrial production was a high point for the week. The positive numbers are reflective of steady economic growth on a global scale, he said. “Overall, the latest data coming through has been consistently solid across the board—and markets have taken notice,” Ristuben stated.
He added that in his and other Russell Investments strategists’ viewpoint, this will likely translate into continued gains in the stock market—but that more volatility is also a possibility. “Negative pullbacks are common in equities—and we haven’t had one in a while,” Ristuben noted. “Don’t be surprised if one happens—and don’t be terrified either, because all things considered, I think the economy will continue to move forward.”
Watch the video or listen to the podcast. And subscribe.