Breaking News

Safe-haven yen climbs for second day as markets, oil drop

News Date: 26/1/2016 00:57:37
Oil prices resumed their vicious streak of tumbles after a brief two-day halt last week. The latest decline comes about as Iraq announced record levels of production in December, stoking fears again of global oversupply in a time when global growth is sagging, with China's economy growing the slowest in two decades last year, while America is expected to to show a sharp deceleration of growth in fourth quarter to a mere 0.8%.

Brent crude futures gave up 30 cents, or one percent to trade at $30.66 a barrel, down 5% so far this week. U.S. crude futures had it even worse, sliding back below $30 at $29.56, down a heavy 2.55% for the day, and nearly 8% for the week.

Asian markets took a hit in tandem, with Japan's Nikkei relinquishing 2.50% to 16,689. China's Shanghai index lost 2.09%, while Hong Kong's Hang Seng fell 1.40%. South Korea's KOSPI backed down 1.20%.

Wall Street closed with large losses, led by the energy sector which slumped 4.5%. The Dow Jones index tumbled 208 points, or 1.29% to 15,885. NASDAQ shed 72 points, or 1.58% to 4,518. S&P 500 skidded 29 points, or 1.56% to close at 1,877.

Safe havens flexed their muscles amid the global gloom, with Japan's yen rising 0.21% versus the dollar to 118.07, the second straight daily gain. It gained 0.30% against sterling to 168.06, while advancing 0.20% versus euro to 128.08.

Precious metals also had it good, with gold futures driving up seven dollars, or 0.66% to $1,112.50 an ounce. Silver prices were more muted, climbing only a cent to $14.27 an ounce. Even industrial metals held their ground, with copper futures trading up 0.07% at $1.993 a pound.

Dollar steadied after a 0.3% loss yesterday, trading today at 99.38 versus a basket of major currencies. The greenback rose 0.15% against sterling to 1.4226, while inching up 0.07% versus euro to 1.0843.

The most important piece of data awaited today is the U.S. CB Consumer Confidence survey, expected at 96.6 for January, almost the same as December's 96.5. A surprising uptick in the reading would be positive for the dollar.

Latest news

Curse continues... Inflation is following us to 2023 Inflation led most of the banks in the world to raise interest rates, in an attempt to reduce it . The International Monetary Fund expects that t
12-2022 30 06:28:23

Gold prices fluctuate with the reduction of dollar's losses Gold's prices varied after its positive start at the expense of the dollar’s decline, which tended to reduce its losses, while oil c
12-2022 29 03:29:32

Vladimir Putin takes revenge by Russian oil embargo President Vladimir Putin has banned Russian oil in response to the price cap. He has signed a decree retaliating against the West's imposition of
12-2022 28 03:04:38

Gold prices rose today, Tuesday, affected by the decline of the dollar, which declined by 0.3%, and gold rose by 0.4% to reach $1804.99 an ounce, and gold futures rose by 0.4% to reach $1811.90. The
12-2022 27 04:19:22

The first Saudi-Japanese ministerial dialogue meeting for energy The Saudi Prince of Energy and the Japanese Minister of Economy and Industry held a meeting in Riyadh - Saudi Arabia, in which they
12-2022 26 02:50:27

More News