Breaking News

Commodities recover handsomely, nudging equities higher

News Date: 26/1/2016 10:19:48
Update Date: 26/1/2016 10:29:26
Oil prices erased their earlier Asian-trade losses and muscled higher above $30 on hopes of better cooperation between Russia and Saudi Arabia to lower production levels in order to ramp up prices. The two energy superpowers are competing against each other in Syria which hampered communications between the two before, but recent statements suggest a change could happen.

Brent crude futures rose 1.80%, or 55 cents to $31.93 a barrel, after touching a session-low at $30.13, while U.S. crude futures added 43 cents, or 1.40% to trade at $30.77 a barrel, away from a session-low at $29.26.

Other commodities were in the black as well, with gold futures adding $7.30, or 0.66% to $1,112 an ounce. Silver rose 7 cents, or half a percent to $14.35 an ounce, while copper futures climbed a solid 1.47% to $2.029 a pound.

European shares reversed higher as energy shares recouped their losses, with the pan-European index FTSEurofirst 300 gaining 0.23% to 1,326. Germany's DAC advanced 34 points, or 0.35% to 9,770. France's CAC 40 index rose to 4,359.

Wall Street opened sharply higher, with Dow Jones adding 171 points, or 1.10% to 16,057. S&P 500 powered up 10 points, or 0.60% to 1,887. NASDAQ Composite underperformed however, burdened by tech companies, with the index recording a small gain of 0.13% to trade at 4,525.

Earlier in the day, China's shares plunged more than six percent on worries over the slowing economy and the government's sloppy handling of it. China has become a big source of instability as of late with their extremely volatile moves.

Latest news

Oil prices fell today, Wednesday, after the increase in crude inventories, which increases the fears of supply. Therefore, it is expected that US crude production will decline by 600 thousand barrels
07-2020 08 08:20:53

Corona virus infection in the United States of America reached its maximum, reaching two million, 840 thousand and 906 cases, according to the Centers for Disease Control yesterday, after it recorded
07-2020 06 00:36:17

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

More News