Breaking News

Oil prices reeling as Iran promises more pumping.

News Date: 7/12/2015 00:22:54
 

After it was first reported that OPEC is raising its production ceiling to 31.5 million barrels –effectively going along the real production volumes now-, the OPEC meeting on Friday ended without a final decision, as Iran refused any ceiling, promising more pumping after nuclear-related sanctions are lifted. Oil prices fell to near the six-year lows touched in August this year, with Brent futures trading at $42.73 a barrel, losing 50 cents, or 1.15%. U.S. crude futures slid 40 cents, or 0.95% to $39.59 a barrel.

 

Euro conceded some of the ground it grabbed in its massive post-ECB rally on Thursday, when it gained more than 3.0%, the biggest daily gain in almost seven years. Euro is now trading at 1.0863 against the dollar, down 0.15% for the day, but not far from its one-month high at 1.0938. Euro's index edged down 0.09% to 87.42, while Euro slipped 0.07% against sterling to 1.5101.

 

Yen was under pressure, giving up 0.15% against the dollar to 123.29. It traded near a two-week low reached on Friday against sterling at 186.14. It was a shade lower against the euro at 133.93.

 

Asian shares recorded gains on Monday, benefiting from a Friday rally by Wall Street, induced by the jobs report's solid results. Japan's Nikkei led the way, rising 1.25% to 19,747. China's CSI300 for biggest listed companies in Shanghai and Shenzhen advanced 0.45%, while Australia's S&P\ASX 200 added 0.18%. India's Nifty edged up 0.17%. Korea's KOSPI was flat however, trading around 1,974.

 

Wall Street ended last week with a big rally, with Dow Jones jumping 369 points, or 2.12% to 17,847. NASDAQ gained 104 points, or 2.08% to 5,142. S&P 500 rallied 42 points, or 2.05% to 2,091.

 

Gold prices were shaky, as reports mentioned a possible ban by the world's second largest consumer of gold, India, on the imports of 24-carat gold to lower its current account deficit. Gold futures last traded at $1,085 an ounce, down 0.13%. Silver futures were more upbeat, gaining 2 cents, or 0.15% to $14.57 an ounce.

 

Investors will be waiting for the German industrial production report, forecast to have grown 0.7% m\m in October, much better than September's contraction of 1.1%. Germany is the engine of the Eurozone, the better its results are the higher the euro is expected.       

 

Latest news

The number of global Coronavirus infections is increasing at an unexpected speed, and German Chancellor Angela Merkel said yesterday that the pace of new infections is advancing day after day, and at
11-2020 17 08:37:57

Japanese stock indices closed lower today, due to undermining investor sentiment for fear of a rise in Corona cases, and the Nikkei index fell by 0.53% to 25385.87 points, and over the course of a we
11-2020 13 05:10:43

The US dollar manage this morning, to achieve progress during the trading session, as the « safe currency » rose by 0.04% to indicate 93.073, and the dollar fell against the Japanese yen
11-2020 12 08:11:42

Trump is still trying to raise the curtain on the corruption – as he claims – which was defined by the polling process in the last major US election that was sorted by Democrat Joe Biden,
11-2020 11 08:58:20

Most of the global markets rebounded on Monday, right after the opening of the weekly trading session, after Democrat Joe Biden won the US presidential elections, and both stocks and commodities rebo
11-2020 10 09:23:45

More News

Logs

Advertisements