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

After the long collapse, the American labor market is achieving some relative recovery, as the number of added jobs yesterday reached 4,800 million jobs, which exceeded all expectations, and came as
07-2020 03 00:34:55

Beginning with the latest developments in commodities, the gold futures contracts started this morning with a rise of 0.70%, to be traded at 1784.56 dollars an ounce, after opening at 1771.61 dollar
07-2020 01 03:47:05

Oil prices continued to lose their losses after the recovery in demand decreased, due to the high number of injuries they suffer, and Brent crude fell by the same percentage 2%, which in turn pays to
06-2020 29 05:49:33

The US dollar concluded its research for the week, sticking to its gains, which means that the demand remains on the latter, and this is due to it being a safe haven in light of fears and concerns ab
06-2020 26 06:34:32

The US stock indexes on Wall Street ended their trading high, thanks to the support of the economic data that led them to the rise, which showed that the contraction of the economy in the manufacturi
06-2020 24 00:45:21

More News