Chinese data weak but markets gain... Have oil prices reached the bottom?... New York Stock Exchange owner eyes London...
Chinese data weak but markets gain
China’s official PMI data was weaker than expected at 49.0 in February, down from 49.4 in January; and a separate measure of smaller firms’ activity was also lower. However, markets have not been adversely affected Tuesday with optimism still prevailing following the central bank’s move to increase liquidity. Most major Asian indexes closed with gains.
Europe’s stock markets are also higher with oil prices giving energy stocks a lift. Major UK-based bank Barclays dropped 9 per cent on news of lower profits; Europe’s banks generally have seen losses recently. UK factory output also slowed in February to just above 50; anything below shows contraction.
Wall Street is expected to open lower. Toronto will be awaiting GDP data from Statistics Canada.
Have oil prices reached the bottom?
Oil prices have gained 1 per cent overnight and some analysts are calling for the end of declines. Reuters data shows that output has fallen from OPEC and the US and the hoped output freeze would keep levels lower. Analysts from Australian banking group ANZ noted that futures above $34 "add to the view for some that the bottom in the crude oil market is now in place". However, analysts at Morgan Stanley point to weaker demand, especially from China.
New York Stock Exchange owner eyes London
The London Stock Exchange could soon be in the same hands as its New York counterpart. NYSE owner InterContinental Exchange says that it is interested in making an offer for the London market, despite merger talks that are underway between London and Germany’s Deutsche Borse.
China’s official PMI data was weaker than expected at 49.0 in February, down from 49.4 in January; and a separate measure of smaller firms’ activity was also lower. However, markets have not been adversely affected Tuesday with optimism still prevailing following the central bank’s move to increase liquidity. Most major Asian indexes closed with gains.
Europe’s stock markets are also higher with oil prices giving energy stocks a lift. Major UK-based bank Barclays dropped 9 per cent on news of lower profits; Europe’s banks generally have seen losses recently. UK factory output also slowed in February to just above 50; anything below shows contraction.
Wall Street is expected to open lower. Toronto will be awaiting GDP data from Statistics Canada.
| Latest | 1 month ago | 1 year ago | |
| North America (previous session) |
|||
| US Dow Jones | 16,516.50 (-0.74 per cent) | +0.30 per cent | -8.91 per cent |
| TSX Composite | 12,860.35 (+0.49 per cent) | +1.47 per cent | -15.58 per cent |
| Europe (at 5.30am ET) |
|||
| UK FTSE | 6,132.28 (+0.58 per cent) | +1.19 per cent | -11.72 per cent |
| German DAX | 9,645.05 (+1.58 per cent) | -1.16 per cent | -15.41 per cent |
| Asia (at close) |
|||
| China CSI 300 | 2,930.69 (+1.85 per cent) | -1.02 per cent | -17.97 per cent |
| Japan Nikkei | 16,085.51 (+0.37 per cent) | -9.96 per cent | -14.43 per cent |
| Other Data (at 6.30am ET) |
|||
| Oil (Brent) | Oil (WTI) | Gold | Can. Dollar |
| 36.82 (+0.68 per cent) |
34.25 (+1.48 per cent) |
1241.10 (+0.54 per cent) |
U$0.7401 |
| Aus. Dollar |
|||
| U$0.7150 | |||
Have oil prices reached the bottom?
Oil prices have gained 1 per cent overnight and some analysts are calling for the end of declines. Reuters data shows that output has fallen from OPEC and the US and the hoped output freeze would keep levels lower. Analysts from Australian banking group ANZ noted that futures above $34 "add to the view for some that the bottom in the crude oil market is now in place". However, analysts at Morgan Stanley point to weaker demand, especially from China.
New York Stock Exchange owner eyes London
The London Stock Exchange could soon be in the same hands as its New York counterpart. NYSE owner InterContinental Exchange says that it is interested in making an offer for the London market, despite merger talks that are underway between London and Germany’s Deutsche Borse.
