Breaking News

Oil keeps on the momentum, IMF lowers global growth forecast

News Date: 7/10/2015 01:53:31
Update Date: 7/10/2015 02:02:34

Asian stocks rose on Wednesday by an oil-driven surge, while Japanese stocks bucked the trend, falling 0.7% after the Bank of Japan kept its policy unchanged, some traders hoped it might expand its stimulus.

The Yen rose against its counterparts, advancing to 120.07 against the falling dollar, and against the Euro, it last stood at 135.28.

All U.S. major indexes fell on Tuesday as the health sector dragged them down, they were up modestly on Wednesday in pre-hours trading. The dollar continued its fall against the major currencies, down to 1.5240 against the Sterling; against the Canadian Dollar, it continued to fall for the sixth session in a row, touching an important support line at 1.3018. Against the Euro it halted its fall, reaching 1.1263.

Crude oil continued to muscle up, as Brent crude added 0.8%, reaching $52.47 a barrel, after surging 5.4% the previous day.

U.S. crude rose another 30 cents on Wednesday after its almost 3 dollars rise yesterday.

Oil bulls were encouraged by a report released by the U.S. government forecasting higher global demand and ebbing supply in non-OPEC producers in 2016. they were also encouraged by news that Russia and Saudi Arabia are sitting together to try to reach a solution for the lower prices, but analysts don't expect much as the two nations are embroiled in a regional rivalry regarding Syria.   

For gold, spot gold is up 0.26%, or 3 dollars, to $1,149.71 an ounce. It rose 0.76% yesterday to $1,146.80.

On relating news, the International Monetary Fund lowered its global growth forecast for the second time this year, predicting a growth of 3.1% in 2015, down 0.3% from last year, and 0.2% from its last forecast in July 2015. The shaved-down forecast further expresses the problems faced by the world economy as China falters and developing countries face mounting debts and a bust in their commodity prices.

Coming out today is an array of various economic reports, from the Eurozone, the German industrial production report is coming out, it's forecast to have grown 0.3% month-on-month, but after the last disappointing factory orders report which showed a considerable contraction, the new report has a high probability of missing this forecast as well.

From France, the trade balance report is coming out, it's forecast to have a deficit of 3.6B, opposed to the previous month's deficit of 3.3%, furthering worries about faltering European exports and weak global demand.

In Britain, two important reports are coming out today, the manufacturing production report, forecast to have grown 0.4% m\m, and the industrial production report, which is forecast at a 0.3% growth m\m, as opposed to contraction in both for the previous month.

for the United States, coming out is the Crude Oil Inventories report, important for oil trading, it's forecast to be at 2.2 million barrels.

Also for the U.S., consumer credit report is slated for today, it forecasts that the credit is grown by $18.8 billion m\m, the consumer credit is an important indicator of the consu

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