Breaking News

Oil falls for seventh session; dragging Asian stocks down.

News Date: 14/12/2015 00:18:11
 

Oil prices hit new seven-year lows on Monday, still shaken by the International Energy Agency's warning of a slowing demand in 2016 while supply keeps rising, especially from OPEC, as Iran readies for more pumping once sanctions are lifted. U.S. crude futures dropped 12 cents, or 0.35% to $35.50 a barrel, while Brent futures lost 20 cents, or 0.53% to $38.12 a barrel.

 

A batch of positive economic data from China failed to calm investors in Asia, unnerved by the rout in commodities. Japan's Nikkei index slumped to a seven-week low, before paring losses and trading at 18,811, still down a heavy 2.18%. Korea's KOSPI tumbled to a ten-week trough, losing 1.13%. India's Nifty was flat however at 7,609.

 

Chinese's shares were more upbeat, after data showed industrial production in November rising to 6.2% y\y, compared with October's 5.6%. Retail sales also rose to 11.2% y\y, compared with October's 11.0%. Also supporting the stocks, the yuan tumbled to new lows after the central bank lowered its guiding midpoint again, in what appears to be a planned gradual depreciation of the currency, which would help exporters, but lower imports. Other Asian currencies fell in tandem, with the Australian dollar touching a three-week low at $0.7158, before recovering to $0.7195. Australian stocks index S&P\ASX 200 plunged 1.87% to a ten-week trough.

 

Dollar clawed back some of its lost ground, with its index, which tracks the currency against a basket of its peers, gaining 0.26% to 97.86. Dollar rose 0.30% against the euro to 1.0960, pulling away further from a more-than-a month-low at 1.1042. It edged up 0.13% against sterling to 1.5197. Dollar dropped to 120.60 against the yen, before wiping its losses and rising to 121.11, with a 0.13% profit.

 

Gold prices were slightly up, with the precious metal's futures advancing $1.55, or 0.14% to $1,076.32 an ounce. Silver futures added a cent, or 0.10% to $13.93 an ounce. Copper futures were more upbeat, touching a three-week high at $2.127, with a $0.016 profit, or 0.65%.

 

Due to be released today, the Eurozone's industrial production for October, forecast to have grown 0.2% m\m, compared with September's 0.3% contraction. A steady production growth would be positive for the euro.  

 

Latest news

The dollar was able to compensate for some of the losses it recorded yesterday, as the dollar index rose by 0.19% to 105.33 in the Asian session, in light of the investors’ focus on expectation
12-2022 08 04:44:28

Wall Street closed lower on Tuesday, in light of investors’ concern about the Federal Reserve raising interest rates and amid increasing talk of an expected recession. Stocks pulled their indic
12-2022 07 02:24:50

The US stock markets ended Monday’s trading on a decline, pulling the stock indices downwards, and recording losses in each of the following sectors : the oil and natural gas sectors, the finan
12-2022 06 02:51:29

The dollar fell broadly on Monday after a difficult week, after more Chinese cities, including financial hub Shanghai and Urumqi in the far west, announced easing restrictions related to Covid-19, wh
12-2022 05 03:14:06

After the speeches delivered by Federal Reserve Chairman Jerome Powell, announcing that the interest rate will rise by 50 points instead of 70 points, gold prices rose by more than 2% to reach levels
12-2022 02 03:06:59

More News

Logs

Advertisements