Cautious start to the week... Banks face probe into rigging of metals prices... Oil tumbles again on supply concerns... Is Russia’s economy on the up?
Cautious start to the week
The trading week has begun with caution as a busy week for US data and Fed speakers combines with more weak figures from China.
Asian markets have closed mixed as Chinese industrial profits declined 8 per cent in the past year; official PMI data is due Thursday and will be closely viewed as an important metric of China’s sluggish growth.
European indexes are subdued with the weak handover from Asia, the ongoing diesel emissions scandal and a new probe into banks.
The TSX and Wall Street are expected to start the week lower. Three Fed speakers are due to opine Monday with more later in the week including chair Janet Yellen.
Banks face probe into rigging of metals prices
Major banks are being investigated by Swiss regulators over possible manipulation of the precious metals market. CNBC reports that the WEKO regulator says there may have been collusion between UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui. The suspected breach of Switzerland’s corporate rules is likely to run through 2016 or 2017.
Oil tumbles again on supply concerns
Over supply of oil against weakening global demand has forced crude oil prices lower again Monday. Reuters says that prices have eroded some of last week’s gains and September’s prices will be down around 11 per cent, the 11th month out of the past 15 that has seen decline.
Is Russia’s economy on the up?
Russia’s economy is putting the worst behind it according to one of the country’s leading CFOs. Alexey Kornya of telecoms firm MTS told CNBC that he believes the inflation and ruble devaluation issues have already passed and that the country now needs to focus on the “new engines of growth”.
The trading week has begun with caution as a busy week for US data and Fed speakers combines with more weak figures from China.
Asian markets have closed mixed as Chinese industrial profits declined 8 per cent in the past year; official PMI data is due Thursday and will be closely viewed as an important metric of China’s sluggish growth.
European indexes are subdued with the weak handover from Asia, the ongoing diesel emissions scandal and a new probe into banks.
The TSX and Wall Street are expected to start the week lower. Three Fed speakers are due to opine Monday with more later in the week including chair Janet Yellen.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 16,314.67 (+0.70 per cent) | -1.97 per cent | - 4.67 per cent |
| TSX Composite | 13,378.57 (+0.30 per cent) | -3.51 per cent | -10.97 per cent |
| Europe (at 6.10am ET) |
|||
| UK FTSE | 6,036.60 (-1.19 per cent) | -3.38 per cent | - 9.22 per cent |
| German DAX | 9,578.00 (-1.14 per cent) | -7.00 per cent | +0.92 per cent |
| Asia (at close) |
|||
| China CSI 300 | 3,242.75 (+0.33 per cent) | -2.98 per cent | +33.05 per cent |
| Japan Nikkei | 17,645.11 (-1.32 per cent) | -7.79 per cent | +8.72 per cent |
| Other Data (at 6.10am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 47.92 (-1.42 per cent) |
45.13 (-1.25 per cent) |
1137.60 (-0.71 per cent) |
U$0.7504 |
| Aus. Dollar |
|||
| U$0.7027 | |||
Banks face probe into rigging of metals prices
Major banks are being investigated by Swiss regulators over possible manipulation of the precious metals market. CNBC reports that the WEKO regulator says there may have been collusion between UBS, Julius Baer, Deutsche Bank, HSBC, Barclays, Morgan Stanley and Mitsui. The suspected breach of Switzerland’s corporate rules is likely to run through 2016 or 2017.
Oil tumbles again on supply concerns
Over supply of oil against weakening global demand has forced crude oil prices lower again Monday. Reuters says that prices have eroded some of last week’s gains and September’s prices will be down around 11 per cent, the 11th month out of the past 15 that has seen decline.
Is Russia’s economy on the up?
Russia’s economy is putting the worst behind it according to one of the country’s leading CFOs. Alexey Kornya of telecoms firm MTS told CNBC that he believes the inflation and ruble devaluation issues have already passed and that the country now needs to focus on the “new engines of growth”.
