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Copper jumps, U.S. and European shares head for biggest weekly gain in a month.

News Date: 18/12/2015 09:56:55
Update Date: 18/12/2015 10:18:58

European shares slumped on Friday, as investors reassess their views of the Fed rate hike on Wednesday, and as worries over global growth float back to the minds. The pan-European index FTSEurofirst lost 0.71% for the day to 1,424, but was heading for its biggest weekly profit in a month at 1.92%. Germany's DAX gave up 90 points, or 0.87% to 10,644. France's CAC dipped 40 points, or 0.87% to 4,636. Britain's FTSE recorded a more limited loss, as it was propped up by commodity companies; Anglo American rallied 6.0%, while others like Royal Dutch Shell and BHp Biliton rose more than 2.0%, taking advantage of commodities' recent recovery; the wider index was down 22 points, or just 0.36% at 6,080.


Copper prices rose sharply, encouraged by a weaker dollar, with the metal's futures jumping more than 3.0% to $2.105 a pound, and wiping most of its losses for the week. Gold futures were lively as well, advancing 9 dollars, or 0.85% to $1,054 an ounce, and limiting their weekly losses to 1.71%. Silver futures added 18 cents, or 1.33% to $13.88 an ounce, and more than wiping its losses for the week.


U.S. crude futures hit a fresh 7-year low at $34.39, before pulling back to $34.84 per barrel, with a daily loss of 0.31%, and a weekly loss of more than 2.0%. Brent futures are down 12 cents, or 0.34% to $36.94 a barrel, on track for a weekly loss of 2.40%.


Wall Street opened lower in tandem with their European counterparts, but was similarly heading for its biggest weekly profit in a month. Dow Jones lost 0.77% to 17,361 for the day, up 0.55% for the week. NASDAQ tumbled by 0.30% to 4,988, with a 1.05% weekly gain. S&P 500 relinquished 0.74% to 2,026, with a weekly profit of 0.81%.


Canadian dollar slid to a new 11-1\2 year low, all the way to a 12-1\2 year support line at C$1.4001 per U.S. dollar, before bouncing back to its previous close level at 1.3942, helped by inflation data that showed Canada's CPI rising by 1.4% y\y in November, compared with a 1.0% rise in October.     


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