Breaking News

Safe-haven yen climbs for second day as markets, oil drop

News Date: 26/1/2016 00:57:37
Oil prices resumed their vicious streak of tumbles after a brief two-day halt last week. The latest decline comes about as Iraq announced record levels of production in December, stoking fears again of global oversupply in a time when global growth is sagging, with China's economy growing the slowest in two decades last year, while America is expected to to show a sharp deceleration of growth in fourth quarter to a mere 0.8%.

Brent crude futures gave up 30 cents, or one percent to trade at $30.66 a barrel, down 5% so far this week. U.S. crude futures had it even worse, sliding back below $30 at $29.56, down a heavy 2.55% for the day, and nearly 8% for the week.

Asian markets took a hit in tandem, with Japan's Nikkei relinquishing 2.50% to 16,689. China's Shanghai index lost 2.09%, while Hong Kong's Hang Seng fell 1.40%. South Korea's KOSPI backed down 1.20%.

Wall Street closed with large losses, led by the energy sector which slumped 4.5%. The Dow Jones index tumbled 208 points, or 1.29% to 15,885. NASDAQ shed 72 points, or 1.58% to 4,518. S&P 500 skidded 29 points, or 1.56% to close at 1,877.

Safe havens flexed their muscles amid the global gloom, with Japan's yen rising 0.21% versus the dollar to 118.07, the second straight daily gain. It gained 0.30% against sterling to 168.06, while advancing 0.20% versus euro to 128.08.

Precious metals also had it good, with gold futures driving up seven dollars, or 0.66% to $1,112.50 an ounce. Silver prices were more muted, climbing only a cent to $14.27 an ounce. Even industrial metals held their ground, with copper futures trading up 0.07% at $1.993 a pound.

Dollar steadied after a 0.3% loss yesterday, trading today at 99.38 versus a basket of major currencies. The greenback rose 0.15% against sterling to 1.4226, while inching up 0.07% versus euro to 1.0843.

The most important piece of data awaited today is the U.S. CB Consumer Confidence survey, expected at 96.6 for January, almost the same as December's 96.5. A surprising uptick in the reading would be positive for the dollar.

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