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 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

Logs

Advertisements