Breaking News

Oil rebounds after China stabilized, eyes shift to U.S. jobs report.

News Date: 8/1/2016 01:20:02
 
Oil prices rebounded strongly after Chinese markets stabilized, with Brent crude futures up by 70 cents, or 2.12% to $34.41 a barrel, away from a 12-year low at $32.16. U.S. West Texas Intermediary (WTI) crude futures drove up 64 cents, or 1.91% to $33.91 a barrel, putting a relatively safe distance from another low at $32.10. Oil prices were hammered at the start of the week after tensions flared between Iran and Saudi Arabia, which destroyed any hopes of an agreement between OPEC members to lower production at the group's next meting in June.

China's Shanghai shares jumped more than 3.0%, after a hammering of 7.0% yesterday and on Monday. The Chinese rebound helped South Korea's KOSPI index to rise 0.70%, and India's Nifty to gain 0.30%. Other Asian markets weren't impressed however, with Japan's Nikkei down by 0.40%, and Australia's S&P/ASX 200 index faltering a similar 0.40%.

Wall Street closed with heavy losses on Thursday, with Dow Jones and S&P 500 indexes recording their biggest four-day losses at the start of the year ever. Dow lost 392 points yesterday, or 2.32% to 16,514, down 5.2% so far this year. S&P 500 tumbled 47 points, or 2.37% to 1,943, down 4.9% so far this year. NASDAQ gave up 146 points, or 3.03% to 4,689.

Dollar recovered some of its considerable losses that were slapped at it yesterday, with its index up 0.40% for the day at 98.68. Dollar advanced 0.47% agaisnt the euro to 1.0881. It gained 0.55% agaisnt the unruly yen to trade at 118.32, after hitting a 4-1/2 month low yesterday at 117.33. Dollar was flat against sterling at 1.4619, not far from a 5-1/2 year peak hit yesterday at 1.4529.

Investors await a bunch of crucial U.S. data today, most importantly, the Non-Farm Unemployment Change for December, forecast to rise a robust 200K, added to November's 211K, while the unemployment rate is expected to remain low at 5.0%, which would be fantastic news for the economy and the dollar.

   

Latest news

The dollar index rise against six major currencies, including the British pound and the euro, rose to its highest level in 20 years, supported by the decline of the British pound. The euro recorded
09-2022 26 02:49:04

Crude oil futures rose during the Asian session today, Thursday, this rise came after a decline : after the US central bank raised interest rates to control inflation, which directly affected the dem
09-2022 22 02:20:30

Yesterday, Wall Street closed lower , following the US central bank’s meeting, which is expected to raise interest rates significantly. According to the data, the Standard & Poor's 500
09-2022 21 01:33:42

Today gold futures and crude oil futures rose during the Asian session. As the gold futures contract was traded in December at $1,685.30 an ounce, its price increased by 0.42%, after it had previous
09-2022 20 02:56:35

The dollar fell by about 1% from its highest level in 20 years, this comes when investors assessed some of the risks of large increases in interest rates expected by major central banks during this w
09-2022 19 01:28:27

More News

Logs

Advertisements